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UBS Global Healthcare Conference Summary - May 23, 2022

Key Document Overview

• Report by: Global Research and Evidence Lab
• Event Date: May 23-25, 2022, UBS Global Healthcare Conference
• Focus: Detailed analysis and investor questions for healthcare companies under UBS coverage, including equities research, valuation models, and industry insights.

1. Conference Participants & Analyst Contact Information

• Analysts: Kevin Caliendo (Lead, Coverage Healthcare Equities), Andrew Mok, Andrea Alfonso, James Kurek, Robin Shillock
• Contact:
  • Kevin.Caliendo@ubs.com, +1-212-713 3630
  • Andrew.Mok@ubs.com, +1-212-713 8789
  • etc.

Healthcare Companies Covered

🔍 1. Acadia Healthcare (ACHC.O)

• Stock Rating: 🔰 Buy | PT: $86
• Key Questions:
  • CEO’s vision vs past experience and its impact.
  • Labor cost management fueled by HC’s.
  • Pricing trends: supply-demand, state finances, cost inflation.
  • 10% EBITDA growth pathway and JV strategy.
  • Behavioral health outlook, opportunities in overdose crisis.
• Stock: Buy
• Sectors: Behavioral Health Services, HC.

🔍 2. AdaptHealth Corp (AHCO.O)

• Stock Rating: Buy | PT: $19
• Key Questions:
  • Supply crunch issues with sleep apnea products.
  • Competitive landscape in home healthcare.
  • Retail entering DME market – barriers to entry.
• Stock: Buy
• Sectors: Sleep Apnea, DME

🔍 3. Amedisys (AMED.O)

• Stock Rating: ⚖️ Neutral | PT: $145
• Key Questions:
  • Labor dynamics vs acute care hospitals.
  • Impact of UNH-LHC merger under MA ownership.
  • Role in next-gen payment models, GOPM margin targets.
• Stock: Neutral
• Sectors: Home Health, Post-Acute Care, Telehealth

🔍 4. Calibrate (Calibrate)

• Status: Not Rated
• Key Questions:
  • Model: Digital behavioral care, partnerships, insurance utilization.
  • Growth focus on GLP-1 drugs and employer partnerships.
• Status: Not Rated
• Sectors: Digital Behavioral Health

🔍 5. Cano Health (CANO.N)

• Stock Rating: 🔰 Buy (Buy with CBE/Exception) | PT: $14
• Key Questions：
  • Market density vs breadth expansion strategy.
  • Tuck-in acquisition criteria – vs de novo construction.
  • Drivers of DC enrollment and pricing.
• Stock: Buy
• Sectors: Primary Care, Diabetes Management

🔍 6. Cardinal Health (CAH.N)

• Stock Rating: 🔰 Buy | PT: $61
• Key Questions:
  • Pharma vs Medical business outlook.
  • Inflation impacts on PPE, Rx volumes, supply chains.
  • Grfx and generic pricing opportunities.

🔍 7. CareMax (CMAX.O)

• Stock Rating: 🔰 Buy | PT: $12
• Key Questions：
  • Expansion into new markets outside FL.
  • Strategic partnerships with AM, Anthem impact.
  • Utilization expectations and cost management.

🔍 8. Encompass Health (EHC.N)

• Stock Rating: 🔰 Buy | PT: $85
• Key Questions:
  • Occupancy/Reimbursement growth in IRFs/Dialysis.
  • Labor trends in Behavioral Health and labor consolidation.

🔍 9. Henry Schein (HSIC.O)

• Stock Rating: 🖤 Sell | PT: $83
• Key Questions:
  • Pass-through of price relief to customers.
  • Supply chain disruption in dental/implants.
  • COVID cash benefit vs dentistry path dependency.

🔍 10. Johnson & Johnson (JNJ.N)

• Stock Rating: ⚖️ Neutral | PT: $185
• Key Questions:
  • Vaccine role post-EUA limitations, M&A pipeline in oncology.
  • CAR-T launch execution, data points, and reimbursement.

🔍 11. Laboratory Corporation (LH.N)

• Stock Rating: 🔰 Buy | PT: $326
• Key Questions:
  • CRO business recovery momentum, staffing challenges.
  • Sequenom / NIPT adoption, de-risking COVID investments.

🔍 12. LifeStance Health (LFST.N)

• Stock Rating: ⚖️ Neutral | PT: $7
• Key Questions:
  • Clinician retention vs inflation, acquisition costs for centers.

🔍 13. The Oncology Institute (TOI)

• Status: Not Rated
• Key Questions:
  • Oncology VBC proof-of-concept beyond core markets.
  • Oncologist recruitment barriers, gain-sharing contracts.

🔍 14. Owens & Minor (OMI.N)

• Stock Rating: 🔰 Buy | PT: $54
• Key Questions:
  • Competitive differentiation in supply chain management.
  • Synergistic post-Apria integration, Kaiser/NH contracts.

📊 Summary Notes

• Most recommendations: Buy (LH, CAH, EHC, Cardinal Health)
• Neutral for Amedisys (Neutral) and Johnson & Johnson (Neutral)
• Sell recommendation: Henry Schein
• All companies focused on labor management, pricing dynamics, de novo expansion, and valuation upside.

🔑 Highlights

• Companies discussed include behavioral health, HC, pharma, diagnostics, and oncology firms.
• UBS emphasizes opportunities in value-based care, labor efficiency, and consolidation trends.