Weekly Tech Talk: HCIT Outperforms, Inbounds on WAY & HQY

研报英文原文证据摘录

Weekly Tech Talk: HCIT Outperforms, Inbounds on WAY & HQY

he co to resume its beat and raise cadence. We also believe the Iodine cross-sell will

start to show up in the P&L in 4Q26 and drive incremental growth next year, which could be reflected

when mgmt releases '27 guidance. Additionally, we sized Waystar's clearinghouse revenues in this

note last wk.

HQY: With the continued rise in long-end treasury rates, we've had investors asking more about

HQY. Investors recognize the fundamental tailwinds driving earnings (increased HSA adoption,

more out-of-pocket spend for patients, higher long-end yields, AI efficiencies), but wonder how to

value the company after the enhanced rates/cash maturity schedule and margin expansion stories

have played out. In our view, valuation hinges on HQY's normalized LT growth rate, and without an

official LRP from mgmt, investors will continue to use the industry's HSD % accounts growth as

the baseline for valuation. We view the marketplace as the next growth accelerator for HQY, and

continued strong adoption over the coming quarters should be a catalyst for stock upside.

HIMS. Shares saw volatility over the last week as investors de-risked ahead of the FDA's PCAC

meeting on seven new peptides on July 23-24. We believe the stock had been overextended, as

retail viewed this meeting as a bullish catalyst and went long ahead of it, despite our concerns

that peptides will not be a meaningful contributor to HIMS' earnings in '26 or '27. Although this

PCAC meeting opens the door for HIMS to eventually offer peptide treatments, we believe this

development is largely priced in, as shares have already traded higher since the '26 EBITDA guidance

revision in the Q1 release, driven by the peptide thesis.

Key Headlines in HCIT Land From Last Week: