EU Medtech & Healthcare Services: Feedback from US/Canada client meetings

研报英文原文证据摘录

EU Medtech & Healthcare Services: Feedback from US/Canada client meetings

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EU Medtech & Healthcare Services

Feedback from US/Canada client meetings

Industry Overview

Bleak sector tone; Positioning still very low for MedTech 22 May 2026

Our EU MedTech team and specialist sales met with many investors across our Las Equity

Vegas Healthcare Conference and meetings in the US and Canada over the past ten Europe

days. Medtech sentiment remains bleak and positioning still very low (including for US Medical Technology

MedTech), as investors saw little reason to own the space beyond valuation as the Julien Ouaddour >>

sector is no longer acting defensive. Main debates were on: 1) cost inflation (mainly Research Analyst

chips and commodities) and pricing power for companies as well as potential impact on BofASE+33 1 8770(France)0614

consumer spending, 2) whether 2027 EPS still needs to come down even if 2026 julien.ouaddour@bofa.com

guidance can hold as several companies are hedged this year or can absorb higher costs. Anna Ractliffe >>

Research Analyst

Investors were therefore focused on a narrow group of names where positive earnings MLI (UK)

revisions could still be seen, while asking what stocks could continue to be pressed given anna.ractliffe@bofa.com

limited momentum, lack of product cycles, China/consumer concerns and uncertainty on James Nin >>

tariff/inflation offsets. For 2026, we continue to prefer stocks with potential earnings BofASE (France)

upgrade stories (Straumann is part of our 25 for 2026 list of best ideas ), more james.nin@bofa.com

defensive names (ConvaTec) or Fresenius SE who can seek upgrades with a defensive

profile post pullback.

Dx = Diagnostics

Debates remain concentrated in few large cap names HA = Hearing Aids