Surgical and Orthopedic 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 › SURGICAL AND ORTHOPEDIC DEVICES

Evidence Earns the Premium While Disclosure Questions Reset Core Names

This update covers what moved in surgical and orthopedic devices over the two-week period of September 14–28, 2026, and what it means for operators, acquirers and advisors.

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

Surgical and Orthopedic Devices 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 › SURGICAL AND ORTHOPEDIC DEVICES

   Cover slide introducing the bi-weekly surgical and orthopedic devices update for September 14–28, 2026.

   This update covers what moved across surgical and orthopedic devices during the two-week window of September 14–28, 2026, and what it means for operators, acquirers and advisors. We'll open with the market's response, move through the period's catalysts and precedent activity, and close with our read on what it means going forward.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › SURGICAL AND ORTHOPEDIC DEVICES Evidence Earns the Premium While Disclosure Questions Reset Core Names This update covers what moved in surgical and orthopedic devices over the two-week period of September 14–28, 2026, and what it means for operators, acquirers and advisors. 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 Surgical and Orthopedic Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Clinical Evidence Was Rewarded While Litigation Overhang Weighed on Core Names

   Summarizes the two-week period's biggest market moves and the standing valuation frame in one page.

   Fourteen of the 24 covered names fell, with a median move of -1.7% against +0.8% for the S&P 500, so this was a stock-specific period rather than a sector-wide swing. Intuitive Surgical (ISRG) led the group at +9.8% on the back of a da Vinci outcomes study recorded in the window, while PROCEPT BioRobotics (PRCT) and Apyx Medical (APYX) posted the widest declines at -17.9% and -17.2% as litigation and disclosure questions ran through their coverage. No new transactions were recorded, so our standing EV/Revenue frame holds at a 2.3x median, with Premium-tier names at 6.6x and Discount-tier names at 1.0x. The split tells us where the market is willing to pay for evidence and where it is not.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Clinical Evidence Was Rewarded While Litigation Overhang Weighed on Core Names The two-week period in one page · 24 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. Surgical and Orthopedic Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 14 of 24 Covered Names Fell; The Median Move Was -1.7% The S&P 500 returned +0.8% over the same window, so the group as a whole trailed the broad market. 10 of the 24 covered names still finished higher, which makes this a stock-by-stock period rather than a sector move. 2 Robotic Outcomes Evidence Sat Behind the Top of the Group Intuitive Surgical, Inc. (ISRG), a Premium-tier name, gained +9.8%, with its strongest day at +2.6% on Sep 18. Its in-window record includes a da Vinci meta-analysis headline reporting better perioperative outcomes versus laparoscopic and open surgery. 3 The Two Widest Declines Both Landed in the Core Tier PROCEPT BioRobotics Corporation (PRCT) fell -17.9% as shareholder litigation notices ran through the window, and Apyx Medical Corporation (APYX) fell -17.2%, including a -15.5% day on Sep 28. 4 The Transaction Record Stood Still, so the Standing Valuation Frame Holds No new transactions were recorded in the window. NeuraCap's standing sector lens still anchors on EV / Revenue at a 2.3x median, with the Premium tier at 6.6x and the Discount tier at 1.0x. +13.7% Best mover — ClearPoint Neuro, Inc. (CLPT) worst: PRCT -17.9% · 10 up / 14 down of 24 covered -1.7% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   What the Two-Week Period Paid for, and What It Marked Down

   Shows which covered names the market rewarded and which it marked down over the two-week window.

   Close-to-close moves across the 24 covered names produced a -1.7% median against a +0.8% S&P 500 return, with our materiality bar set at 8.4% sector-relative. Intuitive Surgical (ISRG) topped the group at +9.8%, while PROCEPT BioRobotics (PRCT) anchored the downside at -17.9%. Each move is linked only to the filings and headlines recorded in the window, so where no driver is on record, we say so plainly. That discipline is what lets us separate evidence-driven moves from noise.

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   PUBLIC MARKET MOVERS What the Two-Week Period Paid for, and What It Marked Down Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -1.7% · S&P 500 +0.8% · materiality bar ±8.4% (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. Surgical and Orthopedic 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 -1.7% PROCEPT BioRobotics Corporation (PRCT) -17.9% Shares moved following the securities class action notices dated Sep 14, which allege that offering-period disclosures omitted a discount-driven handpiece ordering program and excess field inventory risk. Pull-through claims get tested hard when field inventory is the open question. COMPANY-SPECIFIC Intuitive Surgical, Inc. (ISRG) +9.8% The move appears consistent with the in-window da Vinci meta-analysis headline of Sep 15, which reported better perioperative outcomes versus laparoscopic and open surgery, alongside coverage of the company's AI and instrument roadmap. Registry-scale evidence still supports Premium-tier pricing for enabling technology. COMPANY-SPECIFIC Establishment Labs Holdings Inc. (ESTA) -9.1% Shares fell -9.1% even as Establishment Labs Holdings Inc. (ESTA) presented new breast tissue preservation data and announced minimally invasive product extensions on Sep 21. New data alone does not carry a Premium-tier name without procedure adoption behind it. COMPANY-SPECIFIC Apyx Medical Corporation (APYX) -17.2% No notable in-window news was identified that clearly explains the move. The -17.2% decline sits far below the sector median move of -1.7%. Smaller Core-tier names swing widely when the period's record is quiet. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   One Company's Disclosure Question Carried the Period's News Record

   Highlights the period's highest-impact disclosure event and its market reaction.

