Health Tech Updates Mid Quarter; Increase BTSG PT to $90

Research evidence excerpt

Health Tech Updates Mid Quarter; Increase BTSG PT to $90

June 22, 2026 Health Tech Updates Mid Quarter;

Increase BTSG PT to $90

David Larsen, CFA

(212) 738-6161 dlarsen@btig.com

WHAT YOU SHOULD KNOW: Within this note we provide investors with an update Jenny ShenHEALTHCARE on the health-tech sector, based on comments from management teams at recent

(212) 738-6136 jshen@btig.com conferences. The commentary from our coverage group was generally positive, and

we increase our PT for BrightSpring (BTSG, Buy) from $65 to $90, and we reduce our

revenue and EBITDA estimates for Medline (MDLN, Buy, $55 PT) slightly given the costs

of fuel. Several highlights from our coverage group are below. Revisions

■ BrightSpring (BTSG, Buy, $90 PT): BTSG sounds very consistent. The pace of Previous CurrentINDUSTRY specialty medication growth is robust, the hospice and rehab markets are growing Ticker Rating PT Rating PT

~5-7% annually, and BTSG has ~30 engineers working on ~10 AI projects. BTSG Buy $65.00 Buy $90.00

■ Lifestance (LFST, Buy, $12 PT): Demand sounds robust, the company expects mid

teens EBITDA margins by 2028E, with ~12% in 2026E, and the 2026 midpoint forREPORT revenue growth is ~17%. LFST expects to expand from ~33 to ~50 states.

■ Medline (MDLN, Buy, $55 PT): Warning letters from the FDA are not material. On

3/1 the tariff rate declined to ~10% which is favorable, but fuel costs may have

increased. The market sounds robust, guidance for 2026 was reaffirmed.

■ Amwell (AMWL, Neutral): AMWL renewed a large DHA contract, which was already

included in 2026E guidance. The pipeline sounds robust and Elevance (ELV, Not

Rated) continues to grow, and costs continue to come out of the business.

■ Astrana (ASTH, Buy, $50 PT): Trend is tracking well at ~4.5% in 1Q:26, and Prospect