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    Craig Hettenbach

    Research Analyst at Morgan Stanley

    Craig Hettenbach is an Equity Analyst and Managing Director at Morgan Stanley, specializing in technology and healthcare sectors with a focus on major names like Hims & Hers Health, Omada Health, HCA Healthcare, Tenet Healthcare, and Broadcom. He has been recognized for his analytical rigor, maintaining a 55% success rate and an average return per transaction of 5.10% on his stock recommendations, according to TipRanks. Hettenbach began his career at Prudential Securities in 2001, moved to Wachovia Securities and Goldman Sachs in progressively senior roles, and joined Morgan Stanley in 2013. He holds an undergraduate degree from the University of Virginia and is FINRA-registered, reflecting his full compliance with industry licensure requirements.

    Craig Hettenbach's questions to VEEVA SYSTEMS (VEEV) leadership

    Craig Hettenbach's questions to VEEVA SYSTEMS (VEEV) leadership • Q2 2026

    Question

    Craig Hettenbach of Morgan Stanley asked for an update on the macro backdrop and which business segments, other than the highlighted Crossix, are performing particularly well despite the uncertainty.

    Answer

    CFO Brian Van Wagener characterized the macro environment as stable in its level of uncertainty, with no significant changes. He noted that customers are working effectively within this environment and did not single out any specific segment, instead emphasizing good execution across the entire business and a firming pipeline for the second half of the year.

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    Craig Hettenbach's questions to VEEVA SYSTEMS (VEEV) leadership • Q1 2026

    Question

    Craig Hettenbach of Morgan Stanley asked which parts of Veeva's business would be most insulated versus most impacted if the macro environment deteriorates. He also inquired about initial customer feedback on Veeva.ai and its potential business impact.

    Answer

    CEO Peter Gassner explained that long-term subscription contracts are the most durable part of the business, while consulting and services are quicker to be impacted. He noted that customer reception to Veeva.ai is very positive because the tangible use cases make sense without hype. He expects AI to be a net positive for revenue over time, priced for broad adoption.

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    Craig Hettenbach's questions to VEEVA SYSTEMS (VEEV) leadership • Q4 2025

    Question

    Craig Hettenbach asked for key milestones to watch for Veeva's AI business this year and for an update on whether customers are still distracted by evaluating new AI technologies.

    Answer

    CEO Peter Gassner identified the key milestones as the releases and customer success of CRM Bot and MLR Bot, along with potential new AI product announcements. He stated that the period of 'AI distraction' is now largely over, as customers have settled into a more focused approach on core work and specific AI projects.

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    Craig Hettenbach's questions to VEEVA SYSTEMS (VEEV) leadership • Q3 2025

    Question

    Craig Hettenbach asked how the core business's strong margin profile provides leverage for investing in the new horizontal strategy. He also inquired about the multiyear growth outlook for the stabilizing services business.

    Answer

    CEO Peter Gassner explained that the horizontal initiative requires a small, focused team, not large capital investment, and that strong cash flows will be reinvested primarily back into the core life sciences business. CFO Brian Van Wagener declined to provide a multiyear services growth outlook, stating it would be part of future guidance, but noted satisfaction with current momentum.

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    Craig Hettenbach's questions to VEEVA SYSTEMS (VEEV) leadership • Q2 2025

    Question

    Craig Hettenbach asked for an update on Veeva's capital allocation strategy given its growing cash balance and inquired about the outlook for headcount growth.

    Answer

    Interim CFO Tim Cabral reiterated that there is no change to the capital allocation strategy, with the primary focus remaining on maintaining 'dry powder for potential M&A.' He added that while Veeva will invest in headcount to pursue its large opportunity, it will continue to drive for efficiency and remain 'appropriately lean.'

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    Craig Hettenbach's questions to Doximity (DOCS) leadership

    Craig Hettenbach's questions to Doximity (DOCS) leadership • Q1 2026

    Question

    Craig Hettenbach of Morgan Stanley asked about the performance of the newsfeed and any new developments, particularly in light of the growing momentum of video modules.