   The period's highest-impact story was a disclosure question at PROCEPT BioRobotics (PRCT), where shareholder litigation notices ran through the window alongside a -17.9% share-price move. We link each event to its underlying filing or article, so the record here is verifiable rather than asserted. The read is ours, but the sourcing is not: SEC filings and established outlets sit ahead of any other input. For advisors and owners alike, this is the story that set the tone for the two weeks.

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   MAJOR NEWS & INDUSTRY CATALYSTS One Company's Disclosure Question Carried the Period's News Record 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. Surgical and Orthopedic Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · NEWS · GlobeNewsWire PROCEPT BioRobotics drawn into a securities class action over offering-period disclosures The allegations center on a discount-driven handpiece ordering program and excess field inventory risk. Those are the exact mechanics that decide whether pull-through behind a placed system is genuinely recurring. Buyers will read handpiece pull-through against field inventory before they trust the razorblade. Sep 15 · NEWS · PRNewsWire Investor notice cites repeated handpiece sales underperformance at PROCEPT BioRobotics Recurring handpiece revenue is the engine of razor-and-razorblade economics in this group. Questions about its consistency go straight to revenue quality rather than to any one quarter. Utilization of placed systems, not placement counts, is what carries the multiple. Sep 15 · NEWS · GlobeNewsWire Lead plaintiff deadline set in the PROCEPT BioRobotics securities case A fixed procedural deadline kept the disclosure question in front of investors for most of the window, and it sat alongside the period's widest decline in the covered set. A disclosure overhang can compress a Core-tier multiple faster than operating results move it. Sep 15 · NEWS · GlobeNewsWire Class action filed covering PROCEPT BioRobotics purchases across a defined class period The claim spans a multi-quarter stretch of reported results, which widens the question from a single print to a full commercial cycle of ordering behavior. Multi-period claims put sales territory productivity and ordering incentives under review. Sep 15 · NEWS · Newsfile Corp Additional notice issued to PROCEPT BioRobotics purchasers ahead of the litigation deadline NeuraCap's read: the number of separate notices inside a single window signals the claim is being actively pursued, which tends to keep the disclosure question live for longer. Litigation news flow can hold the story while the operating base keeps running. Sep 14 · NEWS · GlobeNewsWire Shareholder notice landed at the opening of the window for PROCEPT BioRobotics The litigation record was already public at the start of the period, which frames how the rest of the company's news in the window was received. The sequence of disclosure and price action is what acquirers reconstruct in diligence.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Reference Set Stayed Put While the Story Moved to Disclosure

   Confirms the precedent transaction record was unchanged this period, keeping the standing valuation frame intact.

   No new transactions were recorded during the two-week window, so the story moved to disclosure rather than dealmaking. That leaves the standing multiple frame in place, anchored on an EV/Revenue median of 2.3x, with Premium-tier names at 6.6x and Discount-tier names at 1.0x. We do not re-present older transactions as news, so a quiet period here is reported as exactly that. For acquirers, it means diligence should sharpen around evidence and disclosure risk rather than new pricing signals.

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   M&A & STRATEGIC ACTIVITY The Reference Set Stayed Put While the Story Moved to Disclosure September 14–28, 2026 · 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. Surgical and Orthopedic Devices 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 still carries 40 precedent transactions as the reference set, with nothing added in this window. 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. 40 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What This Two-Week Period Changes for Operators, Buyers and Advisors

   Translates the two-week period's evidence and disclosure split into operational implications for operators, acquirers and advisors.

   For operators, utilization and clinical pull-through were what the market paid for this period, and evidence-backed names held up best. For acquirers, no new transactions were recorded, so the standing EV/Revenue frame holds at a 2.3x median, with Premium-tier names at 6.6x and Discount-tier names at 1.0x. For advisors, the story is the split itself: 14 of 24 covered names fell, with a median move of -1.7% against +0.8% for the S&P 500. That split is the brief worth bringing to clients now.

   Everything on this page

   WHAT IT MEANS What This Two-Week Period Changes 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. Surgical and Orthopedic Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / Revenue (CY2027E) median 2.3x 27 companies in the study 3 valuation tiers Standing thesis: Surgical and Orthopedic Devices Split Across Four Models, with Growth and Instruments Priced Higher FOR OWNERS & OPERATORS Utilization and Pull-Through Are What the Period Paid For Companies in the sector traded in both directions, and the names that held up carried clinical evidence behind the procedure. FOR ACQUIRERS No New Records, but a Sharper Diligence Checklist Nothing was added to the precedent record this period, so the standing frame holds: an EV / Revenue median of 2.3x, with the Premium tier at 6.6x and the Discount tier at 1.0x. FOR ADVISORS Lead with the Split the Period Drew Evidence supported the top of the group while an open disclosure question sat on a Core-tier name. 14 of 24 covered names fell; the median move was -1.7%, against +0.8% for the S&P 500.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Sets out the sourcing hierarchy and methodology that underpin every figure in the update.

   Every figure in this update traces back to a filing, price or article that a reader can open, and we hold to a fixed source order that puts SEC filings and established outlets ahead of any other input. This page lays out that discipline so the numbers throughout the deck are verifiable rather than asserted. It's the foundation that lets us stand behind the read on evidence, disclosure and valuation across the rest of the update.

   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. Surgical and Orthopedic 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_20260929T154543Z_520_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: globenewswire.com · prnewswire.com · newsfilecorp.com

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