回顾与展望-SYK访问揭示外科手术器械相关情况；与MDT首席执行官和首席财务官的会议阐明糖尿病业务分拆的战略和益处

Restricted - External U.S. Medical Supplies & DevicesPOSITIVEU.S. Medical Supplies & DevicesMatt Miksic+1 212 526 9189matt.miksic@barclays.comBCI, USCaroline Council+1 212 526 9046caroline.council@barclays.comBCI, USWilliam McMahon+1 212 526 3816william.mcmahon@barclays.comBCI, US 2HF25 and in the quarters ahead. Taking an initial look at the potential shareholder valueunlocked by the Diabetes spin, we estimate the separation could drive 10-20%, conservativelyassuming RemainCo will exit the transaction trading in its current range of 12-13x EBITDA. If thestock were to return to its longer term trading range of 13-14x, the spin could generate 20-30%of upside, by our estimates. We reiterate our Overweight rating and $109 price target on MDT.MDT: RDN/HTN Expert Dinner – Adoption and Initial Experience with RDN for Hypertensionand Other Innovations in HTN Therapeutics (June 17, 6:00 pm ET):We are hosting an expertdinner with Dr. Vijay Iyer, MD, PhD, Director of the TAI/R Program atBuffaloGeneral Hospital todiscuss the initial adoption and potential scope of treatment for renal denervation(MDT's Symplicity and Recor’s Paradise) in patients with drug-resistant hypertension, as well asthe evolving landscape of HTN therapeutics. We expect potential implications for OW-ratedMDT, BSX, and note OTSKF as another player (Otsuka, not covered).Please contact your salesrepresentative or reach out to us directly if you are interested in attending.We hope you can joinus!ADA In-Person Diabetes Expert Happy Hour (June 20, 4:00 pm CT):We are pleased to co-hostan in-person ‘happy hour’ expert meeting on Friday, June 20th, to kickoffthe annual AmericanDiabetes Association (ADA) meeting in Chicago (June 20 – 23). We expect to dig into treatmenttrends in technology and therapeutics, patient preferences and penetration of CGM, insulinpumps and GLP-1s in T1, T2 and obesity. We expect takeaways and implications for OW-ratedABT, MDT, TNDM and EW-rated DXCM and PODD. Please reach out to your Barclays sales personor contact us directly if you interested in attending. We hope you can join us!Our Visit with MSNT Sheds Light on SYK’s Under-appreciated Double-Digit Growth Engine(May 29):Brent Ladd, President of Stryker Endoscopy, kickedoffour visit with an overview ofthe the company’s MedSurg and NeuroTech division (MSNT) and the strategies and drivers thathave made it possible for the division to deliver 10.4% compound average growth for the past12 years. The business is viewed as being driven more by equipment than implants, andassociated with major replacement cycles, more so than procedure growth, mix and sharegains. What we think is not fully appreciated and understood by investors, however, is thestrength of MSNT’s recurring revenues (75% of sales) pulled through the company’s major large-and small-capital equipment power brands (25% of sales). Our visit reinforced our confidence inthe sustainability of MSNT’s double-digit growth profile; we reiterate our OW & $443 PT.BSX Discontinues the Acurate TAVR Program; OutlookReaffirmed;Reiterate OverweightRating and $125 PT (May 28):BSX will discontinue worldwide sales of its Acurate neo2 andAcurate Prime TAVR systems, and will no longer be pursuing regulatory approval for Acurate inthe U.S. or other geographies. Mgmt describes the decision as having factored in additionalhurdles that would have been required to obtain U.S. approval, although we would also notethe ACURATE IDE results presented at TCT in 2024, which missed the trial’s non-inferiorityendpoint and raised questions at that time about the future of the program. We continue toview BSX as a high-quality diversified growth asset, and among the best-positioned names inour universe to weather continued uncertainty across a range of macro- and policy-related risksfacing our universe and equity markets in general (please see our note and accompanying slidestitled One Eye on Fundamentals and the Other on Washington, published Apr 13.) We reiterateour Overweight rating and $125 price target on BSX.Other News You May Have MissedBDX to Initiate Real-World Patient Data Registry for the Rotarex Atherectomy System inTreatment of Peripheral Artery Disease (May 28):The company has announced the launch ofa new real-world patient data registry to evaluate the clinical use of its Rotarex AtherectomySystem in the treatment of peripheral artery disease (PAD). The registry, titled "REAL-REACH"2 (Real-World Evidence for Atherectomy in Lower Extremity Arterial Disease), is designed tocollect comprehensive data from up to 500 patients across multiple healthcare centers in theUS. This initiative aims to assess the safety,effectiveness,and procedural outcomes of theRotarex system in everyday clinical practice, beyond the controlled environment of clinicaltrials. By gathering real-world evidence, BD seeks to better understand how the device performsacross diverse patient populations and treatment settings.ZBH Appoints Kevin Thornal as Group President, Glob