Medical equipment industry: Results digest (Jan–Mar 2026)

Research evidence excerpt

Medical equipment industry: Results digest (Jan–Mar 2026)

19 May 2026

Mizuho Securities Equity Research Healthcare / Medical Equipment Business

Industry Overview

Expecting ongoing outperformance in May–Jun; eye on 3 firms with strong results

Spotlight: See pages 4–6 for companies ACT: Japan’s medical equipment sector sees comparatively strong

whose earnings results left a positive earnings, stock trends

impression The share prices of global medical equipment companies around the time

of Apr–May results announcements indicate that the sector continues toSenior Analyst:

face headwinds from a rebound in semiconductor stocks. While US andMotoya Kohtani

+81 3 6202 8118 European medical equipment stocks saw a notable decline, the downside

motoya.kohtani@mizuho-sc.com for sector stocks in Japan was limited given their steep drop in 2025 (see

Figure 2). Moreover, many companies reported positive results in the Apr–Analyst: May earnings results season, suggesting fundamentals are strong. WesternHaruko Sugizaki companies are also seeing a steady increase in hospital patient visits+81 3 6202 8320

and strong capex appetite. In the analytical equipment subsector, we thinkharuko.sugizaki@mizuho-sc.com

earnings were strong at liquid chromatography major Waters and that orders

were solid at Bruker, which excels in high-end mass spectrometry systems.

KNOW: Sector outperformance likely to continue in May–Jun, then

depends on AI

Risks to investment in the medical equipment industry: 1) The US

could impose additional tariffs on medical equipment under Section 232

of the Trade Expansion Act, but judging from the April announcement

regarding Section 232 tariffs on pharmaceuticals, we think it is more likely that

higher tariffs will be imposed on Chinese companies rather than Japanese