Therapeutic and Monitoring 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 › THERAPEUTIC AND MONITORING DEVICES

Clearance Moves Prices Only When the Annuity Follows

This update covers what moved, what companies announced and where the transaction record stands across September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Therapeutic and Monitoring Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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The analyst’s walkthrough of the deck, page by page.

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

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › THERAPEUTIC AND MONITORING DEVICES

   Cover slide introducing the September 14–28, 2026 bi-weekly update on Therapeutic and Monitoring Devices.

   We open this bi-weekly update on Therapeutic and Monitoring Devices, covering September 14–28, 2026. Over the following pages we walk through what changed, who moved and most likely why, what transacted, and what it means for the people who act on it.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › THERAPEUTIC AND MONITORING DEVICES Clearance Moves Prices Only When the Annuity Follows This update covers what moved, what companies announced and where the transaction record stands across September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Therapeutic and Monitoring Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Product and Regulatory News Set the Pace; The Transaction Record Stood Still

   Summarizes that product and regulatory news drove the period while the transaction record stayed unchanged.

   We start with the headline: 9 of 15 covered names fell, and the sector median move was -0.4%, against a +0.8% return for the S&P 500. Beta Bionics carried the period's largest gain at +22.7% on a clearance and a monitoring partnership, while TriSalus fell -8.0% despite its own clearance. No new transactions were announced, so the trailing 40-deal precedent set at a 10.3x median EV/EBITDA remains the pricing reference. So what: this was a period where company news, not deal flow, decided winners and losers.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Product and Regulatory News Set the Pace; The Transaction Record Stood Still The two-week period in one page · 15 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. Therapeutic and Monitoring Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 9 of 15 Covered Names Fell; The Median Move Was -0.4% The S&P 500 returned +0.8% over the same window. On NeuraCap's read, the softness sat inside the set rather than across the market, and it was company news that separated the winners from the rest. 2 One Cleared Device and One Monitoring Tie-in Carried the Period's Largest Gain Beta Bionics, Inc. (BBNX) rose +22.7% over the two-week period, including +15.3% on Sep 16. The gain followed the Sep 14 FDA clearance of its Mint patch pump and an announced partnership pairing year-long continuous glucose monitoring with the iLet Bionic Pancreas. 3 A Clearance Did Not Hold the Price at TriSalus TriSalus Life Sciences, Inc. (TLSI) fell -8.0%, including -7.8% on Sep 24, after announcing 510(k) clearance for TriNav Advance on Sep 22. The reaction was consistent with buyers paying for coverage breadth and resupply pull-through rather than for the clearance date. 4 No New Transactions, so the Pricing Reference Is Unchanged No material sector transactions were announced during the period. The trailing record of 40 precedent transactions carries a median of 10.3x EV/EBITDA, against the sector study's CY2027E median of 10.5x. +22.7% Best mover — Beta Bionics, Inc. (BBNX) worst: TLSI -8.0% · 6 up / 9 down of 15 covered -0.4% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Regulatory Wins Pay When Attach and Pull-Through Follow Them

   Shows how the 15 covered public names moved over the two weeks relative to the sector median and a materiality threshold.

   We rank the two-week price moves for our 15 covered names against a sector median of -0.4% and a materiality bar of 4.6%. Beta Bionics' +22.7% move followed a recorded FDA clearance and a monitoring partnership, while TriSalus moved -8.0% even after its own 510(k) clearance. On our read, the market rewarded evidence of attach and pull-through more than the clearance event itself. So what: names with confirmed downstream revenue drivers separated from the rest of the set.

   Everything on this page

   PUBLIC MARKET MOVERS Regulatory Wins Pay When Attach and Pull-Through Follow Them Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -0.4% · S&P 500 +0.8% · materiality bar ±4.6% (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. Therapeutic and Monitoring 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 -0.4% Beta Bionics, Inc. (BBNX) +22.7% Shares moved following the Sep 14 FDA clearance of the Mint patch pump and the 3D Intelligence dosing algorithm, alongside an announced partnership pairing year-long continuous glucose monitoring with the iLet Bionic Pancreas. A cleared delivery device plus a monitoring integration widens the installed base and the consumable attach behind it. COMPANY-SPECIFIC TriSalus Life Sciences, Inc. (TLSI) -8.0% TriSalus announced 510(k) clearance for TriNav Advance on Sep 22, strengthening its pressure-enabled delivery portfolio for liver embolization; shares moved lower over the days that followed, including -7.8% on Sep 24. Portfolio breadth alone does not reprice a single-indication delivery platform; coding and the allowable do the work. COMPANY-SPECIFIC IRadimed Corporation (IRMD) +5.0% No notable in-window news was identified that clearly explains the move. The +5.0% gain ran ahead of the -0.4% median move across the covered set. Scaled niche franchises can lead the set in a period when broader breadth is soft. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Beta Bionics Dominated the Period's News, on Both Sides of the Story

   Lists the period's highest-impact company news and regulatory events, led by Beta Bionics.

