Medical Technology: Quarterly hospital capex survey

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Medical Technology: Quarterly hospital capex survey

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Medical Technology

Quarterly hospital capex survey

Industry Overview

Survey shows record high capex expectations 13 July 2026

We survey hospital CFOs every quarter since 2011. This survey (N=53) was conducted Equity

Jun 29th – Jul 9th. Our Q2 survey showed a record high of 77% (up+1pt q/q) expecting to United States

increase capex spending (survey has been running since 1Q11). Only 8% expect Medical Technology

decreased spending (flat q/q). On average, CFOs expecting capex spending to be up 8.3%

(vs 7.6% last quarter). Only 15% of respondents cancelled and/or delayed purchases

(lowest quarter since 4Q19). However, respondents do see access to financing slightly

more difficult (24% in Q2 vs 20% in Q1). Tariff outlook improved with only 38% (vs 66%

in Q1) expecting tariffs to impact facility/ facilities’ costs in 2026 (avg 4.8% increase for

medical devices and supplies). General dx imaging equipment remains top spending

priority for next 12 months for 8th consecutive quarter, followed by robotic surgery (21%, Travis Steed Research Analyst

-7pt q/q) and highest quarter of hospital beds since 2Q23 (19%, 15pt q/q). BofAS

Exhibit 1: Record expectations for capital spending in Q2 +1travis.steed@bofa.com404 607 3251

Record 77% of respondents expect capital spending to be Up in the next 12 months (vs prior record of

Stephanie Elghazi

76% in 1Q26). Research Analyst

BofAS

Up 77% +1stephanie.elghazi@bofa.com646 855 4568

75%

76% Gracia Mahoney

Research Analyst

55% 54% +1 646 855 1136

gracia.mahoney@bofa.com

35% Enjia Cao Research Analyst

+1 646 743 9861

15% enjia.cao@bofa.com

1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 1Q26 Aidan Lahey

Source: BofA Global Research, n=53 BofAS

BofA GLOBAL RESEARCH +1 646 855 2590