Outpatient and Specialty Care Services 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 › OUTPATIENT AND SPECIALTY CARE SERVICES

Risk-Bearing Models Take the Hit While Facility Networks Hold

This update covers what moved, what companies announced, and what changed in M&A across outpatient and specialty care 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

Outpatient and Specialty Care Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › OUTPATIENT AND SPECIALTY CARE SERVICES

   This is the cover page introducing the bi-weekly Outpatient and Specialty Care Services update for September 14–28, 2026.

   This bi-weekly update covers what changed, who moved and most likely why, what transacted, and what it means for Outpatient and Specialty Care Services. We built it to give owners, acquirers and advisors a fast, source-linked read on the two-week period.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › OUTPATIENT AND SPECIALTY CARE SERVICES Risk-Bearing Models Take the Hit While Facility Networks Hold This update covers what moved, what companies announced, and what changed in M&A across outpatient and specialty care 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 Outpatient and Specialty Care Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   The Selling Clustered Where Disclosure Questions Are Open, Not Where Visit Demand Is

   This page summarizes the two-week period's market and M&A activity across the 16 covered names.

   We tracked 16 covered names from September 14–28, 2026; 13 fell against three that rose, and the median move was -3.5% versus the S&P 500's +0.8%. The selling was concentrated in names facing open legal or disclosure questions, not in names carrying visit demand. Alignment Healthcare, Inc. (ALHC) fell -38.7% and PROCEPT BioRobotics Corporation (PRCT) fell -17.9%, both alongside shareholder law-firm announcements dated inside the window. So the read for this period is that the market priced disclosure risk, not demand softness.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE The Selling Clustered Where Disclosure Questions Are Open, Not Where Visit Demand Is The two-week period in one page · 16 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. Outpatient and Specialty Care Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 13 of 16 Covered Names Fell; The Median Move Was -3.5% The S&P 500 returned +0.8% over the same window and three covered names finished higher. NeuraCap read: the pressure was generated inside the sector rather than imported from the broad market. 2 Open Legal and Disclosure Questions Marked Out the Weakest Names Alignment Healthcare, Inc. (ALHC) fell -38.7% and PROCEPT BioRobotics Corporation (PRCT) fell -17.9%, both alongside shareholder law-firm announcements dated inside the window. Astrana Health, Inc. (ASTH) fell -11.3%. 3 Selling Stockholders Took Liquidity Through a Priced Secondary Innovage Holding Corp. (INNV), a Core-tier name, fell -17.5% with its largest single day of -15.6% on Sep 23, following the launch and pricing of a secondary offering of common stock by selling stockholders. 4 The Premium End Still Carries the Valuation Lead NeuraCap's standing sector view puts the CY2027E median at 8.7x EV / EBITDA, with the Premium tier at 13.3x and the Discount tier at 5.9x. This period's declines landed hardest outside scaled facility networks, which extends that view rather than challenges it. +6.9% Best mover — USPH worst: ALHC -38.7% · 3 up / 13 down of 16 covered -3.5% 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 Selling Landed: Legal Calendars, Equity Supply and Guidance Credibility

   This page shows which covered names moved most and links each move to a recorded driver.

   Moves are measured close-to-close across the two weeks, with the sector median at -3.5% against the S&P 500's +0.8%, and a materiality bar set at 7.1% on a sector-relative basis. We attribute each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. InnovAge Holding Corp. (INNV) fell -17.5%, with its largest single day at -15.6%, following the pricing of a secondary offering by selling stockholders. So the moves that cleared the bar map to specific, recorded events rather than general sentiment.

   Everything on this page

   PUBLIC MARKET MOVERS Where the Selling Landed: Legal Calendars, Equity Supply and Guidance Credibility Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -3.5% · S&P 500 +0.8% · materiality bar ±7.1% (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. Outpatient and Specialty Care Services 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 -3.5% Alignment Healthcare, Inc. (ALHC) -38.7% Shares moved following a run of shareholder law-firm announcements: a Kaplan Fox investigation notice on Sep 14 and a Rosen Law Firm investigation notice on Sep 15, the same day as the largest single move of -19.9%. Capitated models are repriced quickly when reporting questions open, and a Discount-tier multiple leaves little cushion. COMPANY-SPECIFIC PROCEPT BioRobotics Corporation (PRCT) -17.9% The move appears to reflect the securities class action reminders dated Sep 14, which flagged a September 22 lead-plaintiff deadline; the complaint alleges handpiece demand was pulled forward through undisclosed discounts. Device-led case volume is worth what its order quality can prove COMPANY-SPECIFIC Innovage Holding Corp. (INNV) -17.5% Shares moved following InnovAge's Sep 22 launch and same-week pricing of a secondary offering of common stock by selling stockholders; the largest single day was -15.6% on Sep 23. A sponsor sell-down is a supply event rather than an operating verdict, but it sets the reference price for the next raise. COMPANY-SPECIFIC U.S. Physical Therapy, Inc. (USPH) +6.9% No notable in-window news was identified that clearly explains the move. The gain of +6.9% stood against a sector median of -3.5%. Premium-tier outpatient rehab held its footing in a period when most covered names traded lower. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Did: Guidance Refreshed, Capacity Added, Legal Calendars Running

   This page lists the two-week period's highest-impact company events and why they matter.

