Health Care Equipment and Supplies 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 › HEALTH CARE EQUIPMENT AND SUPPLIES

Clean Records Earn the Premium as Legal Overhang Reprices a Single Name

This update covers what moved, what companies announced, and what changed in the transaction record across 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

Health Care Equipment and Supplies Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HEALTH CARE EQUIPMENT AND SUPPLIES

   This cover page introduces the bi-weekly Health Care Equipment and Supplies industry events and M&A update for September 14–28, 2026.

   We open this bi-weekly update on Health Care Equipment and Supplies, covering what changed, who moved and why, what transacted, and what it means for the two weeks of September 14–28, 2026. Let's turn to the headline story next.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HEALTH CARE EQUIPMENT AND SUPPLIES Clean Records Earn the Premium as Legal Overhang Reprices a Single Name This update covers what moved, what companies announced, and what changed in the transaction record across 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 Health Care Equipment and Supplies Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Litigation Overhang Did the Repricing While the Rest of the Sector Drifted Lower

   This page summarizes the two-week period, noting that a single litigation-driven repricing outweighed a broad, mild sector drift.

   Across the twelve names we cover, eight fell over the two weeks, and the sector's median move came in at -1.4%, against a +0.8% gain for the S&P 500. Almost all of the downside sat in one name, AirSculpt Technologies, Inc. (AIRS), which fell -21.0%, including -14.6% on a single day, Sep 23. IRadimed Corporation (IRMD) led the upside at +5.0%, showing the divergence beneath a quiet sector average. With no new transactions in the window, the trailing record of 23 precedent deals, at a 13.3x EV/EBITDA median, still sets the pricing reference — so the story here is separation, not a broad re-rating.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Litigation Overhang Did the Repricing While the Rest of the Sector Drifted Lower The two-week period in one page · 12 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. Health Care Equipment and Supplies Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 8 of 12 Covered Names Fell; The Median Move Was -1.4% The S&P 500 returned +0.8% over the same two-week period, so the drift across covered names was mild but broad. Four of the twelve finished higher. 2 One Name Carried Nearly All of the Downside AirSculpt Technologies, Inc. (AIRS) fell -21.0% over the window, including -14.6% on Sep 23. IRadimed Corporation (IRMD) led the upside at +5.0%. 3 The Precedent Record, Not the Period, Set the Pricing Reference No new transactions landed in the window. The trailing record of 23 precedent transactions still carries a median of 13.3x EV/EBITDA, so the reference buyers argue from is unchanged. 4 Recurring Economics Still Separate the Valuation Bands NeuraCap's standing sector lens is CY2027E EV/EBITDA at a 10.3x sector median, with the Premium band at a 13.7x median and the Discount band at 6.6x. This period gave no reason to read those bands differently. +5.0% Best mover — IRadimed Corporation (IRMD) worst: AIRS -21.0% · 4 up / 8 down of 12 covered -1.4% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   One Repricing, One Drift, and a Wide Gap Between the Two

   This page shows the range of two-week share-price moves across covered names against the sector median and the S&P 500.

   Close to close, covered names moved unevenly: the sector median was -1.4%, the S&P 500 returned +0.8%, and our materiality bar for this sector sits at ±5.3%. AirSculpt Technologies, Inc. (AIRS) fell -21.0%, clearing that bar many times over, while IRadimed Corporation (IRMD) gained +5.0%. We attribute each move only to filings and headlines recorded in the window, and where no driver is recorded, we say so plainly. That discipline is what lets us tell you which moves are noise and which are signal.

   Everything on this page

   PUBLIC MARKET MOVERS One Repricing, One Drift, and a Wide Gap Between the Two Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -1.4% · S&P 500 +0.8% · materiality bar ±5.3% (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. Health Care Equipment and Supplies 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 -1.4% AirSculpt Technologies, Inc. (AIRS) -21.0% Shares moved following the investor-alert notices published Sep 15 and Sep 17 announcing law-firm investigations of claims on behalf of AirSculpt investors; the available evidence suggests that overhang was the most likely driver. Legal overhang gets priced quickly where revenue depends on elective, self-pay procedure volume. COMPANY-SPECIFIC IRadimed Corporation (IRMD) +5.0% No notable in-window news was identified that clearly explains the move. The +5.0% gain sits well above the median move of -1.4%. In smaller device names, a single fund flow can outrun the median; breadth reads better than any one print. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Announced: A Leadership Build and a Widening Legal Overhang

   This page lists the two-week period's highest-impact company announcements, including a leadership build and a widening legal overhang.

