JPM26: Strategic Shifts Across MedTech Giants — AI Mainstreaming, M&A Headwinds, and Focus on Core Innovation

• GE Healthcare:In 2025, the company obtained 115 FDA artificial intelligence (AI) authorizations.Build Independent AI Tools。

• Illumina ：Sanctions have been lifted, demand from clients in China remains stable, and the team is progressively resuming operations.
• Baxter:Achieve a 50% reduction in the time-to-market for some products,No significant business restructuring plans in the short term, considering bolt-on acquisitions.
• Fresenius:"FME Reignite" Strategy Core, Announces 2026 as the Key Year of Transformation.

• Boston Scientific:Electrophysiology (EP）BusinessShowing strong performance, the future focus isExpand the treatment scenarios for arrhythmias beyond atrial fibrillation。
• Edward Life Sciences:ResponseJenaValve Acquisition Hindered, Future FocusFocusTreatment of Structural Heart Disease.

• Elcon:Investing approximately 1 billion US dollars annually in R&D,Focusing on the dual sectors of surgical operations and vision care,To be launched in the next 2 years10-15 new products。
• Bausch + Lomb:2025Patent applications reach a ten-year high, Key innovation R&D focus in 2028 is onVision Health Related Business.

• Zimmer Biomet:Prioritize the integration of the three companies acquired over the past 14 months,Not to carry out new mergers and acquisitions for the time being. 2026,Focus on accelerating the transformation of the U.S. sales model.

• Dentsply Sirona:Not considering major acquisitions for now, focusing on the health of existing businesses. CurrentlyThe core is to solve the issue of execution efficiency, with an anticipated business improvement on a quarter-over-quarter basis expected in the second half of 2026.Achieve Positive Sales Growth in Q4"Match industry growth rate by 2027."
  
  

Moreover, some corporate CEOs are optimistic about China's development.

Reply in the official account backend2026 JPM Devices

"2026 JPMHC Medical Device Company Presentation PPT" can be obtained immediately.

Simplify Core Imaging, Expand Nuclear Solutions

• First，Molecular Imaging and Diagnostic Agents FieldDevelop leading products to drive organic growth.
• Second, to optimize operations through organizational simplification, productivity enhancement, etc., and expand profit margins.
• Third, BuildNeurology, CardiologyUnique positioning in the field,Connect devices, software, and consumables to the care pathway and streamline their operational models.。
• Fourth，Expand M&A。Since the spin-off, GE Healthcare has completed approximately 8 acquisitions.

R&D, M&A, and Venture Investment Integration is the Company's DNA

At JPM,BostonScientific CEOGuan Maike MaohaoNi (Michael Mahoney）Emphasize, Rely onPulse Field Ablation (PFA), WATCHMAN and other core products, the companyAchieveMore than 10% in three yearsGrowth, the target of a 150-basis-point profit margin.

Boston Scientific HighlightedElectrophysiology (EP）BusinessShowing strong performance, the market growth rate exceeds 20% in 2025, and it is expected to maintain at least this rate over the next three years.15% High Growth.On January 13, the FARAPOINT PFA product approved by the U.S. FDA will form a synergy with existing products such as FARAPULSE, expanding beyond atrial fibrillation.Arrhythmia Treatment Scenarios。

When discussing the layout of core products, Michael MahoneyIt was pointed out that the WATCHMAN left atrial appendage occluder and FARAPULSE constitute the company's two major differentiated pillars. The former occupies 91% of the market share, and the penetration rate of their combined procedures has reached 25%, with expectations to exceed 50% in the future. "This"A unique combination of advantages and the professional capabilities of the clinical team create a competitive barrier that is difficult to replicate." He added that the company's execution in the global market continues to strengthen.China, Japan Teams Continue to Grow, Will Become Important Growth Engines。

For 2026, Boston Scientific notedPFA focuses on three aspects: First, the popularity of treating arrhythmia, which isA huge untapped market. Second, ExpandFARAPOINT CatheterNew AdaptationSymptoms, such asVentricular Tachycardia. Third, enter the outpatient surgery center market.

