Indeed I can! These are all related to the new damage system and health events, and the effects those can have on your fighter after the initial moment. The med bag is an overall indicator of how severe the injuries are and how close the doctor/ref are to checking the fighter and possibly stopping the fight, though this is limited just to the facial injuries.
The following breakdown should be available in-game under the 'Learn' tab in the manual as well:
lungs = short term stamina recovery
eye = increased damage on that side of the head
heart = long term stamina impacted
purple leg = increased leg damage
arm = long term block health impacted