Hospital COO: Vols Recovered in 2Q; SYK Catch-Up; Imaging (GEHC)+

研报英文原文证据摘录

Hospital COO: Vols Recovered in 2Q; SYK Catch-Up; Imaging (GEHC)+

USA | Medical Supplies & Devices EquityJuneResearch15, 2026

Hospital COO: Vols Recovered in 2Q; SYK Catch-

Up; Imaging (GEHC)+

Key takes from our call w/ Phillip LaCorte, Dir. Service Line Mgr at Baylor St.

Luke's: 1) 2Q vols +3.5% y/y, SYK cyber fully recovered w extra procedures in

April/May; 2) EP vols ~doubled on PFA, BSX to remain 'workhorse' and locked

.

in ~2 yrs; 3) longer-term payor mix deteriorating on MA growth and acuity to

decline (ASC growth); 4) WiSER pressuring INSP ~30% YTD; 5) Imaging capex

is a priority, and GEHC recapturing share post-separation.

Mr. LaCorte oversees ops, RCM, finance, and IT across a 4-hospital nonprofit IDN in SE Texas

(17 hospitals in the TX division). He highlighted 3 macro trends pressuring capex over the last 5yrs

(Covid, inflation, tariffs), w/ 2026 adding higher rates, oil volatility, and state/federal reimbursement

pressure incl MFP/IRA. Despite this, TX and FL remain structural growers as population influx fuels

consistent 3-5% growth.

Longer term, Mr. LaCorte expects system-wide acuity and CMI to decline as site neutrality

and outpatient migration continue shifting vol into ASCs, pressuring larger health systems. In

response, hospitals are prioritizing ROI-driven capex (e.g., imaging) and income statement stability

over facility expansion, w/ tighter discretionary spend on non-clinical upgrades (SaaS budgets, IT

hardware).

On vols, 2Q is tracking +3-4% y/y, w/ OR vols +7.5% in June on SYK cyber catch-up, following

largely transient Q1 headwinds (weather, flu, SYK disruption), with trends moderating into June.

SYK took ~3 wks offline w/ ~45 days to fully recover lost procedures, as the system did not

switch vendors and added procedures to catch up.