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    David Larson

    Managing Director and Senior Analyst at BTIG

    David Larsen is a Managing Director and Senior Analyst at BTIG, specializing in Healthcare IT and Digital Health, with coverage spanning companies such as BrightSpring Health Services, Cryoport, and Health Catalyst. Larsen has achieved industry recognition, including being named a Rising Star by Institutional Investor for three consecutive years and ranked as the #1 earnings predictor for healthcare providers and services by the Starmine Awards in 2015. His career began at PricewaterhouseCoopers and Care-Group Health System, followed by analytical roles at Cowen and Company, SunTrust Robinson Humphrey, and over a decade as Managing Director at SVB Leerink, before founding Verity Research and ultimately joining BTIG. Larsen holds an MBA from Boston University, a BA from Boston College, the Chartered Financial Analyst (CFA) designation, and is an active member of the CFA Society of Boston.

    David Larson's questions to P3 Health Partners (PIII) leadership

    David Larson's questions to P3 Health Partners (PIII) leadership • Q2 2025

    Question

    David Larson from BTIG sought clarification on the components and timing of prior period adjustments, the nature of contract discussions with health plans, and the feasibility of adding clauses to protect against late data. He later followed up on the flat medical cost trend and drivers for PMPM revenue growth.

    Answer

    CFO Leif clarified that a late data batch was a Q1 issue, while Q2 adjustments related to a 2024 RAF accrual miss in a now-exited county and a quality measure. CEO Eric Hoffman described payer negotiations as highly collaborative, with 75% of priority contracts completed. He noted that while they strive for protective clauses, tight operational collaboration is key, and having delegated claims data provides a safeguard. Leif confirmed the medical trend was flat on a normalized basis, and Eric highlighted that improved burden of illness capture is a key driver for future revenue growth.

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    David Larson's questions to Oncology Institute (TOI) leadership

    David Larson's questions to Oncology Institute (TOI) leadership • Q2 2025

    Question

    David Larson of BTIG inquired about the drivers of the significant increase in dispensing gross margin, the impact of drug pricing reform, potential single-drug concentration risks, the cause of pressure on patient service gross margin, and the specifics of TOI's 'fully delegated' risk arrangements.

    Answer

    CFO Rob Carter explained that the year-over-year dispensing margin comparison was favorably impacted by a DARP clawback in the prior year, but even normalized, margins improved due to better drug procurement from increased scale. CEO Dan Vernick clarified these were Part D drugs and stated that drug pricing reform is viewed as a net positive. Mr. Vernick also confirmed there is no significant single-drug risk in their portfolio. Mr. Carter attributed patient service margin pressure to the initial, lower-margin phase of new capitated contracts, which he expects to improve. Finally, Mr. Vernick detailed that 'fully delegated' risk involves TOI managing utilization, network design, and claims for Part B oncology spend, providing greater control without taking on global risk.

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