Goldman Sachs 23rd European MedTech and Services Conference: Key Takeaways

Goldman Sachs' 23rd European MedTech and Services Conference brought together more than 20 companies and a broad investor base; core themes were innovation supporting growth and share gains, China's changing landscape, and rising cost inflation. Ambu (not covered) cut FY2026 guidance on weaker US A&PM volumes but views this as temporary, expecting stabilization within 6-12 months while reiterating 3-5% long-term A&PM growth and 12-14% EBIT margin guidance; endoscopy now exceeds 70% of the group. Convatec reiterated 6-8% organic revenue growth, double-digit EPS growth and mid-20s operating margins, with ~6% modeled FY2027 cost inflation manageable and wound care innovation the biggest incremental opportunity. Demant expects hearing aid markets to return to 4-6% growth over time versus ~3% recently. Fresenius Medical Care's US SMTG of -0.9% reflects patient inflow rather than attrition issues, with measures meaningful from 2027. Sonova reaffirmed FY2027 guidance of 5-8% constant-currency revenue and 7-10% EBIT growth after ten straight quarters of share gains; Straumann said ~20-25% of iExcel customers are new and sees no extreme VBP 2.0 price-cut risk; Tecan reiterated 2028 targets of CHF 1 billion sales and 20% adjusted EBITDA margin. The US Section 232 medtech investigation remains unresolved, and ostomy/catheter competitive bidding may slip beyond 2028.