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    Steven Valiquette

    Managing Director and Senior Equity Research Analyst at Mizuho

    Steven Valiquette is a Managing Director and Senior Equity Research Analyst at Mizuho Americas, specializing in Health Care Technology and Distribution with a focus on leading companies such as Cardinal Health, Doximity, Solventum, Envista, Teladoc Health, Waystar, Welltower, and Humana. Renowned for his top-tier performance, Valiquette has been ranked in the top five of Institutional Investor's All-America Research Team for Health Care Technology & Distribution more than five times, reflecting his strong success rate and industry impact. With more than 25 years of experience, he joined Mizuho in June 2024 after serving as a Managing Director and Equity Research Analyst at Barclays, where he also covered related health care sub-sectors. Valiquette holds professional credentials including multiple securities licenses and is recognized for his consistent, differentiated research and client relationships.

    Steven Valiquette's questions to VEEVA SYSTEMS (VEEV) leadership

    Steven Valiquette's questions to VEEVA SYSTEMS (VEEV) leadership • Q2 2026

    Question

    Steven Valiquette of Mizuho Securities followed up on Crossix, asking for an update on the potential lumpiness of its usage-based component in the second half of the year and whether its growth rate was still above 30% in Q2.

    Answer

    CFO Brian Van Wagener confirmed that both the subscription-like measurement business and the usage-based Audiences business contributed to growth in Q2. He noted Audiences remains the smaller but higher-growth segment. He declined to provide a specific growth rate for the quarter but reiterated it is the primary growth driver for the Crossix business.

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    Steven Valiquette's questions to VEEVA SYSTEMS (VEEV) leadership • Q1 2026

    Question

    Steven Valiquette of Mizuho Securities asked a financial question about the strong Q1 margins, inquiring why the full-year guidance implies margins will moderate from the high levels seen in the first quarter.

    Answer

    CFO Brian Van Wagener explained that the Q1 margin outperformance was about 75% driven by revenue, specifically from the usage-based elements of Crossix and faster services delivery, which are not expected to be recurring benefits. The remainder was due to the timing of expenses. He described Q1 as a 'high watermark' for margins, expecting them to return to the guided 44% level for the rest of the year.

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    Steven Valiquette's questions to VEEVA SYSTEMS (VEEV) leadership • Q4 2025

    Question

    Steven Valiquette asked how much of the guided FX revenue headwind impacts the bottom line versus being offset by natural cost hedges.

    Answer

    CFO Brian Van Wagener explained that while there is a revenue headwind from FX, there is a natural hedge on the expense side because some costs are denominated in other currencies. As a result, the impact on operating income is not as significant as the impact on revenue.

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    Steven Valiquette's questions to VEEVA SYSTEMS (VEEV) leadership • Q3 2025

    Question

    Steven Valiquette asked if Veeva relies on external data like clinical trial starts for market assessment or focuses on its own customer discussions. He also requested the current percentage of revenue from CRO customers.

    Answer

    EVP of Strategy Paul Shawah explained that while they monitor external metrics like trial starts, they don't over-index on them as Veeva's business is tied to enterprise capabilities, not study volume. CFO Brian Van Wagener confirmed that revenue from CROs has not materially changed from the previously disclosed figure of approximately 5%.

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    Steven Valiquette's questions to CARDINAL HEALTH (CAH) leadership

    Steven Valiquette's questions to CARDINAL HEALTH (CAH) leadership • Q4 2025

    Question

    Steven Valiquette of Mizuho Securities USA LLC asked for confirmation that due to the liability classification change, the total net earnings attributable to noncontrolling interests on the P&L for FY26 would be close to zero.

    Answer

    CFO Aaron Alt did not give a direct confirmation but reiterated that the company has raised its overall guidance, reflecting both the liability classification and business updates, and directed the analyst to the 10-K for detailed mechanics.

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    Steven Valiquette's questions to CARDINAL HEALTH (CAH) leadership • Q3 2025

    Question

    Steven Valiquette asked whether Cardinal Health plans to procure higher levels of inventory ahead of potential tariffs or if normal inventory levels should be expected.

    Answer

    CEO Jason Hollar advised to assume 'fairly normal' inventory levels. While acknowledging some targeted pre-stocking within GMPD, he said nothing extraordinary is planned for the enterprise, as a significant inventory build would place an 'incredible burden' on the balance sheet. CFO Aaron Alt reinforced this, highlighting the strong ongoing focus on optimizing cash flow.

