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1、EquityResearch16January2018U.S.LifeScienceTools&DiagnosticsINDUSTRYUPDATELabDirectorSurveySays:SeeingU.S.LifeScienceTools&DiagnosticsInterestinPAMA-DrivenOutsourcing,NEUTRALUnchangedNear-TermDxTrendsAppearPositiveU.S.MedicalSupplies&DevicesNEUTRALThisisourf
2、ifthquarterlylabdirectorsurvey,andwecontinuetobuildproprietaryUnchangedlongitudinaldataontheimpactoftheProtectingAccesstoMedicareAct(PAMA)onhospitallaboperations,aswellasdiagnosticvolumegrowthandpurchasingdecisions.Thissurveyisparticularlyintriguing,asit’st
3、hefirstwe’veperformedsinceU.S.LifeScienceTools&DiagnosticsthepublicationofprelimandfinalMedicareratesfor2018.OnPAMA,theresultsshowJackMeehan,CFAthereisanappreciationthatMedicarecutsarehereasofJan1,whichwebelieve+12125263909tipsthebalancetowardgreateroutsour
4、cing.74%ofrespondentsindicatedajack.meehan@barclays.comnegativePAMAimpact,whichhasincreasedsteadilysinceour1Q17survey(40%).InBCI,USresponse,labdirectorswillevaluatestaffingreductions(66%ofresponses),increasedMitchellPeterseninvestmentsinautomation(44%),anda
5、reductionintestmenus(36%).26%saidthey+12125263367wouldoutsourcemoretesting(vs14%w/oPAMA).Webelieveare-evaluationoflabmitchell.petersen@barclays.comservices,platformsandinvestmentsformanyhospitalshasbeenongoingforBCI,USseveralyears,andthat2018consolidationco
6、uldtoptherecordlevelofactivitythattookplacein2017.PAMAisjustonefactordrivingchange–payorsandpatientAndrewWaldconsumerismfavorashifttowardthenationallabs.WefavorLabCorpasourTopPick.+12125269436andrew.wald@barclays.comNearterm,positivevolumesandpurchasingtren
7、dsbodewellforourcoverageBCI,USheadinginto4Q17earnings.11of12testingcategorieswesurveyedreceivedmoreresponsesaroundgrowththandeclines.Vsour3Q17survey,8of12categoriessawU.S.MedicalSupplies&Devicesimprovementinsentiment.Moleculartestingremainsastand-outpositiv
8、e,importantMatthewTaylor,CFAforHologicandthenationallabs.78%ofrespondentscitedgrowthinthecategory(39+12125266965ofn=50),with30%specificallyciting“SignificantGrowth”-morethandoubleanymatthew.c.taylor@ba
