Core Insights - Zimmer Biomet Holdings, Inc. is showcasing its innovations in robotics and musculoskeletal solutions at the 2025 annual meeting of the American Association of Hip and Knee Surgeons (AAHKS) [1][2] - The company emphasizes the urgency for advanced orthopedic solutions due to an aging population and rising patient expectations for less disruption and faster recovery [3] Product Highlights - The mBôsâ™ TKA System is a CT-based, semi-autonomous robotic technology for total knee arthroplasty that has received FDA 510(k) clearance, with a fully autonomous version in clinical trials [7] - The ROSA Knee with OptimiZe™ is the latest version of the ROSA Knee System, pending FDA clearance, designed to enhance surgical planning and accuracy [7] - The TMINI Miniature Robotic System is a handheld, wireless CT-based robotic system for precise implant placement [7] - ZBEdge Analytics provides intra-operative insights via a smartphone application, allowing surgeons to assess performance and clinical decisions [7] - The mymobility Care Management Platform offers continuous data and patient feedback to improve surgical preparation and recovery [7] - The Oxford Cementless Partial Knee is the only FDA-approved mobile cementless partial knee implant in the U.S., known for its efficiency and survivorship [7] - The Persona OsseoTi Keel Tibia is a cementless tibia for TKA featuring a 3D printed porous tray for stable fixation [7] - The Persona® SoluTion™ PPS® Femur is designed for patients with metal sensitivities, featuring a porous coating for cementless fixation [7] - Persona IQ The Smart Knee captures patient-specific metrics for post-operative insights, enhancing the TKA patient experience [7] Strategic Vision - The company aims to lead in orthopedic innovation by integrating robotics, digital platforms, and AI to improve surgical precision and patient outcomes [3][9] - Zimmer Biomet's commitment to innovation is highlighted as the most ambitious cycle in its history, positioning it to deliver comprehensive orthopedic solutions [3]

Tianyi Yan +86(21)2401-8609 | tianyi.yan@goldmansachs.cn Goldman Sachs (China) Securities Company Limited 20 October 2025 | 6:17PM CST Equity Research United Imaging (688271.SS): Quantify China PCCT market potential; TP up to Rmb175; Buy CT scanner is the largest category by bidding value among medical imaging equipment in China. Recently, with the NMPA approval of domestic Photon-Counting CT (PCCT) from United Imaging and Neusoft on the same day (Aug 26, 2025), as well as the strong sales performance of Si ...

Core Insights - Accuray Incorporated is undergoing a significant organizational, strategic, and operational transformation to enhance competitiveness and drive sustainable growth [1][3] - Steve La Neve has been appointed as the new CEO, succeeding Suzanne Winter, who will retire after six years [2][3] - The transformation plan aims to increase operating margins and improve organizational agility, with most initiatives set to be implemented in the current fiscal year [1][3] Leadership Changes - Steve La Neve brings over 40 years of medical-technology experience and a proven track record in operational excellence and revenue growth [3][4] - Steven F. Mayer has been appointed as Transformation Board Sponsor to oversee the execution of the transformation initiatives [5][6] - Chan W. Galbato has been nominated to the Board of Directors, bringing over 30 years of operational and strategic leadership experience [7] Financial Performance - Accuray expects total revenues for the fiscal 2026 first quarter to be between $92.5 million and $94 million, with service revenues exceeding plans but product revenues falling short in EIMEA and China [8][9] - The company anticipates reaching a high single-digit adjusted EBITDA margin run-rate within twelve months, aiming for double-digit margins in the medium to long term [6][8]

Core Insights - Baird Medical Investment Holdings Ltd. participated in the 3rd International Workshop on Thermal Ablation of Thyroid Tumor and Hyperparathyroidism, highlighting its leadership in minimally invasive Microwave Ablation (MWA) technology [1][3][4] - The workshop, chaired by Prof. Ming'an Yu, served as a platform for experts to share clinical experiences and advanced techniques in the field [2] - Baird Medical emphasizes the importance of collaboration in advancing MWA innovation and improving patient care [4] Company Overview - Baird Medical specializes in minimally invasive diagnostics and treatment, focusing on surgical robotic systems and innovative surgical instruments [6] - The company is FDA 510(k)-certified and has its solutions utilized in over 30 prestigious hospitals in the U.S., including Johns Hopkins Hospital and Columbia University Medical Center [6] - Baird Medical is the market leader in China for thyroid microwave ablation devices and is expanding its presence in over 20 countries [6]

