Surgical and Orthopedic Devices Sector Outlook — September 2026

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HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › SURGICAL AND ORTHOPEDIC DEVICES

Surgical and Orthopedic Devices: Premiums Follow Growth

The report shows where public-market premiums sit, how business models differ and what precedent transactions suggest buyers value.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E)

Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › SURGICAL AND ORTHOPEDIC DEVICES

   Cover slide introducing the Surgical and Orthopedic Devices sector outlook dated September 2026.

   We built this report to show where public markets price surgical and orthopedic device companies as of September 2026, using EV/Revenue on CY2027E consensus as the primary lens. What follows walks through the four operating models, the valuation drivers behind them, and what precedent transactions suggest buyers value most.

   Everything on this page

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › SURGICAL AND ORTHOPEDIC DEVICES Surgical and Orthopedic Devices: Premiums Follow Growth The report shows where public-market premiums sit, how business models differ and what precedent transactions suggest buyers value. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E) Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus appendix, covering the bottom line, market landscape, valuation, precedent transactions and strategic implications.

   We front-load the bottom line so a reader who only has five minutes still gets the full argument. The remaining sections build the evidence: how the four models compare, why forward multiples separate as they do, what deals tell us, and what that means operationally. So what: you can go deep, or you can move fast to what matters.

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   CONTENTS What This Report Covers 01 The Bottom Line Growth, Recurring Pull-Through and Procedure Breadth Separate the Field 02 The Landscape Four Operating Models Compete for Capital on Different Terms 03 Valuation & Situations The Premium End Combines Faster Growth with Durable Procedure Economics 04 Precedent Transactions Strategic Buyers Keep Adding Procedure Breadth and Channel Reach 05 Strategic Implications The Operating Agenda Is to Deepen Pull-Through and Protect Growth Quality 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Surgical and Orthopedic Devices Split Across Four Models, with Growth and Instruments Priced Higher

   This is the report's one-page summary of how Surgical and Orthopedic Devices companies are priced across four operating models.

   We find that Surgical and Orthopedic Devices split across four operating models, priced very differently on EV/Revenue (CY2027E). Faster-growing names trade at 2.8x versus 2.1x for slower-growing peers, and forward multiples span from 6.6x at the premium end down to 1.0x at the discount end. Instruments and consumables franchises price at 6.8x, well above diversified implant and device platforms at 2.2x, and the handful of names balancing both growth and margin sit at 4.0x versus 1.6x for those clearing neither bar. So what: recurring procedure economics and instrument-led models command the clearest premium in this market.

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   01 · THE BOTTOM LINE Surgical and Orthopedic Devices Split Across Four Models, with Growth and Instruments Priced Higher The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (25 of 27 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (26 of 27 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Faster-Growing Names Sit Above Slower-Growing Names The 13 names above the growth split are associated with higher forward revenue pricing than the 12 names below it. Their middle sits at 2.8x versus 2.1x, alongside stronger expected growth. 2 The Forward Premium Spans a Wide Range The premium end sits at 6.6x, compared with 1.0x at the discount end. These are forward multiples, so the gap persists after forecast growth is already reflected and suggests buyers distinguish durability. 3 Instruments and Consumables Lead Diversified Platforms Surgical instruments and procedural consumables sit at 6.8x, while diversified surgical implant and device platforms sit at 2.2x. Installed-base pull-through and recurring procedure revenue offer a clearer path to compounding revenue. 4 Higher Pricing Sits with Both Growth and Margin Among 16 names with margin data, 3 clear both operating bars and sit at 4.0x. The 3 clearing neither sit at 1.6x, showing how uncommon balanced performance is in this set. 2.3x Sector median EV/Revenue CY2027E consensus · EV/Revenue is the lens because practitioners price this growth set on revenue and 6 of 27 names are… 6.6x Premium end EV/Revenue vs 1.0x at the discount end top quartile (n=7) against bottom quartile (n=5) on EV/Revenue — the spread the report explains 28 Transactions with disclosed terms 74 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the section on how four operating models compete for capital.

   We turn now to how four operating models compete for capital on different terms. Revenue mix, channel maturity and recurring procedure economics set the terms of that competition.

