The Ledger

416.2 million dollars: that is the record quarterly revenue a thermal management device maker posted this week, and it used the moment to announce a stock buyback nearly three times the size of its old one. Gentherm reported second quarter 2026 product revenue of 416.2 million dollars, up 11.0 percent year over year (9.5 percent excluding currency effects), with net income of 4.4 million dollars, GAAP diluted earnings per share of 0.14 dollars and adjusted diluted earnings per share of 0.75 dollars; the company raised its full year 2026 guidance to product revenue of 1.55 to 1.65 billion dollars, from 1.5 to 1.6 billion dollars, and adjusted EBITDA of 185 to 200 million dollars, from 175 to 195 million dollars. On July 23, 2026, Gentherm’s board approved a new stock repurchase program of up to 400 million dollars over three years, effective July 27, which the company said is nearly three times the size of the prior authorization that had about 110 million dollars remaining; Gentherm said it expects to repurchase shares once its planned combination with Modine Manufacturing’s Performance Technologies business closes. That Reverse Morris Trust deal, worth approximately 1.0 billion dollars at roughly 6.8 times post synergy adjusted EBITDA, remains on track to close in early fourth quarter 2026 and would leave Gentherm shareholders owning about 60 percent of a combined company with 2.6 billion dollars in pro forma revenue; separately, on July 22, Gentherm disclosed it acquired Innovative Medical Equipment, a Cleveland area maker of the ThermaZone non-opioid pain therapy device, terms undisclosed, expanding its medical product line beyond automotive seat heating and cooling. Confidence: High on the reported figures and buyback terms, since they come directly from Gentherm’s own earnings release; Medium on the Modine deal’s exact close date, since it remains subject to customary closing conditions. Sources: Gentherm Reports 2026 Second Quarter Results and Announces a New Increased Stock Repurchase Authorization, GlobeNewswire, Gentherm Acquires Innovative Medical Equipment, LLC, GlobeNewswire, Gentherm and Modine’s Performance Technologies Business to Combine, Gentherm Incorporated investor relations.

93 caregiver roles: that is how many jobs a nonprofit health system is cutting as it closes clinics across two states this week, citing long-term financial sustainability. Intermountain Health confirmed to Becker’s Hospital Review that changes taking effect July 24, 2026 eliminate approximately 93 leadership and staff positions across Colorado and Montana; in Colorado the Salt Lake City based system is closing two occupational health clinics and a nonsurgical sports medicine clinic, consolidating an endocrinology clinic into a primary care clinic, and discontinuing weight loss counseling at an obesity management clinic while keeping bariatric surgery services in place. In Montana, Intermountain is closing a family medicine clinic in Lewistown and making operational changes at four clinics in Bozeman and Billings; the system said affected employees can apply for other openings within the organization and will receive transition support, career assistance, severance pay where applicable and benefits guidance. Confidence: Medium, since the figures and rationale rest on a system statement to trade press rather than a public financial filing. Source: Intermountain Health to cut 93 roles amid clinic changes in 2 states, Becker’s Hospital Review.

6 days: that is how much runway is left for Miami’s academic health system and the country’s largest insurer to strike a deal before hundreds of thousands of patients lose in-network access. As of July 22, 2026, UHealth, the University of Miami’s health system, and UnitedHealthcare remain without an agreement, according to UHealth’s own negotiation page, with the July 31 deadline unchanged since this issue first reported it July 22: miss it, and UHealth’s hospitals, clinics and physicians go out-of-network August 1 for UnitedHealthcare’s commercial, Affordable Care Act exchange and Medicaid plan members. UHealth’s page states that “UnitedHealthcare has not yet agreed to terms that protect patients’ care,” while UnitedHealthcare has said its offer would bring UHealth’s rates in line with peer South Florida hospitals; a separate Medicare Advantage carve out through Preferred Care Network keeps those members in network through August 31 regardless of the outcome. Confidence: High on the deadline and each side’s public position, since both come from the parties’ own negotiation pages; Low on whether a deal gets struck in time, since neither side has signaled a breakthrough. Source: UHealth and UnitedHealthcare Negotiation, University of Miami Health System.