Core Insights - BD (Becton, Dickinson and Company) has launched the BD Incada™ Connected Care Platform, an AI-enabled, cloud-based platform designed to unify device data into a single ecosystem, enhancing connectivity and actionable insights across healthcare settings [1][2]. Product Launch and Features - The BD Incada™ Platform is now available alongside the next-generation BD Pyxis™ Pro Automated Medication Dispensing Solution, which aims to create enterprise-wide visibility and connectivity [1][2]. - The BD Pyxis™ Pro Dispensing Solution features a flexible, stackable device configuration that increases medication storage capacity and improves access to medications at the point of care [3][6]. Technology and Analytics - Built on Amazon Web Services (AWS), the BD Incada™ Platform utilizes advanced AI technologies, including natural language search, to facilitate smarter and faster decision-making [2][5]. - The platform allows for enterprise-wide visibility into medication inventory, helping clinicians identify patterns, reduce waste, and improve labor efficiency [5]. Security and Efficiency Enhancements - The BD Pyxis™ Pro Dispensing Solution includes enhanced security features for controlled substance management and medication safety, as well as efficient access methods like RFID badge scanning and wireless barcode scanners [6][3]. - The solution can accommodate up to 538 multi-access or 98 secure pockets without requiring additional space, thus optimizing medication room usage [6]. Company Overview - BD is recognized as one of the largest global medical technology companies, committed to advancing health through innovative technology and solutions that enhance clinical therapy and processes [4][7].

Group 1 - Smith & Nephew plc (NYSE:SNN) is recognized as one of the top medical device stocks to invest in, with Moody's upgrading its long-term issuer ratings from stable to positive on October 2 [1] - The company has demonstrated strong organic revenue and margin growth, supported by an ongoing transformation plan, despite concerns regarding US tariffs [1] - Improved free cash flow generation has returned to pre-pandemic levels, enhancing financial flexibility, with a target net leverage of about 2x [2] Group 2 - Moody's projects that Smith & Nephew plc will generate approximately $400 million in free cash flow after dividends in 2025 and $500 million in 2026 [2] - Smith & Nephew is a global medical technology company based in the UK, offering a wide range of products and services in the medical equipment sector [3]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Life Sciences & Diagnostic Tools, particularly in the context of China's anti-involution campaign and its implications for the Tools sector [2][3][6] Core Insights and Arguments - **Anti-involution Campaign**: The campaign aims to address over-competition and irrational pricing in various sectors, including solar, lithium battery, new energy vehicles (EV), coal, steel, and cement. This is expected to positively impact the Tools sector by promoting production upgrades and reducing obsolete capacity [2][3][6][11] - **Long-term Positive Outlook**: The anti-involution campaign is viewed as a long-term positive for the Tools sector, despite anticipated near-term weak industrial demand. The campaign is expected to boost domestic demand and improve the pricing environment [2][6][26] - **Comparison with Previous Reforms**: The current anti-involution campaign differs from the 2015-16 supply-side reform, which focused on direct administrative measures to cut production capacity. The current approach is more market-driven and comprehensive, aiming to control production capacity and boost final demand [5][12][26] Company-Specific Implications - **Mettler-Toledo (MTD) and Agilent (A)**: Both companies have significant exposure to industrial sectors in China, with Mettler having approximately 15% of its FY15 sales from China, and 40% of that from core industrial sectors. However, both companies are gradually shifting towards higher-growth, less cyclical industries, which may mitigate the impact of the anti-involution campaign [4][27][34] - **Pharma/Biotech Sector**: The anti-involution campaign is expected to support drug innovation and discourage "me-too" drug competition. The government is likely to prioritize innovative drugs and streamline approval processes [10][28] - **Clinical Diagnostics**: Volume-based procurement (VBP) rules are expected to be refined, focusing on comprehensive evaluations rather than just lowest prices [24][26] Additional Important Insights - **Sector-Specific Overcapacity Risks**: The UBS China Macro team has identified sectors with significant overcapacity risks, including mining, coal, chemicals, textiles, and solar. Manufacturing investment has weakened since 2025, partly due to the anti-involution campaign [29][30] - **Government Policies**: Upcoming policies in the new Five-Year Plan are expected to emphasize innovation and healthcare, with potential stimulus measures as part of the anti-involution campaign [9][10] - **Market Dynamics**: The demand for EV and lithium-ion batteries remains strong, with pricing controls improving industry profitability rather than direct production cuts [10][29] Conclusion - The anti-involution campaign is anticipated to create both challenges and opportunities within the Tools sector, with a long-term positive outlook despite short-term headwinds. Companies like Mettler-Toledo and Agilent are well-positioned to adapt to these changes due to their strategic shifts towards less cyclical industries [6][27][26]