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   SECTION 02 02 THE LANDSCAPE Four Operating Models Compete for Capital on Different Terms Revenue mix, channel maturity and recurring procedure economics shape relative standing. 02 of 06 Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Recurring Procedure Economics Sit at the Valuable End of the Map

   This slide groups the 27 approved companies by business segment and shows median EV/Revenue (CY2027E) per group.

   We map all 27 approved companies by business segment, and the results show recurring procedure economics sit at the valuable end of the map. Segments built around installed-base pull-through price above segments built around one-time device sales. So what: capital is already rewarding recurring revenue quality, not just top-line growth.

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   02 · MARKET MAP Recurring Procedure Economics Sit at the Valuable End of the Map 27 approved companies grouped by business segment · median EV / Revenue (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED SURGICAL IMPLANT AND DEVICE PLATFORMS 21 cos median 2.2x SYK ZBH SNN GMED IART CNMD AXGN ESTA ATEC INSP BVS PRCT SIBN KIDS SSII OFIX CLPT TMCI ARAY LNSR MBOT Scale and case coverage matter, but mature portfolios must offset price pressure through mix, evidence and procedure breadth. SURGICAL INSTRUMENTS AND PROCEDURAL CONSUMABLES 3 cos median 6.8x ISRG PDEX UTMD Installed systems can support recurring pull-through, linking utilisation and procedure volume to revenue quality. SPECIALTY SURGICAL DEVICE FRANCHISES 2 cos median 2.4x SI APYX Focused procedure ownership can deepen surgeon adoption, while concentration leaves execution tied to a narrower franchise. DIGITAL SURGERY PLANNING AND ENABLING TECHNOLOGY 1 cos 2.8x · 1 rated CARL Planning tools can strengthen workflow integration and surgeon adoption, although the group contains one name.

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   02 · LANDSCAPE

   Recurring Revenue and Procedure Ownership Separate the Four Models

   This slide sets out how recurring revenue and procedure ownership separate the four operating models across the approved universe.

   We separate the approved universe into four models on the basis of recurring revenue and procedure ownership. Each model carries a different median EV/Revenue (CY2027E), and the differences are wide enough to matter for how a company should be run. So what: knowing which model you compete in tells you which levers actually move your multiple.

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   02 · LANDSCAPE Recurring Revenue and Procedure Ownership Separate the Four Models Segment view of the approved universe · EV / Revenue (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Diversified surgical implant and device platforms 21 78% 2.2x Stryker Corporation (SYK) · Zimmer Biomet Holdings, Inc. (ZBH) · +19 more Scale carries operating weight. These platforms combine implants, devices and established case coverage. Their standing depends on mix, set utilisation and the ability to protect pricing across mature franchises. Surgical instruments and procedural consumables 3 11% 6.8x Intuitive Surgical, Inc. (ISRG) · Pro-Dex, Inc. (PDEX) · +1 more Placements create recurring pull-through. Capital systems and instruments can support repeat consumable demand. Utilisation, attach rates and installed-base quality matter more than placement volume alone. Specialty surgical device franchises 2 7% 2.4x Shoulder Innovations, Inc. (SI) · Apyx Medical Corporation (APYX) Procedure focus sharpens adoption. Focused franchises can build surgeon champions and clear positioning. Their economics remain sensitive to reimbursement, channel depth and concentration. Digital surgery planning and enabling technology 1 4% 2.8x n=1 Carlsmed, Inc. (CARL) Workflow integration supports relevance. Digital planning can sit inside the surgical workflow and reinforce adoption. The segment contains one company, so its valuation should be read as company-specific.

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   SECTION 03

   03

   This divider introduces the section on public market valuation across the peer set.

   We now look at how the public market prices this peer set on forward revenue. The premium end combines faster growth with durable procedure economics.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Combines Faster Growth with Durable Procedure Economics Forward revenue multiples separate sharply across the approved peer set. 03 of 06 Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Forward Revenue Pricing Separates Durable Growth from Execution Risk

   This slide ranks all 25 rated companies by EV/Revenue (CY2027E) against a sector median of 2.3x.

