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North America Equity Research
29 October 2018
Healthcare IT
3Q18 Preview: Intra-Quarter Focus Points and Model
Positioning
Calendar 3Q18 earnings season kicks off this week for our Healthcare IT coverage Health Care Services –
universe with NXGN after the close on 10/30 followed by ATHN and MDRX on Distribution, Technology & PBMs
11/01. Incoming call volume throughout the quarter has been highest on HQY, Anne E. Samuel AC
EVH and ATHN, but sentiment has not been overly negative despite a -14% (1-212) 622-4163
pullback in the group since September (similar to the software technology group anne.e.samuel@
average -14% decline) vs the SPX down -7.5%. Looking for landmines, we point Lisa C. Gi
to Cerner's cautious commentary on its recent 10/25 call around the hospital (1-212) 622-6466
purchasing environment, and we will be watching the hospital earnings for lisa.c.gi @
incremental lateral color. HQY remains our top pick in the space given the Michael Minchak, CFA
compounding model and runway for growth, and we’d be opportunistic on the (1-212) 622-6506
michael.minchak@
recent pullback. Below, we provide a brief overview of our expectations and
J.P. Morgan Securities LLC
focus points throughout
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