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WEEKLY POSITION MONITOR UPDATE

Healthcare analysts Tom Tobin and William McMahon review their sector's best stock ideas, major healthcare themes and more. They also take questions from the live viewer audience after their prepared remarks. 

COVID-19 has forced patients, doctors, and regulators into widespread use of telemedicine. As the emergency passes into a new normal, its time to look more closely at how choices made during the crisis will evolve over the coming 12 to 18 months. To sort this out we’ll be talking with Oren Mechanic, MD, Director of Telemedicine at Harvard Medical Faculty Physicians, and part of the Beth Israel Deaconess Medical Center in Boston. Our conversation will focus on the inputs that impact $TDOC, especially competition. We will be sharing the transcript and recording from this call shortly after it takes place Wednesday, July 15th. Over the next week, please send any questions for Dr. Mechanic or our team to HealthCareTeam@Hedgeye.com.

On Monday’s Health Care Webcast, we will cover:

  • MASI | App Download Data  Despite the #SecondWave, Masimo App Downloads have not experienced the same resurgence that they saw in the initial impact of COVID-19. Our survey of the monitoring space turns up more than a few equipment and service providers.
  • TXG | NIH Grant Data  We spent the last few weeks understanding the technology, uses in academia, and TAM. Using NIH Grant Data, we believe we have a tool to track penetration and the long-term opportunity. According to the data, single cell research is significantly under-penetrated with a large multi-year opportunity ahead.
  • NTRA | Added to Long Bias  We have long been fascinated by Natera's test and potential market opportunity, especially for Signatera and minimal residual disease generally. Throughout 2020, we have been monitoring Claims Data uptick in interest which shows a directionally strong up and to the right trend.
  • GH | Claims Data Update, Moving to Short Bench  Due to the nature of genetic testing for cancer, Guardant has been impacted much less significantly than many health care names. While we do see a sequential deceleration in claims, the delta is not as big as 2Q20 consensus revenue implies. We expect GH to post upside in the quarter.
  • TDOC | Robinhood Tracker  Since the time we moved TDOC to a Best Idea Long early in the COVID-19 outbreak, the stock has transformed into a core holding in everyone’s “COVID Bucket.” To track the effects that transformation has had, we analyzed the correlation between stock price and average daily Robinhood holders. The strong correlation demonstrates the impact retail investors are having today. Is telemedicine here to stay? Definitely. Will TDOC be the winner the stock price suggests it will become? Maybe.

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