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    Dave Windley

    Research Analyst at Jefferies LLC

    Dave Windley is a Managing Director and founding member of Jefferies' Healthcare Equity Research team, specializing in extensive coverage across the U.S. healthcare sector, including managed care, healthcare IT, pharmaceutical services, and specialty pharmaceuticals. Over his career, he has analyzed over 50 publicly traded healthcare companies such as HMS Holdings, Elevance Health (ELV), Charles River Laboratories (CRL), and recently set a $263 price target for Sun Communities. Consistently ranked among the top Wall Street analysts, Windley has maintained a 58% rating success rate and an average return per rating of 8.5%, earning distinctions as a five-time Wall Street Journal Best on the Street honoree and six-time Starmine award recipient. He began his equity research career more than 25 years ago, is a CFA charter holder and certified public accountant, and holds an MBA from Vanderbilt University's Owen Graduate School of Management.

    Dave Windley's questions to STERIS (STE) leadership

    Dave Windley's questions to STERIS (STE) leadership • Q1 2026

    Question

    Dave Windley of Jefferies LLC inquired about hospital clients' views on the impact of potential healthcare policy changes on procedure volumes and asked for clarification on the company's foreign exchange (FX) hedging strategy.

    Answer

    Daniel Carestio, President & CEO, conveyed that potential policy changes are viewed by customers as a reimbursement challenge rather than a demand issue, noting that procedure volumes and capital orders remain strong. Michael Tokich, Senior VP & CFO, explained that the company is largely naturally hedged, with the bottom-line impact of favorable FX expected to be offset by higher tariff costs in the current forecast.

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    Dave Windley's questions to Certara (CERT) leadership

    Dave Windley's questions to Certara (CERT) leadership • Q2 2025

    Question

    Dave Windley of Jefferies LLC asked about the signs that a client is on the cusp of a steeper adoption curve for biosimulation, particularly for NAMs, and whether clients are using Simcyp in a new way to replace animal models.

    Answer

    CEO William Feehery explained that adoption often begins with a services project before moving to software. Regarding NAMs, he noted that many customers were already modeling monoclonal antibodies in parallel with animal testing for other benefits, like dose optimization. The FDA's guidance is now allowing them to leverage this existing work to reduce animal use.

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    Dave Windley's questions to Inotiv (NOTV) leadership

    Dave Windley's questions to Inotiv (NOTV) leadership • Q3 2025

    Question

    Dave Windley from Jefferies LLC inquired about the mix of new bookings, particularly in newer services like biotherapeutics and medical devices. He also asked about the company's ability to import non-human primates (NHPs) from Cambodia and the potential impact on market pricing following the conclusion of the DOJ investigation.

    Answer

    CEO Robert Leasure confirmed that bookings are overweighted towards new services, especially in the Discovery business, which significantly impacts margins. On the topic of NHPs, Leasure clarified that the DOJ has not prohibited imports from Cambodia, but Inotiv has not imported from there recently and has other reliable Asian suppliers. He stated that he does not anticipate significant changes in NHP pricing in the near future, viewing the market as stable.

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    Dave Windley's questions to Oscar Health (OSCR) leadership

    Dave Windley's questions to Oscar Health (OSCR) leadership • Q2 2025

    Question

    Dave Windley from Jefferies asked about the profile of new members gained in 2025 and how Oscar is getting comfortable that market morbidity won't continue to deteriorate as program integrity efforts remove certain members from the market.

    Answer

    CFO Scott Blackley responded that membership strength was driven by both strong retention and SEP growth, with new members showing MLR profiles consistent with historical patterns. He stated that since program integrity rules for 2025 are already in effect and they have not seen a significant shift in their low-utilizer population, they do not see signals of further market morbidity deterioration.

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    Dave Windley's questions to Stevanato Group S.p.A. (STVN) leadership

    Dave Windley's questions to Stevanato Group S.p.A. (STVN) leadership • Q2 2025

    Question

    Dave Windley of Jefferies LLC asked for quantification of the growth contribution from GLP-1s and inquired about the drivers of margin improvement, specifically the balance between a richer product mix versus improved plant utilization.

    Answer

    CEO Franco Stevanato explained that while GLP-1s are a significant long-term tailwind, the company categorizes them under the broader Biologics umbrella, which grew to 39% of BDS revenue. CFO Marco Dal Lago attributed margin improvement to both higher volumes and a favorable mix shift towards high-performance products like Nexa syringes.

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    Dave Windley's questions to HUMANA (HUM) leadership

    Dave Windley's questions to HUMANA (HUM) leadership • Q2 2025

    Question

    Dave Windley of Jefferies LLC asked for a reminder of Humana's medical and pharmacy cost trend assumptions for 2025 and its initial outlook for 2026.

    Answer

    CFO Celeste Mellet reiterated that the company expects low double-digit pharmacy trends and mid-to-high single-digit medical cost trends for 2025. She stated that the expectations for 2026 are consistent with these figures.

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    Dave Windley's questions to CENTENE (CNC) leadership

    Dave Windley's questions to CENTENE (CNC) leadership • Q2 2025

    Question

    Dave Windley of Jefferies LLC asked about the implications of the Wakely data on the total Marketplace size, seeking Centene's assumptions on further membership attrition and the corresponding morbidity shift for the remainder of 2025.

    Answer

    CEO Sarah London stated that the Wakely data indicated lower-than-expected market growth and that Centene believes the market contracted during open enrollment. She projected Centene's own Marketplace membership would decline from 5.9 million to 5.4 million by year-end, driven partly by 'Failure to Report' (FTR) impacts, and confirmed this attrition is factored into their morbidity assumptions.

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    Dave Windley's questions to CENTENE (CNC) leadership • Q2 2025

    Question

    Dave Windley of Jefferies LLC asked about the implications of the Wakely data on Marketplace membership trends, specifically inquiring about the current market size and Centene's assumptions for attrition and morbidity shifts for the remainder of the year.

    Answer

    CEO Sarah London stated that the Wakely data indicated lower market growth than previously estimated, suggesting the market contracted during open enrollment. For Centene, she projected membership would decline from 5.9 million to 5.4 million by year-end, driven partly by 'Failure to Report' (FTR) impacts. This expected attrition and any related morbidity shifts are factored into the company's updated forecast.

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    Dave Windley's questions to Medpace Holdings (MEDP) leadership

    Dave Windley's questions to Medpace Holdings (MEDP) leadership • Q2 2025

    Question

    Dave Windley from Jefferies LLC asked for a breakdown of the increased revenue guidance between pass-through costs and direct revenue, questioned how Medpace is achieving higher productivity, and inquired about hiring plans and the biotech funding environment.

    Answer

    CFO Kevin Brady confirmed that accelerated reimbursable costs are a large driver of the revenue guidance increase, but noted the EBITDA guide was also raised due to greater productivity from factors like improved attrition. CEO August Troendle acknowledged the weak public funding data but expressed confidence for the year based on their internal pipeline, provided cancellations remain low.

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    Dave Windley's questions to Elevance Health (ELV) leadership

    Dave Windley's questions to Elevance Health (ELV) leadership • Q2 2025

    Question

    Dave Windley sought to confirm that unchanged risk adjustment assumptions meant Elevance's ACA book was deteriorating in line with the market, and then asked about assumptions for further ACA membership attrition this year.

    Answer

    CFO Mark Kaye confirmed the risk adjustment understanding was 'spot on' and that ACA acuity has now largely stabilized. He stated that for the remainder of 2025, the company assumes membership stability but has embedded a 'measurable last chance uptick' in Q4 utilization into its guidance, anticipating members will seek care before potential subsidy expiration.

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