Healthcare Pulse Check: Euro Credit Sector Update: Eyes on MedTech procedure volumes

Research evidence excerpt

Healthcare Pulse Check: Euro Credit Sector Update: Eyes on MedTech procedure volumes

J P M O R G A N Europe Credit Research

17 July 2026

Healthcare Pulse Check: Euro

Credit Sector Update

Eyes on MedTech procedure volumes

Europe Corporate Credit -

Healthcare, Transportation and

Sustainable Investing

Danielle Ward, CFA AC

(44-20) 7742-7344

danielle.x.ward@jpmorgan.com

MedTech procedure volumes have been in the headlines following weak

Adeline Z Kwok, CFA

commentary from a Q2 pre-release by US healthcare services company HCA,

(44 20) 7134 0302

however MedTech Q2 reports issued since HCA’s update so far have not shown adeline.zinhe.kwok@jpmorgan.com

signs of systemic demand softness. We also flag a recent report on French state Erik Wolf

healthcare proposals for 2027 which contain some references pertinent to the Labs (44 20) 3493-4385

space. erik.x.wolf@jpmorgan.com

J.P. Morgan Securities plc

MedTech procedure volumes in the spotlight:

• HCA pre-released Q226 results (14-Jul) which were negatively impacted by

declines in same-facility inpatient and outpatient surgeries (-2.3% and -

3.4% YoY respectively) as well as a payer mix shift resulting from an

increase in uninsured volumes as ACA subsidies expired. The update

prompted investors to question whether similar trends may have been observed

across the US MedTech sector, however early Q2 commentary from the sector

has suggested these concerns may be unwarranted.

• On its Q226 earnings call (15-Jul), JNJ (NC €) said it has not seen any

broad-based slowdown in procedure demand, highlighting that whilst

its MedTech sales slightly missed consensus, three of its four sub-segments

(Surgery, Vision and Orthopaedics) accelerated in Q2, performing ahead of

management’s expectations, whilst the weaker Cardiovascular results