Medical Technology: HCA preannounce another negative medtech datapoint

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Medical Technology: HCA preannounce another negative medtech datapoint

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Medical Technology

HCA preannounce another negative

medtech datapoint

Industry Overview

HCA pre-A suggests medtech core growth decels in Q2 14 July 2026

This morning HCA announced preliminary Q2 results. Looking at the correlation over the Equity

last 13 quarters, these HCA numbers suggest medtech core growth will decelerate in Q2. United States

The Street is modeling 70 bps lower growth in Q2 vs Q1 in the medtech group. This HCA Medical Technology

pre-announcement is one additional datapoint on a slower utilization environment as we Travis Steed

continue to try and figure out why medtech companies continue to sound fine on Research Analyst

utilization but many other datapoints point to a slower utilization environment. We BofAS+1 404 607 3251

lowered numbers a few weeks ago for medtech companies in our note: Utilization and travis.steed@bofa.com

inflation - potential headwinds. Stephanie Elghazi

Research Analyst

BofAS

+1 646 855 4568What HCA pre-A said…surgical volumes decelerated in Q2

stephanie.elghazi@bofa.com

HCA cut full year EBITDA guidance on higher profitability drag from exchange drop off.

Gracia Mahoney

Surgical volumes also decelerated in Q2, although overall adj admissions were better vs Research Analyst

Q1. Q2 same facility inpatient surgeries declined 2.3% (vs -0.3% in Q1) and outpatient BofAS

+1 646 855 1136

surgeries declined 3.4% (vs -1.7% in Q1). gracia.mahoney@bofa.com

Enjia Cao

Research AnalystHCA outpatient surgery correlated with medtech group BofAS

We find that in the last 13 quarters HCA same facility outpatient surgery growth shows +1 646 743 9861

93% correlation with a subset of medtech group organic growth. We found the enjia.cao@bofa.com