   We rank all 25 rated companies on EV/Revenue (CY2027E), with a sector median of 2.3x. We use this lens because practitioners price this growth set on revenue, and several names in the set are loss-making on forward EBITDA. So what: the spread above and below that median line is where the report's tier zones come from.

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   03 · PUBLIC MARKET VALUATION Forward Revenue Pricing Separates Durable Growth from Execution Risk EV / Revenue (CY2027E) · all 25 rated companies, sorted descending · sector median 2.3x · EV/Revenue is the lens because practitioners price this growth set on revenue and 6 of 27 names are loss-making on forward EBITDA · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (25 of 27 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (26 of 27 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / Revenue (CY2027E) basis. Panel commentary is a NeuraCap view. Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 6.6x CORE · median 2.2x DISCOUNT · median 1.0x Sector median 2.3x WHAT SEPARATES THE TWO ENDS The top sells durability. The premium end carries a 6.6x middle, while the discount end sits at 1.0x. The forward basis already credits forecast growth, making confidence in persistence central to the gap. Pull-through supports revenue quality. Installed-base productivity, recurring implants and consumables can make growth more repeatable. Placements without utilisation offer less support. Channel economics protect growth. Case coverage, GPO and IDN contracting, and disciplined consignment-set deployment can strengthen the economics behind reported revenue.

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   03 · VALUATION DRIVERS

   Faster Growth Carries Higher Forward Revenue Pricing

   This slide splits the rated set by growth cohort and by margin cohort and shows the median EV/Revenue (CY2027E) for each.

   We split the rated set at its own covered median for growth and for margin, and faster-growing names carry higher forward revenue pricing than slower-growing names. This is an association we observe in the data, not a claim of cause and effect. So what: growth alone doesn't explain pricing — margin cohorts tell a related but separate part of the story.

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   03 · VALUATION DRIVERS Faster Growth Carries Higher Forward Revenue Pricing Median EV / Revenue (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=13; slower n=12; higher-margin n=8; lower-margin n=8). Driver readings are NeuraCap views on the supplied data — association, not causation. Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/Revenue, median per cohort · growth split at 11% · EBITDA-margin split at 21% Growth Above the Split Is Associated with Higher Pricing The 13 names above 11% carry a 2.8x middle, compared with 2.1x for the 12 names below 11%. Recurring Pull-Through Strengthens the Growth Case Procedure volume, utilisation and attach rates help distinguish productive installed bases from capital placements that have yet to generate recurring demand. Evidence and Access Help Defend Adoption Clinical support, reimbursement and contracted access can reinforce surgeon conversion and help a franchise hold its position as procedures migrate across sites of care.

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    03 · SITUATION MAP

    The Market Separates Premium Growth from Growth Still Seeking Proof

    This slide places companies into a two-by-two grid cut on EV/Revenue versus the sector median and revenue growth versus the covered median.

    We cut the set on EV/Revenue against the 2.3x sector median, and on revenue growth against the 11% covered median. The result separates premium growth names from those still building the growth case. So what: this is a map of situations, not a set of recommendations — useful for locating where any name sits within it.

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    03 · SITUATION MAP The Market Separates Premium Growth from Growth Still Seeking Proof Cut on EV / Revenue vs the sector median (2.3x) (rows) and revenue growth vs the covered median (11%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Growth Above-median multiple · above-median revenue growth 8 names Intuitive Surgical, Inc. (ISRG) · AxoGen, Inc. (AXGN) · Establishment Labs Holdings Inc. (ESTA) · +5 more Eight names sit above both the valuation and growth markers. Their agenda is to sustain procedure growth while protecting pull-through, channel economics and operating discipline. Premium Resilience Above-median multiple · below-median revenue growth 5 names Stryker Corporation (SYK) · Zimmer Biomet Holdings, Inc. (ZBH) · Globus Medical, Inc. (GMED) · +2 more Five names hold above-range pricing despite slower growth. Their position suggests durability or platform quality, while renewed procedure growth would strengthen the case. Growth Seeking Proof Below-median multiple · above-median revenue growth 5 names Alphatec Holdings, Inc. (ATEC) · PROCEPT BioRobotics Corporation (PRCT) · OrthoPediatrics Corp. (KIDS) · +2 more Five names grow faster while sitting below the valuation marker. The gap suggests that investors are still testing revenue quality, margin potential or the durability of adoption. Operational Reset Below-median multiple · below-median revenue growth 7 names Smith & Nephew plc (SNN) · Integra LifeSciences Holdings Corporation (IART) · CONMED Corporation (CNMD) · +4 more Seven names sit below both markers. The operating question is where portfolio focus, pricing, cost structure or capital allocation can improve relative standing.

