Cardiovascular Devices Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › CARDIOVASCULAR DEVICES

Delivered Results Separate the Premium Names from the Pack

This update covers what moved, what companies announced and what changed in the transaction record across cardiovascular devices from September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Cardiovascular Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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The analyst’s walkthrough of the deck, page by page.

1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › CARDIOVASCULAR DEVICES

   Cover page introducing the bi-weekly cardiovascular devices industry and M&A update for September 14–28, 2026.

   We open with the two-week cardiovascular devices update covering what changed, who moved and why, what transacted, and what it means. Everything that follows ties directly back to the recorded evidence from this window.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › CARDIOVASCULAR DEVICES Delivered Results Separate the Premium Names from the Pack This update covers what moved, what companies announced and what changed in the transaction record across cardiovascular devices from September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Cardiovascular Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Growth That Showed up in the Numbers Got Paid; The Rest of the Set Drifted

   Summarizes the two-week period's headline market moves and events across the 14 covered names.

   We start with the bottom line: 8 of 14 covered names fell over the period, and the median move was -0.1% while the S&P 500 returned +0.8%. Kestra Medical Technologies (KMTS) was the standout, gaining +16.9% after reporting Q1 FY27 revenue of $31 million, up 60% year-over-year. Two law firms opened reviews of the proposed $127.00 per share buyout of Integer Holdings (ITGR) inside the window, and Orchestra BioMed (OBIO) collected a $6.1 million milestone payment on September 15. So what: in a mostly flat-to-down two weeks, the market rewarded companies whose growth actually showed up in reported numbers.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Growth That Showed up in the Numbers Got Paid; The Rest of the Set Drifted The two-week period in one page · 14 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Cardiovascular Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 The Covered Set Leaned Lower While the Broad Market Rose 8 of 14 covered names fell; the median move was -0.1%. The S&P 500 returned +0.8% over the same two-week period. 2 One Quarter Carried the Period's Upside Kestra Medical Technologies, Ltd. (KMTS) gained +16.9%. The company reported first quarter fiscal 2027 revenue of $31 million on September 14, up 60% from a year earlier, with a loss of $0.75 per share against a $0.61 consensus loss. 3 A Proposed Take-Out of a Scaled Supplier Is Being Argued in Public Two law firms opened reviews inside the window of the proposed $127.00 per share buyout of Integer Holdings Corporation (ITGR), one on September 22 and one on September 24. 4 Structured Consideration Paid Out Rather than Lapsed Orchestra BioMed Holdings, Inc. (OBIO) received a $6.1 million milestone payment on September 15, bringing total cash proceeds to roughly $11 million with up to about $10 million more possible through revenue earnouts. +16.9% Best mover — KMTS worst: AVR -11.2% · 6 up / 8 down of 14 covered -0.1% Sector median two-week return vs S&P 500 +0.8% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Where the Period Paid: One Quarter Led, and the Premium Tier Split Both Ways

   Ranks bi-weekly stock price moves across covered names and highlights dispersion within the Premium tier.

   We rank the two-week price moves across the covered set against a materiality bar of ±4.1% (sector-relative). Kestra Medical Technologies (KMTS) led the group at +16.9%, while Anteris Technologies Global Corp. (AVR) fell -11.2%, showing the Premium tier split in both directions. The S&P 500 gained +0.8% over the same window, so the sector's -0.1% median move lagged the broader market. So what: dispersion inside the same tier, not sector-wide sentiment, drove returns this period.

   Everything on this page

   PUBLIC MARKET MOVERS Where the Period Paid: One Quarter Led, and the Premium Tier Split Both Ways Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -0.1% · S&P 500 +0.8% · materiality bar ±4.1% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Cardiovascular Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -0.1% Kestra Medical Technologies, Ltd. (KMTS) +16.9% Shares moved following the September 14 first quarter fiscal 2027 results: revenue of $31 million, up 60% from a year earlier, and a loss of $0.75 per share against a $0.61 consensus loss. A Premium-tier name still has to show procedure growth arriving in the top line to hold its position. COMPANY-SPECIFIC AtriCure, Inc. (ATRC) +4.7% No notable in-window news was identified that clearly explains the move. At +4.7%, AtriCure, Inc. (ATRC) ran ahead of the set's -0.1% median. Core-tier names carried most of the upside outside the period's single large earnings move. UNEXPLAINED Medtronic plc (MDT) -4.6% Shares moved following the September 14 launch of an exchange offer to complete a previously announced business separation; the company also announced FDA clearance for a vessel-sealing instrument on its robotic system on September 16. Portfolio separations at the large-cap end reshape the comparison set everyone else is measured against. COMPANY-SPECIFIC LivaNova PLC (LIVN) -4.2% No notable in-window news was identified that clearly explains the move. At -4.2%, LivaNova PLC (LIVN) finished below the set's -0.1% median. In quiet windows the reference set is the only honest yardstick for a move. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Did: A Clearance, a Separation, a Milestone and a Contested Price

   Lists the period's highest-impact company events, each linked to its underlying filing or article.

