In today’s briefing:
- Teladoc Health Inc (TDOC US): 1Q22 Results Review- Revenue Missed, 2022 Guidance Reduced
- Pre-IPO Scivita Medical Technology – The Industry, the Business, and the Concerns
- Align Technology (ALGN US) Q1 Results: Both Revenue and Earnings Miss, First Time in Last Two Years
- Sanofi India – Beat on Margins; Strong Recovery Sequentially
Teladoc Health Inc (TDOC US): 1Q22 Results Review- Revenue Missed, 2022 Guidance Reduced
- Teladoc Health, Inc. (TDOC US) reported Q1 results, in-line with its prior guidance. However, 2022 guidance cut has played the spoilsport.
- Teladoc shares plummeted more than 40% in 2022 to trade near 52-week low. With the near-term noises persist, shares will need time to recover.
- With the current market dynamics in certain areas of operation not in favor of Teladoc, recent downfall in shares does not represent an attractive buying opportunity.
Pre-IPO Scivita Medical Technology – The Industry, the Business, and the Concerns
- Scivita Medical Technology (SMT HK) has certain technical advantage and a comprehensive portfolio of products and candidates, which would help the Company seize a position in this market.
- There are also some potential risks and concerns that could be unfavorable for Scivita’s development, which should be aware of by investors.
- In terms of the valuation, SonoScape and Aohua Endoscopy (688212.CH) could be the comparable companies, but the valuation of Scivita should be lower than either of them.
Align Technology (ALGN US) Q1 Results: Both Revenue and Earnings Miss, First Time in Last Two Years
- Align Technology (ALGN US) reported underwhelming Q1 results. Both revenue and earnings missed consensus and were down sequentially.
- Sequential results primarily reflect lower volumes mainly due to continued impact of the COVID-19 causing lesser patient traffic and practice closure.
- Due to increased uncertainty across all its operating markets, the company suspended 2022 revenue guidance. Earlier, Align guided for 20–30% y/y revenue growth in 2022.
Sanofi India – Beat on Margins; Strong Recovery Sequentially
- Investing in dominant brands: Sanofi India has been relying on the growth of dominant brands like Lantus, Toujeo, Amaryl and Allegra in the domestic portfolio.
- We currently assume Lantus to come under DPCO: While the new NLEM list is yet to be finalized and there is a probability that Lantus may be included in the same.
- Potential introduction of other insulin products in India: Sanofi’s parent company has received approval for the biosimilar version of other insulin brands in regulated markets and we believe the company would look to introduce these biosimilar versions in India too.
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