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    03 · GROWTH VS PROFITABILITY

    Balanced Growth and Margin Remain Uncommon in the Measured Set

    This slide plots 16 companies with both growth and margin estimates against covered median cuts of 6% growth and 21% margin.

    We plot the 16 companies with both estimates against covered medians of 6% growth and 21% margin. Only 3 names clear both bars, underscoring how uncommon balanced growth and profitability are in this set. So what: names that combine both are a distinct, smaller cohort worth watching separately from single-metric growth or margin stories.

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    03 · GROWTH VS PROFITABILITY Balanced Growth and Margin Remain Uncommon in the Measured Set Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 16 companies with both estimates · cuts at the covered medians (6% growth, 21% margin) · median EV/Revenue per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/Revenue (balanced n=3; margin-only n=5; growth-only n=5; neither n=3). Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 5% 10% 15% 20% 25% 10% 20% 30% 40% MARGIN ONLY median 2.2x BALANCED median 4.0x NEITHER median 1.6x GROWTH ONLY median 2.7x OFIX IART ZBH INSP PDEX CNMD SNN GMED BVS SYK KIDS ISRG ATEC SIBN AXGN ESTA x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The chart compares growth with margin across the 16 names carrying both measures. Only 3 of 16 clear both bars, and they sit at 4.0x. The 3 of 16 clearing neither sit at 1.6x. The remaining names clear one bar, showing that many businesses are still trading between expansion and operating leverage. The balanced median rests on 3 names and is lifted by ISRG at 10.7x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 3 of 16 names clear it (ISRG, ESTA, GMED).

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    03 · THE AGENDA

    Choose the Operating Path That Strengthens Relative Standing

    This slide frames the operating questions an owner or acquirer should resolve to strengthen relative standing.

    We frame this as the questions an owner or acquirer should resolve, not as a recommendation to buy or sell. Deepening recurring procedure revenue, broadening procedure ownership selectively, and protecting growth through operating leverage are the three paths the data points to. So what: which path applies depends on where installed-base utilisation and channel cost sit today.

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    03 · THE AGENDA Choose the Operating Path That Strengthens Relative Standing NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen Recurring Procedure Revenue Prioritise utilisation, implant and consumable pull-through, and surgeon conversion across the installed base. What changes the answer: The answer changes when placements are not translating into repeat procedure revenue. Broaden Procedure Ownership Selectively Test adjacent products and build-versus-buy choices against channel fit, case coverage and contracted customer access. What changes the answer: The answer changes when an adjacent franchise can use the existing sales force without adding disproportionate set and inventory cost. Protect Growth Through Operating Leverage Align field investment, consignment sets and trunk stock with procedure demand rather than placement ambition alone. What changes the answer: The answer changes when working capital and case-coverage costs rise faster than productive utilisation.

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    SECTION 04

    04

    This divider introduces the section on precedent transactions in the sector.

    We turn to the deal record next. Precedent transactions span platform combinations, adjacent franchises and enabling technology, and strategic buyers keep adding procedure breadth and channel reach.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Strategic Buyers Keep Adding Procedure Breadth and Channel Reach Precedent transactions span platform combinations, adjacent franchises and enabling technology. 04 of 06 Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Transactions Favour Procedure Breadth and Channel Fit

    This slide presents 3 of 28 disclosed precedent transactions as case studies, with the complete list in the appendix.

    We walk through 3 of the 28 transactions with disclosed terms as case studies, each read for why the deal happened. Deal multiples are LTM at announcement, not directly comparable to the CY2027E public basis we use elsewhere, so we don't claim a spread between the two. So what: the pattern across these deals favours procedure breadth and channel fit over scale alone.

