Healthcare can be a scary space if you focus on the biotech and pharma side of it. Luckily, there's plenty more to the industry. In this week's episode of Industry Focus: Healthcare, host Shannon Jones talks with senior Fool analyst Jason Moser about his Healthcare and Wealthcare basket, a diversified clump of stocks with fantastic positioning in markets that are only getting bigger. Learn what makes the combo of UnitedHealth (NYSE:UNH), Teladoc (NYSE:TDOC), Masimo (NASDAQ:MASI), and Idexx Laboratories (NASDAQ:IDXX) so exciting for long-term investors. And, of course, can't ignore the merger news. Shannon and Jason explain what the massive AbbVie (NYSE:ABBV)-Allergan (NYSE:AGN) tie-up does and does not means for both businesses, why growth investors shouldn't get too excited, and what shareholders of these companies should know.
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This video was recorded on June 26, 2019.
Shannon Jones: Welcome to Industry Focus, the show that dives into a different sector of the stock market every single day. Today is Wednesday, June 26th. We're talking Healthcare. I'm your host, Shannon Jones. I have a very special guest joining me here today, none other than Jason Moser, live and in the flesh, fellow Industry Focus Healthcare -- sorry, not Healthcare, Financials host.
Jason Moser: Sure, but one could argue the two are very interrelated.
Jones: It's all the same!
Moser: If you've got good financials, it'll keep you healthy. Bad healthcare will ruin your financials.
Jones: That's a great segue! I've got Jason here today to talk about his Healthcare and Wealthcare basket. Yes, it's all interconnected, all related. Jason, always thrilled to chat with you. I'm really excited to get into the Healthcare and Wealthcare basket. But before we do, it's probably good to dive into the news. I think I've seen 20 to 30 different headlines just today about this one merger.
Moser: The one deal.
Jones: We've gotten many emails, on Twitter, people are hitting me up. What do you think about it? It's all about this AbbVie-Allergan deal. Let's run through quickly here what that deal is all about. Then we can dive into our thoughts and opinions.
On Monday, AbbVie announced it would be acquiring Allergan, maker of Botox, in a cash-and-stock transaction worth about $63 billion. Each Allergan share would receive 0.866 AbbVie shares and $120 in cash. Roughly, that works out to about $180 a share, about a 45% premium on the prior day's closing. A pretty hefty premium. This is the second-largest deal of the year. A lot of the Industry Focus: Healthcare listeners will know we talked a lot about the Celgene-Bristol deal that kicked off this year at about $74 billion. AbbVie, though, trading down about 14% on the news. Allergan, up about 25%. Not uncommon to see the acquirer get beat up. But they're getting slammed.
Moser: It does seem like the disparity is a little bit bigger than normal.
Jones: Yeah. So, we'll dive into all of that and more. One thing, Jason, here at Fool HQ, there is not literally one person I've met so far that has said, "Wow, this is a great deal! I can't believe they waited so long to do this!"
Moser: [laughs] It feels like we're all like, "Yeah, I get it." It's one solution to what seemed like a problem that wasn't going away. It sounded like there was a lot of noise being made for Allergan to split up in some capacity, to maybe realize some value for shareholders that way. This is the opposite of splitting up, joining forces with another company. It does seem like, at least, the two joining together, they're somewhat complementary. I don't know there's a heck of a lot of overlap there. In a space where scale obviously matters, particularly when you're facing problems like Allergan certainly is facing, a lot of key drugs coming off patent, some drugs that they were hoping for a bit more success and aren't panning out, and slowing growth across all lines. It's understandable. I'm not sure that I necessarily think it's the best thing in the world. But it's a big deal, like you said.
Jones: It's a huge deal. $63 billion. You've got basically two mediocre companies that have been looking for growth literally anywhere, now joining forces to become one humdrum, mediocre company, still looking for growth.
Moser: "Mediocre" is the perfect word.
Jones: Let's talk a little bit about AbbVie. You mentioned this. They have been desperately in need of diversification. Their bread-and-butter drug is Humira. It made about $20 billion last year, about 60% of sales. A huge chunk of their revenue. But it's facing a huge patent cliff. Actually went off its core patent I believe in 2016. But it's that patent exclusivity, particularly here in the U.S., that is on tap for 2023. AbbVie and their legal team -- I have to commend them, they're probably one of the most creative legal teams out there, aside from Allergan -- they've been trying to stem the tide. They've done over 100 different add-on patents to push away a lot of the competition. Hasn't really worked. We've already seen biosimilars in Europe starting to drive down sales. Humira, during the first quarter of the year, global sales fell about 23% already, ahead of this 2023 time frame. AbbVie here is desperately trying to throw the kitchen sink at the problem, but there just hasn't been anything meaningfully accretive to their top line, particularly when it comes to their pipeline. They've got an approved drug, several in the pipeline. You're looking at maybe about $9.5 billion in annual sales just coming from expected drugs. That's not nearly enough to take care of that $20 billion Humira problem.
