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Michael Drucker Senior Equity Analyst

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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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slide1

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)
slide7

Thank you.

Michael Drucker

Senior Equity Analyst

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