Dialysis Expert Call Takeaways

研报英文原文证据摘录

Dialysis Expert Call Takeaways

Idea

July 20, 2026 03:30 AM GMT

Morgan Stanley & Co. International plc+MMedical Devices | Europe Aisyah Noor

Equity Analyst

Dialysis Expert Call Takeaways Aisyah.Noor@morganstanley.comJack Reynolds-Clark +44 20 7425-6177

Jack.Reynolds-clark@morganstanley.com +44 20 7425-3474

We hosted an investor call with the Principal Investigator of Alejandra Galindez

Theranova's MOTheR trial, focusing on clinical outcomes of ResearchAlejandra.Galindez@morganstanley.comAssociate +44 20 7677-2699

expanded hemodialysis (HDx), practical considerations for HDx

Medical Devices

adoption, and future potential for HDx vs standard of care. Europe

Industry View In-Line

MS View: We come away more encouraged on the potential for HDx technology

adoption over the midterm, given lower barriers to adoption on the basis of a better

cost profile and lower infrastructure requirements. The call in our view also

contextualized the patient attrition for the study, in particular 1) study overlap with

the Covid pandemic, and 2) 30% of patients were transplanted in each arm of the

trial. Finally, we find interesting the speaker's view that in a scenario where

mortality and clinical outcomes were similar, the higher water-treatment intensity of

HV-HDF may the tip the balance in favour of HDx, given the rising awareness of

environmental sustainability.

KEY TAKEAWAYS

Expanded HDx - entering high-removal performance era: Expanded HDx

introduced in 2020 joins Hemodiafiltration (HDF) as a dialysis technology capable of

removing medium to large molecules. The main differentiators for HDx are 1) the

use of an MCO (medium cut-off) membrane characterized by a larger pore diameter

and a high internal filtration rate; as compared to HDF which uses a conventional