    Answer

    CEO Jeff Tangney confirmed that video is an important and growing part of the newsfeed, with AI helping clients create more engaging short-form content. He underscored the newsfeed's overall strength by reiterating that it hit a record high for quarterly active prescribers and saw strong double-digit growth in the number of articles tapped or watched.

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    Craig Hettenbach's questions to Doximity (DOCS) leadership • Q4 2025

    Question

    Craig Hettenbach asked about the sales strategy to drive further adoption of point-of-care solutions, given its current low double-digit penetration. He also inquired about capital allocation plans for the company's cash balance, which is approaching $1 billion.

    Answer

    CEO Jeff Tangney credited Chief Commercial Officer Lisa Greenbaum for implementing rigorous sales training to ensure the team is 'credentialed' to sell the N+1 product. CSO Dr. Nate Gross addressed capital allocation, stating that while M&A valuations are looking more interesting, the company remains highly disciplined, value-sensitive, and focused on true platform fit, often preferring to build technology in-house with its large R&D team.

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    Craig Hettenbach's questions to Doximity (DOCS) leadership • Q3 2025

    Question

    Craig Hettenbach noted that the video module appears to be accelerating after a slow start and asked what refinements have been made to drive its current momentum.

    Answer

    CEO Jeff Tangney attributed the acceleration to a classic 'S-shaped adoption curve' common in regulated industries. He explained that after initial clients trialed the product and proved its ROI, broader adoption followed. He highlighted the product's value in delivering timely information, such as formulary coverage, and stated that vertical video is 'having its moment' and could become as significant as the core news feed business.

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    Craig Hettenbach's questions to Omada Health (OMDA) leadership

    Craig Hettenbach's questions to Omada Health (OMDA) leadership • Q2 2025

    Question

    Asked about the use of AI for platform scaling and care team efficiency, and for an update on the growth and traction of the GLP-1 CareTrack program.

    Answer

    The company detailed its AI initiatives, including the "Omada Spark" agent for members and internal tools that have improved care team efficiency, noting the financial upside is not yet fully factored into long-term targets. They confirmed strong momentum in the GLP-1 CareTrack, which is a key growth driver but still a minority of total new members, with the core cardiometabolic platform being the primary source of growth.

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    Craig Hettenbach's questions to LifeStance Health Group (LFST) leadership

    Craig Hettenbach's questions to LifeStance Health Group (LFST) leadership • Q2 2025

    Question

    Craig Hettenbach of Morgan Stanley inquired about the confidence in the guided Q4 revenue ramp, the key drivers behind it, and the current market dynamics for clinician recruitment and retention.

    Answer

    CFO Ryan McGroarty detailed the expected H2 revenue growth, attributing it primarily to visit volume from new clinicians and productivity gains, with a smaller contribution from rate improvements. CEO David Bourdon added that clinician net adds are on track, validating Lifestance's value proposition in a competitive hiring environment.

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    Craig Hettenbach's questions to LifeStance Health Group (LFST) leadership • Q1 2025

    Question

    Craig Hettenbach inquired about the current environment for clinician recruitment and retention, and the outlook for total revenue per visit (TRPV) after the company cycles through a significant payer rate reduction.

    Answer

    CEO Dave Bourdon described the clinician market as competitive but noted that LifeStance's value proposition continues to resonate, leading to stable retention and continued growth. CFO Ryan McGroarty added that while TRPV will be sequentially lower in Q2 due to the final payer rate cut, it is expected to grow in the second half, resulting in a roughly flat year-over-year figure for 2025 before returning to low- to mid-single-digit growth in 2026.

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    Craig Hettenbach's questions to LifeStance Health Group (LFST) leadership • Q4 2024

    Question

    Craig Hettenbach asked about LifeStance's long-term margin profile after achieving 10% adjusted EBITDA margin ahead of schedule, and inquired about the competitive backdrop for clinician recruiting.

