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    Sameer Patel

    Research Analyst at Evercore Inc.

    Sameer Patel is an Equity Research Analyst at Evercore Inc., specializing in healthcare services and medical technology sectors. He has provided research coverage for companies such as Privia Health Group, Health Catalyst, and Patterson Companies, with a focus on fundamental analysis and industry trends. Patel began his equity research career at Evercore after completing his studies at Columbia University, developing expertise through direct engagement in earnings calls and sector-specific research. He holds professional securities licenses including Series 63, 86, and 87, enabling him to provide actionable investment insights to institutional clients.

    Sameer Patel's questions to Privia Health Group (PRVA) leadership

    Sameer Patel's questions to Privia Health Group (PRVA) leadership • Q4 2024

    Question

    Sameer Patel of Evercore ISI inquired about the minimal year-over-year increase in operating expenses projected in the 2025 guidance, asking for a breakdown of leverage between G&A and sales & marketing, especially with no new market entry costs assumed.

    Answer

    CEO Parth Mehrotra confirmed the scaling of the cost structure is driving operating leverage. He noted that since the 2025 guidance does not assume new market entries, which incur upfront sales infrastructure costs, both G&A and sales & marketing are expected to scale, contributing to EBITDA growth.

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    Sameer Patel's questions to Privia Health Group (PRVA) leadership • Q3 2024

    Question

    Sameer Patel, on for Elizabeth Anderson at Evercore ISI, asked if the long-term target of 20% EBITDA growth for 2025 could be maintained after absorbing the initial headwind from the new Indiana market. He also sought to clarify the revenue recognition for the Indiana partnership.

    Answer

    CEO Parth Mehrotra clarified that the 20%+ EBITDA growth is a long-term target, not annual guidance, and it already accounts for new market entry costs as part of doing business. CFO David Mountcastle confirmed that since the Indiana entity is 100% owned, its revenue will be recognized as fee-for-service under GAAP, not as administrative services revenue.

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    Sameer Patel's questions to Health Catalyst (HCAT) leadership

    Sameer Patel's questions to Health Catalyst (HCAT) leadership • Q4 2024

    Question

    Sameer Patel, on for Elizabeth Anderson, asked for clarity on the quarterly cadence of adjusted EBITDA in 2025, given the guided step-down in Q1, and inquired about the expected margin impact of the Analytics Summit in Q3.

    Answer

    CEO Dan Burton and CFO Jason Alger explained the Q1 EBITDA dip is due to temporary factors, including integration costs for the Upfront acquisition, annual salary increases, and the partial-quarter impact of restructuring. They expect EBITDA to improve as revenue ramps throughout 2025 from new deals and delayed go-lives. Alger specified the Q3 Analytics Summit will have a lower cost footprint of $1M-$1.5M, compared to over $3M in prior years, as it will be more focused on existing clients.

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    Sameer Patel's questions to PDCO leadership

    Sameer Patel's questions to PDCO leadership • Q2 2025

    Question

    Speaking on behalf of Elizabeth Anderson, he asked if the company still expects to maintain flat year-over-year corporate margins given the cost actions. He also inquired about the companion animal business, asking if the impact from reprioritizing the customer base is still expected to moderate in the second half of the fiscal year.

    Answer

    Yes, the company expects operating margin to be flat to slightly up in the back half of the year compared to the prior year, as cost actions and a favorable mix shift in the software business help offset top-line softness. In the companion animal business, the impact from customer reprioritization is expected to moderate in the back half of the year as the team brings on new customers and products.

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    Sameer Patel's questions to Teladoc Health (TDOC) leadership

    Sameer Patel's questions to Teladoc Health (TDOC) leadership • Q3 2024

    Question

    Speaking for Elizabeth Anderson, Sameer Patel asked about the significant step-up in G&A expense during the quarter and whether this should be considered a new normalized baseline going forward.

    Answer

    CFO Mala Murthy clarified that the G&A increase included 'one-off investments' and should be treated as a one-time event, not a new run rate. She emphasized that for 2025 planning, the company will pay close attention to the overall expense base relative to revenue growth across all P&L lines.

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