2Q CapEx survey: Broader capex outlook improves again to an all-time high

研报英文原文证据摘录

2Q CapEx survey: Broader capex outlook improves again to an all-time high

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Healthcare Technology & Distribution

2Q CapEx survey: Broader capex outlook

improves again to an all-time high

Industry Overview

CapEx outlook hits another high, some financing friction 13 July 2026

In conjunction with the BofA Global Research Healthcare Facilities and Managed Care Equity

team (see: Health Care Facilities: Cost/ Capital Survey), we participated in a 53-hospital United States

survey (hospital CFOs) focused on capital expenditures. Capex expectations improved for Healthcare Technology & Distribution

the 4th consecutive quarter to another all time-high (Exhibit 1). A record low number of

respondents also cited delaying/canceling projects, but access to financing appears to

have slightly worsened over the last two quarters. Meanwhile, a majority of respondents

don’t expect a tariff impact in 2026 vs. a majority expecting an impact prior. The

strength in the CapEx outlook is encouraging, but given concerns around health system

utilization trends, monitoring developments will be important. HCIT spend as a

percentage of CapEx has trended down in recent quarters to a record low, but the Allen Lutz, CFA

pharmacy IT budget outlook improved slightly q/q. We remain constructive on OMCL’s ResearchBofAS Analyst

competitive position, particularly given low appetite to switch vendors. Maintain Buy +1 646 855 4380

allen.lutz@bofa.com

rating on OMCL.

Dev Weerasuriya

Research Analyst

BofASTariff concerns narrow, impact higher for those exposed

+1 646 855 5707

Tariff concerns appear less broad-based, with 38% of respondents expecting a 2026 dev.weerasuriya@bofa.com

cost impact, down from 66% last quarter, and only 28% expecting an impact in 3Q’26 Hanna Lee

(Exhibit 20).