Life Sciences & Diagnostic Tools: HC utilization debate: What we learned from MedTech/MC prints this week

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Life Sciences & Diagnostic Tools: HC utilization debate: What we learned from MedTech/MC prints this week

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Life Sciences & Diagnostic Tools

HC utilization debate: What we learned

from MedTech/MC prints this week

Industry Overview

Utilization read-through to labs (DGX / LH) 20 July 2026

Diagnostics utilization trends have been a hot topic for several quarters, particularly with Equity

ACA subsidy/HIX changes this year. This week, mixed results & commentary from several United States

Hospitals / Managed Care / MedTech companies have stirred the debate again. While the Life Sciences & Diagnostic Tools

read-through to the Labs (DGX, LH) remains uncertain, we acknowledge the potential for Michael Ryskin

lower-than-expected utilization and associated cost headwinds. We will not be surprised Research Analyst

if the Labs report slightly weaker than expected results and raise their assumptions of BofAS+1 646 855 4373

ACA headwinds (although both companies did not call out any utilization weakness on michael.ryskin@bofa.com

our quarter-close calls). Lu Li

Research Analyst

BofAS

+1 646 855 4645More negative color: HCA, UNH, ISRG

lu.li5@bofa.com

HCA Healthcare (HCA, covered by Kevin Fischbeck) flagged a decline in surgical volume

Avantika Dhabaria

and a payer mix shift driven by an increase in uninsured volume primarily due to ACA Research Analyst

subsidy removal. The company increased its estimated ACA headwind guide by $350M. BofAS

+1 646 743 0170

UnitedHealth (UNH, covered by Kevin Fischbeck) flagged elevated cost trends in avantika.dhabaria@bofa.com

commercial plans, although Exchanges came in better than expectations. Intuitive Alexa Chan

Surgical (ISRG, covered by Travis Steed) reported weaker U.S. procedure volume with Research Analyst BofAS