July Symplicity Physician Additions Slow, Likely Holiday Related

Research evidence excerpt

July Symplicity Physician Additions Slow, Likely Holiday Related

C O M P A NY N O TE

J u l y 1 4 , 2 0 2 6

Symplicity Spyral Physician Tracker: July 2026

This past November, we introduced our proprietary Medtronic Symplicity Spyral Specialist Tracker

which collects data on the number and location of interventional cardiologists across the United

States that are trained on the device. There are some minor caveats to this data, such as the fact

that a physician must complete five Symplicity cases and choose to “opt-in” to their name being

displayed on the website, however, we have found this data to be a solid directional tool as we

estimate the traction of this novel technology and related financial impact to Medtronic.

We now estimate there are 221 unique physicians on the specialist finder page (shown in Exhibit

below) versus 213 unique physicians in mid-June. The rate of physicians added over the past

month is about 0.32 physicians per day. This is lower than the rate of 0.55 physicians per day

seen in June and lower than the simple average rate of 0.43 physicians per day since using our

first observation on the old website in September. We would not over interpret this recent

deceleration, as we believe it is at least partially attributable to the July 4th holiday.

Furthermore, MDT reported in early June that the Symplicity physician finder now includes 200

physicians across more than 300 accounts. This aligns with our internal analysis confirming our

methodology is a reliable metric for tracking physician adoption.

Exhibit 1

Symplicity Spyral Physician Locator

Source: Company Website

CY’26 Symplicity We are reiterating our Symplicity revenue estimates for calendar year 2026, which range from

Revenue Estimates $120.3M at the low end to $162.7M at the high end.