1、Barclays Capital Inc.and/or one of its affiliates does and seeks to do business with companiescovered in its research reports.As a result,investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report.Investors should consider thisreport as on

2、ly a single factor in making their investment decision.Please see analyst certifications and important disclosures beginning on page 14.U.S.Medical Supplies&DevicesRecap&Preview We See BuySignals Ahead for Large CapGrowth and Pre-Scale SMIDs onthe Heels of Upcoming Fed RateDecisionThis week features

3、 a Fed rate decision and an NDR with EW.We see the upcoming rate decision as a potential catalyst forOW-rated Large Cap Growth names EW and ISRG,and OW-rated Pre-ScaleSMIDsATEC,TNDM,HUMA,SENS and OBIO.Recent and Upcoming Events and ReportsMedTech underperforms the S&P 500 for the Week(down 2.5%vs.up

4、 1.6%):MedTechunderperformance this week led by SMID Pre-Scale,LC Growth and Diabetes names(down6.9%,3.6%and 3.3%),with every other MedTech comp group underperforming the S&P 500,aswell.Please see our weekly MedTech performance analysis vs.the market and adjacent compgroups in Figures 3-4.Looking at

5、 YTD performance of individual stocks in our universe,ATEC,ZIMV,PODD and JNJ lead our universe(up 66.2%,35.3%,30.9%,and 23.1%YTD,respectively)vs.an increase of 11.9%for the S&P 500 and an increase of 9.9%for the S&P EX-MAG7.The MAG7 Tech names are up 14.8%YTD,and the Triumphant 3(leading AI names)ar

6、e up 22.3%YTD.HUMA,TNDM,OBIO and GMED,trail our universe by the widest margin YTD(down 70.9%,65.9%,35.8%,and 29.0%YTD).EW:Barclays Hosted:Boston NDR with Edwards Lifesciences Management(Sep 17-18):Weare pleased to be hosting an in-person roadshow with Edwards Lifesciences CEO BernardZovighian and SV