J.P. 摩根-美股-医疗服务业-医疗IT：2019年Q4复盘，回调=机会-2020.3.13-31页.pdf

North America Equity Research 13 March 2020 Healthcare IT 4Q19 Post Mortem; Pullbacks = Opportunity, Thoughts on the Stocks, COVID-19, and 4Q Prints The HCIT group has pulled back 33% since 2/19, due to market volatility (SPX Health Care Services – down 27%) and COVID-19 fears, despite 2020 guides largely in line with or Distribution, Technology & PBMs above expectations. In the near-term, we expect concerns around elective care Anne E. Samuel AC disruption, interest rates, leverage, and unemployment to continue to pressure (1-212) 622-4163 names like PGNY, HQY, and LVGO, with PGNY and HQY seeing outsized anne.e.samuel@ pullbacks relative to the group at 42% and 46% respectively. That said, HCIT in Bloomberg JPMA SAMUEL <GO> general is less exposed to COVID-19 relative to other healthcare services names, Lisa C. Gi given its largely subscription revenue base and lack of volume/supply chain (1-212) 622-6466 disruption (on 3/ 10 CERN covered by Lisa Gill said that they have not seen any lisa.c.gill@ impact to hospital spending/decision making). Looking longer ter , we continue Michael Minchak, CFA (1-212) 622-6506 to like names that have high visibility into 2020 guides, compounding growth michael.minchak@ p