EVENTS:   The Roaring 2020s or a Rerun of the 1970s? - Edward Yardeni/Yardeni Research - 24 Mar 26   Best Equity Short Ideas Conference Call 13 - Thomas Chanos/Badger Consultants & Dr. Aaron Fletcher/Bios Research & Jonathan Telgener/Channel Dynamics & Ed Steele/Iron Blue Financials & John Zolidis/Quo Vadis Capital & Mark Hiley/The Analyst - 26 Mar 26     ROADSHOWS: Chinese Equity Ideas & Channel Checks Across 50 sub-sectors - Don Ma /Horizon Insights   •   London   23 - 27 Mar 26       Long Short European Equity Research - Harry Grist /The Analyst   •   New York   26 Mar 26       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   27 - 27 Mar 26      
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Healthcare alpha generation

Healthcare

Channel Dynamics

Channel Dynamics has built a strong record of HC alpha generation by leveraging deep channel checks with private company experts and providers. Over the past 12+ months, their calls have consistently delivered meaningful relative alpha from report release through earnings, ahead of major stock moves including: UnitedHealth (flagged negative MLR inflection and UNH exposure before disappointing earnings and stock collapse); DexCom (called negative inflection in DME performance before turning back positive on DME relationship improvements and G7 market share gains); Align (correctly predicted Q/Q shifts in clear aligner and capital equipment purchasing trends); Penumbra (called positive DVT market growth trends and PEN market share gains in DVT, PE and Neuro Segments); and Dentsply Sirona (flagged worsening product/vendor performance and further deterioration from tariff impacts).

Edition: 220

- 19 September, 2025


Dentsply Sirona (XRAY)

Healthcare

Behind the Numbers

Restatements don’t erase its problems - in early 2022 BTN warned clients that XRAY’s 2021 EPS had benefitted from unusual one-time items including some sleight of hand with R&D expense. Soon thereafter, key management departed after announcing results would fall well short of its previous forecasts. To make matters worse, the company later announced that it had detected problems with its accounting and it would be unable to file audited financial statements for 1Q22. While the accounting problems may appear to be behind the company, BTN sees several barriers to XRAY’s return to consistent, meaningful growth.

Edition: 152

- 20 January, 2023