   This page lists the period's highest-impact events, each linked to its underlying filing or article. U.S. Physical Therapy, Inc. (USPH) rose +6.9%, showing that steady visit economics were rewarded even as the broader group fell. HCA Healthcare, Inc. (HCA) advanced its clinician-training footprint, a labour-supply move rather than a capacity expansion. So the events worth tracking are the ones that change guidance credibility or capacity, not just headlines.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Did: Guidance Refreshed, Capacity Added, Legal Calendars Running 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. Outpatient and Specialty Care Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · 8-K · SEC EDGAR Astrana Health furnished an updated investor presentation with FY2026 guidance and Q2 2026 results Guidance is the clearest lever a Core-tier enablement model has to show growth turning into earnings. The presentation put forward FY2026 ranges alongside Q2 2026 revenue of $938.2 million. The market is grading the credibility of forward numbers, not the volume story on its own. Sep 14 · NEWS · GlobeNewsWire Digital Realty Enters Türkiye Through Formation of New Joint Venture AUSTIN, Texas, Sept. 14, 2026 (GLOBE NEWSWIRE) -- Digital Realty (NYSE: DLR), the world's largest cloud- and carrier-neutral data center platform, and Rönesans Infrastructure, one of the largest investment companies in Türkiye and a top 50 international contra Sep 14 · NEWS · GlobeNewsWire Cespira™, the Joint Venture between Westport and Volvo Group, reveals how HPDI™ 3.0 advances fuel economy and expands OEM options Enhanced rail-pressure control, improved durability and more adaptable architecture deliver greater performance and integration flexibility, strengthening the case for broader adoption by OEMs and operators worldwide Enhanced rail-pressure control, improved du Sep 14 · NEWS · Newsfile Corp Cosa Announces Summer Drilling Results for Murphy Lake North Uranium Joint Venture with Denison Mines Vancouver, British Columbia--(Newsfile Corp. - September 14, 2026) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce results of the summer drilling program at the Company's Murphy Lake North ("MLN") Sep 14 · NEWS · Business Wire Concentra opened a new Daytona Beach medical center, its first location in Volusia County A de novo in a new county adds local density in occupational medicine, where employer-funded volume sits outside payer mix drift. A Premium-tier operator added capacity while the covered set traded lower. Employer-funded visit demand is being backed with new sites, not simply defended. Sep 14 · NEWS · GlobeNewsWire PROCEPT BioRobotics faced a securities class action with a September 22 lead-plaintiff deadline Litigation calendars were a live input across the period. The complaint concerns how demand was recognised ahead of a disclosed field inventory change, which speaks directly to order quality. Channel inventory and discount practice now carry valuation weight in device-led outpatient models.

5. 05
   M&A & STRATEGIC ACTIVITY

   HCA Healthcare Closes a Move into Clinician Training

   This page covers the one M&A transaction recorded in the two-week period, HCA Healthcare's acquisition of the College of Health Care Professions.

   HCA Healthcare, Inc. (HCA) completed its purchase of the College of Health Care Professions, the one transaction agreed by company announcement in this window. We read this as a clinician-supply move, not a capacity buy, addressing the labour pipeline rather than adding beds or clinics. Deal multiples are shown at LTM at announcement where disclosed, and no earlier transaction is re-presented here as new activity. So the signal for acquirers is that training and staffing capacity are becoming deal targets in their own right.

   Everything on this page

   M&A & STRATEGIC ACTIVITY HCA Healthcare Closes a Move into Clinician Training 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. Outpatient and Specialty Care Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 15 · HCA Healthcare, Inc. (HCA) HCA Healthcare, Inc. (HCA) completed its acquisition of the College of Health Care Professions A Core-tier operator buying a training provider points at clinician recruitment, productivity and turnover rather than added licensed capacity. NeuraCap read: buyers are willing to pay for the labour that staffs the sites. 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

   What the Period Changes for Owners, Acquirers and Advisors

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

   For owners and operators, steady visit economics still mattered: U.S. Physical Therapy, Inc. (USPH) rose +6.9% while the broader group fell. For acquirers, the only transaction recorded this period, HCA Healthcare, Inc. (HCA) buying the College of Health Care Professions, was about labour supply rather than capacity. For advisors, the clearest lesson is that names carrying open legal or disclosure questions, from Alignment Healthcare, Inc. (ALHC) at -38.7% to PROCEPT BioRobotics Corporation (PRCT) at -17.9%, were marked hardest. So this period rewards disclosure clarity and volume durability over headline growth claims.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Owners, Acquirers 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. Outpatient and Specialty Care Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 8.7x 13 companies in the study 3 valuation tiers Standing thesis: Outpatient and specialty care contains a scaled hospital-affiliated core and distinct adjacent models FOR OWNERS & OPERATORS Volume Quality Is What the Market Graded This Period Steady visit economics held up: U.S. Physical Therapy, Inc. (USPH) rose +6.9% while 13 of 16 covered names fell. Same-clinic volume, visits per clinician per day, revenue per visit and clinic-level contribution margin sit behind that gap. FOR ACQUIRERS One Transaction Entered the Record and It Was About Labour HCA Healthcare, Inc. (HCA) completed its purchase of the College of Health Care Professions, a clinician-supply move rather than a capacity buy. FOR ADVISORS Lead with Disclosure Quality and the Durability of Volume The theme is straightforward: names with open legal or reporting questions were marked hardest, from Alignment Healthcare, Inc. (ALHC) at -38.7% to PROCEPT BioRobotics Corporation (PRCT) at -17.9%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind the update's figures and calibrated language.

   Every figure in this update links back to the record it was taken from, spanning SEC filings, press releases and established outlets through the close of the window. We rank sources in a fixed reliability order and never draw on video or social platforms. Attribution language throughout is calibrated: we describe what the evidence supports, not what we assert as cause. So readers can trace every claim in this deck back to its primary 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. Outpatient and Specialty Care Services 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. No covered name fell below the floor in 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_20260929T164330Z_533_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: sec.gov · globenewswire.com · newsfilecorp.com · businesswire.com

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