   We walk through the two-week period's highest-impact events: a regulatory clearance, a corporate separation, a milestone payout and a contested acquisition price. Each item links back to the filing or article that recorded it, and our 'why it matters' read stays tied to that evidence. The proposed $127.00 per share buyout of Integer Holdings (ITGR) drew two separate law firm reviews inside the window, showing how a contested price becomes public. So what: these are the events counterparties are already reacting to.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Did: A Clearance, a Separation, a Milestone and a Contested Price The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Cardiovascular Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 23 · NEWS · PRNewsWire LeMaitre Vascular faces a class action review after a reported customer data breach Compliance and data-handling questions sit in the same diligence file as quality system findings for this sector. The NeuraCap read: a Core-tier name now has an open item a counterparty would test. The compliance file travels with the clinical file in device diligence. Sep 22 · NEWS · Business Wire Law firm opened a review of the $127.00 per share buyout offer for Integer Holdings A proposed take-out of a scaled component and contract manufacturing business gives the sector a live price reference for cash-generative assets with settled customer demand. Pricing for outsourced manufacturing capability is being tested where everyone can see it. Sep 16 · NEWS · PRNewsWire Medtronic won FDA clearance for a vessel-sealing instrument on its robotic surgery system Clearance-level iteration on an installed platform is how an incumbent widens disposable pull-through without taking fresh pivotal trial risk. Approved platforms compound through supplements and clearances faster than a new entrant can arrive. Sep 16 · NEWS · GlobeNewsWire A former Medtronic chief regulatory counsel took a medtech board seat Approval-pathway and regulatory experience is being recruited at board level, which the NeuraCap read takes as a marker of where boards think the value and the risk sit. Board composition is one visible signal of a company's view of its own regulatory exposure. Sep 16 · NEWS · GlobeNewsWire Orchestra BioMed put its AVIM therapy in front of clinicians in two sessions at a heart-rhythm meeting Podium time is how a partnership-led developer builds the evidence profile that precedes coverage decisions and implanting centre activation. Evidence circulation runs ahead of procedure adoption in any new category. Sep 15 · NEWS · GlobeNewsWire Orchestra BioMed collected a $6.1 million milestone payment from an earlier asset monetisation Contingent payments are the sector's normal structure, and this one converted to cash, taking total proceeds to roughly $11 million with up to about $10 million more possible through revenue earnouts. Structured consideration is real money when the underlying franchise clears its defined steps.

5. 05
   M&A & STRATEGIC ACTIVITY

   Orchestra BioMed Banks a Milestone as Structured Consideration Pays Out

   Covers the period's one agreed transaction event and sets it against the historical precedent transaction record.

   We cover the period's one company-announced agreement: Orchestra BioMed Holdings (OBIO) received a $6.1 million milestone payment on September 15, bringing total cash proceeds to roughly $11 million, with up to about $10 million more possible through revenue earnouts. We hold this structure against the recorded precedent transaction set to frame where it sits historically. So what: structured consideration that actually pays out is a different signal than a deal that merely closes.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Orchestra BioMed Banks a Milestone as Structured Consideration Pays Out September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 40 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Cardiovascular Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 15 · Orchestra BioMed Holdings, Inc. (OBIO) Orchestra BioMed received a $6.1 million milestone payment tied to the completed acquisition of an asset it held an Total cash proceeds now stand at roughly $11 million, with up to about $10 million more possible through revenue earnouts. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 40 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   Three Reads from a Period That Rewarded Delivery

   Translates the period's evidence into three reads for owners/operators, acquirers and advisors.

   We translate the two-week record into three reads. For owners and operators, growth reaching the reported top line got paid, as shown by Kestra Medical Technologies (KMTS) rising +16.9% on revenue up 60%. For acquirers, the proposed $127.00 per share offer for Integer Holdings (ITGR) is now a live reference point for scale, being argued over in public. For advisors, dispersion inside the same tier — KMTS at +16.9% against Anteris Technologies Global Corp. (AVR) at -11.2% — means the evidence file and deal structure matter more than category position. So what: delivery, not position, set the spread this period.

   Everything on this page

   WHAT IT MEANS Three Reads from a Period That Rewarded Delivery The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Cardiovascular Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / Revenue (CY2027E) median 3.4x 17 companies in the study 3 valuation tiers Standing thesis: Cardiovascular Devices Split Across Diversified Cardiac Franchises, Cath-Lab Products and Vascular Conduits FOR OWNERS & OPERATORS The Period Paid for Procedure Growth Reaching the Top Line Companies in the space that showed growth arriving in reported revenue traded higher: Kestra Medical Technologies, Ltd. (KMTS) rose +16.9% after reporting revenue of $31 million, up 60%. FOR ACQUIRERS A Live Price for Scale Is Now in Open Discussion The proposed $127.00 per share buyout of Integer Holdings Corporation (ITGR) drew two separate law firm reviews inside the window, so the reference point for cash-generative manufacturing assets is being argued over as it is set. FOR ADVISORS Lead with the Evidence File and How the Money Is Structured The period's dominant theme was dispersion inside the same tier: Kestra Medical Technologies, Ltd. (KMTS) at +16.9% and Anteris Technologies Global Corp. (AVR) at -11.2% both sit in the Premium tier.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and calculation basis behind every figure in this update.

   This page shows where each figure in the update comes from and how it was calculated, so every number can be traced back to its source. Every figure links to the record it was taken from, and driver attributions reflect our calibrated read of the recorded evidence rather than certainty. So what: readers can verify any number here before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Cardiovascular Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 3 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T163140Z_521_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: prnewswire.com · businesswire.com · globenewswire.com

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