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1、U.S.MedicalSupplies&Devices2Q19InvestorSentimentSurvey9July2019EquityResearch?AmericasResearchAnalystsMattMiksic212-325-4381matt.miksic@credit-suisse.comVikChopra212-325-1749vik.chopra@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSUR
2、ES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofth
3、isreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ExpectationsTemperedSlightlyComparedtoQ2?Q2EarningsExpectedtobe‘MoreIn-Line’thanLastQuarter-Respondents’expectationsforQ2appeartomoretemperedvs.lastquarter,witharound1/3expec
4、tingthegrouptobeat,vs.?ofrespondentsheadingintoQ1.Inaddition,norespondentsinQ1expectedthegrouptomiss,butasmallpercentageoflong-onlyrespondentsraisethisconcernaboutQ2.?ABT,EWandZBHRankHighestasMostFavoriteNames–Interestingly,MDTwasunchangedinouroverallsectorrankingat#
5、6thisquarter,butjumpedfrom#5to#2forlong-onlys,andfellfrom#6to#11forlong/shorts.OthersignificantchangesinrankingwereZBH(upfrom#6to#4forlong-onlys,downfrom#1to#4forlong/shorts),BSX(downto#10from#1forlong-onlys,holdingat#1forlong-shorts)andSYK(downfrom#4to#8forlong-only
6、sand#7to#9forlong-shorts).?SYK,BSXandABTareMostLikelytoBeat,WhileNUVA,EWandZBHareMostLikelytoMiss–Wefinditnotablethatrespondentsexpectmissesfromtwooftheirmostfavoritenames(EWandZBH),andexpectabeatfromoneoftheirleastfavoritenames(SYK,ranked11thoutof13namesinourunivers
7、e).ForEWspecifically,aroundhalfofrespondentsexpectWWTAVRsalestomeetorbeatexpectations,withotherrespondentssplitroughlyevenlybetween‘Miss’and‘Don’tKnow.’Basedonlastquarter’spredictions,ourrespondentshavebeenbetteratforecastingbeatsthanmisses,given2/3ofthenamesranked‘M
8、ostLikelytoBeat’inQ1actuallybeat,whileallthreenamesranked‘MostLikelytoMiss’inQ1actuallybeat.?PreferenceforMedTechContinuestoRise,as
