JPM | US Healthcare: EWTX / CYTK, GILD, CAH Day 2, EW, CAMP U/g to OW, NMRA, EYPT Replay, CAH CEO Call Thurs

研报英文原文证据摘录

JPM | US Healthcare: EWTX / CYTK, GILD, CAH Day 2, EW, CAMP U/g to OW, NMRA, EYPT Replay, CAH CEO Call Thurs

which now excludes ~$120M of assumed M&A contributions). As a result, we maintained our 2026 estimate

for revenue of $5,715M (+8.1% y/y) while increasing adj EBITDA to $620M (+22.8% y/y and vs prior $566M), with forward

results now factoring in more favorable occupancy, skilled mix, and rates for Mature/Ramping cohorts and excluding our previous

assumption of ~5 facilities/quarter in facility adds from M&A.

MedTech

Edwards Lifesciences (EW): Proposed NCD Positive as Expected; Multiple Positives Should Help Expand TAVR Access. -

Marcus Note

CMS released a proposed update to its National Coverage Determination (NCD) for transcatheter aortic valve replacement

(TAVR) after the close on Monday. The updates are broadly positive for Edwards (as well as for Medtronic and Abbott), as

expected, with the main highlights being: (1) the inclusion of asymptomatic severe aortic stenosis (AS) as a covered indication;

(2) the lifting of the coverage with evidence development (CED) requirement for symptomatic severe AS; (3) the removal of the

previous requirement that both the interventional cardiologist and cardiac surgeon participate in the surgical procedure, (4) lower

procedure thresholds for doctors and hospitals to perform TAVR, and (5) a new clause giving Medicare Administrative

Contractors (MACs) latitude to “make reasonable and necessary determinations” for other beneficiaries seeking coverage as long

as it’s “reasonable and necessary for the diagnosis or treatment of illness or injury or to improve the functioning of a malformed

body.”

Biotech

CAMP4: Moving To Overweight On CMP-002 Potential & Takeaways From Our 2026 Biotech Conf Call Series. -

Rama Note