MONDAY, NOVEMBER 30th, 2020
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WEEKLY POSITION MONITOR UPDATE
Healthcare analysts Tom Tobin and William McMahon review their best stock ideas, major healthcare themes and more.
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On Monday’s Health Care Webcast, we will cover:
- Post- COVID Snapback | Fueled by pent up demand resulting from deferred care during national (and subsequent regional) COVID lockdowns, the rebound in volume following the distribution of the vaccines will be greater than expected. On Monday, we will explore the ways we are seeking to quantify a “return to normal” that will include the additional impacts of so many Americans deferring care for nearly a full year. The resulting quarters will see a much more significant rebound in elective procedures and higher acuity cases than ever before.
- GDRX Back to Trend | Before COVID interrupted our daily lives, GoodRx was experiencing a strong, stable growth of Monthly Active Consumers (distinct customers who had used a GDRX coupon during the month) quarter over quarter. That steady trendline was disrupted when doctor’s offices significantly reduced capacity and patients deferred their routine check- ups due to loss of employment or fear of exposure. We think the growth rate will be much higher as the COVID-19 vaccine is deployed 1Q21 at 10M-20M doses per week and we see in the PCE Quantity Index for Pharmaceuticals that the recovery has only just made it back to the baseline. Going forward, we are expecting baseline plus a substantial pent up demand on top.
- Telehealth App Downloads | Despite the heightened attention placed on $AMWL, $TDOC, and $LVGO by COVID-19, do not forget that these 3 names are not the only players in the now popular telehealth space. On this week’s Position Monitor Update, we will update our app download data for many of the private telehealth providers, such as BetterHelp, Doctor on Demand, MD Live, and Zocdoc.
- ONEM Data Update | Next week, Tom will appear with Hedgeye CEO, Keith McCullough, to provide commentary on our proprietary data sources for One Medical/1Life Healthcare (ONEM). On our call, we’ll update our Provider Tracker for ONEM physicians. We continue to like this hybrid story. Its core asset seems to be its customer relationships.
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