摩根大通医疗科技：未来一周展望及最新行业观点：谁会超预期，谁会不及预期？

This weekly MedTech earnings preview covers large caps BAX, BSX, DXCM, GEHC and SYK along with SMids ATEC, BLCO, CNMD, ESTA, GKOS and MMSI reporting this week. The key thesis is that, assuming stable 3Q trends, managements guiding 2027 estimates lower with a conservative tone would be a major clearing event, allowing investors to buy with far less downside risk; with compressed valuation dispersion, the team prefers a de-risked 6% grower at 16x over a de-risked 3% grower at 13x. ABT and ISRG are cited as examples of stocks rallying on lowered 2027 outlooks. The note details beat/miss probabilities, positioning and the key debates for each company, including DXCM's PBM contract loss and CGM pricing fears, BSX's post-cyberattack guidance reset, SYK's new CEO and 7-8% organic growth framework, GEHC's order-to-sales conversion and China trends, CNMD's sale speculation and AirSeal share pressure, and GKOS's Epioxa/iDose launch trajectory.