Medical Imaging Equipment 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 › MEDICAL IMAGING EQUIPMENT

Companies Invest in the Software Layer While Deal Flow Pauses

This update covers the Medical Imaging Equipment sector over the two-week period September 14–28, 2026: what moved, what companies announced, and what the transaction record showed.

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

Medical Imaging Equipment 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 › MEDICAL IMAGING EQUIPMENT

   This is the cover slide identifying the report as NeuraCap's bi-weekly Medical Imaging Equipment industry events and M&A update for September 14–28, 2026.

   We open this bi-weekly update on Medical Imaging Equipment, covering the two weeks of September 14–28, 2026. In the pages that follow, we walk through what changed, who moved and why, what transacted, and what it means for you.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › MEDICAL IMAGING EQUIPMENT Companies Invest in the Software Layer While Deal Flow Pauses This update covers the Medical Imaging Equipment sector over the two-week period September 14–28, 2026: what moved, what companies announced, and what the transaction record showed. 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 Medical Imaging Equipment Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Product and Software Announcements Outpaced the Price Action

   This slide summarizes the two-week period: mixed stock performance across the covered set, product and software news, and no new M&A.

   Across our set of 7 covered names, the two-week period finished flat, with a median move of 0.0% against the S&P 500's +0.8%. Butterfly Network (BFLY) carried the only outsized move, up +23.5%, while the rest of the set held close to even. The real activity sat in product and software announcements—from GE HealthCare Technologies (GEHC), Koninklijke Philips (PHG) and Alphatec Holdings (ATEC)—rather than in price action. That gap between what companies did and what their stocks did is the story worth tracking into the next update.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Product and Software Announcements Outpaced the Price Action The two-week period in one page · 7 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. Medical Imaging Equipment Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 The Set Finished Flat: 3 of 7 Covered Names Rose; The Median Move Was 0.0% The S&P 500 returned +0.8% over the same two-week period. Direction was mixed across the covered names and the middle of the set did not move. 2 Butterfly Network Carried the Period's Only Outsized Move Butterfly Network, Inc. (BFLY) returned +23.5% over the window, including +22.0% in the Sep 22 session on higher-than-average trading volume, as reported the following day. 3 Companies Spent the Period on Software, Launches and Leadership GE HealthCare Technologies Inc. (GEHC) launched an AI-enabled operations application, Koninklijke Philips N.V. (PHG) put its first U.S. Rembra CT into service at a regional hospital, and Alphatec Holdings, Inc. (ATEC) added a data intelligence leader. 4 The Transaction Record Stood Still No material sector transactions were announced during the period. The trailing set of 22 precedent transactions remains the reference point for pricing conversations. +23.5% Best mover — Butterfly Network, Inc. (BFLY) worst: ATEC -7.5% · 3 up / 3 down of 7 covered 0.0% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   One Name Did the Moving; The Rest of the Set Held the Line

   This slide breaks down individual stock performance across the covered set for the two-week window.

   One name did the moving this period: Butterfly Network (BFLY) returned +23.5%, including a +22.0% single-session move on higher-than-average volume. The rest of the covered set stayed within a tight band around the sector median of 0.0%, against a materiality bar of 5.9% on a sector-relative basis. The S&P 500 gained +0.8% over the same window, so the sector's flatness stands out against a rising broader market. We read this as a period where only one company's news cleared the bar for a material stock reaction.

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   PUBLIC MARKET MOVERS One Name Did the Moving; The Rest of the Set Held the Line Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median 0.0% · S&P 500 +0.8% · materiality bar ±5.9% (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. Medical Imaging Equipment 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 0.0% Butterfly Network, Inc. (BFLY) +23.5% No notable in-window news was identified that clearly explains the move. At +23.5%, Butterfly Network, Inc. (BFLY) stands well clear of the 0.0% median across the covered set. Point-of-care ultrasound remains the most price-sensitive corner of this set. UNEXPLAINED Alphatec Holdings, Inc. (ATEC) -7.5% Shares eased after a Sep 14 note flagging a 19.7% single-session surge; the pullback is consistent with that run giving back ground. Alphatec Holdings, Inc. (ATEC) also named Tommy Carls EVP, Data Intelligence and Strategy on Sep 23. Data and workflow hires show where spine and navigation players think attach value now sits. COMPANY-SPECIFIC Mirion Technologies, Inc. (MIR) -6.7% No notable in-window news was identified that clearly explains the move. The -6.7% decline over the two-week period sits below the 0.0% median for the covered set. A Premium-tier name can slip while the median holds flat; tier position reflects the standing view. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Software, Sensors and Boardrooms: What Companies Actually Did

   This slide lists the two-week period's highest-impact company announcements and links each to its underlying source.

