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Wednesday, February 9, 2022

Why Doximity Shares Are Trading Higher

 Doximity Inc 

 posted Q3 FY22 sales of $97.9 million, an increase of 67% Y/Y, beating the consensus of $86.27 million.

  • The adjusted EPS of $0.29 came ahead of the consensus of $0.13 and $0.07 a year ago.
  • Non-GAAP net income rose to $63.6 million, versus $19.5 million last year, representing a 65% margin.
  • Adjusted EBITDA of $47.0 million increased 119% Y/Y, representing adjusted EBITDA margins of 48%.
  • Doximity generated an operating cash flow of $27.3 million versus $24.0 million, and a free cash flow of $25.6 million, versus $22.9 million.
  • "We had a strong Q3 led by our existing clients as our net revenue retention rate hit 171%," said Jeff Tangney, co-founder & CEO. "Our telehealth platform grew to 350,000 active providers."
  • Acquisition: Doximity has acquired Amion, an on-call physician scheduling site. Deal terms were not disclosed.
  • Amion manages nearly 200,000 physician schedules at thousands of hospitals.
  • Guidance: For Q4 FY22, Doximity expects revenue of $89.0 million - $90.0 million, compared to the consensus of $89.26 million.
  • It expects adjusted EBITDA of $34.0 million - $35.0 million.
  • For FY22, the Company forecasts revenue of $338.9 million - $339.9 million, versus the consensus of $327.6 million, with adjusted EBITDA of $144.9 million - $145.9 million.
  • The Company also issued interim guidance for FY23 with revenue of approximately $450 million and an adjusted EBITDA margin of over 40%.

Tenet upped tp Outperform from Market Perform by Leerink

 Target to $100 from $88

https://finviz.com/quote.ashx?t=THC&ty=c&ta=1&p=d

Silence Therapeutics: Positive Topline Data in Phase 1 in High Lipoprotein(a)

 Silence Therapeutics plc, Nasdaq: SLN (“Silence” or “the Company”), a leader in the discovery, development and delivery of novel short interfering ribonucleic acid (“siRNA”) therapeutics for the treatment of diseases with significant unmet medical need, today announced positive topline results in its phase 1 single-ascending dose study of SLN360, an siRNA targeting lipoprotein(a) (“Lp(a)”), in healthy adults with high Lp(a).

High Lp(a), defined as ≥ 50 mg/dL (c.125nmol/L), affects approximately 20% of the world’s population and is a genetic risk factor for cardiovascular disease. There are no approved medicines that selectively lower Lp(a). SLN360 is a siRNA that is designed to lower Lp(a) production by targeting messenger RNA transcribed from the LPA gene.

“These first-in-human data for SLN360, which align with our pre-clinical findings, reinforce our confidence in its potential to substantially lower Lp(a) levels with long-lasting action and address a major unmet need in cardiovascular disease,” said Giles Campion, M.D., EVP, Head of R&D and Chief Medical Officer at Silence. “More broadly, siRNA is proving to be a powerful modality for treating genetic conditions, both common and rare, by precisely engaging targets that have previously been considered ‘undruggable’.”

This phase 1 study evaluated the safety, tolerability, pharmacokinetics (PK) and pharmacodynamics of SLN360 at escalating doses in 32 adults with plasma concentrations at screening of Lp(a) ≥150 nmol/L (approximately ≥ 60 mg/dL) with no known cardiovascular disease. Individuals were randomly assigned to receive a single subcutaneous dose of SLN360 (30 mg, 100 mg, ≤ 300 mg or ≤ 600 mg) or placebo and were observed for up to 150 days.

https://www.bakersfield.com/ap/news/silence-therapeutics-announces-positive-topline-data-in-sln360-phase-1-single-ascending-dose-study-in/article_c2a1b40f-7eba-5297-a24a-bad712f185b3.html

FDA OKs AbbVie JUVÉDERM® VOLBELLA® XC For Undereye Hollows

 Allergan Aesthetics, an AbbVie company (NYSE: ABBV), announces the FDA approval of JUVÉDERM® VOLBELLA® XC for improvement of infraorbital hollows in adults over the age of 21.2 According to clinical trial data, 90% of subjects reported satisfaction through one year after treatment.2 With this approval, Allergan Aesthetics continues the expansion of its treatment portfolio to better address unmet patient needs. Per FDA requirement for this new indication, Allergan Aesthetics is providing a product training program for all interested providers, which includes facial anatomy and considerations for safe injection in this area, as well as identification and management of potential complications. Successful completion of this training is necessary prior to administration of JUVÉDERM® VOLBELLA® XC for this new indication.

