瑞信美股医疗技术与分配管理团队的问题20170908CREDITSUISSEHealthcareTe

DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.8September2017Americas/UnitedStatesEquityResearchHealthcareTechnology&DistributionHealthcareTechnology&DistributionS[e-mail]@[e-mail]tteamsWithfallconferenceseasonrampingand2Q17earningsbehindus,wehavecompiledalistofrelevantquestionsandtopicsofdiscussionforrespectivemanagementteamsacrossourcoverageuniverseofHealthcareTechnology&Distributioncompanies,includingPBMs/Pharmacies,Distributors,ContractServicesOrganizations,AnimalHealth,Dental,Deathcare,HCIT,amongothers.Pleasereachouttoourteamforexcel-basedcopiesofourlatestmodelsorotherrequestsinpreparationforyourmeetings.Figure1:HCT&DCoverageUniverseDentalCROs/ClinicalLaboratoriesDentsplySironaXRAYQuintilesIMSQAlignTechnologyALGNICONPLCICLRHenryScheinHSICPRAHealthSciencesPRAHPattersonCompaniesPDCOMedpaceMEDPPAREXELPRXLPBMs/PharmaciesCharlesRiverLaboratoriesCRLCVSHealthCVSLabCorpofAmericaLHWalgreensBootsAllianceWBAQuestDiagnosticsDGXExpressScriptsESRXPharMericaPMCAnimalHealthDiplomatPharmacyDPLOZoetisZTSIDEXXLaboratoriesIDXXDistributorsPhibroAnimalHealthPAHCAmerisourceBergenABCVCAWOOFCardinalHealthCAHAbaxisABAXMcKessonMCKPetmedExpressPETSOwens&MinorOMIAratanaTherapeuticsPETXInformationTechnology&ServicesLifeScience/OtherHMSHoldingsHMSYDanaherDHRPremierPINCFulgentGeneticsFLGTCotivitiCOTVLantheusHoldingsLNTHDeathcareServiceCorpINTLSCIHealthcareServicesGroupHCSGSource:CreditSuisse8September2017HealthcareTechnology&Distribution2TableofcontentsFigure2:CreditSuisseHealthcareTechnology&DistributionCoverageUniverse4AnimalHealth5Abaxis(ABAX).........................................................................................................5AratanaTherapeutics(PETX)..................................................................................6IDEXXLaboratories(IDXX)......................................................................................7PhibroAnimalHealth(PAHC)..................................................................................9PetmedExpress(PETS)........................................................................................10Zoetis(ZTS)...........................................................................................................11CROs14CharlesRiverLaboratories(CRL)..........................................................................14ICONPLC(ICLR)...................................................................................................15Medpace(MEDP)...................................................................................................16PAREXEL(PRXL)..................................................................................................19PRAHealthSciences(PRAH)...............................................................................20QuintilesIMS(Q)....................................................................................................22LifeScienceTools&Diagnostics/Other24Danaher(DHR)......................................................................................................24FulgentGenetics(FLGT).......................................................................................27Lantheus(LNTH)....................................................................................................28Distributors29AmerisourceBergen(ABC)..................................................................................29CardinalHealth(CAH)...........................................................................................30McKesson(MCK)...................................................................................................31Owens&Minor(OMI)............................................................................................33PBMs&Pharmacies34CVSHealth(CVS)..................................................................................................34WalgreensBootsAlliance(WBA)...........................................................................36ExpressScripts(ESRX).........................................................................................37DiplomatPharmacy(DPLO)...................................................................................37Dental39DentsplySirona(XRAY).........................................................................................39AlignTechnology(ALGN)......................................................................................41HenrySchein(HSIC).........................