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Goldman Sachs

June 12, 2026

Europe Healthcare Medical Technology

Sector ReportEquitiesHealth Care

The report highlights Demant's strong performance in the U.S. Department of Veterans Affairs (VA) channel, driven by the successful May launch of the Oticon Zeal hearing aid. Oticon captured a 22.6% value market share, its highest level in over five years.

Key Takeaways

  • 1.Oticon (Demant) achieved a 22.6% value market share in the VA channel in May 2026, the highest in over five years.
  • 2.Demant's VA revenue for May increased 36% Y/Y, driven by the launch of Oticon Zeal and separately priced chargers.
  • 3.Pricing for Oticon Zeal is $695, representing a significant premium to competitor ITE products.

Table of Contents

  • EUROPE HEALTHCARE: MEDICAL TECHNOLOGY
  • Summary charts
  • Valuation & risks
  • Disclosure Appendix

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