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Presentation Main Title THOMASTEAM TOBIN |MEMBER MANAGING DIRECTORONE | @HedgeyeHCTEAM MEMBER THREE ANDREW FREEDMAN | ASSOCIATE | @ HedgeyeHIT ALEX ROSSTEAM | ANALYST MEMBER TWO TEAM MEMBER FOUR © Hedgeye Risk Management LLC All Rights Reserved DISCLAIMER DISCLAIMER Hedgeye Risk Management is a registered investment advisor, registered with the State of Connecticut. Hedgeye Risk Management is not a broker dealer and does not provide investment advice for individuals. This research does not constitute an offer to sell, or a solicitation of an offer to buy any security. This research is presented without regard to individual investment preferences or risk parameters; it is general information and does not constitute specific investment advice. This presentation is based on information from sources believed to be reliable. Hedgeye Risk Management is not responsible for errors, inaccuracies or omissions of information. The opinions and conclusions contained in this report are those of Hedgeye Risk Management, and are intended solely for the use of Hedgeye Risk Management’s clients and subscribers. In reaching these opinions and conclusions, Hedgeye Risk Management and its employees have relied upon research conducted by Hedgeye Risk Management’ s employees, which is based upon sources considered credible and reliable within the industry. Hedgeye Risk Management is not responsible for the validity or authenticity of the information upon which it has relied. TERMS OF USE This report is intended solely for the use of its recipient. Re-distribution or republication of this report and its contents are prohibited. For more details please refer to the appropriate sections of the Hedgeye Services Agreement and the Terms of Use at www.hedgeye.com © Hedgeye Risk Management LLC. All Rights Reserved. 2 KEY THESIS POINTS 1 AMBULATORY STABILIZATION 2 INPATIENT ACCELERATION 3 NEAR THE END OF A NEGATIVE REVISION CYCLE © Hedgeye Risk Management LLC. All Rights Reserved. 3 FINANCIAL VALUATION SUMMARY athenahealth, Inc. $ 93.83 Financial and Valuation Summary FY16 ends Dec '16 1Q16:E 2Q16:A 3Q16:A 4Q16:E 1Q17:E 2Q17:E 3Q17:E 4Q17:E 2015:A 2016:E 2017:E 2018:E Hedgeye EPS ($) 0.34 0.34 0.60 0.64 0.40 0.48 0.58 0.83 1.37 1.93 2.29 3.01 Consensus ($) 0.34 0.34 0.60 0.50 0.37 0.44 0.62 0.74 1.37 1.79 2.17 2.71 Variance % 0.7% 1.3% 0.3% 26.2% 7.6% 10.1% -6.2% 12.1% --- 7.4% 5.5% 11.2% Hedgeye Sales ($MM) 256.1 261.9 276.7 303.8 296.5 310.8 325.6 352.2 924.7 1,098.5 1,285.1 1,507.1 Consensus ($MM) 256.1 261.9 276.7 303.3 298.2 313.3 324.7 354.6 924.7 1,098.1 1,286.6 1,485.1 Business Services* 234.6 242.5 252.7 277.6 275.4 291.9 302.2 326.6 833.8 