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    Steven Valiquette's questions to CARDINAL HEALTH (CAH) leadership • Q2 2025

    Question

    Steven J. Valiquette from Barclays inquired about the impact of the cough, cold, and flu season across the entire company, noting peer commentary about a soft December quarter followed by a stronger January.

    Answer

    CEO Jason Hollar acknowledged the dynamic, hypothesizing that the weakness seen in the GMPD segment was related more to less testing (lab products) than to less treatment, as the Pharma business did not see similar weakness. He stated it was too early to confirm if a January resurgence in illness had materially impacted the business but acknowledged the anecdotal reports.

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    Steven Valiquette's questions to Doximity (DOCS) leadership

    Steven Valiquette's questions to Doximity (DOCS) leadership • Q1 2026

    Question

    Steven Valiquette of Mizuho Securities noted his firm's survey showed evenly spread usage across Doximity's features and asked if this matched internal data and if a new feature might become dominant.

    Answer

    CEO Jeff Tangney confirmed that the survey findings align with Doximity's internal data, stating that their product teams for news, network, and workflow are all relatively balanced. He expressed that having a diversified platform with even usage across its features is a key competitive strength against single-point solution competitors.

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    Steven Valiquette's questions to Doximity (DOCS) leadership • Q4 2025

    Question

    Steven Valiquette noted that the implied Q1 growth rates are in line with the full-year guidance and asked if any macro risk is specifically baked into the Q1 forecast, and how the impact of that risk might be phased throughout the year.

    Answer

    CFO Anna Bryson confirmed that the Q1 guidance is cautious and incorporates potential macro impact by moderating upsell assumptions, as the upsell season typically begins in the quarter. She also noted that the Q1 year-over-year comparison is affected by different launch timing versus the prior year, but the new integrated programs should lead to a more stable revenue cadence throughout fiscal 2026.

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    Steven Valiquette's questions to Solventum (SOLV) leadership

    Steven Valiquette's questions to Solventum (SOLV) leadership • Q2 2025

    Question

    Steven Valiquette asked for details on the Health Information Systems (HIS) partnership with Ensemble, seeking to quantify the revenue opportunity and understand the implementation timing and competitive process.

    Answer

    CEO Bryan Hanson described the partnership as a symbiotic relationship where Ensemble will integrate Solventum's autonomous coding technology to improve its own efficiency and margins. While declining to quantify the revenue opportunity, he confirmed it was significant. He clarified the partnership was established through a relationship built on mutual respect for quality, rather than a formal competitive RFP process.

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    Steven Valiquette's questions to Solventum (SOLV) leadership • Q1 2025

    Question

    Steven Valiquette of Mizuho asked for commentary on the Dental segment's 0.4% organic growth, questioning how its performance compared to the broader dental market, which reportedly slowed during the quarter.

    Answer

    CEO Bryan Hanson stated that the company performed "pretty well" relative to the market. He attributed the resilience to the company's focus on less-discretionary categories like restoratives and the positive impact of new product launches, which are providing a tailwind that is expected to continue throughout the year.

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    Steven Valiquette's questions to GoodRx Holdings (GDRX) leadership

    Steven Valiquette's questions to GoodRx Holdings (GDRX) leadership • Q2 2025

    Question

    Steven Valiquette of Mizuho Securities asked for more color on the Rite Aid impact, specifically regarding the recapture rate assumptions in the guidance and the reasons why GoodRx was historically under-indexed to Rite Aid.

    Answer

    CFO Chris McGinnis confirmed the analyst's directional assumptions on recapture rates were reasonable but did not provide a specific number, noting the difficulty in tracking. He asserted there was nothing unique about Rite Aid customers that would impede recapture. CEO Wendy Barnes added that GoodRx is actively marketing to contactable consumers and using its digital platform to help all affected users find new pharmacies.

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    Steven Valiquette's questions to GoodRx Holdings (GDRX) leadership • Q2 2025

    Question

    Steven Valiquette from Mizuho Securities asked about the Rite Aid impact, seeking color on the script recapture rate assumption in the guidance and whether being under-indexed to Rite Aid makes recapture more challenging.

    Answer

    CFO Chris McGinnis stated there was nothing unique about Rite Aid customers that would make recapture more difficult and confirmed the analyst's directional thinking on the recapture assumption was correct, without providing a specific figure. CEO Wendy Barnes added that GoodRx is actively marketing to displaced consumers through direct and digital channels to help them find new pharmacies and recapture volume.