    Answer

    Incoming CEO Dave Bourdon explained that while 2025 margins will be flat due to a specific payer rate headwind, margin expansion is expected to resume in 2026, with a long-term path to mid-to-high teens or 20% EBITDA margins. On recruiting, Bourdon noted the market remains competitive but LifeStance expects continued growth. Outgoing CEO Ken Burdick added that the Change Healthcare disruption highlighted their value proposition to clinicians, who continued to be paid reliably.

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    Craig Hettenbach's questions to LifeStance Health Group (LFST) leadership • Q3 2024

    Question

    Craig Hettenbach asked for context on LifeStance's total revenue per visit outperforming expectations despite a major payer headwind, and inquired about the company's strategy for growing its clinician base, particularly the mix of full-time versus part-time practitioners.

    Answer

    CEO Ken Burdick credited the company's new payer engagement team for securing meaningful rate increases that offset the headwind from the single outlier payer. He noted the payer environment is constructive but challenging. Regarding clinicians, he explained that shifting to more full-time staff is a multi-year effort with modest progress so far, and highlighted the company's success in hiring and training recent graduates, which expands the overall talent pool.

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    Craig Hettenbach's questions to Ardent Health (ARDT) leadership

    Craig Hettenbach's questions to Ardent Health (ARDT) leadership • Q2 2025

    Question

    Craig Hettenbach of Morgan Stanley asked for specifics on the most significant levers within the IMPACT program—like AI, technology, and supply chain—that Ardent will use to mitigate future regulatory pressures. He also sought an update on demographic and job growth trends in the company's core markets.

    Answer

    President & CEO Marty Bonick highlighted that the IMPACT program will accelerate margin improvement efforts, focusing on labor productivity, supply chain efficiencies, and technology like virtual nursing and AI-enabled scribes to improve throughput and load balancing. Regarding market trends, Bonick and CFO Alfred Lumsdaine confirmed their markets continue to grow faster than the U.S. average, which is evidenced by their strong volume growth.

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    Craig Hettenbach's questions to Ardent Health (ARDT) leadership • Q1 2025

    Question

    Craig Hettenbach from Morgan Stanley asked for commentary on the durability of patient demand, its breadth across markets, and the strategic focus for the newly appointed COO, Dave Casper.

    Answer

    CEO Martin Bonick expressed strong conviction in demand durability, attributing it to fundamental market growth rather than temporary factors. He stated the new COO will leverage his consumer health background to drive growth strategies, integration, and optimization to achieve the company's 100-200 basis point margin expansion goal, with a key focus on integrating future acquisitions.

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    Craig Hettenbach's questions to Ardent Health (ARDT) leadership • Q4 2024

    Question

    Craig Hettenbach asked about the long-term visibility and durability of state Directed Payment Programs (DPPs) and inquired about underlying patient acuity trends, excluding the effects of the flu season.

    Answer

    CEO Marty Bonick expressed high confidence in the durability of DPPs, stating that once approved, they are historically reapproved due to their importance as a state healthcare safety net. He and CFO Alfred Lumsdaine noted that underlying acuity remains strong, driven by strategic initiatives, and should be consistent with 2024 levels after lapping the Two-Midnight Rule impact.

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    Craig Hettenbach's questions to Ardent Health (ARDT) leadership • Q3 2024

    Question

    Craig Hettenbach of Morgan Stanley asked for an outlook on volume trends for the remainder of the year and into 2025, and also inquired if the operational leverage driving margin expansion would continue at a similar pace.

    Answer

    CEO Marty Bonick expressed confidence in continued strong volume demand into 2025, driven by favorable demographics in Ardent's fast-growing markets and operational efficiencies. CFO Alfred Lumsdaine noted that while the New Mexico DPP program will be a major margin driver next year, the company is still in the 'middle innings' of harvesting further operational improvements.

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    Craig Hettenbach's questions to Hinge Health (HNGE) leadership

    Craig Hettenbach's questions to Hinge Health (HNGE) leadership • Q2 2025

    Question

    Craig Hettenbach asked for feedback on the Hinge Select provider network partnership and the Progyny partnership for women's health. He also followed up on the progress being made in the fully insured and Medicare Advantage markets.

