European MedTech "What's the buyside bar?" Doyle

Research evidence excerpt

European MedTech "What's the buyside bar?" Doyle

Global Research

20 July 2026ab

European MedTech Equities

Europe including UKWhat's the buyside bar?

Healthcare

Graham Doyle

Not yet out of the woods, but Q2 should be the trough Analyst

MedTech has started H2 better than it ended H1 and we very much expect this quarter graham.doyle@ubs.com

to represent the trough for the sector as FX and tariff headwinds annualise or abate. +44-20-7568 2587

That said, we still see pockets of weakness across the space and expect reporting to be Kavya Deshpande

volatile for the sector. With that in mind, we flag Ambu (Buy), Coloplast (Buy) and Analyst

Ottobock (Buy), as having positive risk/reward skews. By contrast, we flag Elekta (Sell), kavya.deshpande@ubs.com

Fresenius Medical Care (Sell) and Smith & Nephew (Neutral) as having negative risk/ +44-20-7567 8515

reward skews, in our view. Thyra Lee

Analyst

Positive risk/reward -> Ambu, Coloplast and Ottobock thyra.lee@ubs.com

+44-20-7568 0083

At Ambu (Buy) we expect an acceleration in organic growth and a return to earnings

growth to mark the inflection point for earnings against fairly negative positioning. At

Coloplast (Buy) we think Chronic Care should meet expectations again, helping to dispel

concerns of structural challenges, whilst we think Q3 should de-risk the upper end of

the revenue guide for 2026. Added to this, new CEO Gavin Wood can present his first

view on the strategic outlook which could act as a clearing even for investors. At

Ottbock (Buy) we expect the awaited for organic growth acceleration to materialise and

de-risk the full year guide.

Negative risk/reward -> Elekta, Fresenius Medical Care and Smith & Nephew

For Elekta (Sell), investor expectations for the quarter largely align with the sellside,