European Medical Technology & Services: US audiologist survey: Market recovery remains uncertain; Zeal launch impressive

Research evidence excerpt

European Medical Technology & Services: US audiologist survey: Market recovery remains uncertain; Zeal launch impressive

Equity Research

10 June 2026

European Medical Technology & Services

US audiologist survey: Market SIGNATURE

recovery remains uncertain; Zeal

European Medical Technology & Serviceslaunch impressive

POSITIVE

Rising deferrals and downtrading raise questions around Unchanged

market recovery post stronger Q1. Demant's Zeal European Medical Technology & Services

differentiation impressive. Share gains expected at Demant Hassan Al-Wakeel, CFA

(EW) at expense of Starkey & Sonova (UW) while WSA to +44hassan.al-wakeel@barclays.com(0)20 7773 3898

Barclays, UKstabilise losses. Prefer GN (OW) to Demant (EW), Amplifon

Jonathon Unwin(EW) and Sonova (UW).

+44 (0)20 7773 0354

jonathon.unwin@barclays.com

We commissioned our semi-annual proprietary US independent audiologist survey (n=150), Barclays, UK

following on from our survey in November (see US audiologist survey: Softer for longer?, 24

Marco Pires-Cox

November), and see the following themes emerging: 1) Market recovery? Not so sure. Strong +44 (0)20 3134 3421

Q1 prints across the complex were supported by the US market, though we note an easy marco.pirescox@barclays.com

comparison base (US commercial volumes -5% Q1 25), and question the strength of the Barclays, UK

underlying market. Indeed, deferrals and downtrading are expected to increase over the next six

Rohit Rajan

months at 51% (vs. 45% last 6M) and 47% (vs. 39%), contrasting with recent management +91 (0) 22 6175 1698

commentary of improving market dynamics (see Sonova H2 review: A year of intense rohit.rajan@barclays.com

competition, market recovery?, 21 May, and GN - Feedback from a Conversation with the C- Barclays, UK

Suite, 2 June).