Medical Technology: Going through latest EP Street estimates

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Medical Technology: Going through latest EP Street estimates

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Medical Technology

Going through latest EP Street estimates

Industry Overview

EP market model for 1Q26; a look at Street ‘27/’28 models 11 June 2026

We update our EP market model for Q1’26 (ask for excel). We also go through Street Equity

estimates for 2027 and 2028 and see what our market model implies for key United States

assumptions on PFA mix and PFA share by company. Ultimately, Street estimates imply Medical Technology

13% market growth in 2027 and 2028. This seems conservative relative to the mid- Travis Steed

teens outlook companies have mentioned. Street estimates suggest MDT and ABT will Research Analyst

be share winners in total EP with sustained above market growth. JNJ is the main share BofAS+1 404 607 3251

donor with Street models at ~10% over this time. BSX’s growth of 11% and 12% in travis.steed@bofa.com

2027 and 2028 also imply some continued EP share loss. Stephanie Elghazi

Research Analyst

BofAS

+1 646 855 4568MDT continued EP share gains in US and WW q/q in CYQ1

stephanie.elghazi@bofa.com

In CYQ1’26 the WW EP market grew ~20% y/y and the US EP market grew 23%.

Gracia Mahoney

Globally, JNJ grew 9.5%, ABT grew 12%, BSX grew 22% and MDT grew 78%. In the US Research Analyst

JNJ grew 7.6%, ABT grew 13%, BSX grew 18%, and MDT grew 124%. Looking q/q BofAS

+1 646 855 1136

globally, JNJ lost ~50bps of share, ABT lost ~100bps of share, and BSX lost ~100bps of gracia.mahoney@bofa.com

share, and MDT gained ~250bps of share. Looking q/q in US, JNJ lost 170bps of share, Enjia Cao

ABT lost 60bps of share, BSX lost 110bps of share, while MDT gained 340bps of share. Research Analyst BofAS

+1 646 743 9861

Share expected to shift to ABT in 2H’26 with Volt ramp enjia.cao@bofa.com