Healthcare Technology: Digital Health 2.0: Doubling Down on HNGE and OMDA

研报英文原文证据摘录

Healthcare Technology: Digital Health 2.0: Doubling Down on HNGE and OMDA

Idea

May 27, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMHealthcare Technology | North America Craig Hettenbach

Equity Analyst

Digital Health 2.0: Doubling Craig.Hettenbach@morganstanley.comJialin Jin +1 212 761-6435

Research Associate

Jay.Jin@morganstanley.com +1 212 761-3913

Down on HNGE and OMDA John Y Park

John.Park@morganstanley.com +1 212 761-4029

Scar tissue in Digital Health runs deep, keeping some investors Erin Wright

away from HNGE and OMDA. We're buyers as estimates look EquityErin.Wright1@morganstanley.comAnalyst +1 212 761-6137

conservative on the back of strong execution, momentum in the Linda Bolduc

self-insured market, increasing traction in fully insured, and EquityLinda.Bolduc@morganstanley.comAnalyst +1 617 856-8009

margin upside as the platforms scale efficiently. Michelle Foley

Michelle.Foley@morganstanley.com +1 212 761-4056

Key Takeaways Natasha Arya

On key debates of durable growth & margin expansion, our conviction is high and Natasha.Arya@morganstanley.com +1 212 761-6294

counter to bearish narratives (OMDA shorts are ~15% of float, HNGE ~8%)

Healthcare Technology

Both HNGE and OMDA are ~10% penetrated within TAMs, providing a long North America

Industry View In-Line

runway for growth...

...underpinned by strong go to market execution, health plan & PBM partnerships

and increasingly effective marketing campaigns driving member activation

We view both companies as AI winners, leveraging technology to scale platforms

without adding headcount and using proprietary data to enhance member

engagement

Separately, we weigh in on the AI disruption debate for DOCS and WAY. We like

DOCS' position but recognize stronger growth is needed to dispel concerns