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Wednesday, March 6, 2019

Health Venture of Amazon, Berkshire, JPMorgan Has a Name: Haven

The high-profile health-care venture launched last year by Amazon.com Inc., Berkshire Hathaway Inc. and JPMorgan Chase & Co. finally has a name: Haven.
The new company, which has formally released almost no information about its plans, is also unveiling a website, which includes a letter from Chief Executive Atul Gawande, a well-known writer and surgeon. But the site appears to add little new detail on the venture’s plans. Some information already had emerged in an ongoing court case filed by UnitedHealth Group Inc. against one of its own former employees, who is now working for Haven.
Dr. Gawande’s letter says that Haven “will create new solutions and work to change systems, technologies, contracts, policy and whatever else is in the way of better health care.”
Haven, which was incorporated in Delaware as a limited liability company formally named Tcorp62018, will initially focus on the employees of the three founding companies, according to a screenshot from the new website, echoing company officials’ earlier testimony. The site says that “in time, we intend to share our innovations and solutions to help others.”
In its suit, UnitedHealth’s Optum health-services unit has argued that the venture is a potential rival, and officials from the venture have said they aren’t competing with Optum.
The website reiterates that Haven isn’t meant to generate profits and will “reinvest any surplus back into our work.”
The company says it will focus on priorities including improved access to primary care, simplifying insurance coverage and making prescription drugs more affordable — all issues that were previously highlighted in court testimony. In a Q&A on the site, in answer to a question about whether Haven will look to replace patients’ existing doctors and insurance companies, the company says it is “interested in working with clinicians and insurance companies to improve the overall health care system.”

CareDx reports Q4 EPS 1c, consensus 0c

Reports Q4 revenue $23.51M, consensus $23.04M.
https://thefly.com/landingPageNews.php?id=2875403

Unity Biotechnology initiated at Cantor Fitzgerald

Unity Biotechnology initiated with an Overweight at Cantor Fitzgerald. Cantor Fitzgerald analyst Elemer Piros initiated Unity Biotechnology with an Overweight and $21 price target.
https://thefly.com/landingPageNews.php?id=2875409

Assertio Therapeutics reports Q4 EPS 30c, consensus 20c

Reports Q4 revenue $62.8M, consensus $60.91M.
https://thefly.com/landingPageNews.php?id=2875411

Health Insurance Innovations sees FY19 EPS $3.20 to $3.35, consensus $3.05

The Company expects annual revenue for 2019 to grow 22% to 25% year-over-year, with expected revenue in the range of $430 million to $440 million for 2019, adjusted EBITDA to grow 21% to 30% year-over-year, with expected adjusted EBITDA in the range of $72.0 million to $77.0 million for 2019, and adjusted net income per share to grow 23% to 29%, with expected adjusted net income per share in the range of $3.20 to $3.35 for 2019. Consensus for FY19 revenue is $353.41M.
https://thefly.com/landingPageNews.php?id=2875417

OrthoPediatrics sees FY19 revenue growth 21%-23%

https://thefly.com/landingPageNews.php?id=2875432

Allergan hit after rapastinel fails to meet primary endpoint in studies

In after-hours trading, shares are down about 5% to $131.05
https://thefly.com/landingPageNews.php?id=2875471