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    Steven Valiquette's questions to GoodRx Holdings (GDRX) leadership • Q1 2025

    Question

    Steven Valiquette noted the 7% year-over-year increase in revenue per MAC and asked for the specific drivers, questioning if it was due to a mix shift to higher-priced drugs, more brand volume, or general inflation.

    Answer

    CFO Chris McGinnis confirmed that the increase in revenue per MAC was driven by 'all of the above.' He acknowledged that a mix shift, higher drug prices, and inflation were all contributing factors, without isolating one as the primary driver.

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    Steven Valiquette's questions to GoodRx Holdings (GDRX) leadership • Q1 2025

    Question

    Steven Valiquette asked for the specific factors driving the approximate 7% year-over-year increase in revenue per MAC, questioning if it was due to a mix shift to higher-priced drugs, more brand volume, or general inflation.

    Answer

    CFO Chris McGinnis confirmed that the increase in revenue per MAC was driven by 'all of the above,' citing a combination of mix shift, higher drug prices, and inflation as contributing factors without highlighting any single variable as the primary driver.

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    Steven Valiquette's questions to GoodRx Holdings (GDRX) leadership • Q4 2024

    Question

    Steven Valiquette from Mizuho Securities asked for management's high-level thoughts on potential policy changes that could negatively impact pharmaceutical marketing to consumers and the implications for GoodRx.

    Answer

    CEO Wendy Barnes opined that potential regulations seem focused on traditional direct-to-consumer (DTC) advertising like TV, a channel GoodRx does not use. She suggested such a change could be a tailwind for GoodRx, as marketing funds might be redirected to their platform, where they can demonstrate a 5x to 10x higher engagement lift for pharma partners compared to brand websites.

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    Steven Valiquette's questions to DENTSPLY SIRONA (XRAY) leadership

    Steven Valiquette's questions to DENTSPLY SIRONA (XRAY) leadership • Q2 2025

    Question

    Steven Valiquette of Mizuho Securities inquired about the priority level of managing relationships with major dental distributors and asked about the new CEO's general bias regarding direct versus distributor sales models.

    Answer

    CEO Dan Scavilla confirmed he has already initiated contact with the CEOs of major distributors. However, he stated that he would refrain from commenting on strategic direction until he has had more time to engage with partners and learn the business, emphasizing that his focus is on the long-term health of these relationships.

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    Steven Valiquette's questions to Cencora (COR) leadership

    Steven Valiquette's questions to Cencora (COR) leadership • Q3 2025

    Question

    Steven Valiquette of Mizuho Securities USA LLC asked if Cencora was observing the significant mid-year wave of AWP list price increases from brand drug manufacturers, noting that this activity appeared higher than in recent years.

    Answer

    EVP & CFO James Cleary responded that the branded price appreciation observed was generally in line with or perhaps slightly ahead of the company's expectations, but not significant enough to be called out as a major factor. He reiterated that as Cencora has rebalanced its contracts over time, brand inflation has less of an impact on the overall P&L than it did historically.

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    Steven Valiquette's questions to Cencora (COR) leadership • Q2 2025

    Question

    Steven Valiquette followed up on the subdued clinical trial activity, asking if the softness was widespread or concentrated and if a percentage decline could be quantified.

    Answer

    CEO Bob Mauch clarified the trend is market-based and consistent with declines seen by other industry players, not concentrated within a few customers. He noted activity is down from a peak during the COVID pandemic but did not quantify the decline, instead reiterating that Cencora is well-positioned for a market rebound.

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    Steven Valiquette's questions to Cencora (COR) leadership • Q1 2025

    Question

    Steven Valiquette of Mizuho Securities asked for an update on the active contract discussions with Walgreens and sought confirmation that the FY25 guidance incorporates any potential changes from those talks.

    Answer

    CEO Robert Mauch affirmed that Cencora is continuously engaged with Walgreens to create mutual value, underscoring the long-term strategic importance of the relationship. CFO James Cleary confirmed that the current guidance includes the company's assumptions for all aspects of its business, including the Walgreens partnership.

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    Steven Valiquette's questions to Envista Holdings (NVST) leadership

    Steven Valiquette's questions to Envista Holdings (NVST) leadership • Q2 2025

    Question

    Steven Valiquette asked if Envista observed a trend of lower patient case conversions for clear aligners after initial scans, a phenomenon mentioned by a competitor, and whether this has historically impacted Envista's results.