1,007.4 1,243.7 1,341.9 Implementation and other 5.6 4.9 6.6 6.1 5.6 4.9 6.6 6.1 23.1 23.1 23.1 23.1 Epocrates 13.0 11.6 14.4 17.0 13.0 11.6 14.4 17.0 52.3 56.0 56.0 56.0 Arsenal 3.0 3.0 3.0 3.0 2.5 2.5 2.5 2.5 15.6 12.0 10.0 8.0 Net Physician Additions athenaCollector 1,816 1,528 3,829 2,145 1,684 1,647 3,951 1,959 9,854 9,318 9,242 9,415 athenaClinical 1,302 1,180 2,090 1,373 1,301 1,301 2,669 1,574 6,056 5,945 6,845 6,633 athenaCommunicator 1,643 1,489 3,416 1,587 1,470 1,384 3,865 1,734 8,472 8,135 8,454 8,046 Margins Gross Margin 62.0% 62.7% 65.0% 65.3% 62.5% 63.2% 64.5% 65.8% 63.5% 63.8% 64.1% 64.6% EBIT Margin 9.5% 8.9% 15.0% 14.6% 9.4% 10.8% 12.5% 16.6% 10.3% 12.1% 12.5% 14.2% EBITDA ($MM) 51.0 51.8 73.9 78.5 61.9 69.4 78.2 98.9 189.1 255.2 308.3 379.4 Multiples P/E --- --- --- --- --- --- --- --- 68.5 48.7 41.0 31.2 EV/EBITDA --- --- --- --- --- --- --- --- 20.7 15.3 12.7 10.3 EV/Sales --- --- --- --- --- --- --- --- 4.2 3.6 3.0 2.6 *Does not include Epocrates DATA SOURCE: FACTSET © Hedgeye Risk Management LLC. All Rights Reserved. 4 HEALTHCARE POSITION MONITOR Sentiment Investment Ideas - Longs Trade Trend Tail Sentiment Investment Ideas - Shorts Trade Trend Tail Score1 LONG Score1 SHORT 6 ATHN athenahealth, Inc. --- --- 89 CERN Cerner Corporation 6 EXAS Exact Sciences Corporation 81 HOLX Hologic, Inc. 59 AMN AMN Healthcare Services, Inc. 53 ZBH Zimmer Biomet Holdings, Inc. --- 41 HCA HCA Holdings, Inc. 33 MD MEDNAX, Inc. 22 QSII Quality Systems, Inc. --- --- 17 MDRX Allscripts Healthcare Solutions, Inc. 1 CPSI Computer Programs and Systems, Inc. --- --- Sentiment Long Bench Sentiment Short Bench Score1 LONG Score1 SHORT 41 ILMN Illumina, Inc. --- --- --- 97 WOOF VCA Inc. --- --- --- 56 EVH Evolent Health Inc Class A --- --- --- 79 LH Laboratory Corporation of America Holdings --- --- --- 78 ABCO Advisory Board Company --- --- --- 71 ICLR ICON Plc --- --- --- 53 CRL Charles River Laboratories International, Inc. --- --- --- 44 MDSO Medidata Solutions, Inc. --- --- --- 36 LPNT LifePoint Health, Inc. --- --- --- 24 PRXL PAREXEL International Corporation --- --- --- 18 Q Quintiles IMS Holdings, Inc. --- --- --- 5 DGX Quest Diagnostics Incorporated --- --- --- 1 CYH Community Health Systems, Inc. --- --- --- 1Percentile rank within sub-sector ( 1 = High Short Interest, Negative Sell Side / 100 = Low Short Interest, Positive Sell Side) Bench = Timing is not right, or research in progress. DATA SOURCE: FACTSET © Hedgeye Risk Management LLC. All Rights Reserved. 5 2016 TOUGH YEAR FOR HEALTHCARE IT 20% MDRX QSII CPSI ATHN CERN S&P 500 10% 0% -10% -20% -30% -40% -50% -60% 1/8/2016 2/8/2016 3/8/2016 4/8/2016 5/8/2016 6/8/2016 7/8/2016 8/8/2016 9/8/2016 10/8/2016 11/8/2016 DATA SOURCE: FACTSET © Hedgeye Risk Management LLC. All Rights Reserved. 