Hedgeye House Call - The Doctor is in
On Monday’s Hedgeye House Call, we will cover:
- AMWL - Moved Up to Best Idea Short | We probably bottom-ticked the market by adding AMWL as a Best Idea short when we did, but sometimes the work happens when it happens and you can't always get the timing to line up with a perfect entry point. Interviews with various vendors and providers in the digital health ecosystem continue to point to a difficult time ahead for Amwell for a host of reasons. We also expect physicians to retreat from virtual visits as we have heard a consistent message of wanting to see patients in person.
- AMN - Labor Demand & Wage Inflation | BLS reported continuing wage inflation for the US Medical Economy. Diagnostic Imaging employment continues to remain underwhelming having not seen much of any recovery even as COVID-19 vaccines are rolling out. But we do see aggregate hours getting back to even with pre-COVID, which means volumes are returning. We think the backdrop for AMN is especially positive and their guidance showed it and we think the fundamental momentum will continue into 2H21 even as COVID-19 recedes.
- MicroQuad Update - ARKG, XHS, XHE | In addition to the usual update, we'll show how we are applying the work to ETFs, $ARKG, $XHS, and $XHE. The ETFs should allow us to express a view on parts of the US Medical Economy independent of our individual stock views. Looking ahead, we expect a few months of deceleration coming as we lap the steepest part of the post-COVID recovery and transition to anchoring on 2022. We think we can see a turn mid-year, but until then, we expect the fundamental momentum will be a headwind.
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Hedgeye House Call | AMWL to Best Idea Short, Labor Demand & Wage Inflation, Weekly MicroQuad Update Please join us on Monday, March 8, 2021 @ 2 PM ET - Add to Outlook Calendar Health Care Subscribers: CLICK HERE for event details (including video and materials links) |
Upcoming calls & Recent EVENTS
AMWL | Best Idea Short | Doctors Stepping Out of Their Boxes
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Field Notes | CGM Trends | 6 Months or Better? Eversense Would Make a Ton of Sense
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Field Notes | CRC Surgery Trends | Signatera Makes a Ton of Sense for Surveillance
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Hedgeye House Call | The Doctor is In | February 22nd, 2021 @ 2 PM ET | AMN, TXG, GH, #MicroQuads
CLICK HERE for event details (includes video link and materials link).
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Thomas Tobin
Managing Director
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