    Answer

    CEO Paul Keel responded that Envista's Spark business has experienced consistent growth, outperforming the market for several consecutive quarters. He stated that while he hears many anecdotes from clinicians, a slowdown in patient conversions was not a meaningful factor in Envista's strong Q2 performance.

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    Steven Valiquette's questions to Envista Holdings (NVST) leadership • Q1 2025

    Question

    Steven Valiquette asked whether the Average Selling Price (ASP) for Spark clear aligners changed sequentially in Q1 and inquired about pricing trends among competitors.

    Answer

    CFO Eric Hammes reported no major change in Spark's ASP, attributing its consistent value capture to ongoing innovation and strong performance within the orthodontist-focused segment. He emphasized that Envista's strategy is to leverage its brand power and address the untapped potential in the orthodontic market, which supports stable pricing.

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    Steven Valiquette's questions to Envista Holdings (NVST) leadership • Q4 2024

    Question

    Steven Valiquette asked about the expected quarterly cadence for the EBITDA margin in 2025, given the full-year guidance of approximately 14%.

    Answer

    CFO Eric Hammes explained that the margin cadence will mirror the core growth trajectory. With core growth expected to be slower in the first half and stronger in the second half, primarily due to the China VBP impact, EBITDA margins are anticipated to be slightly below the 14% annual average in H1 and slightly above it in H2.

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    Steven Valiquette's questions to Waystar Holding (WAY) leadership

    Steven Valiquette's questions to Waystar Holding (WAY) leadership • Q2 2025

    Question

    Steven Valiquette asked whether Waystar's status as an independent entity, not owned by a managed care payer, is resonating more strongly with providers in the current market environment.

    Answer

    CEO Matt Hawkins affirmed that independence is a key differentiator that resonates strongly. He explained that providers and patients seek fairness and transparency, viewing Waystar as a 'referee' in the complex payments process. He believes this message has become even more powerful in 2025 as Waystar's profile has grown as a public company.

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    Steven Valiquette's questions to ALIGN TECHNOLOGY (ALGN) leadership

    Steven Valiquette's questions to ALIGN TECHNOLOGY (ALGN) leadership • Q2 2025

    Question

    Steven Valiquette of Mizuho Securities inquired whether Align's softer case volume was consistent with the overall clear aligner market trend or if the company was potentially losing market share, particularly in the context of US tariffs.

    Answer

    President & CEO Joe Hogan stated that the competitive landscape did not materially change from Q1 to Q2 and attributed the softness to macroeconomic factors rather than competitive pressure. He noted that a competitor had actually raised prices during the quarter, reinforcing his view that the dynamic was not primarily competitive.

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    Steven Valiquette's questions to ALIGN TECHNOLOGY (ALGN) leadership • Q1 2025

    Question

    Steven Valiquette requested more color on the company's statement about mitigating China's retaliatory tariffs through supply chain adjustments, given that manufacturing for the Chinese market occurs within China.

    Answer

    CFO John Morici clarified that while finished aligners for the China market are made locally, some raw materials for that manufacturing process are sourced from the U.S. and other regions. He explained that the supply chain adjustments involve changing the sourcing of these specific raw materials to mitigate any potential tariff exposure.

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    Steven Valiquette's questions to ALIGN TECHNOLOGY (ALGN) leadership • Q4 2024

    Question

    Steven Valiquette asked whether the current political and tariff environment might make U.S. practitioners more hesitant to adopt competitor systems from outside the U.S., potentially benefiting Align.

    Answer

    CEO Joe Hogan stated that Align's strategy is to win through superior technology, service, and relationships, rather than relying on political factors. He noted that some competitors have entered with what he believes are unsustainable prices, a situation that tends to self-correct over time. He emphasized focusing on delivering the best value proposition.

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    Steven Valiquette's questions to HEALTHEQUITY (HQY) leadership

    Steven Valiquette's questions to HEALTHEQUITY (HQY) leadership • Q1 2026

    Question

    Steven Valiquette of Mizuho Securities inquired about the proposed legislation to double maximum HSA contributions for certain income levels, asking if the company could quantify how many of its existing members would fall into those eligible income brackets.