    Answer

    Co-Founder & CEO Daniel Perez described Hinge Select as complementary to existing health plans, creating a blended network that offers lower costs and greater convenience, which has been received positively by partners. President Jim Pursley characterized the Progyny partnership as accretive, providing another channel for lead generation and member engagement. Regarding new markets, Jim Pursley confirmed the company is seeing great progress and strong signals in government, federal, labor, fully insured, and Medicare Advantage segments.

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    Craig Hettenbach's questions to Hims & Hers Health (HIMS) leadership

    Craig Hettenbach's questions to Hims & Hers Health (HIMS) leadership • Q2 2025

    Question

    Craig Hettenbach from Morgan Stanley inquired about the performance of the HERS business, including its approximate revenue or subscriber share and key growth drivers. He also asked about the company's approach to AI investment, expected returns, and the timeline for its impact.

    Answer

    CFO Yemi Okupe stated that the HERS business continues to grow robustly, driven by dermatology, weight loss, and mental health, with hormonal support for menopause launching soon. CEO Andrew Dudum explained the AI strategy focuses on tangible, near-term improvements, aiming to deploy agent-centric models within three to six months to enhance efficiency and engagement for patients, providers, and pharmacists.

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    Craig Hettenbach's questions to Hims & Hers Health (HIMS) leadership • Q1 2025

    Question

    Craig Hettenbach inquired about the key drivers for the 2025 weight loss revenue target and the long-term growth runway for both core and new categories toward the 2030 financial targets.

    Answer

    CFO Yemi Okupe confirmed that the company's breadth of weight loss options, including liraglutide and the new branded Wegovy offering, provides confidence in meeting the $725 million target. CEO Andrew Dudum added that long-term growth will be driven by both new categories like obesity care and robust growth in legacy businesses like dermatology, which has seen a 20-point retention gain from personalization.

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    Craig Hettenbach's questions to Hims & Hers Health (HIMS) leadership • Q4 2024

    Question

    Craig Hettenbach asked for expectations on the timing of the liraglutide launch, the momentum of oral weight loss drugs, and the key categories driving growth for the Hers platform.

    Answer

    CFO Yemi Okupe confirmed the oral weight loss business remains strong and is foundational to the 2025 guidance of at least $725 million in weight loss revenue, with liraglutide expected later in the year. He noted that the Hers platform's growth is driven by applying marketing learnings from Hims, strong performance in visible categories like dermatology and hair loss, a successful mental health business, and traction in the weight loss category.

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    Craig Hettenbach's questions to UNIVERSAL HEALTH SERVICES (UHS) leadership

    Craig Hettenbach's questions to UNIVERSAL HEALTH SERVICES (UHS) leadership • Q2 2025

    Question

    Craig Hettenbach of Morgan Stanley asked about the long-term normalization of the volume and price contribution mix in the behavioral segment. He also inquired about the potential for leveraging technology and AI to offset future legislative headwinds.

    Answer

    Executive VP & CFO Steve Filton reiterated the long-term behavioral growth model of 7% revenue growth, comprised of 4-5% price and 2.5-3% volume, noting the company has been hitting price targets but lagging on volume. He also discussed using AI for efficiency gains in areas like revenue cycle management and clinical post-discharge follow-ups, viewing technology as a key tool for improving productivity over the next several years.

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    Craig Hettenbach's questions to UNIVERSAL HEALTH SERVICES (UHS) leadership • Q1 2025

    Question

    Asked about acuity trends in the acute care business, other potential margin improvement levers beyond volume, and the company's updated plans for capital deployment between CapEx and share buybacks.

    Answer

    Q1 acuity was slightly muted by the flu season but is expected to normalize and grow. The company is on track with its $800M-$1B CapEx guidance and is running slightly ahead of its share repurchase guidance, expecting to remain an active buyer of its stock given market conditions.

