European Medical Technology & Services: HCA and China news flow weighing on MedTech

研报英文原文证据摘录

European Medical Technology & Services: HCA and China news flow weighing on MedTech

Equity Research

European Medical Technology & Services

14 July 2026

HCA and China news flow

weighing on MedTech

Softer US procedures could impact SN in Europe, where we European Medical Technology & Services

see downside risk to H2 ramp, though persistent dynamics POSITIVE

could impact hospital capex over time. China centralised European Medical Technology &

Services

procurement news flow mostly radiotherapy & could be a Hassan Al-Wakeel, CFA

further headwind to Elekta (UW) in China, a risk we have +44 (0)20 7773 3898

hassan.al-wakeel@barclays.com

flagged for EKTAB Barclays, UK

Jonathon Unwin

When sentiment in EU MedTech seemed to be turning (see MedTech back from the dead? +44 (0)20 7773 0354

Assessing inflation risk, 1 Jun) two pieces of news flow today weighed on the space and will jonathon.unwin@barclays.com

Barclays, UKlikely remain overhangs as we look for more clarity. Firstly, HCA Healthcare (EW, covered by

Andrew Mok) cut FY guidance and reported weaker-than-expected procedure trends (see HCA Marco Pires-Cox

Pre-Announces Disappointing Core Earnings Miss, Guidance Cut, 14 July), with same-facility +44 (0)20 3134 3421

inpatient surgeries down -2.3% and outpatient surgeries down -3.4% in Q2. We view this as a marco.pirescox@barclays.com

Barclays, UKnegative read-across for Smith & Nephew (EW) and believe it further challenges the implied H2

acceleration, particularly given ongoing softness in US Knees and multiple other headwinds (see Rohit Rajan

Q2 Preview: H2 ramp challenging, 26 Jun). If sustained, weaker procedure volumes could also +91 (0) 22 6175 1698

weigh on hospital capital spending over time, noting a correlation between hospital profitability rohit.rajan@barclays.com