GMR Solutions Inc.: EMS Industry leader in a tough operating backdrop; Initiate at Equal-weight

Research evidence excerpt

GMR Solutions Inc.: EMS Industry leader in a tough operating backdrop; Initiate at Equal-weight

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June 8, 2026 04:00 AM GMT

Morgan Stanley & Co. LLCMGMR Solutions Inc. | North America Craig Hettenbach

Equity Analyst

EMS Industry leader in a tough Craig.Hettenbach@morganstanley.comJialin Jin +1 212 761-6435

Research Associate

Jay.Jin@morganstanley.com +1 212 761-3913

operating backdrop; Initiate at John Y Park

John.Park@morganstanley.com +1 212 761-4029

Equal-weight Erin Wright

Erin.Wright1@morganstanley.com +1 212 761-6137

Amidst a challenging operating environment for providers, we Linda Bolduc

initiate GMRS at Equal-weight. We like the company’s leadership Equity Analyst

Linda.Bolduc@morganstanley.com +1 617 856-8009

position in the fragmented EMS market and see opportunities Michelle Foley

for margin expansion. The stock is oversold, but it will likely take ResearchMichelle.Foley@morganstanley.comAssociate +1 212 761-4056

several quarters to build investor confidence. Natasha Arya

We are initiating coverage of GMRS at Equal-weight with a $14 PT. Global Natasha.Arya@morganstanley.com +1 212 761-6294

Medical Response Solutions is the largest provider of emergency medical services

(EMS) in the US spanning ground and air operations. The company’s business is

diverse by customer base (largest operation is 2% of revenue and no commercial

payor represents more than 5% of revenue) and mix (63% Commercial, 26%

Medicare, 9% Medicaid). GMRS provides services to 1,400 counties and reaches GMR Solutions Inc. (GMRS.N, )

200mn Americans (~60% of the population) and the company responded to 46mn Healthcare Providers | United States of America

emergencies in 2025. GMRS has ~50 communication centers, 24 dispatch centers Stock Rating Equal-weight