https://finance.yahoo.com/news/fda-approves-juv-derm-volbella-130000356.html

Tuesday, February 8, 2022

Biden administration to fund programs that hand out crack pipes to prevent infection and promote 'racial equity'

 

  • The $30 million grant program will distribute funds to nonprofits and local governments to make drug use safer and 'advance racial equity' 
  • Included in the grant is money to purchase 'safe smoking kits/supplies'
  • A spokesperson for HHS said included in these kits could be pipes for users to smoke substances like crack cocaine and crystal methamphetamine
  • HHS said that the kits will serve to limit the risk of infection - typically users smoke out of glass pipes which can lead to cuts and sores that become infected
  • Handing out pipes is also intended to prompt users to smoke rather than inject themselves with some substances, like meth, as injection is far riskier
  • It is against the law to sell or distribute drug paraphernalia - including such pipes - unless authorized by state, local or federal law

President Biden's Health and Human Services department (HHS) is finalizing funding to dole out crack pipes to drug addicts as part of its 'Harm Reduction Plan.' 

The $30 million grant program, which accepted applications until Monday and will begin doling out money in May, intends to provide funds to nonprofits and local governments to make drug use safer, to advance 'racial equity.' 

Included in the grant is money to purchase 'safe smoking kits/supplies.' A spokesperson for HHS told the Washington Free Beacon that included in these kits could be pipes for users to smoke substances like crack cocaine and crystal methamphetamine, or 'any illicit substance.' 

HHS said that the kits will serve to limit the risk of infection - typically users smoke out of glass pipes which can lead to cuts and sores that become infected with diseases like Hepatitis-C. 

Handing out pipes is also intended to prompt users to smoke rather than inject themselves with some substances, like meth, as injection is far riskier.  

Applicants for the program get priority if they serve 'underserved communities,' such as African Americans or Native Americans, or LGBTQ people.

The crack-cocaine epidemic starting in the 1980s disproportionately ravaged the black community. 

Included in the grant is money to purchase 'safe smoking kits/supplies.' A spokesperson for HHS told the Washington Free Beacon that included in these kits could be pipes for users to smoke substances like crack cocaine and crystal methamphetamine, or 'any illicit substance'

Included in the grant is money to purchase 'safe smoking kits/supplies.' A spokesperson for HHS told the Washington Free Beacon that included in these kits could be pipes for users to smoke substances like crack cocaine and crystal methamphetamine, or 'any illicit substance'

A crack addict lights a pipe

A crack addict lights a pipe 

President Biden's Health and Human Services department (HHS) is finalizing funding to dole out crack pipes to drug addicts as part of its 'Harm Reduction Plan'

President Biden's Health and Human Services department (HHS) is finalizing funding to dole out crack pipes to drug addicts as part of its 'Harm Reduction Plan'

Other harm reduction supplies that could be purchased with the grant money include testing equipment for sexually transmitted diseases, overdose reversal medication, medication lock boxes, syringes and substance test kits. 

The grant program lasts three years and includes 25 awards of up to $400,000. 

It is against the law to sell or distribute drug paraphernalia - including such pipes - unless authorized by state, local or federal law. 

There were an estimated 100,306 drug overdose deaths in the 12-month period ending in April 2021, according to the CDC, a 28.5% increase from just the year prior. Three-quarters of those deaths involved opioids, many of them being synthetic opioids, such as methamphetamine or fentanyl.  

Cities like San Francisco and Seattle have experimented with their own crack pipe kit distribution programs. Others have backed away from such plans. Louisville, Ky. allowed convenience stores to sell drug kits, before later banning them from doing so.  

Meanwhile, the Justice Department (DOJ) signaled Monday it may allow 'safe injection sites' to open up across the U.S. Such sites would be safe havens where drug users could use heroin and other narcotics freely without risking arrest in an environment monitored by health professionals. 

The DOJ told the Associated Press it was 'evaluating' such facilities and talking to regulators about the 'appropriate guardrails.' The DOJ under the Trump administration had prosecutors who fought aggressively against a plan to open safe consumption sites in Philadelphia. 

'Although we cannot comment on pending litigation, the Department is evaluating supervised consumption sites, including discussions with state and local regulators about appropriate guardrails for such sites, as part of an overall approach to harm reduction and public safety,' the agency said in a statement Friday to the AP. 

