Initiation of Coverage US Medical Supplies and Devices: A New Spin on Spine: Buy ATEC, Neutral GMED

研报英文原文证据摘录

Initiation of Coverage US Medical Supplies and Devices: A New Spin on Spine: Buy ATEC, Neutral GMED

Powered by Lab Global28 JulyResearch2026ab Evidence UBS YES

Initiation of Coverage

EquitiesUS Medical Supplies and Devices

A New Spin on Spine: Buy ATEC, Neutral GMED Americas

Healthcare

Patrick Wood

In this report, we initiate coverage on two key spine players (GMED, ATEC) and provide Analyst

an overview of the market at large - from procedure volumes to demand for robotic / patrick.wood@ubs.com

navigation systems. Our UBS Evidence Lab Survey includes 60 spinal surgeons and +1-212-713 3018

hospital administrators who point to ~LSD% procedure growth in the NTM, in line with Priya Sachdeva

historical averages. Amidst a stable demand environment, we think the next leg of spine Analyst

market growth comes from products that are clinically and technologically priya.sachdeva@ubs.com

differentiated, at a favorable price point for facilities / physicians. +1-212-713 4193

Daniella Paretti

Our Calls Associate Analyst

daniella.paretti@ubs.com

+1-212-713 1398

ATEC, Buy, PT, $15: PTP is a clinically differentiated approach to lumbar interbody fusion

that is in the early stages of surgeon adoption. With this new approach, we expect Jayna Francis

ATEC's share within lateral to grow an incremental +2% each year, powered by elevated Associate Analyst

jayna.francis@ubs.com

SG&A / salesforce strength and the recent launch of its Valence robot. ATEC is set to

+1-212-713 4939

benefit from this new product cycle, all while demonstrating meaningful steps towards

LT profitability. There is clear market dislocation in our view, with current share price Olwyn Bartis

implying ~6% sales growth profile over the 2025-2030 period vs us at 16%. Associate Analyst

olwyn.bartis@ubs.com