In today’s briefing:
- Quiddity HSCEI Sep 23 Flow Expectations Update: US$367mn One-Way, Beigene Vs Peers Interesting
- Oryzon Genomics – H123 progress and results came in as expected
- Insulet Corp (PODD US): Slow Recovery Is Expected on Easing Competition Fear; 2023 Guidance Raised
- Elevance Health Inc.: An Unstoppable Force Revolutionizing Healthcare? – Key Drivers
- Intuitive Surgical Inc.: Can The da Vinci System Be A Game Changer For The Medical Industry? – Key Drivers
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Quiddity HSCEI Sep 23 Flow Expectations Update: US$367mn One-Way, Beigene Vs Peers Interesting
- In three more weeks, the index changes and the indicative capping changes for the September 2023 rebalance will be officially announced.
- We first looked at the potential HSCEI index changes and the resultant capping flows for September 2023 in Quiddity HSCEI Sep 23 Flow Expectations: Two Changes Likely, US$276mn One-Way
- In this insight, we take a look at Quiddity’s updated flow expectations which account for the changes in prices in the last ~1.5 months.
Oryzon Genomics – H123 progress and results came in as expected
Oryzon’s H123 results highlight the continued progress of its lead clinical-stage assets, including positive aggregate safety data from the Phase IIb PORTICO trial assessing vafidemstat in borderline personality disorder. The company also indicated that enrolment is proceeding for the Phase IIb EVOLUTION trial (assessing vafidemstat in schizophrenia) and for the Phase Ib FRIDA trial (evaluating iadademstat in acute myeloid leukaemia, (AML)). Total H123 operating expenses were up by only 0.5% y-o-y (to €10.95m), despite a 6.3% increase in R&D costs (to $8.63m). With gross cash of $14.6m at the end of H123, we estimate a cash runway into Q224. We anticipate that top-line data readouts from the PORTICO trial (expected in Q124) may be the company’s next significant catalyst.
Insulet Corp (PODD US): Slow Recovery Is Expected on Easing Competition Fear; 2023 Guidance Raised
- Insulet Corp (PODD US), with expanding user-base and product innovation, is well-positioned to face competition in the US patch pump market. Large and underpenetrated target market offers immense growth potential.
- Insulet raised Omnipod 2023 revenue growth guidance to 21–25% from 17–22% previously. The U.S. Omnipod revenue growth guidance has been raised to 27–31% from 21–26% earlier.
- For 2023, Insulet expects gross profit margin of 65–66%, compared with 61.7% in 2022. Insulet has reaffirmed high-single-digit operating profit margin for 2023 compared with 2.9% in 2022.
Elevance Health Inc.: An Unstoppable Force Revolutionizing Healthcare? – Key Drivers
- Elevance Health managed to exceed analyst expectations in terms of revenue as well as earnings.
- This strong result was driven by solid execution and progress in its mission to become a trusted health partner for life.
- They achieved double-digit growth in GAAP and adjusted earnings per share, raising their adjusted earnings outlook for the year.
Intuitive Surgical Inc.: Can The da Vinci System Be A Game Changer For The Medical Industry? – Key Drivers
- Intuitive Surgical managed to exceed analyst expectations in terms of revenue as well as earnings.
- Cholecystectomy and hernia repair procedures grew more frequently in general surgery.
- SP procedure growth was accretive in the quarter, with a 40% global increase driven by accelerated growth in the United States.