In terms of innovative pipelines, Boston Scientific elaborated on its full-category layout, including the FARAFLEX catheter in the clinical trial stage, the upcoming intracardiac echocardiography (ICE) market, and the AVANT GUARD trial for persistent atrial fibrillation. Meanwhile, the company is advancing the market release of the SEISMIQ lithotripsy device in the vascular intervention field, and the results of the FRACTURE trial in the coronary field are expected to be announced in the second half of the year, which is expected to become a key growth point in 2027.

At the end of the interview,Michael Mahoney stated，Endogenous R&D、M&AAndVenture Capital CombinationThe innovative ecosystem is part of the company's DNA, with continued investment in pipelines aimed beyond 2030 to achieve long-term differentiated growth.

Driven by Three Major Strategies, China Region Is Recovering

Illumina CEO Jacob ThaysenDisclosure: Illumina's Q4 2025 Results Exceed Expectations"In 2025, we achieved a growth rebound in a complex geopolitical environment, with profit margins increasing by approximately 200 basis points, demonstrating the resilience of the team. The clinical market remains the core growth engine, with its consumables revenue in the fourth quarter excluding China..."Increase by 20%, we expect this momentum to continue."

The growth is supported by the company's three major strategies:Sequencing Business Centered on NovaSeq X, Multi-omics-driven biological discovery, as well as services, data, and software scaling.

Jacob ThaysenIntroduction: The newly launched BioInsight business has partnered with giants such as Merck and AstraZeneca. By integrating sequencing, AI, and big data capabilities, it is building a multi-billion-cell atlas to accelerate the digital transformation of drug development.In terms of capital allocation, the company generates an average annual cash flow of approximately US$1 billion. In 2025, it will return US$740 million to shareholders through stock repurchases. Going forward, the company will continue to focus on innovative investments, precise mergers and acquisitions, and shareholder returns.

During the interview,Illumina HighlightedChinese Market。Jacob ThaysenIndicates that positive progress has been made,Sanctions have been lifted, customer demand is stable, and the team is gradually resuming operations.。

Looking Forward to 2026,IlluminaEmphasize willContinuing the growth trend in the second half of 2025, Deepening the clinical market, promoting the integration of multi-omics and AI, with the goal of building a complete ecosystem from genome to personalized medicine.

ResponseJenaValve Acquisition Hindered, FocusFocusStructural Heart Disease Treatment

At the JPM Conference,Edward CEOBernard Zovighian (Bernard Zovighian）Clarify the company's core strategy: Deeply cultivate the field of structural heart disease, focus on the three core platforms of TAVR, TMTT, and surgical operations, while expanding treatments for uncovered patient groups such as asymptomatic aortic stenosis and aortic regurgitation.Law.

Bernard "Our DNA is to break through in fields with no solutions and high complexity, bringing transformative care to patients," Zovighian told reporters.

In 2025, Edwards Lifesciences not only released data from two TAVR studies that changed clinical practice but also received approval for two world-first catheter-based valve products. With R&D investment exceeding 1 billion USD, the company achieved profit growth and a full-year sales growth rate of 8%-10%. In 2026,Maintaining this growth rate, earnings per share increase by approximately 15%, operating profit margin improves by 150 basis points, and the TMTT business aims for revenue of $2 billion by 2030.

Regarding the topic of JenaValve's acquisition being blocked, Bernard Zovighian Responds on Site to Reporters: Will Not Affect the Company’s Strategy in the Aortic Regurgitation (AR) Field, Advancing Breakthrough Therapies Through Key StudiesAt the same time, CMS restarted the TAVR U.S. national Medicare coverage (NCD) process, which is expected to improve patient access and inject momentum into market growth.

Talking about the focus for the next 3-5 years, Bernard Zovighian stated: "In the short term, we will focus on the implementation of existing growth catalysts, and in the long term, we will continue to consolidate our position as an innovation pioneer, maintaining double-digit growth. We have a patient population of nearly 20 million who are underserved. Our core business and emerging opportunities will jointly support long-term sustainable profit growth." Currently, the companyNext-Generation SAPIEN, EVOQUEProducts such as these and several pioneering therapies are proceeding in an orderly manner, bringing new possibilities to the treatment of structural heart disease.

