LIVE Q&A
Please submit your questions via , and see below for what we've got queued up to start; recent Position Monitor updates will be covered.
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Hedgeye House Call + Q&A Please join us NOW! Health Care Subscribers: CLICK HERE for event details (includes video and materials link) |
THEME & TICKER UPDATES For Monday
We'll review the latest Macro, Industry, Factor, and Stock level details relating to our coverage of the US Medical Economy.
Some highlights include:
Week in Review - The week started out with estimate momentum continuing its weekly decline across our Health Care universe (slide 15) and the Fed firmly committed to Quad 4 through tightening, and prices followed. Historically, Health Care performs well in Quad 4 both fundamentally and in terms of stock prices (slide 4).
As we move further out from 2Q22, with its headwinds of the toughest compare, dollar strength, and labor and supply shortages, conditions appear to be improving. Non-COVID hospital occupancy has been accelerating sequentially and is now running at +10% year over year (slide 29). Hiring and aggregate hours for Health Care continue to recover in July and August and wage inflation shows signs of stabilizing, although it continues to run in the high single digits (slide 20). With COVID abating on multiple fronts and critical staffing shortages remaining low (slide 19), we expect both signs of utilization and wage disinflation to continue to improve into 2H22.
We're continuing to refine our Quad Factor model and expect to have more to share next week. As an initial example of the output, ENSG popped up on the long side of the screen which prompted us to take a look at employment trends for Nursing Homes and Assisted Living, both of which have bottomed and begun to recover. We expect to have the back test completed and the scoring system added to our Quad Factor Screens and Position Monitor.
Q&A - This is always the best part of the show. We learn a lot by answering your questions. Please feel free to send your questions in ahead of time, and we'll make sure they are in the queue, asked, and answered.
HEALTH CARE PRESENTATIONS
CLICK HERE for the updated presentation materials.
As always, all data is available upon request, and reach out to with any inquiries.
