Key Takeaways from NY Valves Meetings

研报英文原文证据摘录

Key Takeaways from NY Valves Meetings

Equity Research

Multi Company Update — June 26, 2026

Med Tech - Cardiovascular

Med Tech - Diversified

Our Call Larry Biegelsen

We come away from NY Valves more bullish on TAVR and EW. ABT could present pivotal Equity Analyst | Wells Fargo Securities, LLC

Lawrence.Biegelsen@wellsfargo.com | 212-214-8015

data from Amulet 360 and IVL at TCT. We expect FDA to wait for CHAMPION-AF 5-year

Nathan Treybeckdata before approving 1L indication.

Equity Analyst | Wells Fargo Securities, LLC

Nathan.Treybeck@wellsfargo.com | 212-214-8042

Physicians expect continued share erosion for MDT’s Evolut; expect FDA to continue to Lei Huang

post additional follow-up data on their website. We consistently heard at NY Valves that Associate Equity Analyst | Wells Fargo Securities, LLC

the Evolut 6 and 7 year data had a negative impact on MDT’s share. We estimate MDT Lei.Huang@wellsfargo.com | 212-214-8039

lost a few hundred basis points of share in the US in CYQ1 2026 due to the Evolut 6 and Simran Kaur

7-year data. MDT has indicated that its TAVR business stabilized, which we interpret as Equity Analyst | Wells Fargo Securities, LLC

flattish and this implies further share loss in a growing market. SimranKaur@wellsfargo.com | 212-214-5973

Ross Osborn

If re-intervention rates continue to rise in the full 7-year Evolut data, further share erosion Associate Equity Analyst | Wells Fargo Securities, LLC Ross.E.Osborn@wellsfargo.com | 212-214-8038

is possible.

We expect FDA to post additional LT data to their website. Importantly, we believe FDA

will continue to post the 7, 8, 9, and 10-year data from the low risk trials for both EW

and MDT on their website. This may prompt more frequent data presentations and/or