HCA Pre-announce Weighs on MedTech; Revisiting Our "Who is Insured" Analysis

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HCA Pre-announce Weighs on MedTech; Revisiting Our "Who is Insured" Analysis

TD SECURITIES (USA) LLC INDUSTRY UPDATE

July 14, 2026

■Medical Supplies & Devices HCA Pre-announce Weighs on MedTech;

■Medical Supplies & Devices: Orthopedics

■Medical Supplies & Devices: Orthopedics/ Revisiting Our "Who is Insured" Analysis

Spine

■Medical Supplies & Devices: Diabetes

Mathew Blackman THE TD COWEN INSIGHT

646 562 1321

We understand the group sell-off this morning in sympathy to HCA's preannouncement, but

mathew.blackman@tdsecurities.com

want to remind investors that we don't believe MedTech exposure to ACA+Exchanges is as

Joshua Jennings, M.D. large as perceived. HCA suggested two headwinds: higher uninsured, and to a lesser degree,

646 562 1333 soft surgical volumes. Recall, our analysis suggests Exchange patients are ~40 y.o., below the

joshua.jennings@tdsecurities.com

avg age (60+) of MedTech interventions.

Drew Ranieri

646 562 1460 What happened? This morning, HCA pre-announced 2Q results (covered by Ryan Langston),

drew.ranieri@tdsecurities.com calling out two headwinds that are weighing on MedTech this morning: (1) a payer mix shift

Colin Clark driven by an increase in uninsured volume, primarily due to patients who lost coverage on the

646 562 1441 health insurance exchange; and (2) to a lesser degree, the Company experienced a service

colin.clark@tdsecurities.com mix shift primarily related to a "decline in surgical volume". We don't yet have any color

beyond those statements and whether specific service lines experienced outsized surgical

John Rusch, CFA

volume, but note our real-time conversations with Ortho companies this morning did not646 562 1324

john.rusch@tdsecurities.com suggest any change in what we would characterize as consistent and reasonably constructive