COVID19影 响下的美国医疗用品与设备行业.docx

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1、COREEquityResearch17March2020INDUSTRYUPDATEU.S.MedicalSupplies&DevicesU.S.MedicalSupplies&DevicesCOVID-19:Puts&Takes;ISRG-GetNEUTRALUnchangedReadyforSomeMore‘WarningFlags’U.S.MedicalSupplies&DevicesThenovelcoronavirus(COVID-19)globalpandemicisnowrapid

2、lyspreadingthroughKristenStewart,CFAEuropeandtheU.S.Effortsareunderwayto“delayandflattenthecurve.”Thefederal,+12125266965state,andlocalgovernmentsaretakingactionstoaddressCOVID-19,someofwhichkristen.stewart@barclays.comincludecanceling/postponingelect

3、iveprocedures–whichwehighlightedinpastBCI,USresearchreports(anddiscussbelowingreaterdetail).BenjaminWeaverISRG-Lastnight:A‘warningflag’:Lastnightaftermarketclose,IntuitiveSurgical(ISRG;+1212526-1961notcovered)issuedan8KcommentingontheimpactofCOVID-19.

4、ISRGhasseenanben.weaver@barclays.comimpactbuttheregionsdonotrepresentamaterialportionofprocedurevolumes.BCI,USHOWEVER,managementnotedthespreadofCOVID-19tothelargerEUandUSregions,andwhencombinedwiththerecentrecommendationsbytheAmericanJosiahHannonColle

5、geofSurgeons(Friday)theSurgeonGeneral(Saturday)andadvisingthe+12125264155deferralofelectiveprocedures,therecouldbeamaterialimpactahead.Moreover,josiah.hannon@barclays.comrestrictionsontravel,accesstocustomers,temporaryclosuresofitsfacilitiesorofitsBCI

6、,USsuppliersorcontractmanufacturerscouldalsomateriallyimpactresults.Unfortunately,webelievethisisjustthestart:Weexpectmorecompaniestopossiblypreannounceorwarn,referencingthenewrecommendations,and/or“pull”theirguidanceforthebalanceoftheyearinlightofthe

7、unprecedenteduncertainty.What’sinsidethisreport…MedTechCOVID-19takeawaysfromtheBarclaysGlobalHealthcareConference.WediscusstheAmericanCollegeofSurgeonsandU.S.SurgeonGeneral’salnrRecommendationtocancelelectiveprocedures.tenIWereviewState,HealthSyste

8、m,andHospitalsthathavetakenactionstolimit-delectiveprocedures(andotheractionsthatarerelevanttoMedicalDevicesetciincludingtheircommentaryregardingbuildingoutofnewbeds).trsWereviewwhatareelectiveproceduresanddiscussproductmixofeachcompany.ReWe