Subtle Medical

subtlemedical.com →

-33%

est. 2Y upside i

HealthcareSeries B

Rank

#256

Sector

HealthTech

Est. Liquidity

~3Y

Data Quality

Data: High

Subtle Medical presents a compelling equity opportunity with an estimated 135.5% expected upside over a two-year horizon.

Last updated: March 10, 2026

Bull (45%)+250%

New product lines like SubtleSYNTH and SubtleREFORMAT gain significant traction, expanding market share and driving revenue to $40M-$50M by 2028. A sustained high revenue multiple (e.g., 8-10x) due to market leadership and strong partnerships leads to an acquisition or IPO at a valuation of $400M-$450M, representing ~250-280% upside.

Base (35%)+100%

Subtle Medical holds its market position, growing revenue to ~$30M by 2028. A steady revenue multiple of ~8x results in a valuation of ~$240M, representing ~100% upside.

Bear (20%)-60%

Major imaging OEMs launch directly competing AI solutions, or new regulatory hurdles slow adoption. Revenue growth stalls at $15M-$20M by 2028, and the valuation multiple compresses to 2-3x, leading to a down round or acquisition at $40M-$60M, resulting in a ~50-65% loss for common stock due to the $50M preference stack.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Investors hold $50M in liquidation preferences ahead of common stock. In an exit at or below the estimated current $118.32M valuation, common stock holders would receive little to no value.

Dilution Risk

high

As a Series B+ company, Subtle Medical will likely require additional funding rounds (Series C, D, etc.) to scale, which will dilute existing equity holders.

Secondary Liquidity

limited

While platforms like UpMarket facilitate secondary trades, liquidity is not active or guaranteed for all employees.

Questions to Ask at the Interview

Strategic questions based on Subtle Medical's data — designed to show you've done your homework.

  • 1

    “Given the partnerships with major OEMs like Siemens and Bracco, how does Subtle Medical plan to navigate the potential long-term risk of these incumbents developing their own competing AI imaging solutions?”

  • 2

    “With current revenue at ~$10M and 150% YoY growth, what are the key strategic initiatives to scale revenue to $50M+ in the next 2-3 years, particularly regarding market penetration and new product adoption (e.g., SubtleSYNTH, SubtleREFORMAT)?”

  • 3

    “Considering the Series B+ funding and the current valuation, what is the company's anticipated timeline for a liquidity event (IPO or acquisition), and how is the leadership team thinking about managing potential dilution for employees in future funding rounds?”

Community

Valuation Sentiment

Our model estimates -33% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.