   The two weeks produced two dominant threads: a leadership build at one covered name and a widening set of investor-alert notices announcing law-firm investigations at another. Each event on this page links back to its underlying filing or article, and our 'why it matters' lines are NeuraCap reads of that recorded evidence. This is the level of detail that lets you separate a governance signal from a transient headline. That distinction is exactly what shaped the repricing we flagged on the prior page.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Announced: A Leadership Build and a Widening Legal Overhang 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. Health Care Equipment and Supplies Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 18 · NEWS · Business Wire A conference-participation notice carried under the SGC symbol came from a mining issuer The item is not a Superior Group of Companies, Inc. (SGC) development. NeuraCap flags it so readers do not treat a symbol collision as a sector event. Symbol-tagged newsfeeds can mix issuers; check the source before treating an item as sector signal. Sep 17 · NEWS · GlobeNewsWire Superior Group of Companies strengthened the leadership team of its outsourced services segment The appointments show where management capacity is being placed to support the segment's next phase of growth. Service and support operations are run by people; senior hires there are a signal about where growth is expected. Sep 15 · NEWS · Business Wire An acquisition-closing notice carried under the SGC symbol also came from a mining issuer Again this is not a Superior Group of Companies, Inc. (SGC) transaction, and it does not belong in the sector's deal record. NeuraCap excludes it from the period's transaction count. A clean deal record starts with confirming the party behind the ticker. Sep 24 · NEWS · PRNewsWire AirSculpt investigation notices continued into the final week of the window The notices ran repeatedly from Sep 15 through Sep 24, so the matter stayed live for the whole period rather than clearing in a day. A matter that keeps reappearing changes the timetable of any process built around it. Sep 22 · NEWS · GlobeNewsWire Further investor-alert notices on AirSculpt kept the litigation matter in front of the market Repetition of the same notice through the window kept attention on the company's disclosure record rather than on its procedure volume or utilisation. That shift in attention is itself the sector theme this period. When attention moves from operating metrics to legal process, the operating story gets heard later. Sep 19 · NEWS · Business Wire A second law firm opened an investigation into claims on behalf of AirSculpt investors A second firm joining the matter broadens the overhang rather than settling it. For a business built on elective procedure volume, unresolved legal matters weigh on how buyers and boards read earnings quality. Open legal matters sit alongside quality and reimbursement findings as items a buyer will price or escrow.

5. 05
   M&A & STRATEGIC ACTIVITY

   Reference Multiples Do the Work When No New Transactions Land

   This page shows that no new transactions closed in the window, so the trailing precedent record still sets the deal reference.

   No new transactions landed in this two-week window, so the reference point for buyers and sellers remains the trailing record: 23 recorded precedent deals at a median of 13.3x EV/LTM EBITDA. That multiple is unchanged from the prior period, which tells acquirers the market's pricing discipline for this sector has not shifted. For advisors, that stability is itself useful — it means diligence, not multiple expansion, is where deals will be won. We read the 'why' behind past deals from the recorded evidence, not from speculation.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Reference Multiples Do the Work When No New Transactions Land September 14–28, 2026 · precedent transactions: 23 recorded deals · median 13.3x EV/LTM EBITDA 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. Health Care Equipment and Supplies Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record of 23 precedent transactions, at a median of 13.3x EV/EBITDA, remains the reference both sides will argue from. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 23 Recorded precedent transactions the reference set buyers and sellers price against 13.3x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Period Means for Operators, Buyers and Advisors

   This page translates the two-week period into implications for operators, acquirers and advisors.

   For operators, the steadier names in the group were carried by familiar recurring-revenue economics — consumable pull-through, service-contract attach, and procedure volume per instrument. For acquirers, with no new transactions in the window, the comparison set stays anchored on the same 23 precedent deals at a 13.3x EV/EBITDA median, so the leverage in a deal now sits in diligence rather than in a moving reference multiple. For advisors, the two-week period is best told as a story of separation: eight of twelve names fell at a -1.4% median while one name moved -21.0% on a matter distinct from operating performance elsewhere in the sector. That framing helps every audience act on what actually happened, not on the sector average.

   Everything on this page

   WHAT IT MEANS What the Period Means for Operators, Buyers and Advisors 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. Health Care Equipment and Supplies Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 10.3x 10 companies in the study 3 valuation tiers Standing thesis: Health Care Equipment and Supplies Span Device Platforms, Hospital Consumables and Adjacent Models FOR OWNERS & OPERATORS Recurring Economics Are What Carried the Steadier Names Companies in the space traded in a narrow band, and the metrics behind that steadiness are the familiar ones: consumable pull-through per placed unit, service contract attach and renewal, recurring revenue mix, and procedure volume per instrument. FOR ACQUIRERS The Reference Set Is Unchanged, so the Leverage Sits in Diligence With no new transactions in the window, the comparison set stays anchored on 23 precedent transactions at a median of 13.3x EV/EBITDA. FOR ADVISORS Lead with Earnings Quality, Not with the Period's Noise The story to tell is separation: 8 of 12 covered names fell with a median move of -1.4%, while one name moved -21.0% on a matter unrelated to operating performance elsewhere in the sector.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This closing page explains the update's sources, methodology and the calibrated language used throughout.

   Every figure in this update links back to the record it was taken from — the filings and publishers drawn on for the period are listed on this page. We use calibrated language throughout: attribution reads reflect NeuraCap's interpretation of the recorded evidence, not asserted causation. This transparency is what lets you trust the read behind each number in the deck. Use this page as the reference point whenever you want to trace a claim back to its source.

   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. Health Care Equipment and Supplies 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_20260929T153729Z_519_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: businesswire.com · globenewswire.com · prnewswire.com

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