Transformation and Metamorphosis Over Five Years

JPM Scene,Zimmer Biomet Fully RestoredPan CompanyFive-Year Transformation Achievements。

Zimmer Biomet Global CEO Ivan TornosMentioning the company's fundamental transformation over the past five years, from being mired in the FDA warning letter and severe talent drain in 2018, to becoming an enterprise that launched 22 new products in 2025 and ranked among the world's best employers."The transition pain period has passed, with a compound annual growth rate of revenue reaching 6.5% over the past five years,Innovation has become a core competency.。” Ivan TornosRepresentation.

Regarding the topic of mergers and acquisitions,Zimmer Biomet statedThe company will prioritize the integration of the three enterprises acquired over the past 14 months.Not to carry out new mergers and acquisitions for the time being，The repurchase plan will be prudently advanced.

For the 2026 strategy,Ivan TornosClearly HighlightAccelerate the Transformation of the U.S. Sales Model：The U.S. market accounts for 63% of the company's revenue, but its sales team is inefficient, with each representative handling only 7 cases per week on average, far lower than the competitors' 14-16 cases.Ivan TornosThe plan is to expand the scale of the robotics specialty team by 3.5 times and increase ASC-exclusive manpower by 4 times.

In addition, by 2026, the companyWill globally debut iodine-coated implant devices, integrating AI technology to build a full-chain solution for infection prediction, prevention, diagnosis, and treatment.By 2030, the company plans to break through traditional orthopedic boundaries and explore tissue repair and replacement implant technologies.

Innovation + Efficiency, Surgical Business is the Focus

On site,Alcon CEO David EndicottClearly focus on eye health specialization, with emphasis on the dual sectors of surgical operations and vision care.Innovation, while emphasizingEfficiencyEnhance capital discipline and demonstrate confidence in the industry's long-term growth.

Surgical Business is the Focus of This DisclosureElcon focuses on the Unity ecosystem, covering the whole-process solutions such as diagnosis, surgical equipment, and cloud-based planning. The diagnostic platform is expected to be piloted later this year and officially launched next year, significantly improving surgical efficiency.

Currently, the Unity platform has made breakthroughs in the field of retinal surgery, increasing the daily surgical volume.Approximately 20%At the same time, the company upgraded the PanOptix Pro intraocular lens and expanded into the international market, launching a new generation of monofocal intraocular lenses to strengthen its product portfolio.

The vision care sector showed steady performance, with the global market growth rate remaining at4%-6%Elcon is focusing on promoting Tryptyr, a novel drug for dry eye syndrome, with full reimbursement expected by mid-next year. In the contact lens business, a multifocal toric lens will be launched, while in care products, the company is expanding into the preservative-free eye drop market. Additionally, Elcon is developing an eye whitening product, planned for launch around the same time next year, with an FDA application already submitted.

At the strategic level, Alcon invests approximately US$1 billion in R&D annually and will launch10-15 New Products。

Financially, the company's average annual free cash flow is close to 2 billion US dollars. Despite facing tariff pressures, it has responded by adjusting production layouts and optimizing supplier agreements, with expectations to maintain an operating leverage of 150-200 basis points in the long term.

For 2026, Alcon believes that the slowdown in U.S. surgical operations last year was a short-term adjustment, and the future will return to normal as doctor efficiency improves, with sustained strong demand in the eye health industry.

Patent Applications Reach a Ten-Year High

Regarding strategic planning, Bausch + Lomb focuses on three major directions:

• Strengthen core business revenue and rely on technology to improve efficiency;

• Advance pipeline implementation, such as launching the first bioactive contact lens by 2028;

• Achieve the target of 23% EBITDA profit margin by 2028, with the surgical business being the key to marginal improvement.

During the interview session,brent saundersIt is predicted that the ophthalmology market will rebound to a growth rate of 2026.4.5%Left and Right, the company will expand through multiple regions.Silicone Hydrogel Product LineSeize the market share.brent saundersstated that the company has moved past previous fluctuations, and "is now faster, more rigorous, and delivering tangible products and facing"Bedthrough, Build Long-term Value".

