Medical Technology

研报英文原文证据摘录

Medical Technology

June 10, 2026 Medical Technology

Recapping 1Q26 Earnings in 8 Charts: Beats, Raises, and Heartburn

Ryan Zimmerman

WHAT YOU SHOULD KNOW: MedTech earnings season kicked off on April 14th with (212) 527-3586 rzimmerman@btig.com

Johnson & Johnson (JNJ, Not Rated). Since that time, the MedTech tape (as measured Iseult McMahonHEALTHCARE by the IHI) is down ~6.3% and relative to the S&P, worse by ~1,159bps. Ugly may be (332) 400-5103 imcmahon@btig.com

too nice a word to describe the weakness seen in Medical Devices and this follows a

~14.2% decline in the IHI in 1Q26. Encouragingly, we've seen signs of stabilization and

bounce back as rotations out of high-flying sectors unwind. In 1Q26 ~77% of companies

in our coverage universe beat 1Q26 revenue expectations. In 1Q25, ~60% beat revenue

expectations. On EPS/LPS, 69% beat expectations in 1Q26, whereas ~64% of companiesINDUSTRY beat in 1Q25. On guidance, one year ago ~24% of companies raised revenue guidance

after 1Q25; this year ~31% raised revenue guidance after 1Q26 so it's not as if the

sector is seeing poor fundamental performance relative to prior periods. That said,

macro risk remains elevated, and input costs are up into 2Q, which we believe willREPORT remain a concern.

■ 8 of the 26 (~31%) companies in our coverage universe raised rev. guidance

following 1Q26 results, 1 out of 26 (~4%) lowered revenue guidance. Compared to

1Q25 when ~24% of companies raised rev. guidance while ~8% lowered guidance.

77% of companies in our coverage universe beat 1Q26 rev. expectations, ~69%

beat EPS/LPS expectations. In 1Q25 ~60% and ~64% beat those metrics last year

respectively. On avg., companies beat BTIG and Consensus rev. expectations by

7.5% and 5.4% (as compared to ~7.1% and ~4.2% in 1Q25) respectively.