Travel with Management; Such a Good Story, Reiterate OW Rating

研报英文原文证据摘录

Travel with Management; Such a Good Story, Reiterate OW Rating

S$(0.29)

the Street was worried about the degradation in FFR-CT pricing. However, this is a

52-Week High / Low US$41.22 / US$20.13 deliberate strategy to drive volume expansion and pull through Plaque revenue. It also

Shares Out (mil) 85.3

serves as a barrier to entry, making it harder for competitors to displace an entrenched, Market Cap. (mil) US$2,511.2

high-utilization platform. We view this dynamic as underappreciated by the Street and a Avg Daily Vol (000) 1,306

key reason why top-line growth should remain durable. Div Yield 0.00%

Fiscal Year End Dec

• Plaque Ramping Nicely With Upside Potential Going Forward. Management noted

Price Performance - 1 Year that Plaque is ramping quickly as it already has an install base of customers to approach

with the technology. Additionally, management noted meaningful price increases coming USD

for Plaque, which should further buoy this franchise going forward (no exact timing or 45

amounts were provided). Finally, the number of patients HTFL is addressing with Plaque 40

is much larger than FFR-CT, so the company anticipates the former will eventually be 35

its biggest business. We do not believe this is well appreciated by investors and should 30

be a meaningful value creator in the future.

• Operational Efficiency is Improving; Margin Trajectory Is Intact. Management 20

reiterated its expectation for best-in-class operating margins over time, and the 100% 15

gross margin profile on Plaque provides a powerful mix-shift tailwind as that product Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26

scales. Note continues on Page 2... Source: Bloomberg

RISKS TO ACHIEVEMENT OF PT & RECOMMENDATION

Commercialization challenges, reimbursement risks, competition

COMPANY DESCRIPTION