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    04 · DEAL CASE STUDIES Precedent Transactions Favour Procedure Breadth and Channel Fit 3 of 28 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 122 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 46 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Feb-2023 $4.1B Globus Medical, Inc. acquires NuVasive, Inc. EV / LTM revenue 3.4x EV / LTM EBITDA 13.4x WHY THE DEAL HAPPENED The pairing of two spine businesses suggests a strategy built around broader case coverage, enabling technology and a larger commercial footprint. The completed status indicates the combination moved beyond announcement. HOW THE TARGET WAS VALUED The transaction carried $4.1B of value, with 3.4x revenue and 13.4x EBITDA. The revenue multiple stood above the 2.3x middle of the public peer set. Jan-2025 $1.0B Zimmer Biomet Holdings, Inc. acquires Paragon 28, Inc. EV / LTM revenue 4.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests that a focused extremities portfolio can benefit from a broader orthopedic channel, contracted access and case coverage. The announced structure points to strategic interest in adjacent procedure ownership. HOW THE TARGET WAS VALUED The transaction carried $1.0B of value at 4.1x revenue. That level stood above the middle of the public peer range. Oct-2022 $849M Orthofix Medical Inc. acquires SeaSpine Holdings Corporation EV / LTM revenue 3.7x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests value in combining complementary portfolios, surgeon relationships and commercial reach. It also fits the pattern of specialists adding adjacent capabilities to complete a procedure offering. HOW THE TARGET WAS VALUED The transaction carried $849M of value at 3.7x revenue. That level also stood above the middle of the public peer range.

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    SECTION 05

    05

    This divider introduces the section on strategic implications for the next twelve months.

    We close with the operating agenda: deepening pull-through and protecting growth quality. Installed-base productivity, procedure ownership and channel economics are the practical levers available.

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    SECTION 05 05 STRATEGIC IMPLICATIONS The Operating Agenda Is to Deepen Pull-Through and Protect Growth Quality Installed-base productivity, procedure ownership and channel economics are the practical levers. 05 of 06 Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Value Strengthens When Growth Converts into Repeatable Procedure Economics

    This slide sets out the strategic questions this data raises for owners, management teams and boards.

    We put three questions on the table for the next twelve months: whether installed-base quality is the real operating test, whether the cost base matches channel productivity, and whether capital allocation is tied to procedure ownership. These are our views, drawn from the analysis in this report, not recommendations. So what: value strengthens when growth converts into repeatable procedure economics — that's the through-line for owners, management and boards alike.

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    05 · STRATEGIC IMPLICATIONS Value Strengthens When Growth Converts into Repeatable Procedure Economics NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Make Installed-Base Quality the Operating Test Track whether systems, sets and surgeon adoption convert into repeat procedures and recurring pull-through. Capital placement without sustained utilisation leaves the growth case exposed. FOR MANAGEMENT TEAMS Match the Cost Base to Channel Productivity Focus field coverage, inventory and consignment investment on territories and procedures where utilisation can support durable economics. FOR BOARDS Tie Capital Allocation to Procedure Ownership Assess organic investment and build-versus-buy choices through procedure breadth, channel fit, reimbursement support and the ability to deepen recurring revenue.

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    SECTION 06

    06

    This divider introduces the appendix covering the full comparables universe, methodology and sources.

    We close the argument with the full comparables universe, the valuation methodology and the source for every figure in the body.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 2)

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier

    This appendix page lists public comparables on EV/Revenue (CY2027E), grouped by valuation tier, for the first half of the rated set.

    We list rated companies here and in the companion workbook, shaded above or below the 2.3x sector median. Some names carry no eligible EV/Revenue and are not rated. So what: every multiple used earlier in this report traces back to a row on this page.