A divided appeals court last year ruled that safe injection sites would violate a 1980s-era drug law aimed at 'crackhouses.'  The Supreme Court in October declined to take up the case.   

About six weeks later, the first officially authorized safe injection sites opened in New York City. The two facilities — which the city calls 'overdose prevention centers' — provide a monitored place for drug users to partake, with staffers and supplies on hand to reverse overdoses. 

The New York City sites so far have intervened in more than 110 overdoses among more than 500 users, many of whom have made multiple visits, according to OnPoint NYC, the organization running them.

However, critics say they are only encouraging drug use and burdening the surrounding communities.  

'Is this a cruel joke? Drug overdose deaths are at their highest recorded levels. The Biden administration should focus on stopping traffickers instead of creating more demand for their product,' Sen. Tom Cotton, R-Ark., wrote on Twitter of the Justice Department's consideration of the facilities. 

https://www.dailymail.co.uk/news/article-10487091/Biden-administration-fund-handing-crack-pipes-addicts-improve-racial-equity.html

Why SelectQuote Shares Are Falling

 SelectQuote Inc 

 shares are trading lower by 54.4% at $2.98 Tuesday morning after the company reported second-quarter EPS and sales were down year-over-year.

SelectQuote reported quarterly losses of 84 cents per share. The company also reported $195.00 million in sales this quarter. This is a 45% decrease over sales of $357.57 million in the same period last year.

Chief Executive Officer Tim Danker commented, "SelectQuote faced a series of unexpected challenges in our core Senior segment this Medicare Advantage season. Overall parity in Medicare Advantage plan features along with delayed hiring drove considerably lower close rates, which negatively impacted profitability. In addition, we recognized a $145 million downward cohort/tail adjustment based primarily on higher intra-year lapse rates and overall lower persistency from the January 2022 renewals. Based on that data, the potential risk discussed during our fourth-quarter earnings call in August 2021 was accelerated."

SelectQuote is a Direct-to-consumer (DTC) distribution platform which facilitates consumers to shop for health, life and auto & home insurance policies online. The company generates its revenues by selling insurance products on behalf of the insurance carrier partners in the form of commission.

https://www.benzinga.com/markets/cryptocurrency/22/02/25476828/why-selectquote-shares-are-falling

Bounties and Bonuses Leave Small Hospitals Behind in Staffing Wars

 A recent lawsuit filed by one Wisconsin health system that temporarily prevented seven workers from starting new jobs at a different health network raised eyebrows, including those of Brock Slabach, chief operations officer of the National Rural Health Association.

"To me, that signifies the desperation that hospital leaders are facing in trying to staff their hospitals," said Slabach.

His concern is for the smaller facilities that lack the resources to compete.

Already strained by the covid-19 pandemic, hospitals around the country are desperate to staff their facilities as the highly transmissible omicron variant spreads. Governors in states such as Massachusetts and Wisconsin deployed the National Guard to help hospitals combat the surge. Six hospitals in Cleveland took out a full-page ad in the Sunday Plain Dealer with a singular plea to the community, "Help." CoxHealth is among the medical systems in Missouri to ask its office staff to help out on the front lines.

With no end to the crisis in sight, hospitals have taken to enticing workers from other facilities to fulfill needs. In South Dakota, Monument Health offered signing bonuses up to $40,000 for experienced nurses who would make a two-year commitment to the health system. Job listings for nurses in Maine and Virginia include $20,000 signing bonuses. Montana is offering health care workers up to $12,500 in moving expenses to relocate to the state.

The labor market squeeze is affecting more than just health care. People are being lured into teaching jobs and the military with $20,000 signing bonuses, while construction and trucking companies are looking everywhere for workers, even within their competitors' ranks.

But in the life-or-death field of medical care, these sorts of bounties have turned an already stressful situation into one that Slabach called "almost combustible." Smaller facilities — particularly rural ones that have struggled for years to stay afloat — are finding it difficult, if not impossible, to compete for health care workers in this labor market. If a hospital is unable to maintain safe staffing levels, it could be forced to curtail services or possibly close, a devastating blow for both the patients and economies of those communities. Nineteen rural hospitals closed in 2020 alone.

In Pilot Knob, Missouri, Iron County Medical Center CEO Joshua Gilmore said staffing costs for his 15-bed rural hospital have jumped 15% to 20% during the pandemic after he gave raises across the board to nurses and nursing assistants. He's also offering $10,000 signing bonuses to fill three nursing positions.

