LC MedTech有机增长追踪器；预计2025年持续强劲增长

spitals seeing pressure will likely wantosure information, and information regarding the status of non-US analysts on pages 4 - 9 of this report Matthew Taylor, CFA * IEquity Analyst1 (212) 778-8721 I matt.taylor@jefferies.comYoung Li * IEquity Analyst+1 (212) 778-8671 I young.li@jefferies.comMichael Sarcone, CFA * IEquity Analyst1(212)778-8606/msarcone@jefferies.corMichael Toomey, CFA * IEquity Analyst+1 (212) 708-2630 Imtoomey2@jefferies.comMatthew Aspro * IEquity Associate+1 (212) 323-3907 Imaspro@jefferies.com JefferiesS8.93B +5.4% organic and introduced FY26 guide of ~5% organic rev growth. BAx reported 1Qsales growth at +5% xfx and reaffirmed operational growth of 4-5% for the year. TFX 1Q salesdeclined 3.8%, but guidance of 1-2% organic for the year was maintained. ZBH 1Q growth of 2.3%was in line, and xfx 3-5% growth was reiterated. GEHC 1Q sales grew 4% and 2-3% growth guidefor the year was maintained, which we view as very conservative.Please see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 91eSC JefferiesMedTech Organic Growth Tracker - Outlook RemainsHealthyWe are publishing our LC MedTech organic growth tracker. Growth averaged ~7.4% (wtd) in '24;we expect similar growth in 25 given 7.1% growth in 1Q (despite a leap year comp). Our 'growthgrew 3%; we expect 12.3% and 4.2% in '25 for these groups, respectively. In our view, utilization andExhibit 1 - ww Large Cap Organic Growth TrackerLarge Cap MedTechABT MedTechALCBAXBDXBSXCOODXCMEWGEHCISRGJNJMDTPODDRMDSNNSYKZBHAverageLC Average2 Year StackLC Growth Index Average2 Year StackLCMature IndexAverage2 Year stackWeighted AverageLC Average2 Year StackLC Growth IndexAverage2 Year StackLC Mature Index Average2 Year stackMature includes: ALC, BAX, BDX, COO, GEHC, JNJ, MDT, SNN, TFX, ZBHPlease see important disclosure information on pages 4 - 9 of this reportThis report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 2021A2022 A2023 A2024A1Q25A2Q25E3Q25E19.4%8.8%14.2%13.4%12.6%10.9%12.0%19.9%10.0%8.9%6.3%2.6%4.8%8.0%-0.9%4.9%2.7%2.5%5.6%2.1%4.9%9.2%2.0%4.3%5.3%0.9%2.9%4.8%18.9%8.6%12.4%16.4%18.2%14.4%11.3%24.6%11.5%9.3%7.1%6.6%4.8%7.7%26.0%20.9%25.5%12.5%13.6%12.4%16.0%17.7%7.7%12.2%9.1%7.9%%6'69.8%0.5%7.3%7.8%0.9%4.1%2.0%3.0%30.5%11.0%15.6%16.9%20.0%18.4%18.8%16.9%6.1%7.9%4.7%1.3%3.8%4.2%13.8%1.0%5.3%5.0%5.4%5.3%5.0%19.6%22.1%29.6%22.1%29.8%25.6%18.3%9.7%12.4%17.4%9.3%8.8%8.8%7.4%10.3%4.7%7.2%5.2%3.1%4.5%7.1%12.5%9.5%11.5%10.2%10.1%9.9%10.7%7.6%3.8%5.3%3.2%-3.8%1.0%3.9%10.2%6.5%7.5%4.8%2.3%2.5%4.9%14.8%8.8%11.4%8.6%8.3%8.0%8.8%6.9%11.8%10.1%10.0%8.6%8.3%8.5%19.3%12.6%17.3%13.7%15.1%13.8%13.0%12.4%16.0%15.0%15.5%14.6%13.5%13.2%11.2%5.8%6.6%4.5%2.8%3.4%5.3%2.5%8.5%6.2%5.5%3.7%4.1%4.7%12.9%%s'9%6"87.4%7.1%6.9%7.6%4.1%9.7%7.7%8.2%7.3%7.0%7.5%18.0%10.1%14.1%13.1%13.9%12.5%12.2%8.0%14.1%12.1%14.1%13.2%12.2%12.9%10.7%4.7%%"94.3%3.1%3.6%4.9%2.3%7.7%5.5%5.5%3.9%4.1%4.5% 4Q25E11.2%10.7%5.2%5.1%11.0%6.7%15.0%10.6%3.8%12.3%4.4%5.5%17.0%7.4%6.0%10.2%4.0%5.4%8.4%8.6%11.8%13.0%5.7%5.0%%9'7.8%11.1%12.8%%'S4.7% JefferiesCompany Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside,Disclosures.actionor call212.284.2300.Analyst Certification:I, Matthew Taylor, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Young Li, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research reportI, Michael Sarcone, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andexpressed in this research report.I, Michael Toomey, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsI, Matthew Aspro, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedn this research reporAs is the case with all Jefferies employees,