    Answer

    Founder & Vice Chairman Dr. Stephen Neeleman noted that with a median account holder income of around $72,000, the vast majority of members would qualify. However, President and CEO Scott Cutler added that only about 4% of members currently contribute the maximum. Dr. Neeleman emphasized the real opportunity lies in leveraging this change to drive innovative employer plan designs that encourage higher contributions.

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    Steven Valiquette's questions to HEALTHEQUITY (HQY) leadership • Q3 2025

    Question

    Steven Valiquette of Mizuho Securities sought confirmation on the timing and amount of HSA cash contracts repricing in fiscal 2026 and asked if the strategy of pulling forward repricings was already factored into guidance.

    Answer

    An executive, likely CFO James Lucania, confirmed that while most repricing occurs late in the year, fiscal 2026 includes a mid-year event from legacy WageWorks assets. He clarified that all expected actions to pull forward maturities are already incorporated into the current guidance. CEO Jon Kessler added that the primary goal of this strategy is to enhance the stability and predictability of the custodial revenue line.

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    Steven Valiquette's questions to Talkspace (TALK) leadership

    Steven Valiquette's questions to Talkspace (TALK) leadership • Q1 2025

    Question

    Steven Valiquette from Mizuho Securities noted that payer revenue per session was higher than modeled and asked if the high single-digit year-over-year growth was a sustainable run rate. He also asked for the key drivers behind the implied revenue reacceleration for the remainder of the year to meet guidance.

    Answer

    CFO Ian Harris confirmed that the Q1 implied payer price per session, which benefited from contractual rate increases, mix shift to higher-priced behavioral health sessions, and improved collection efforts, is a good proxy for the rest of the year. He attributed the expected revenue reacceleration to the ramp-up of new populations like Medicare and TRICARE, and the pull-through benefits from increased marketing investments made in the first half of the year, which take time to materialize due to the longer lifetime value of payer members.

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    Steven Valiquette's questions to Talkspace (TALK) leadership • Q4 2024

    Question

    Steven Valiquette asked for an update on the pricing environment within Talkspace's Payor book of business, specifically regarding contract renewals and new contracts.

    Answer

    CEO Dr. Jon Cohen responded that major contracts have been recently renewed and they are not seeing any pricing degradation in new contracts. He stated there is currently no change and no indication of any significant decrease in reimbursement rates.

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    Steven Valiquette's questions to LifeMD (LFMD) leadership

    Steven Valiquette's questions to LifeMD (LFMD) leadership • Q4 2024

    Question

    Steven Valiquette asked for details on the assumptions embedded within the 2025 revenue guidance, particularly concerning the telehealth segment. He sought clarity on the projected retention and conversion rates for the large number of weight management patients currently using compounded semaglutide.

    Answer

    CFO Marc Benathen explained that the 2025 guidance was built on conservative assumptions, including a significant write-down of compounded medication revenue, assuming nearly half is lost. The model assumes some conversion to branded therapies but a slightly lower new patient acquisition rate than the previous year. The goal is to have 40-50% of weight loss patients on branded therapy by year-end. Benathen also noted that growth is expected from the RexMD business, particularly in HRT, as well as incremental benefits from the new Behavioral Health and revamped LifeMD+ offerings.

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    Steven Valiquette's questions to LifeMD (LFMD) leadership • Q1 2024

    Question

    Steven Valiquette asked for clarification on how much of the upward revision to the 2025 guidance was attributable to the recent partnership announcements with LillyDirect and NovoCare for Wegovy and Zepbound, aiming to understand the immediate financial impact of these deals.

    Answer

    CFO Marc Benathen stated that none of the guidance increase was related to the Lilly and Novo collaborations; the revision was based entirely on the company's strong performance in Q1. CEO Justin Schreiber added that while it's too early to factor into guidance, they view these partnerships as long-term 'game-changers' that will create significant value over time.

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    Steven Valiquette's questions to PDCO leadership

    Steven Valiquette's questions to PDCO leadership • Q2 2025

    Question

    Asked for an update on the distribution contract with a major dental manufacturer that had previously announced its intention not to renew. He also questioned if that same manufacturer's recent new product launch was significant enough to positively alter the cadence of Patterson's dental equipment sales outlook for the rest of the fiscal year.

    Answer

    Regarding the contract, the company is still working with the supplier, values the relationship, and believes a mutually successful, win-win outcome is achievable. The new product launch from that partner is definitely helping results and was successful at a recent event, but the business continues to battle the overall softness in the equipment market, making its full impact difficult to gauge.

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