Hedgeye House Call - The Doctor is in
On Monday’s Hedgeye House Call, we will cover:
- ATI Physical Therapy (ATIP) Update & Q&A | Monday's surprise earnings disaster and negative guidance revision has left us and many of you with more questions than answers, as well as a major, unwelcome hit to performance this year. We spent the majority of Monday working on the model, speaking with contacts, digging back through call notes and transcripts, Glassdoor posts, etc. (see our ATIP Stock Brief for more), and then the majority of Tuesday was focused on refining our processes to keep us (and you) away from situations like this in the future, as well as making sure that we stayed on track with our other coverage. ATIP fired its Chief of HR right away, and as of now, we don't think that's the last shoe to drop. That said, our thinking hasn't changed from what we wrote in the Stock Brief, and we're planning to dedicate as much time as is necessary at the start of the House Call to address any/all questions you have on ATIP.
- Weekly MQ & Consensus Estimate Trend Updates | We've seen nothing but solid results thus far for 2Q21, and we noted the uptick in 2Q22 estimates on Monday. Why aren't we seeing FY 2022 estimates rise in concert? We'll provide a detailed update of the MicroQuads and which companies are seeing the most revision action, with emphasis placed on MicroQuad 2 stocks and stocks cycling between MicroQuads, as that's where the action usually lies.
- Earnings Recaps and Previews (TDOC, EXAS, et. al.) | We'll have recaps of Teladoc's and Exact Sciences' 2Q21 releases/earnings calls and will preview what we're expecting and going to be listening for out of Position Monitor names: NVTA (8/3), ONEM & TXG (8/4), NTRA, GH, & AMN (8/5), and NEO (8/6); as well as Watchlist names like NSTG, CVS, and USPH, among others.
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Hedgeye House Call | ATIP Q&A, MicroQuads, 2Q Earnings Please join us on Monday, August 2, 2021 @ 2 PM ET - Add to Outlook Calendar Health Care Subscribers: CLICK HERE for event details (including video, materials links, and Q&A box) |
Upcoming calls & Recent Content
Executive Insights | August 5, 10 AM ET | Advanced Primary Care: The Train Left the Station, What's Next? (Keep an eye out for the invite and call details!)
Stock Brief | ATIP | 2Q21 Earnings - Labor Costs Rise, Revenue and EBITDA Fall - CLICK HERE to access the note.
Stock Brief | DRIO | News Update & 2Q21 Preview - CLICK HERE to access the note.
Field Notes I Primary Care I Established Players May Have an Edge & Defensible Moat - CLICK HERE to access the note.
Call Notes & Replay | Health Care 3Q21 Themes (July 15, 2021) - CLICK HERE to access the note and links to replay and presentation.
All data available upon request. Please reach out to with any inquiries.
Thomas Tobin
Managing Director
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