LIVE Q&A
Macro Quad 2 is upon us! Join us to ask questions and see where we are with our stocks, the longs and shorts, and what's changed on the margin.
|
Hedgeye House Call | AMN, ONEM, DGX, TDOC, & More Please join us on Tuesday, November 2nd, 2021 @ 12:30 PM ET Health Care Subscribers: CLICK HERE for event details (including video, materials links, and Q&A box). |
TICKER UPDATES
AMN | Heath Care labor demand is high and rising and increasingly likely to strike which is all good for temp staffing. There is a deficit of 30K weekly aggregate staffing hours just to get back to the pre-COVID trend. Plus, if the medical care people put off during COVID-19 starts to return, that deficit could be 10X. If that's true, why did the stock drop 20% in 3 days on big volume? We heard a few rumors, but nothing that accounts for the move. We refreshed our forecast tool that grinds macro and alternative data into a point estimate for our model, and Nurse and Allied volume and pricing look good for 3Q21.
ONEM | Re-populating midtown NYC and urban areas generally will be a big tailwind for One Medical. Subway and Path train ridership is picking up, will the claims data follow? Midtown re-population, flu vaccines, COVID-19 testing, pent up demand.
DGX | We've been debating the remaining opportunity in front of DGX as the Delta Variant fades since they beat and raised on 3Q21, but the stock went down. We think the revision cycle has a few more turns in front of it.
TDOC | Livongo was weak, the comments on Primary360 were weak, and they are back filling with BetterHelp, which we don't think drives much incremental profitability.
ATIP | It looks like they turned the corner on headcount in September. Our tracker follows physical therapists throughout most of ATI's locations. We also caught up with the new CEO this week. If they can turn the corner, and convince the street they've turned the corner, $8 is in reach with $30 not to far ahead.
NTRA | Claims look really strong heading into 3Q21. NIPT will have a good year in 2022, but the focus we think should be on Signatera which is about to start contributing in a big way.
EYE | They've guided to a flat second half 2021, but the machine is telling us Americas' Best 3Q21 same store is going to be closer to 18%.
All data available upon request. Please reach out to with any inquiries.
Thomas Tobin
Managing Director
Twitter
LinkedIn