   GE HealthCare Technologies (GEHC) launched an AI-enabled operations application and added a finance executive to its board. Koninklijke Philips (PHG) put its first U.S. Rembra CT into service at a regional hospital and collected AI innovation awards. Alphatec Holdings (ATEC) added a data intelligence leader to its team. Taken together, these moves point to a sector investing in the software and data layer even while its stock prices stayed largely still.

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   MAJOR NEWS & INDUSTRY CATALYSTS Software, Sensors and Boardrooms: What Companies Actually Did 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. Medical Imaging Equipment Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 23 · NEWS · Business Wire Alphatec hires Tommy Carls as EVP of Data Intelligence and Strategy The hire points at the data and workflow layer, where switching costs build on top of installed hardware. NeuraCap reads it as a capability built in-house rather than bought. Capability gaps in data and workflow are being filled with hires as often as with transactions. Sep 22 · NEWS · Business Wire GE HealthCare appoints Pascal Desroches, a veteran finance executive, to its Board Board additions with finance depth speak to capital allocation discipline at scale. For a Core-tier name, the signal is governance rather than modality mix. Governance moves at the largest platforms frame how capital gets allocated across modalities. Sep 17 · NEWS · Business Wire Philips completes its first U.S. Rembra CT install at a regional medical center A first U.S. install is how a new CT platform begins building installed base, and installed base is what carries service, parts and upgrade revenue later. Early placements in community hospitals are where replacement-cycle share is won. Sep 16 · NEWS · GlobeNewsWire Philips-led projects collect innovation awards for AI-enabled healthcare work Recognition for connected care and fiber-optic sensing work indicates where the R&D is going: the software and sensing layers around the system, not the box. The software layer is becoming the separator between otherwise comparable systems. Sep 15 · NEWS · Business Wire GE HealthCare launches CareIntellect for Operations, an AI capacity-planning application A subscription application sold into the same hospital customers adds recurring revenue on top of equipment and service. That is the attach economics the sector's value drivers reward. Software subscriptions extend the annuity beyond service contracts and parts. Sep 24 · NEWS · Business Wire A law firm says it is investigating the price and process of Varex Imaging's proposed sale Process scrutiny is a familiar feature in sales of component and subsystem specialists, where owned core technology carries much of the value. It is a reminder that process discipline shapes outcomes as much as price. Component and subsystem assets remain the part of the stack that draws buyer attention.

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Transactions; The Pending Varex Sale Draws Process Scrutiny

   This slide reports that no new transactions were announced in the window and that the pending Varex sale is drawing process scrutiny.

   No new sector transactions were announced during this two-week period. The pending Varex sale remains the live situation to watch, and it is drawing scrutiny over deal process. Absent fresh activity, the trailing set of 22 recorded precedent transactions stays the reference point for anyone pricing a deal in this space. We see this pause as a window to prepare rather than a signal that deal appetite has changed.

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   M&A & STRATEGIC ACTIVITY No New Transactions; The Pending Varex Sale Draws Process Scrutiny September 14–28, 2026 · precedent transactions: 22 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. Medical Imaging Equipment 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 one observable process item was a law firm's statement on Sep 24 that it is investigating the price and process of Varex Imaging Corporation's (VREX) proposed sale. 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. 22 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What a Flat Two Weeks of Product News Means for You

   This slide translates the two-week period's evidence into implications for owners, acquirers and advisors.

   For owners and operators, the two weeks show that attach economics—a software subscription, a first install, a data hire—are where the work is happening. For acquirers, the reference set is unchanged: with no new transactions, the trailing set of 22 precedent deals still frames pricing conversations. For advisors, the software and data layer is the strongest story to carry into client conversations right now. None of this is a recommendation; it is our reading of what the two weeks of recorded evidence show.

   Everything on this page

   WHAT IT MEANS What a Flat Two Weeks of Product News Means for You 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. Medical Imaging Equipment Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 9.2x 9 companies in the study 3 valuation tiers Standing thesis: Medical Imaging Equipment Splits Between Broad Platforms and Radiation Instrumentation FOR OWNERS & OPERATORS Attach Economics Did the Talking Companies in the space spent the two-week period on the layers that compound: a software subscription launch, a first CT install and a data intelligence hire. FOR ACQUIRERS The Reference Set Is Unchanged No new transactions entered the record during the period, so the trailing set of 22 precedent transactions stands as the pricing reference. FOR ADVISORS Lead with the Software and Data Layer The evidence to carry into conversations is the shift toward software and data: GE HealthCare Technologies Inc.'s (GEHC) operations application, Koninklijke Philips N.V.'s (PHG) AI innovation awards, and Alphatec Holdings, Inc.'s (ATEC) data intelligence hire.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind the update's figures and claims.

   Every figure in this update ties back to the filing, price record or publisher source it came from, and we list those sources here. Our driver attributions use calibrated language because they are our reads of the recorded evidence, not confirmed causation. This transparency lets you trace any number in the deck back to where it originated.

   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. Medical Imaging Equipment 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. 2 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_20260929T155554Z_525_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

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