Moser: No, and you look on the other side of the coin there with Allergan, they're facing a lot of the same problems there. I was digging into their 10-K yesterday to get a better idea of how reliant they are on Botox. I think that's the name probably most people associate with Allergan. Botox is interesting in that most people probably think of it as an injection to help cure wrinkles. It's somewhat...
Jones: You can say it, Jason. You can say it.
Moser: I don't want to say superficial, but I think it's kind of silly, personally. We all get older. Just accept it, embrace it. But some people don't, so Botox cosmetics helps that. There is a Botox therapeutics side of the business, which is something we always need to mention. There are migraine implications where Botox does help. It's not a drug that is purely cosmetic. But either way, when you combine the two together, you're talking about over $2.5 billion in sales that Botox is responsible for Allergan. That growth rate is slowing down a lot as well. Between Botox slowing down, the patent cliff that you were talking about there, it goes back to that thing you said. You've got two mediocre companies coming together. I don't know that necessarily makes for one great company. Maybe it makes for a big mediocre company. Is that something we want to invest in?
Jones: Not necessarily, Jason. Not for me personally. We actually got a question about this, like, "What should I be doing with this as an AbbVie shareholder?" -- and even some from Allergan shareholders. I think, from an Allergan perspective, you talked about Botox. This is a drug, it's their bread and butter, as you mentioned, but they're already facing generic competition. The FDA approved a cheaper version of Botox. We actually did a show on it in February, about the wrinkle wars that are now starting with a company called Evolus. You've got your bread-and-butter drug under pressure, their No. 2 drug, Restasis, which is for eye disease, also facing generic competition coming in 2024. Of course, just like AbbVie, they've been trying to throw the kitchen sink at this problem. I don't know if you remember this, but Allergan was the company that, to try to protect their patents, they actually attempted to sell it to a Native American tribe for patent immunity.
Moser: Huh. I don't remember that. [laughs] Oh, my God!
Jones: One of the most bizarre legal cases I've ever heard. Even from a strategy perspective, really strange. So I think there was a lot of doubt cast on Brent Saunders with Allergan after that. This is a company very much under pressure. You've got two companies trying to hold things together. Also, Allergan has a massive amount of debt, to the tune of about $21 billion. If this deal goes through, it would make for a combined balance sheet net debt of $18.5 billion, plus another $40 billion added to get this deal closed.
Moser: Yeah. This is a market where debt loads are usually pretty heavy because these companies have to invest so much money in developing these drugs, and typically, you need to develop a lot so you have a pipeline that can shore up any weakness or headwinds when you run into situations. So, they tend to feed on a lot of debt, which is fine, to a degree. Typically, they add the income statements that can help facilitate and cover that debt. But it's always something worth noting, particularly if you see two companies like this that are really running into some headwinds growth-wise.
Jones: Yeah. I think with Allergan here, what AbbVie is trying to do with this acquisition, it's not about growth, it's very much more about, we need to fund R&D and we need to pay down some debt. You've got these cash cows like Botox that I think can help them do that, but this is definitely not a growth story. If you're a growth investor, don't expect to see any growth or innovation. Allergan is not one that invests heavily in R&D in and of itself. This is really about debt, and it's also about funding continual R&D.
It still leaves the question, Jason, where is growth going to come from with this combined company? That's still the bigger question, and why you saw AbbVie take such a hard hit right after this news was announced.
Moser: I feel like maybe this is a defensive acquisition. Do you think that's a good way to put it? On AbbVie's part.
Jones: I think that's fair. It's a very expensive defensive acquisition at $63 billion. That's a four-times multiple on 2018 revenue right now -- which is not unheard of in the biopharma space, but those multiples tend to go with growth opportunities, not so much from a defensive play.
I can see why they did it, but I would have loved to see AbbVie actually go after maybe smaller incremental deals that could actually drive growth long-term, rather than one huge, massive $63 billion deal. It didn't address the issues that a lot of the investors have been poking and prodding AbbVie for.
You still have a lot of lingering question marks. If this deal closes -- it's expected to close in early 2020 -- we'll have to wait and see what that looks like. But ultimately, to your point, this is just a defensive play. If you're an investor shareholder in either of these companies, as long as you're comfortable with that, and recognize this is not necessarily about growth, I think you're OK.
