Tom Tobin

H&E staining is 150 years old cell staining technique! Two colors, blue and red, stain nucleus and cytoplasm.

I’ll cover the competitive threat to $TXG from GigaTIME on The Call this morning and later in ‘The Call Out’ note. GigaTIME is an incredible #AI advance for a 150 year old cell staining technique. @Hedgeye

Just shorted more $IHF @HedgeyeHC

HAM's Sam @SamofAmerica is running The Call this morning !

$MSFT launched Copilot Health yesterday. Key read-through: AI "front doors" to healthcare increase access, a flood of clinical follow-up and testing follow. This is structurally pro-consumption, not cost-reducing. Millions of new AI-informed patients = more appts, more imaging, more lab orders. $DGX looks like a quiet beneficiary. @Hedgeye

#Quad3 2Q26 & 3Q26 (revised), the worst macro setup for Healthcare on our Quad Sector Table. Best Sectors are Large Cap Pharma & Med Tech. Worst: Diagnostics & Emerging Biotech. @Hedgeye @KeithMcCullough

$ACHC is up against a covenant wall with an uncertain criminal probe outcome ahead. It’s either restructuring or a double. Heading into the studio now to discuss both outcomes. @Hedgeye

January Treasury outlays for Advanced Premium Tax Credits corroborate $CNC ACA attrition comment. APTC increased y/y, implies pay-one-month-stay-covered-for-four loophole = demand pull forward. 2Q/Quad 4 rally in $XLV may be setting up a 3Q/Quad 3 crash. Consensus sees the uptick, but not the drop. @Hedgeye @KeithMcCullough

Incredible investigation today from @CBSNews. Our reporters visited "ground zero" for hospice fraud: Los Angeles, California. One building had 89 registered hospices . . . Read it here: cbsnews.com/projects/2026/…

Food at home CPI accelerated by 40bps MoM to 2.6% in February. It wasn't driven by meat this time; produce and sweets drove the acceleration.

$CNC said #ACA signups dropped 36% from open enrollment for non payment of premium, way higher than the typical 5% drop. With a 3 month grace period a member that only pays the January premium then stops is considered insured until the end April.

@chikallam We think.... referrals are hard to recruit an mantain, surgeons are promiscuous, hospitals are going to get more aggressive about preventing leakage of high margin cases in 2026, more competitive capacity in 2026 becasue of inpatient only sunset.

@HedgeyeHC The argument that SGRY doesn't have a moat. It doesn't take a lot to manage a surgery center thus lots of competition?

Where should $SGRY trade today? It closed at 12X 2026 EBITDA of $583M, then guided to $530m, flat year over year. Why isn't 8-10X a generous multiple?

$TXG × Roche Axelios partnership at AGBT advances the case for data-dense spatial biology. At $0.06/M reads, lower sequencing costs help bring down the total cost of spatial experiments and drive broader adoption. Visium HD on a 4hr turnaround sequencer is a nice step forward. TXG Tracker update coming this week.

$ACHC revenue per clinician day (our data) consistently declined in 2025. 1Q26 guidance implies inflection to +4% growth. That's the number we've been waiting for. Bridge to a doubling the stock price, data, and thesis points in 'The Call Out' today. @KeithMcCullough @Hedgeye

$XYZ white collar layoffs don't just hit employment numbers. They hit commercial insurance enrollment — the highest-margin payer mix in healthcare. Hospitals don't lose a patient. They lose their best patient. Underappreciated read-through for hospital stocks.

Added $ACHC to Top Stocks list. Turnaround arithmetic is straightforward, 3 months of catalyst free speculation ahead, with Signal Strength. I just updated our ACHC Location and Clinician Tracker (81,494 entries) to dig into the model. @Hedgeye @KeithMcCullough

IN THE NEWS: Hedgeye Asset Management has been named Sub-Advisor to $KSPY, the @KraneShares @Hedgeye Hedged Equity Index ETF. Now available on the LPL platform, $KSPY offers advisors S&P 500 exposure with a systematic, rules-based approach seeking to managing volatility and downside risk. hedgeyeam.com/kspy-lpl-platf…

CHART OF THE DAY: 86% Of The Names We Own Are Beating SPY app.hedgeye.com/insights/17856… via @hedgeye