   We highlight the two weeks' highest-impact events, and Beta Bionics dominates both the news and the price reaction. Its Mint patch pump cleared the FDA on September 14, and the company followed with a partnership pairing continuous glucose monitoring with its iLet Bionic Pancreas, moves that map to its +15.3% single-day and +22.7% period gains. TriSalus's own 510(k) clearance for TriNav Advance on September 22 did not carry the stock, which fell -8.0%. So what: a clearance alone is not the signal to watch — what follows it is.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Beta Bionics Dominated the Period's News, on Both Sides of the Story 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. Therapeutic and Monitoring Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · NEWS · PRNewsWire Beta Bionics faced a securities class action with a lead-plaintiff deadline set for November 3 The case runs alongside the period's product news, which is what made the two-week period unusual: good clearance news and an open legal file in the same set of headlines. Product momentum and compliance exposure can sit in the same company at the same time. Sep 15 · NEWS · PRNewsWire A second plaintiffs' firm announced a class action on behalf of Beta Bionics shareholders Multiple filings on the same facts raise the diligence burden on regulatory compliance and product liability, where representations and warranties in this sector concentrate. Escrows and specific indemnities get sized against exactly this kind of open file. Sep 15 · NEWS · GlobeNewsWire Investors were urged to contact counsel ahead of the November 3 lead-plaintiff deadline in the BBNX case The claim period covers shares purchased before the February disclosure, so the matter is anchored in past device performance rather than in the products cleared this period. Buyers separate the legacy file from the current portfolio; sellers should expect both to be priced. Sep 14 · NEWS · GlobeNewsWire Beta Bionics agreed to integrate a year-long continuous glucose monitor with the iLet Bionic Pancreas Interoperability between monitoring and automated delivery is a stated value driver in this sector, and the stated plan is a commercial launch of the integrated system. On NeuraCap's read, integration agreements are doing work that acquisitions used to do. Sep 14 · NEWS · GlobeNewsWire Beta Bionics won FDA clearance for its Mint patch pump and unveiled a next-generation dosing algorithm A cleared patch pump plus a new dosing algorithm extends the installed base and the consumable annuity sitting behind it. That combination is what strategics in this category underwrite. Delivery hardware brings the patient in; resupply pull-through decides what the patient is worth. Sep 14 · NEWS · Newsfile Corp A shareholder-rights firm reminded Beta Bionics purchasers of the pending class action Repeat notices keep the matter visible while the company commercialises new hardware, which shapes how the market weighs the clearance news. Narrative control in this sector runs through evidence and coverage, not through press volume.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Transaction Record Holds Its Shape While Product News Sets the Pace

   Reviews the trailing precedent transaction record and notes that no new deals were announced in the window.

   We turn to the deal record, and the two weeks add no new transactions to track. The trailing set of 40 recorded deals still prices at a 10.3x median EV/LTM EBITDA, against the sector study's CY2027E median of 10.5x. With the product and regulatory news cycle this active, the absence of new prints stands out. So what: acquirers and advisors are still working from the existing multiple until the next transaction resets it.

   Everything on this page

   M&A & STRATEGIC ACTIVITY The Transaction Record Holds Its Shape While Product News Sets the Pace September 14–28, 2026 · precedent transactions: 40 recorded deals · median 10.3x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Therapeutic and Monitoring 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 of 40 precedent transactions still anchors the reference set at a median of 10.3x EV/EBITDA. 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 10.3x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

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

   Translates the period's findings into implications for operators, acquirers and advisors.

   We close by translating the two weeks for the people who act on it. For operators, the KPIs behind this period's moves were new patient starts, consumable attach rate, resupply pull-through, adherence and wear duration. For acquirers, the reference set gained product facts but no new prices, leaving the 40-deal, 10.3x median alongside the 10.5x CY2027E study figure as the benchmark. So what: advisors should lead conversations with coverage and annuity evidence, since that is what separated this period's winners from its laggards.

   Everything on this page

   WHAT IT MEANS What the 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. Therapeutic and Monitoring Devices Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 10.5x 17 companies in the study 3 valuation tiers Standing thesis: Three Markets Sit Inside Therapeutic and Monitoring Devices: Platforms, Disposables and Adjacent Service Models FOR OWNERS & OPERATORS Attach and Resupply Turn a Clearance into Revenue Companies in the space traded in both directions on product and regulatory news. The operating KPIs behind those moves are new patient starts, consumable attach rate and resupply pull-through, adherence and wear duration FOR ACQUIRERS The Reference Set Gained Product Facts, Not New Prices With no transactions announced in the window, the trailing 40 precedents at a median of 10.3x EV/EBITDA remain the pricing reference, alongside the study's CY2027E sector median of 10.5x. FOR ADVISORS Lead with Coverage and Annuity Evidence The theme to lead with is clearances arriving without a matching move in the transaction record: 9 of 15 covered names fell; the median move was -0.4%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sourcing and methodology behind the update's figures and driver attributions.

   We close with how this update is built: every figure links to the filing, press release or market data point it was taken from, admitted in a fixed reliability order, with video and social platforms excluded entirely. Driver attributions use calibrated language and reflect NeuraCap's read of the recorded evidence, not asserted causation. So what: readers can trace every claim in this deck back to its source before acting on it.

   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. Therapeutic and Monitoring 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. 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_20260929T161352Z_526_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: prnewswire.com · globenewswire.com · newsfilecorp.com

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