Postcard from Stockholm: Feedback from Investor Trip to ESTRO 2026

Research evidence excerpt

Postcard from Stockholm: Feedback from Investor Trip to ESTRO 2026

Equity Research

19 May 2026

European Medical Technology & Services

Postcard from Stockholm:

Feedback from Investor Trip to

European Medical Technology & ServicesESTRO 2026

POSITIVE

United Imaging debut in Europe for RT with 2 installs planned European Medical Technology &

Servicesfor summer and our US KOL minded to give them a shot.

Increasing competition, particularly in China, poses a risk for Hassan+44 (0)20Al-Wakeel,7773 3898 CFA

Elekta. Reimbursement changes in US likely a headwind to hassan.al-wakeel@barclays.com

Barclays, UK

replacement cycles. All eyes on ASTRO for Varian launch.

Jonathon Unwin

+44 (0)20 7773 0354

As part of our investor trip to the European Society for Radiotherapy and Oncology (ESTRO) jonathon.unwin@barclays.com

conference in Stockholm this week, we hosted management meetings and company booth Barclays, UK

tours with Siemens Healthineers, Elekta, United Imaging, IBA, and Accuray, as well as a KOL Marco Pires-Cox

meeting with Dr Peter Orio, Chair of Radiation Oncology at the Dana-Faber Cancer Institute. We +44 (0)20 3134 3421

highlight three key high-level takeaways, with further company detail below: 1) Market marco.pirescox@barclays.com

dynamics. United Imaging made their debut at ESTRO with their 506c CT-based linac, aiming to Barclays, UK

build on their Imaging footprint (650 installed devices). Two customers to date for RT, in Italy Rohit Rajan

and France, with installations expected this summer. US-based KOL believes he would have to +91 (0) 22 6175 1698

consider United Imaging given lower price point, and if his centre legitimised the tech then rohit.rajan@barclays.com

others would follow suit over time (could take 10-12 years).