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• Current 2Q17 adjusted EPS consensus stands at 1.51 (Previous mean 1.51.; range 1.49 – 1.54) • Current 2Q17 reported revenue consensus is $2,976 (Previous mean $2,975; range $2,886 - $3,079) • 6/8/2017 closing price $142.43 (+18.8% YTD, S&P +8.8%) • Market Update “Major U.S. indexes posted modest gains on Thursday. The dollar held steady against its peers. And the U.K. pound dropped to seven-week low on election uncertainty.” • Citigroup Last week, Leerink hosted a doc day in San Francisco, CA, with MEDACorp physicians across a number of key MedTech specialties to assess market growth outlooks and key technologies driving grown and share shifts within each specialty. Spine: “Trend toward multi-level fusions …show more content…

Admins said that JNJ (OP) has attempted this type of cross-sell as well, mostly through discounted pricing across the orthopedic portfolio (but not across other non-ortho service lines). ZBH too was called out as discounting, according to the specialists.” General Orthopedics: “Simpliciti shoulder could facilitate share gain for WMGI (OP); positive on ZBH (OP) implants but negative on rep service (“It’s ZBH’s business to lose” for specialist); appetite expressed for rapid innovation player like GMED (OP) in trauma.” “The specialist said he is happy with his current SYK & ZBH implants, but dissatisfied with ZBH’s service/rep support in knees & trauma ever since the Biomet merger, which he said makes his business “ZBH’s to lose.” “In shoulder/extremities, the specialist primarily performs total anatomical and reverse shoulder replacements and is currently using SYK’s shoulder solution, with which he has generally been satisfied. His shoulder product use, however, could begin to shift away from SYK toward WMGI as he indicated that he just started trialing WMGI’s Simpliciti (stemless shoulder).” • Jefferies “Medical Device business an important driver of growth: Mr. Gorsky stated that Johnson & Johnson is committed to the Device business and believes that fundamental demand will remain strong. That said, he acknowledged the pricing pressure on this business and the need to be selective on

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