JPM | US Healthcare: MedTech Organic Growth + New Data Points, EW / ATRC Previews, Hospitals, INSM / ERAS / CYTK / ARWR

研报英文原文证据摘录

JPM | US Healthcare: MedTech Organic Growth + New Data Points, EW / ATRC Previews, Hospitals, INSM / ERAS / CYTK / ARWR

raffic data for 2Q and recent earnings commentary from MCOs and related downstream

MedTech names. Hospital foot traffic trends improved q/q and grew more modestly y/y during 2Q, with growth trends flattening

during June. We continue to flag concerns on underlying mix, with HCA previewing favorable headline volume growth that was

weighed down by higher emergent mix and weaker surgical trends. Group MSPP approvals have continued to outperform

expectations in both total approvals and program funding, with the CA SDP particularly notable to us given what we considered

to be a lower likelihood of approval based on previous mgmt commentary and general scrutiny from CMS into that state’s

Medicaid program. While the recent OPPS proposed rule provided some upside scenarios for 2027, including some potential

offset to the likely continuation of ACA Exchange HWs, group valuations otherwise remain below historical averages on more

subdued sentiment as we await the final Medicaid SDP rule. With HCA and THC reporting on Friday and UHS on Monday, we

believe expectations into the print reflect an inflection point for the group as investors reassess potential earnings upside stories

amid a softening utilization backdrop and more challenging go-forward regulatory environment.

Biotech

US Biotechnology: One Interesting Nugget from Each Team in the Last Week & Looking Ahead - Biotech Team Note

We wanted to provide one interesting nugget from each team’s coverage universe from the last week as well as highlight

upcoming calls and prior conference call replays. Please see below.

One interesting nugget from each team’s coverage universe in the last week