US Medical Supplies and Devices: Darkest Before the Dawn

研报英文原文证据摘录

US Medical Supplies and Devices: Darkest Before the Dawn

Global Research

28 July 2026ab

US Medical Supplies and Devices Equities

AmericasDarkest Before the Dawn

Healthcare

Patrick Wood

MedTech has had a rough 2026 thus far: it's no secret that MedTech has had a tough Analyst

time in 2026, with most stocks down c. 20-30% YTD, and the sector overall de-rating patrick.wood@ubs.com

from c. 20x NTM P/E to c. 17x. In some ways, we get it. 10-year US treasuries have added +1-212-713 3018

c. 50bps since the start of the year (now c. 4.6%) which is hard on a growth sector, Priya Sachdeva

driven by concerns on cost inflation; particularly challenging given historically had Analyst

negative real pricing (often c. -1-2% in real terms). Equally, a bull market in parts of tech priya.sachdeva@ubs.com

has raised the opportunity cost of investing in MedTech and consumed marginal capital +1-212-713 4193

that would've gone to growth names. Against this backdrop, sometimes the Daniella Paretti

conversation adjusts to look for fundamental reasons, with the buyside concerned Associate Analyst

about healthcare reform (c. $625bn Medicaid cuts over 10 years, ACA subsidies daniella.paretti@ubs.com

debates), as well as hospital CAPEX due to potential 340B changes. These concerns are +1-212-713 1398

all understandable, but we think the fundamentals are in good shape, and with Jayna Francis

positioning and sentiment about as negative as we can remember it, we're seeing right Associate Analyst

now as a highly appealing time to look at MedTech again. jayna.francis@ubs.com

+1-212-713 4939

The reality is that volumes are likely to remain robust: we think concerns around Olwyn Bartis

volumes are premature. With the exception of ISRG, most of MedTech skews to Associate Analyst