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    Craig Hettenbach's questions to Definitive Healthcare (DH) leadership

    Craig Hettenbach's questions to Definitive Healthcare (DH) leadership • Q1 2025

    Question

    Craig Hettenbach inquired about the expected timeframe for the company's strategic changes to translate into an inflection in revenue growth. He also asked for more detail on customer win-backs, questioning whether they or new logo acquisition would be the primary driver of future growth.

    Answer

    CEO Kevin Coop projected that the positive impacts of their operational changes would begin to appear within the current year. He highlighted the evolution of their vertical go-to-market strategy and noted early positive signs in Life Sciences bookings. On growth drivers, Coop stated that their focus on superior data quality creates a durable competitive advantage. This will enable them to both win back customers who may have left for lower-cost alternatives and continue to acquire new logos, citing positive 'green shoots' of both activities year-to-date.

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    Craig Hettenbach's questions to Definitive Healthcare (DH) leadership • Q4 2024

    Question

    Craig Hettenbach asked for an update on the provider market and the Populi acquisition, inquiring about the current opportunity set and whether Populi's technology could be leveraged more broadly across other segments like life sciences.

    Answer

    CEO Kevin Coop explained that Populi provides the core UI/UX for the platform's direct interface. He clarified that the company's strategy has become more sophisticated, also enabling customers to integrate data via APIs and master data solutions within their own systems, offering a more configurable approach beyond just the Populi front-end.

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    Craig Hettenbach's questions to GoodRx Holdings (GDRX) leadership

    Craig Hettenbach's questions to GoodRx Holdings (GDRX) leadership • Q1 2025

    Question

    Craig Hettenbach asked about capital allocation priorities, specifically the balance between stock buybacks and investments for growth, and inquired about the drivers behind the 20% growth target for the pharma solutions business.

    Answer

    CFO Chris McGinnis outlined capital allocation priorities as, first, investing in the business itself, followed by stock repurchases, which he views as highly accretive given the current stock price. CEO Wendy Barnes added that the confidence in 20%+ growth for pharma solutions is driven by a robust pipeline, expanding the number of brand partners, and deepening relationships with existing manufacturers who are seeing strong ROI and broadening their portfolios with GoodRx.

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    Craig Hettenbach's questions to GoodRx Holdings (GDRX) leadership • Q1 2025

    Question

    Craig Hettenbach asked about the company's capital allocation priorities, particularly the balance between stock buybacks and potential M&A, and sought more detail on the drivers behind the 20% growth target for the pharma solutions business.

    Answer

    CFO Chris McGinnis stated that capital allocation priorities are, first, investing in the business organically and, second, executing stock repurchases, which are viewed as highly accretive at the current valuation. CEO Wendy Barnes elaborated on the pharma solutions growth, attributing it to a robust pipeline, acquiring new brands, and deepening relationships with existing partners by demonstrating strong ROI, which leads to portfolio expansion and larger deal sizes.

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    Craig Hettenbach's questions to GoodRx Holdings (GDRX) leadership • Q3 2024

    Question

    An analyst for Craig Hettenbach of Morgan Stanley asked for an update on the GLP-1 market opportunity, the company's stance on compounded GLP-1s, and how that affects conversations with branded pharma partners.

    Answer

    Interim CEO Scott Wagner noted that GoodRx received nearly 2 million unique price page views for GLP-1s in Q3. He stated that GoodRx is working with Lilly and Novo on affordability solutions and has deliberately chosen not to work with compounders in order to build long-term, strategic relationships with the branded manufacturers.

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    Craig Hettenbach's questions to American Well (AMWL) leadership

    Craig Hettenbach's questions to American Well (AMWL) leadership • Q1 2025

    Question

    Craig Hettenbach inquired about the booking trends for Amwell's Converge platform outside of the DHA contract and the key strategic priorities for the newly appointed Chief Product and Technology Officer, Dan Zamansky.

