Accendra Health Inc (ACH.N): Notes from the Road

研报英文原文证据摘录

Accendra Health Inc (ACH.N): Notes from the Road

Accendra Health Inc (ACH.N)

16 June 2026 Citi Research

ACH acknowledged that it was slow to react to this market shift and to the new

reauthorization complexities. Management now has plans in place to more

effectively navigate the documentation requirements and manage the patient

transition to Bi-PAP where appropriate. However, the impact of these headwinds

will continue to be felt. The company anticipates that NIV growth will be reduced

for the year, and overall respiratory growth will be flat in the second half of 2026

before turning to 1% growth thereafter. The silver lining is that the difficult

environment in 2026, driven by these regulatory pressures, will create very easy

comps for the respiratory segment in 2027, with management noting that LSD

growth for that year would be a very achievable and positive outcome.

Offsetting CGM Shift to Pharmacy Channel

A significant structural trend impacting the diabetes business is the ongoing shift

of CGM fulfillment from the traditional DME channel to the pharmacy channel. This

shift is largely driven by the vertical integration of payors and PBMs, who have a

strong economic incentive to direct fulfillment through their own captive or

preferred pharmacy networks. This dynamic creates a headwind for ACH’s CGM

volume growth through the DME channel. However, the company is proactively

managing this trend through a multi-faceted strategy. First, ACH has its own

pharmacy capability, allowing it to capture some of the volume that shifts

channels. While mgmt describe this as a "small pharmacy offering," it provides an

essential tool to retain patients.

Second, and more importantly, the company is focused on educating providers and