Dental Performance Recovery Expected in Q4 2026

Global Dental Giant Dentsply SironaAt the 44th JPM, new CEO DaniIllumina ReleaseNew Growth Strategy: Core Focus on DS Core Digital Platform Upgrade, Customer Transformation, and Regional Business Optimization, Aiming toReshape the Dental Industry Ecosystem, Regain Market Growth Momentum。

In Response to the Recovery of Performance,Daniel ScavillaPropose Five Major Growth Plans:The primary focus is to establish a customer-centric philosophy, including forming a KOL advisory board, doubling clinical education investment to $40 million annually, and optimizing sales team training. In terms of regional strategy, the company will concentrate on turning around the U.S. market by integrating commercial functions and expanding the distributor network (such as the recent collaboration with Benco), while maintaining steady growth in Europe, the Middle East, and Africa.

Talking about strategy implementation，Dentsply SironaSeveral substantive actions have been initiated, including the vertical integration of the U.S. sales team and the appointment of former Patterson CEO Don Zurbey as a director to strengthen channel resources.

In the interview, DaniEl Scavilla pointed out: "The company has excellent...Quality underlying assets, the current core is to solve the execution efficiency problem, with plans to achieve a sequential business improvement in the second half of 2026.Achieve Positive Sales Growth in Q4"Match industry growth rate by 2027."

For the market-concerned capital allocation,Dentsply SironaRevealed that it will release $100 million in funds through supply chain optimization and IT system integration, prioritizing investment in business expansion and innovation. Regarding 2026, the company statedEstablish a Growth and Value Committee to explore medium- and long-term strategic layouts.No Major Acquisitions for Now, Focus on Healthifying Existing Business。

FinallyTalking about tariffs，DaniEl Scavilla mentioned that the tariff exposure has been reduced from 80 million USD to approximately 40 million USD, with an expected tax rate stabilizing at 26%-28% by 2026, and a long-term goal of less than 25%.

Consider Reinforcement-Type M&A

In 2025, Baxter's main business highlights are:

• Strategic transformation, enhance performance, and accelerate innovation;

• Accelerate the advancement of product delivery;

• Complete the kidney care business for sale;
  

• Restart production at the North Cove, NC manufacturing facility and restore it to previous production levels.

Baxter CEO Andrew HiderAfter taking office, promoted the implementation of "Baxter Global Performance System (Baxter GPS)."At the strategic level,Baxter to prioritize optimizing balance sheet, aiming to reduce leverage ratio to below 3x. Meanwhile,Reduce investment in existing product maintenance and shift to new products and expansion projects.

In addition,BaxterAchievedSome products have seen their time-to-market reduced by 50%.。

At the JPM Conference,Baxter AnnouncesThe Dynamo Acute Care Stretcher Platform is expected to be delivered by the end of the first quarter to the beginning of the second quarter of 2026, with upgrades to the infusion and patient monitoring platform.

Andrew Hider told reporters in an interview:“No significant business restructuring plans in the short term; after optimizing the balance sheet, will consider bolt-on acquisitions and business expansion, focusing on high-value medical fields.。”

Reiterate“FME "Reignite" Strategy, 2026 is the Key Year for Transformation

JPM Scene,Helena Giza, CEO of Fresenius Medical CareClarify the Core of the Company's "FME Reignite" Strategy, Announce2026: A Key Year for Transformation。

The core of the 2026 transition lies in the large-scale upgrade of 5008X equipment in U.S. clinics and the promotion of high-volume HDF therapy.Helena GizaIt was revealed that the therapy has been proven by research toReduce 23% Risk of DeathBy 2026, the company also plans to complete the renovation of 20% of its proprietary clinic equipment, train 7,200 medical staff, and cover 36,000 patients across 28 states.

On the financial level, Fresenius has shown steady performance.

Operating Profit Margin from 2022 to the First Three Quarters of 2025From 7.9% to 10.3%The FME25+ transformation plan will achieve sustainable savings of 790 million euros, with the 2027 target increased to 1.05 billion euros. In terms of shareholder returns, the 2024 dividend reached a record high, and the 1 billion euro share repurchase plan will be completed ahead of schedule in May 2026, with annual operating cash flow projected to exceed 2.5 billion euros.

Talking about industry challenges and the future,Helena GizaSaid during the Q&A session: "We are redefining kidney care through technological innovation. Although the 2026 transformation will bring short-term cost pressures, it will lay the foundation for growth in 2027 and beyond, helping to achieve the double-digit mid-term profit margin target by 2030."

·END·

Previous ·Selected