    Answer

    CEO Ido Schoenberg reported strong market receptivity for the Amwell platform beyond the DHA, noting a growing consensus on the need for a unified digital health experience. He outlined that new CPO Dan Zamansky will focus on streamlining the consumer experience, improving the matching of patients to clinical programs, and enhancing the data infrastructure for analytics.

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    Craig Hettenbach's questions to American Well (AMWL) leadership • Q4 2024

    Question

    Craig Hettenbach inquired about the progress of the Defense Health Agency (DHA) contract deployment versus initial expectations, key milestones for 2025, and the growth outlook for the software subscription business outside of the DHA.

    Answer

    CEO Dr. Ido Schoenberg responded that the DHA deployment is progressing as well as or better than expected, with the majority of components implemented and full enterprise deployment expected to be completed in 2025. He highlighted positive feedback from partners and noted a significant increase in the quality and size of the overall sales pipeline, which favors higher-margin software contracts.

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    Craig Hettenbach's questions to American Well (AMWL) leadership • Q3 2024

    Question

    Craig Hettenbach inquired about Amwell's strategic focus on high-quality, profitable growth for 2025, asking whether it's driven by the competitive landscape or an internal strategy shift.

    Answer

    CEO Ido Schoenberg clarified that this is a deliberate internal strategy. He stated Amwell has strong visibility into 2025 growth, which will be dominated by higher-margin subscription revenue and less dependent on visit volume fluctuations, marking a multiyear strategic shift.

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    Craig Hettenbach's questions to TENET HEALTHCARE (THC) leadership

    Craig Hettenbach's questions to TENET HEALTHCARE (THC) leadership • Q1 2025

    Question

    Craig Hettenbach inquired about the health of the M&A pipeline for the USPI segment and Tenet's confidence in deploying its targeted $250 million in annual investment.

    Answer

    Saumya Sutaria, Chairman and CEO, confirmed the M&A pipeline looks healthy and that the $250 million target remains the goal, noting that historical spending has often been higher. He mentioned that acquisition multiples are stable and the focus is on centers where USPI can add value by diversifying service lines like orthopedics. He also highlighted USPI's lower exposure to Medicaid and exchange uncertainty.

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    Craig Hettenbach's questions to HCA Healthcare (HCA) leadership

    Craig Hettenbach's questions to HCA Healthcare (HCA) leadership • Q1 2025

    Question

    Craig Hettenbach asked about the durability of the strong demand environment, particularly in the context of HCA's full-year equivalent admissions growth target of 3% to 4%.

    Answer

    CEO Sam Hazen expressed confidence in the durability of demand, stating that HCA is not currently seeing any factors that would suggest its underlying assumptions are incorrect. He highlighted that after adjusting for the leap year, Q1 adjusted admissions grew nearly 3.8%, which is at the high end of the guidance range. He believes the company's volume assumptions for the year should materialize barring any unforeseen dramatic events.

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    Craig Hettenbach's questions to HCA Healthcare (HCA) leadership • Q3 2024

    Question

    Craig Hettenbach of Morgan Stanley inquired about the timing and impact of the company's resiliency program savings and asked if the recent leveling-off of professional fees was expected to continue into 2025.

    Answer

    CFO Mike Marks confirmed the resiliency program is on track, with benefits seen in length-of-stay reduction and labor management. He noted the program will fund tech investments before supporting margins later in the decade. Regarding professional fees, he was encouraged by the moderating growth trend (from 20% in Q1 to 10% in Q3) and indicated this is part of the expected 'stable operating environment' for 2025.

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    Craig Hettenbach's questions to ACCD leadership

    Craig Hettenbach's questions to ACCD leadership • Q1 2025

    Question

    Inquired about the company's visibility into usage-based revenue drivers under the new guidance and the growth expectations for the core advocacy business for the current year and beyond.

    Answer

    The company has good visibility into usage-based revenues, especially with a slightly dialed-back growth rate, and can predict uptake for new customers with relative certainty. The B2B business, which includes advocacy sold with other capabilities, has seen ARR grow 20-30% in recent years, and its growth this year is expected to be consistent with the overall business growth rate outlined in the new guidance.

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