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Nathan Rich

Research Analyst at Goldman Sachs Group Inc.

Nathan Rich is Vice President of Investor Relations at Elevance Health and formerly served as Vice President in Global Investment Research at Goldman Sachs, specializing in equity research for the managed care and healthcare services sectors. At Goldman Sachs, he covered major healthcare companies, leveraging deep sector insight developed over a 12-year tenure, and was recognized for analytical rigor and industry expertise, though specific performance metrics are not publicly disclosed. Rich’s career began at Ameriprise Financial, followed by seven years as a sell-side research analyst at Citibank before joining Goldman Sachs, reflecting a nearly two-decade trajectory across prominent financial institutions. He holds professional credentials including FINRA registration and securities licenses, underscoring his qualified background in investment research and financial analysis.

Nathan Rich's questions to PDCO leadership

Question · Q4 2024

Inquired about the performance of the Companion Animal business, the outlook for its growth, and the lingering financial impact of the Change Healthcare disruption into the first quarter of fiscal 2025.

Answer

The company explained that the Companion Animal top-line decline was due to strategic decisions to exit less profitable business, which has improved margins to record levels. The low single-digit growth outlook for companion is for fiscal 2025, not a new long-term view. The Change Healthcare impact will be less than Q4's $0.04 hit but will persist for a few quarters as they transition customers to a new provider.

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Question · Q3 2024

Sought clarification on the revised equipment outlook, particularly the role of core vs. digital, and asked for a breakdown of investment spending by segment.

Answer

The company confirmed that softer performance in core equipment in Q3 was factored into the revised Q4 outlook. They clarified that distribution investments were split between segments, while current software investments are more focused on the Dental business.

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