Those are big expenses for such a small facility, particularly during a pandemic when spending on supplies like masks and other personal protective equipment has also increased. The hospital has received just under $5 million in federal covid relief, without which it likely would have closed, Gilmore said.

Gilmore said he has lost nurses to travel nursing jobs that can pay $10,000 per week. Typical pay for a nurse at Gilmore's facility is about $70,000 per year, he said. The hospital's staffing costs could have risen even higher if he had hired more travel nurses. Not only is their pay rate too expensive, he said, but his hospital lacks an intensive care unit — the area most commonly staffed by temporary nurses.

Two hundred miles to the west in Springfield, Missouri, CoxHealth has invested in training and retaining health care workers for years, according to Andy Hedgpeth, its vice president of human resources. Those efforts included increasing the class size at the affiliated nursing school from 250 to 400 students per year. Even so, the health system spent $25.5 million last year to give raises to 6,500 employees in an effort to retain workers.

"What we are seeing right now is the magnification of a critical shortage across the nation," Hedgpeth said. "The way out of that is through workforce development and showing individuals they can have stable careers in their community."

When hospitals do spend the money to hire travel nurses, it often ruffles the feathers of staff nurses, many of whom are already fighting for better working conditions. Hospitals are also losing workers to the very agencies they depend on for help.

In La Crosse, Wisconsin, the travel nursing agency Dedicated Nursing Associates placed a billboard near a Gundersen Health System facility advertising the agency's pay: $91 an hour for registered nurses, $69 for licensed practical nurses, and $41 for certified nursing assistants. Neither Gundersen nor Dedicated Nursing Associates responded to requests for comment.

Shane Johnson took to travel nursing after he was laid off from MU Health Care in Columbia, Missouri, as part of pandemic cutbacks in May 2020. He said it's hard to see himself going back to being on staff at a hospital given the better pay and flexibility that the temporary assignments afford him. A six-week contract in Chicago allowed him to earn as much in two days as he would have in two weeks at his previous job. A 15-week contract in Louisville, Kentucky, allowed him to be closer to family. His current work with the staffing platform CareRev allows him to choose his assignments on a shift-by-shift basis while still getting health insurance and retirement benefits.

"The question all these nurses are asking is: If they can pay these crisis wages right now, why couldn't they pay us more to do the work we were doing?" Johnson said.

The travel nursing industry has caught the eye of lawmakers. Some states are considering legislation that would cap travel nurses' pay. Federally, more than 200 members of Congress asked the White House Coronavirus Response Team coordinator to investigate possible "anticompetitive activity."

Even in a hiring environment this competitive, the Wisconsin lawsuit filed on Jan. 20 is a new frontier in the staffing battles. ThedaCare, a regional health system in Wisconsin's Fox Valley, filed a temporary injunction attempting to prevent three of its nurses and four of its technicians — all at-will employees — from leaving and joining competitor Ascension Wisconsin until ThedaCare could find replacement workers. A judge temporarily blocked those health care workers from starting their new jobs before deciding ThedaCare couldn't force the employees to stay.

The spat is just a small piece of "a much bigger issue," according to Tim Size, executive director of Rural Wisconsin Health Cooperative. Without intervention, he said, the staffing shortages currently attributed to the pandemic could become the new normal.

Case in point, Size said, is a 2021 report by the Wisconsin Council on Medical Education and Workforce that projects the state could be short almost 16,000 nurses by 2035. Even if the reality is only half as bad as the projection, Size said, a shortage of 8,000 nurses in Wisconsin dwarfs the shortages now experienced in the pandemic.

"We have to make a much more substantive investment in our schools of nursing," Size said.

According to Slabach, one missed opportunity was the National Health Care Workforce Commission created in 2010 by the Affordable Care Act but never funded by Congress. The commission would have been tasked with measuring the scope of the health care workforce challenges and proposing solutions, but it has never convened.

"We need to mobilize all of the resources that we have to figure out how we're going to solve this problem, and it starts with a systemic approach," Slabach said. "We can't just pay our way out of this through bonuses and bounties."

In the shorter term, Gilmore said, small hospitals like his could use more federal support. The $5 million that Iron County Medical Center received was critical, Gilmore said, but has already been spent. Now his facility is dealing with the omicron surge and is still reeling from the delta wave over the summer.

"I'm calling my congressman and letting him know that we need help," Gilmore said. "We can't do this on our own."

https://www.medscape.com/viewarticle/968029