Report published September 11, 2026

Goldman Sachs: 23rd European Medtech and Healthcare Services Conference Key Takeaways

Goldman Sachs · September 11, 2026

Goldman Sachs hosted its 23rd European Medtech & Healthcare Services Conference featuring >20 companies and extensive investor participation. Discussions centered on product innovation, China headwinds and VBP dynamics, cost inflation offsets, and multi-year restructuring programs aimed at protecting medium-term margins.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Innovation remains the primary growth and market-share engine across medtech subsectors, though adoption curves and hospital conversion timelines vary by therapy area.
2.China represents an ongoing revenue headwind across medtech and diagnostics due to volume-based procurement (VBP) and localization requirements, prompting companies to establish local manufacturing and regional supply chains.
3.Cost inflation and component pressures are emerging faster than anticipated, driving companies to accelerate operational restructuring and productivity programs (e.g., Carl Zeiss's ProfitUp, Tecan's Rewired) to protect medium-term margin targets.

Ambu (not covered)
Carl Zeiss Meditec
Convatec
Demant
Fresenius Medical Care
Ion Beam Applications (not covered)
Marwood (not covered)
Philips
Roche (covered by James Quigley)
Smith & Nephew
Sonova
STRATEC (not covered)
Straumann
Tecan (not covered)

Report data

Distribution of ratings/investment banking relationships

Metric	Estimate	Context
Carl Zeiss Meditec ProfitUp targeted gross contribution	200 EUR million	Margin-recovery program gross contribution (~€160m net of headwinds like ERP costs)
Carl Zeiss Meditec FY26 adjusted EBIT margin expectations	8-10%	Reiterated expectations, noted more likely to be at lower end
Convatec organic revenue growth target	6-8%	Medium-term framework target underpinned by mid-20s operating margins
Hearing Aid market expected growth rate	4-6%	Expected to return towards this range supported by demographics and life expectancy
Fresenius Medical Care US SMTG	-0.9%	Same-market treatment growth driven by patient referral/inflow issues

Source: Carl Zeiss Meditec Management; Convatec Management; Demant Management; Fresenius Medical Care Management. This is a dated model snapshot, not a live forecast.