Sonic Healthcare

Scott Power

Sonic 1H16 results were in line with our expectations, with solid underlying earnings growth driven by ex-Australia ops, somewhat overcoming well-flagged government policies that negatively impacted domestic businesses. Importantly, strong organic laboratory growth, profit enhancements across the domestic front, and gains from recent acquisitions and FX tailwinds, reiterate the outlook... Show More

CSL annual R&D day overview

Scott Power

CSL hosted its annual R&D day yesterday. Overall, we came away with a better appreciation of the company’s protein therapeutics technical platform, underpinned by a core focus on plasma fractionation and recombinant technology across four key verticals (ie Immunoglobulins (43% of total sales), Specially Products (17% of total sales), Haemophilia... Show More

Resmed 1QFY15 earnings summary

Scott Power

Resmed 1QFY15 underlying earnings were in line with expectations, with another quarter of double-digit sales growth, underpinned by strong US flow generator uptake and continued strength in masks beating market growth rates. While ROW sales continue to be impacted by disappointing SERVE-HF trial results, the impact remains ring-fenced and failed... Show More

Emerging Healthcare: Key inflection points in an uncertain world

Scott Power

Investing in small/micro-cap healthcare is challenging due to a lengthy and binary driven product cycle, which is punctuated with bouts of excessive share volatility. While a pure momentum strategy that rides on investor enthusiasm, knowledge of the timing and share impact of different catalysts (eg regulatory events, clinical trial readouts,... Show More

Sleep well at night - overviewing the large Healthcare stocks

Scott Power

FY15 earnings season was mixed and some outlook statements were soft, but the sector still managed to outperform and fundamentals remain intact. We see no point in worrying about the looming US Federal Reserve decision on rates, slowing global growth, falling commodity prices and an uncertain domestic macro outlook, as... Show More

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