Investor Day Demonstrates Both Human and Economic Power of HNGE Model; OW, PT to $125

研报英文原文证据摘录

Investor Day Demonstrates Both Human and Economic Power of HNGE Model; OW, PT to $125

the midpoint of revised guide. In CY26, at the midpoint of guidance, HNGE expects to Shares Out (mil) 94.5

deliver 39.7% y/y revenue growth and a 27.0% adjusted operating margin. This would Market Cap. (mil) US$5,864.7

be indisputably the best in class financial profile across all of Healthcare Services and Avg Daily Vol (000) 1,279

HCIT. We believe these financials are supported by deep and enduring competitive Div Yield 0.00%

moats; which extend to the company's technology, distribution and product/ customer Fiscal Year End Dec

experience. HNGE has demonstrated a track record of innovation and execution, which Price Performance - 1 Year

we believe will continue to fortify these moats. We have a high degree of confidence

in the updated LRP and believe catalysts like migraine and HingeSelect may sustain USD70

outperformance in CY27. We detail the assumptions underlying revised CY26 guidance 65

in yesterday's note here. A few other helpful assumption behind the updated LRP are 60

40-50 BPS of core yield improvement and 4.0-5.0M contracted lives adds per year. 55

• 300 employers covering 3.1M contracted lives are signed up for Migraine; 45

HingeSelect for surgery is poised to launch in CY27 and could conservatively 40

add $274.5M of incremental revenue in CY28. The migraine product already has 35

15 committed ecosystem partners. HNGE expects migraine to begin to drive material 30

revenue contribution in CY27 under the same consumption based pricing model Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26

customers know and appreciate in MSK. Migraine exemplifies HNGE's modularized Source: Bloomberg

approach to product development which allows the company to quickly and efficiently