Earnings Callouts – MedTech (BRKR, ESTA, INFU, LMAT, PODD, RCEL, UFPT)

Avita Medical (RCEL) | Earnings Reaction: Up 63.58%

“Avita delivered solid 2Q26 results, with total revenue of $21.7M (+17.8% Y/Y), exceeding TD Cowen/Street estimates of $20.9M/$20.3M. The company raised guidance beyond the beat and now projects FY26 revenue of $86-89M (+22% Y/Y midpoint growth) versus $80-85M (+15% Y/Y midpoint growth) previously. RECELL revenue of $19M drove the outperformance, coming in ahead of our $17.8M estimate. The subsegment’s Q/Q growth was driven by stronger physician confidence following reimbursement stabilization, as well as RECELL GO mini, which has seen higher utilization in smaller wounds.” -TD Cowen analyst Joshua Jennings

InfuSystem Holdings (INFU) | Earnings Reaction: Up 33.62%

“Compression therapy was the defining driver of the quarter, with wound care revenue growing 154% Y/Y to ~$3.5M and compression devices accounting for nearly 90% of the increase. Compression comprises pneumatic compression devices (PCDs), launched with the first manufacturer in 3Q25, and adjustable compression wraps (ACWs), launched with the second in 1Q26, which use velcro closures that are easier to apply for patients with limited mobility than traditional stockings and broaden the addressable pool beyond the higher-acuity PCD population. Quarterly contribution has scaled from under $500K in 3Q25 to ~$660K in 1Q26 to ~5% of total revenue. INFU sees continued growth from the two existing manufacturers without requiring additional partners, though conversations with prospective partners remain active.” -B. Riley analyst Anderson Schock

UFP Technologies (UFPT) | Earnings Reaction: Up 25.16%

“Organic growth was 12.4% vs. our 2.9% and strength spanned both large customers (top two +13% and top five +15%) and beyond (non-top five +20%). Management emphasized existing program strength, though we believe new launches and AJR backlog normalization also contributed. We ultimately believe the Stryker business outperformed and Intuitive remains on track for a flattish year, with the rest of the customer base outperforming as well. Commentary on a slower move to the Dominican Republic is not a source of incremental drag, but a sign of the margin opportunity still ahead despite the second quarter strength.” -Raymond James analyst Andrew Cooper

LeMaitre Vascular (LMAT) | Earnings Reaction: Down 25.32%

“LeMaitre reported 2Q26 sales of $70.4M (+10% Y/Y reported, +10% Y/Y organic; ~7% from price, 3% from volume); excluding catheters, organic growth was +12% y/y. Revenue came in ~$1.1M below the company’s guidance, which management attributed in roughly equal thirds to 1) a stronger dollar after the May guide; 2) Middle East war disruption that held up ~$0.4 mln of export orders; and 3) cardiac-allograft supply constraints. By geography, Americas revenue was $43.5 mln, up 5% Y/Y (approximately +6% y/y excluding the wound-down Aziyo distributed products and ~+8% Y/Y further excluding catheters), while EMEA hit a record $22.1 mln, +18% Y/Y, and APAC also hit a record $4.8M, +18% Y/Y. By product line, Artegraft bovine grafts grew 34% Y/Y and represented ~21% of sales, grafts grew 23% Y/Y, carotid shunts 18% Y/Y, and patches 4% Y/Y, while catheters declined 11% Y/Y against a 2Q25 comp inflated by recall-driven customer stocking. RestoreFlow allografts grew 17% Y/Y despite supply limits.” -Citizens analyst Daniel Stauder

Bruker (BRKR) | Earnings Reaction: Down 21.79%

“A 2Q miss on organic growth following a huge run for the stock as tech folks piled into the semiconductor exposure trade explains the outsized downward reaction for the stock today. Management’s outlook for the year remains unchanged, as does the commentary around academic weakness (though it felt as though peers have been trying to be slightly more constructive) – which sets the company up for low single digit growth this year, and presumably mid-single digit growth next year. We expect the semi/AI theme to remain central to the thesis – noting that orders there are up a robust >50%, but with long-lead times impacting the ability to realize a pay-off – we think a low 20s multiple makes sense given where we are with the Tools space. The stock had gotten ahead of itself, so today’s re-basing allows for some re-contemplation of upside from here.” -Stifel analyst Daniel Arias

Insulet (PODD) | Earnings Reaction: Down 20.12%

“Insulet lowered its FY26 total-company revenue growth guidance to 20%-22% (from 21-23%), cutting U.S. Omnipod to 17-19% (from 20%-22%) and total Omnipod to 21%-23% (from 22% 24%). The company, however, raised international Omnipod to 30%-32% (from 26-28%) and adjusted EPS growth to >30% (from >25%), while maintaining ~100bps of adjusted operating margin expansion. Management attributed the reduction to T2 retention and utilization trends that were more pronounced than anticipated during the quarter, with roughly two-thirds of the cut assuming those trends persist through 2H/26. Insulet has the largest U.S. salesforce in the industry and is expanding it by ~10% ahead of the Omnipod 6 launch next year, three algorithm enhancements, and the T2 fully closed loop (FCL) launch expected in 2028. Q1 results had already raised investor questions about whether PODD could hit the growth targets outlined at its Investor Day.” – Canaccord Genuity analyst William Plovanic

Establishment Labs (ESTA) | Earnings Reaction: Down 13.37%

“ESTA shares closed -13% post-print (vs SPY -0.2%) after rallying +36% over the last 3 months. The sell-off was in face of US momentum accelerating +26% Q/Q on a combination of new account penetration (surpassed 2k), Motiva share consolidation at existing sites, and faster than expected Preservé adoption (300 exited 2Q with 500 targeted for full year). Global minimally invasive (Preservé + MIA) sales grew +33% Q/Q and full-year is implied at ~$40mn+ (~15% of global sales) ahead of $35mn+ initial expectations. The one downside around the print was the Q/Q step-down in OUS growth (+4% in 2Q vs +14% in 2Q) was chalked up to lumpiness in distributor purchasing trends as the company shifts the business more toward direct access.” -Mizuho analyst Anthony Petrone