Mid-year Review 2022 - Bionics: Fundamentals look healthy, but not everywhere

The ride through the first half of the year has been anything but smooth. Although the industry is still not fully back in gear, we believe that investors are over-penalizing some sectors relative to their fundamentals and discounting their defensive nature.

Bottom line

Innovation in the medical device industry plays a pivotal role in ensuring quality treatments and reducing healthcare costs. Companies' pipelines are rich, and many products address unmet medical needs.

Procedural volumes are back on track, long-term secular drivers remain in place, and new sources of growth will create additional tailwinds for the industry.

The Bionics strategy selects differentiated/leading companies with innovation-driven products in fast-growing markets. In particular, given the continued macroeconomic challenges, we focus on technologies with proven clinical and cost advantages, inflation-adjusted reimbursement, and limited competition.

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