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Healthcare Sector. Healthcare Services, Medical Devices & Hospital Supplies. Michael Drucker Senior Equity Analyst. Healthcare Performance. Performance Review – Healthcare Equipment. Currency headwind Concerns on sustainability of pricing Hospital capital freeze Obamacare.

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Healthcare Sector

Healthcare Services, Medical Devices & Hospital Supplies

Michael Drucker

Senior Equity Analyst


Healthcare performance
HealthcarePerformance

Performance Review – Healthcare Equipment

  • Currency headwind

  • Concerns on sustainability of pricing

  • Hospital capital freeze

  • Obamacare


Healthcare preferred stocks
HealthcarePreferred Stocks

Healthcare Services, Medical Devices & Hospital Supplies

  • Covidien (COV, 1/B)

  • McKesson (MCK, 1/B)


Healthcare preferred stocks1
HealthcarePreferred Stocks

Covidien (COV, 1/B)

  • Spin-off From Tyco

  • Incentivized Management

  • Portfolio Restructuring

    • Sell slower growth, low ROIC businesses to add faster growth, high ROIC businesses

    • Prefer tuck-in acquisitions, but will return excess capital to shareholders

  • Leverage Infrastructure Investments

  • Capital Deployment Opportunity


Healthcare preferred stocks2
HealthcarePreferred Stocks

McKesson (MCK, 1/B)

  • Leader in Pharmaceutical Distribution and Healthcare IT (HCIT)

  • Pharmaceutical Distribution stable with re-signing of CVS contract (15% of revenue)

  • HCIT upside from stimulus

    • Undervalued asset within McKesson

    • 20% of operating income

    • $21 billion will be paid to doctors / hospitals to upgrade to electronic medical records (EMR)



Thank you.

Michael Drucker

Senior Equity Analyst


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