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    06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (2.3x); amber marks below · 25 rated companies; 2 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 25 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥3.1x · median 6.6x · 7 companies Intuitive Surgical, Inc. ISRG Surgical instruments and procedural consumables $143B 10.7x 13% 44% 57 ClearPoint Neuro, Inc. CLPT Diversified surgical implant and device platforms $487M 8.6x 15% n/a n/a SS Innovations International, Inc. SSII Diversified surgical implant and device platforms $576M 7.6x 28% n/a n/a AxoGen, Inc. AXGN Diversified surgical implant and device platforms $2.2B 6.6x 20% 12% 32 Establishment Labs Holdings Inc. ESTA Diversified surgical implant and device platforms $2.1B 6.2x 26% 16% 41 Stryker Corporation SYK Diversified surgical implant and device platforms $117B 4.0x 9% 29% 38 Shoulder Innovations, Inc. SI Specialty surgical device franchises $278M 3.2x 29% n/a n/a CORE — 1.7x–3.1x · median 2.2x · 13 companies Globus Medical, Inc. GMED Diversified surgical implant and device platforms $9.6B 2.8x 6% 35% 41 Pro-Dex, Inc. PDEX Surgical instruments and procedural consumables $241M 2.8x 4% 19% 24 Carlsmed, Inc. CARL Digital surgery planning and enabling technology $306M 2.8x 41% n/a n/a Zimmer Biomet Holdings, Inc. ZBH Diversified surgical implant and device platforms $24.8B 2.8x 4% 33% 37 SI-BONE, Inc. SIBN Diversified surgical implant and device platforms $727M 2.7x 16% 7% 23 Bioventus Inc. BVS Diversified surgical implant and device platforms $1.5B 2.3x 7% 21% 28 Smith & Nephew plc SNN Diversified surgical implant and device platforms $15.0B 2.2x 5% 23% 28 OrthoPediatrics Corp. KIDS Diversified surgical implant and device platforms $634M 2.1x 12% 11% 23

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    06 · PUBLIC COMPARABLES (2 OF 2)

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier

    This appendix page continues the public comparables list on EV/Revenue (CY2027E), grouped by valuation tier.

    We continue the rated list here, again shaded against the 2.3x sector median. The companion workbook carries the complete field set behind every row. So what: this is the full evidentiary base for the valuation view presented earlier in the deck.

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (2.3x); amber marks below · 25 rated companies; 2 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 25 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 CORE — CONTINUED — 1.7x–3.1x · median 2.2x · 13 companies Alphatec Holdings, Inc. ATEC Diversified surgical implant and device platforms $2.0B 2.0x 15% 18% 33 Inspire Medical Systems, Inc. INSP Diversified surgical implant and device platforms $1.8B 2.0x 4% 22% 26 Integra LifeSciences Holdings Corporation IART Diversified surgical implant and device platforms $3.0B 1.8x 3% 22% 25 Apyx Medical Corporation APYX Specialty surgical device franchises $113M 1.7x 11% n/a n/a PROCEPT BioRobotics Corporation PRCT Diversified surgical implant and device platforms $814M 1.7x 21% n/a n/a DISCOUNT — <1.7x · median 1.0x · 5 companies CONMED Corporation CNMD Diversified surgical implant and device platforms $2.2B 1.6x 5% 20% 25 Treace Medical Concepts, Inc. TMCI Diversified surgical implant and device platforms $310M 1.4x 7% n/a n/a LENSAR Inc LNSR Diversified surgical implant and device platforms $72M 1.0x 21% n/a n/a Orthofix Medical Inc. OFIX Diversified surgical implant and device platforms $539M 0.6x 2% 12% 14 Accuray Incorporated ARAY Diversified surgical implant and device platforms $151M 0.3x 3% n/a n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page lists precedent transactions with disclosed terms, newest first, for the first part of the list.