Core Insights - Perimeter Medical Imaging AI, Inc. will present an update on its commercial strategy and upcoming milestones at the Planet MicroCap Showcase on October 22, 2025 [1][2] Company Overview - Perimeter Medical Imaging AI is a medical technology company based in Toronto and Dallas, focused on transforming cancer surgery through advanced imaging tools [4] - The company offers the FDA-cleared Perimeter S-Series OCT system, which provides real-time, cross-sectional visualization of excised tissues at the cellular level [4] - The investigational Perimeter B-Series OCT, featuring ImgAssist AI, is currently under evaluation in a pivotal clinical trial, supported by a grant of up to US$7.4 million from the Cancer Prevention and Research Institute of Texas [4] Upcoming Events - The Planet MicroCap Showcase, in partnership with MicroCapClub, will feature presentations, one-on-one meetings, and panels focused on small- and microcap investment opportunities [2][3]

Core Insights - Morgan Stanley and Bank of America reported strong third-quarter profits, leading to a 4.7% and 4.4% increase in their shares respectively, contributing to a rise in the S&P 500 banking index by 1.2% [1][6] - The overall S&P 500 index increased by 0.40% to close at 6,671.06 points, while the Nasdaq gained 0.66% to 22,670.08 points [6][3] - The Philadelphia Semiconductor Index surged by 3% following ASML's strong quarterly orders and operating income, driven by AI investments [6] - An investment consortium including BlackRock, Microsoft, and Nvidia is set to acquire a major data center operator in a $40 billion deal, positively impacting shares of data center firms [6] Company Performance - Morgan Stanley and Bank of America exceeded Wall Street profit estimates, indicating robust deal-making activity [1][6] - Goldman Sachs and JPMorgan Chase also reported solid performances, suggesting a strong investment banking environment [6] - Progressive Corp's shares fell by 5.8% after disappointing quarterly results, while Bunge's shares rose nearly 13% despite lowering its 2025 earnings forecast post-merger with Viterra [6][7] Market Trends - Seven of the 11 S&P 500 sector indexes rose, with real estate leading at a 1.5% increase, followed by utilities at 1.29% [4] - Heavy trading volume was noted with 21.5 billion shares exchanged, surpassing the average of 20.4 billion shares over the previous 20 sessions [5] - The S&P 500 recorded 34 new highs and 5 new lows, while the Nasdaq saw 154 new highs and 46 new lows [7]

Core Insights - The RAM Smid Composite reported a 10.70% increase in Q3 2025, outperforming the Russell 2500 Value Total Return Index which gained 8.17% [1] - Year-to-date, the composite returned 9.29%, matching the benchmark's performance [1] - Smaller market cap indices in the Russell family outperformed larger counterparts in Q3 2025 [1] Company Analysis: Varex Imaging Corporation (NASDAQ:VREX) - Varex Imaging Corporation was the top performer in the RAM Smid Composite for Q3 2025, achieving a return of 43.02% [3] - The stock price recovery followed a sell-off, as investors reassessed the impact of tariffs, which were not as severe as initially feared [3] - Varex's business in China has shown improvement, and the company has flexibility in production to mitigate tariff impacts [3] - Despite a one-month return of -3.27% and a 52-week loss of 1.06%, Varex's revenue for Q3 2025 was $203 million, exceeding guidance [2][4] - Varex is not among the 30 most popular stocks among hedge funds, with 22 hedge fund portfolios holding the stock at the end of Q2 2025, down from 25 in the previous quarter [4] - The company is considered undervalued, with potential in the healthcare CT market recovery and growing security screening offerings [3]