6 VALUATION HITTING NEW LOWS 60.0x EV/EBITDA NTM Average 10.0x EV/Sales NTM Average +1 Std Dev -1 Std Dev +1 Std Dev -1 Std Dev 9.0x 50.0x 8.0x 40.0x 7.0x 30.0x 6.0x NTM EV/Sales NTM EV/EBITDA NTM 5.0x 20.0x 4.0x 10.0x 3.0x 0.0x 2.0x DATA SOURCE: FACTSET © Hedgeye Risk Management LLC. All Rights Reserved. 7 ATHN PREMIUM RELATIVE TO SPX EVAPORATED Relative EV/EBITDA SPX Average 6.0x 6.0x Relative EV/Sales SPX Average -1 Std Dev +1 Std Dev -1 Std Dev +1 Std Dev 5.0x 5.0x 4.0x 4.0x 3.0x 3.0x 2.0x 2.0x ATHN NTM EV/Sales Relative SPX to ATHN NTM EV/EBITDA Relative SPX EV/EBITDA ATHNto NTM Relative 1.0x 1.0x 0.0x 0.0x DATA SOURCE: FACTSET © Hedgeye Risk Management LLC. All Rights Reserved. 8 ATHN PREMIUM RELATIVE TO PEERS EVAPORATING 6x Relative EV/EBITDA MDRX 18x MDRX NTM EV/EBITDA CERN NTM EV/EBITDA Relative EV/EBITDA CERN Average Average Relative EV/EBITDA CERN + MDRX 16x 5x 14x 4x 12x 10x 3x 8x 2x 6x 4x 1x 2x 0x 0x DATA SOURCE: FACTSET © Hedgeye Risk Management LLC. All Rights Reserved. 9 SHORT INTEREST STILL ELEVATED 45% SI % Float Average +1 Std Dev -1 Std Dev 40% 35% 30% 25% 20% 15% 10% 5% 0% DATA SOURCE: FACTSET © Hedgeye Risk Management LLC. All Rights Reserved. 10 SALES ESTIMATE REVISIONS NEGATIVE $1,900 Dec '18E Dec '17E $1,800 $1,700 $1,669 $1,586 $1,600 $1,500 $1,498 $1,400 $1,372 Consensus Sales Estimate Millions)($ $1,318 $1,300 $1,293 $1,200 DATA SOURCE: FACTSET © Hedgeye Risk Management LLC. All Rights Reserved. 11 VARIANCE OF SELL SIDE 2017 GROWTH ESTIMATES 2.5% 2017 Sales YoY % 2.3% 2.1% 2.0% 1.8% 1.5% 1.3% 1.3% 1.2% 1.2% 1.0% 0.9% 17% 0.7% 0.6% 0.5% 0.3% 0.2% 0.0% 0.0% -0.1% 0.0% -0.2% -0.5% -1.0% -1.5% -1.3% -1.7% -1.7% -2.0% -1.9% -2.0% -2.1% -2.5% DATA SOURCE: FACTSET © Hedgeye Risk Management LLC. All Rights Reserved. 12 FISHING FOR 30% UPSIDE IN 2017 2018 EV/EBITDA 2019 EV/EBITDA 11.0x 12.0x 13.0x 14.0x 15.0x 16.0x 11.0x 12.0x 13.0x 14.0x 15.0x 16.0x 10.0% $ 89.5 $ 98.3 $ 107.1 $ 115.9 $ 124.7 $ 133.5 10.0% $ 111.7 $ 122.5 $ 133.3 $ 144.1 $ 154.9 $ 165.7 15.0% 93.9 103.1 112.3 121.5 130.7 139.9 15.0% 117.1 128.4 139.7 151.0 162.3 173.6 20.0% 98.3 107.9 117.5 127.1 136.7 146.3 20.0% 122.5 134.3 146.1 157.9 169.7 181.4 25.0% 102.7 112.7 122.7 132.7 142.7 152.7 25.0% 127.9 140.2 152.5 164.7 177.0 189.3 30.0% 107.1 117.5 127.9 138.3 148.7 159.0 30.0% 133.3 146.1 158.9 171.6 184.4 197.2 2018 EBITDA Growth EBITDA 2018 35.0% 111.5 122.3 133.1 143.9 154.6 165.4 Growth EBITDA 2019 35.0% 138.7 152.0 165.2 178.5 191.8 205.0 Bear Base Bull Bear Base Bull -4% 34% 78% 20% 67% 120% DATA SOURCE: FACTSET © Hedgeye Risk Management LLC.
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