    We show 18 of the 28 transactions with disclosed terms here, newest first, with the remainder in the companion workbook. Deal multiples are LTM at announcement and are not directly comparable to the CY2027E public basis used elsewhere. So what: this is the primary evidence behind the deal-case commentary earlier in the deck.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 28 transactions with disclosed terms in this tier (74 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 122 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 46 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 28 transactions shown; the rest are in the companion workbook. Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Mar-2025 Alcon Research, LLC → Lensar, Inc. $148M 2.8x n/a The transaction paired an established eye-care buyer with a surgical technology platform, suggesting strategic interest in workflow and procedure expansion. Jan-2025 Zimmer Biomet Holdings, Inc. → Paragon 28, Inc. $1.0B 4.1x n/a The transaction suggests value in placing an adjacent orthopedic franchise into a broader commercial channel and contracted customer base. Aug-2023 STERIS plc → Surgical Instrumentation platform $540M n/a n/a The transaction points to strategic demand for instruments that can deepen procedure coverage and recurring customer relationships. Feb-2023 Globus Medical, Inc. → NuVasive, Inc. $4.1B 3.4x 13.4x The completed transaction combined spine platforms, suggesting value in broader procedure coverage, enabling technology and sales-force reach. Feb-2023 Boston Scientific Corporation → Apollo Endosurgery, Inc. $407M 5.3x n/a The transaction suggests strategic interest in adding a focused procedure franchise to an established medical-device channel. Oct-2022 Orthofix Medical Inc. → SeaSpine Holdings Corporation $849M 3.7x n/a The transaction indicates that complementary portfolios and broader case coverage can support consolidation among specialist platforms. Jul-2021 Bioventus Inc. → Bioness Inc. and Misonix Inc. $61M 7.0x n/a The transaction suggests interest in combining focused technologies with a broader commercial platform and customer base. Jun-2021 D8 Holdings Corp. → Vicarious Surgical Inc. $1.0B n/a n/a The pending transaction points to investor interest in surgical robotics during the clinical-evidence and placement phase. Nov-2020 Stryker Corporation → Wright Medical Group N.V. n/a 5.8x n/a The transaction suggests that a focused implant franchise can gain value inside an established case-covering channel.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page continues the list of precedent transactions with disclosed terms, newest first.

    We continue the transaction list here, completing the 18 of 28 shown in this appendix. The companion workbook holds the remaining recorded transactions and their data-quality flags. So what: readers who want the full deal record can trace every figure back to its filing.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 28 transactions with disclosed terms in this tier (74 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 122 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 46 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 28 transactions shown; the rest are in the companion workbook. Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2020 Medtronic plc → Medicrea International n/a 7.6x n/a Feb-2020 Anika Therapeutics, Inc. → ArthroSurface Incorporated n/a 3.4x n/a May-2019 Boston Scientific Corporation → Vertiflex, Inc. n/a 18.0x 6.5x May-2019 Medtronic plc → Titan Spine, Inc. n/a 4.0x n/a Dec-2018 Patterson Companies → RTI Surgical, Inc. n/a 16.2x 16.2x Value shown as recorded in the filing; deal value unit unresolved. Nov-2018 Colfax Corporation → DJO Global, Inc. n/a n/a 11.7x Sep-2018 Medtronic plc → Mazor Robotics Ltd. n/a 25.2x 18.6x Aug-2018 Stryker Corporation → K2M Group Holdings, Inc. n/a 4.9x n/a Value shown as recorded in the filing; deal value unit unresolved. Aug-2018 Wright Medical Group, Inc. → Cartiva, Inc. n/a 18.0x n/a

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page documents the report's sources, valuation assumptions and data-quality treatment.

    We document how this report was built: what was included, what was excluded, and where every underlying disclosure lives. Every figure links to the record it was taken from, or the appendix names its source directly. So what: the analysis behind every earlier page is traceable and auditable.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (25 of 27 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (26 of 27 companies), so this report follows it. EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Surgical and Orthopedic Devices and it clears the coverage gate with 25 of 27 companies (93%). P / E is carried as a cross-check. A revenue lens is used rather than a profit multiple because the set is not consistently profitable on a forward basis (16 of 27 names with a meaningful EBITDA). DATA QUALITY & EXCLUSIONS 81 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 1077 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (1076) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Higher Pricing Sits with Durable Growth, Recurring Pull-Through and Procedure Breadth.

    This closing slide restates that higher pricing sits with durable growth, recurring pull-through and procedure breadth.

    Higher pricing in this sector sits with durable growth, recurring pull-through and procedure breadth. The companion tables carry the full universe and source index for any figure a client wants to trace.

    Everything on this page

    Higher Pricing Sits with Durable Growth, Recurring Pull-Through and Procedure Breadth. NeuraCap AI — Surgical and Orthopedic Devices Coverage September 2026 · Prepared by NeuraCap AI · Confidential Surgical and Orthopedic Devices Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

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