1.81 billion dollars: that is what a South Korean contract manufacturer is paying for a Swiss peptide maker to grab a bigger share of the GLP-1 manufacturing boom. Samsung Biologics announced July 20, 2026 an all cash tender offer for 100 percent of PolyPeptide Group, a contract development and manufacturing organization with more than 70 years in peptide based active pharmaceutical ingredient manufacturing and facilities in Sweden, Belgium, France, the United States and India; the offer pays 44.31 Swiss francs a share, an implied equity value of about 1.46 billion Swiss francs, roughly 1.81 billion dollars, a 40 percent premium to PolyPeptide’s undisturbed share price. Samsung Biologics, which built its business on antibody and antibody drug conjugate manufacturing, said the deal pushes it into peptide therapeutics, the fastest growing biopharma segment amid surging demand for GLP-1 obesity and diabetes drugs; PolyPeptide’s board unanimously recommends shareholders accept, and Samsung expects the tender offer, which requires 66.67 percent acceptance, to launch by the end of August and close by year end. Confidence: High on the deal terms, since they come directly from Samsung Biologics’ own announcement; Medium on the final US dollar equivalent, since it will move with the Swiss franc exchange rate before closing. Source: Samsung Biologics announces all-cash offer to acquire PolyPeptide, Samsung Biologics.

FRONTIER SCAN: 410 attacks: that is how many ransomware incidents hit the healthcare sector in the first half of 2026, a 14 percent jump that is landing harder on the vendors and suppliers behind the delivery system than on hospitals themselves. Comparitech’s healthcare ransomware roundup, published July 9, 2026, counted 410 attacks against healthcare linked organizations in the first six months of the year, up from 360 in the second half of 2025, an average of 2.3 a day; of those, 247 hit hospitals, clinics and other direct care providers, up about 3 percent, while 163 hit healthcare businesses, pharmaceutical and device manufacturers, billing companies and health tech vendors, up nearly 35 percent, a faster growing target category than the hospitals themselves. Confirmed attacks alone exposed at least 424,740 patient records at providers and 154,825 at healthcare businesses; median ransom demands ran 310,000 dollars against providers and 300,000 dollars against businesses, and the largest single demand tracked, 100 million dollars from a group called NetRunner against Japan’s Nippon Medical School Musashi Kosugi Hospital, was not paid. The shift matters for corporate development and risk teams beyond hospital IT budgets: a health system’s exposure increasingly runs through vendors, billing services and device makers it does not control, the kind of third party concentration risk this newsletter has tracked before in claims clearinghouses and specialty pharmacy. Confidence: High on the attack counts, since they come from Comparitech’s own published methodology; Medium on the true attack total, since the majority of incidents in both categories remain unconfirmed by the responsible party. Source: Healthcare Ransomware Roundup: H1 2026 stats on attacks, ransoms, and data breaches, Comparitech.

THE DEAL SHEET

Target	Acquirer/Investor	Vertical	Value	Source
Modine Manufacturing’s Performance Technologies business	Gentherm Incorporated (Reverse Morris Trust combination)	Automotive and medical thermal management	Approximately $1.0 billion enterprise value, about 6.8x post-synergy adjusted EBITDA	Gentherm and Modine’s Performance Technologies Business to Combine, Gentherm Incorporated investor relations
Innovative Medical Equipment, LLC	Gentherm Incorporated	Non-opioid pain-therapy devices (ThermaZone)	Undisclosed	Gentherm Acquires Innovative Medical Equipment, LLC, GlobeNewswire
PolyPeptide Group AG	Samsung Biologics (all-cash tender offer)	Peptide API contract manufacturing, GLP-1 supply chain	44.31 Swiss francs/share, approximately $1.81 billion	Samsung Biologics announces all-cash offer to acquire PolyPeptide, Samsung Biologics
AdaptHealth Corp.’s Diabetes Health business and Strive Medical	Cardinal Health, Inc.	Home-based DME, diabetes and urology/wound-care supplies	Approximately $360 million cash combined	Cardinal Health Expands Home Care Business With Two Tuck-In Acquisitions, PR Newswire

It is a quiet weekend on the earnings calendar. Grifols reports first half 2026 results July 28. Universal Health Services reports July 27, Centene around July 28, Boston Scientific July 29, Humana and Privia Health both around July 29 to August 6, and Cigna July 30.