J.P. 摩根-美股-医疗保健行业-美国医疗行业：消费者对恢复选择程序的看法-2020.5-55页.pdfVIP免费

1USHealthcareWhatConsumersAreSayingAboutResumingElectiveProceduresSeetheendpagesofthispresentationforanalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.NorthAmericaEquityResearchMay2020MedicalSupplies&DevicesRobbieMarcus,CFAAC+12126226657Robert.j.marcus@jpmorgan.comHCTechnology&DistributionLisaGillAC+12126226466Lisa.c.gill@jpmorgan.comHCFacilities&ManagedCareGaryTaylorAC+12126226600Gary.taylor@jpmorgan.comLifeScienceTools&DiagnosticsTychoPetersonAC+12126226568Tycho.peterson@jpmorgan.comEuropeanMedTech&ServicesDavidAdlingtonAC2071345828David.adlington@jpmorgan.com|2LifeScienceTools&DiagnosticsElectiveprocedurepushoutsandhospitalcapexspendingcontinuetolookbleakamidstthepandemic(formorecoloronthelatter,seeourhospitalcapexsurvey)Wecontinuetorecommendselectexposure.Inparticular,wewouldavoidsomedentalnamesinlightofaslowerrecoveryinelectiveprocedures(i.e.XRAY),aswellasradiationoncology(i.e.,VAR,ARAY),whichremainspronetoamorelastinghospitalcapexbudgetfreezeandchangingreimbursement,whilewenotethatISRGplanstousethebalancesheetaggressivelytoplacecapitalunderanoperatingleasemodel,whichshouldoffersomecushion.Lastly,weremainconstructiveonHOLX,inlightoftheCOVID-19diagnostictailwinds,amongotherthings.Outsideofmedtechanddental,weremainpositive(andOverweight)onseveraldiversifiedlifesciencetoolsnames(AVTR,DHR),smidcapgrowthcompanies(ADPT,GH,NTRA,TXG)andCRO/CDMOs(CRL,CTLT,IQV,PPD).WeremainUnderweightonLMNX,MYGN,QDEL,VARandWAT.MedTechManagedCare&HealthcareFacilities““GoldilocksPrevails”-72%ofthosewithadeferredmedicalprocedurestatedtheywerewillingtoundergotheprocedureeither“now”or“withinafewmonthsascrisiseases”.Hospitals&Providers:Thisseemsfairlybullishforhospitalsoffthedown50...