Moser: You raised a really good point there. I feel like, if I were going to be on that call and ask management one question, it would be along the lines of what you were talking about there. Instead of making this one mammoth acquisition, why wouldn't you go out there and try to find a bunch of smaller pipelines with some more attractive prospects? To your point, that is a ton of money they're spending on basically one business with some questionable prospects. I have to believe there are a lot of smaller little biotech opportunities out there with some pipelines. Kind of the way we talk about investing in this space anyway, right? Taking that basket approach, invest in a bunch of small biotechs, because some of them won't pan out, but some of them will. Why wouldn't they take that same approach? Clearly, they have the money to do it. I guess we'll never know.
Jones: We'll never know. We'll never know.
Moser: We'll have to get on their next quarterly call and ask them that very question, Shannon.
Jones: I'll hold you to it, Jason.
Jones: We'll be sure to keep all of our listeners up to date on all the latest happenings with this deal as it pans out. Jason, before we dive into the stocks in your Healthcare and Wealthcare basket, let's set the stage a little bit for our listeners who may not be aware -- what led you to this basket approach, specifically this basket approach within the healthcare and wealthcare space?
Moser: Probably some folks are familiar with the War on Cash basket that I did. That was something that came to be with Chris Hill and I just lobbing back the question every quarter on MarketFoolery as to why we hadn't bought stocks in some of those companies, because clearly, it was a huge market opportunity. What I'd thought was, it's a big market opportunity, and it's not like you have to pick one winner. That was the impetus behind this basket as well. When you look at healthcare, as you and our listeners know, it is a massive market opportunity, not only on a domestic level, but a global level.
To put that into context, when you look at total national health expenditures as a percent of GDP here, just in the country, you're talking about a number that's closing in on 20%. It is a big part of our overall economy, and that number is only continuing to go up. I don't think it's reasonable to assume that our neighbors here across the river are going to crack the code of healthcare anytime soon. It's going to be an expensive market that'll keep on growing. So I thought, well, I like big and growing market opportunities, and there's not one company that's going to win this space, there are a lot of them. So I just took a stab at trying to find some of the companies in the space that I felt like could do well in the coming five, 10 years.
Jones: Great! A basket approach. I think it makes a lot of sense, Jason. We recently put out, I believe it was an Instagram question, about, do you invest in healthcare stocks? I'd say the No. 1 theme for those that said they did not was because they felt it was too risky. For a lot of them, they were talking about biotech and pharma, which is exactly right. Very risky, very aggressive strategy. But I like the basket approach, in particular the stocks that you have in this basket, because each of these stocks -- we'll get to them in a second -- serves a very critical need within the healthcare system. They have opportunities, given all the reasons you just said, when it comes to pricing, when it comes to efficiency. This is just a simpler, less risky way to invest for those who are wanting some healthcare exposure but don't necessarily want to go the biotech/pharma route either.
Moser: I do appreciate that. The biotech space is really risky. People probably associate that most with investing in healthcare, because those are probably the companies that get most of the headlines. A lot of that's just because of that sexy growth everybody's looking for. It's that growth. Everybody's looking for a way to get rich quick. This certainly is not meant to do that. It is something where I felt like I could put together four companies that gave us a nice risk profile that investors are looking to pursue. This is not a basket where these are all high-risk names. It is certainly not the only way to do this. This is one way to do it. It is a way I did it. You can tell me I'm wrong and I won't be offended. You can give me some other names that should be in the basket, and I will likely agree with you. [laughs] But you have to draw the line somewhere, so I drew it at four companies. Typically, I look for anywhere from four to six companies to go in one of these baskets. These are companies that I've covered for a long time. To your point, I think they all fire in on their own specific part of the healthcare system where they're going to continue, I think, to grow for the foreseeable future.
Jones: Yeah. Let's start with the first one. This is insurance company UnitedHealth Group, ticker UNH. Jason, tell us about this one. Why did it come across your screen, your radar? What makes it so interesting to you?
Moser: We all like having access to healthcare, right?
Jones: For the most part.
Moser: We want to have access to it. It's a bit nebulous at times as to how we exactly do have access to it. You have a job, you get health insurance, it's not clear exactly who that's with or what you get, or how much you're going to owe when you go to the doctor, because it doesn't seem like there's any real standard pricing model anywhere at this point. But the bottom line is that the healthcare system, for the foreseeable future, is not going to work without insurance.
UnitedHealth is the largest insurance company in the space, domestically and globally speaking, it is certainly spreading its wings. You look at a company in a market where the service they provide is going to be essentially necessary for the foreseeable future; the size of the company matters, I think, in this case; and there are huge barriers to entry when it comes to health insurance. It's not like you and I could go start a health insurance company. I mean, we could, but we would probably fail, because there's a lot to do in just getting that business started. They've already done a lot of that hard work. The size of the company tells you they've been doing a pretty good job at it. With vast financial resources, they're very well-positioned to deal with any and all changes that come to the regulatory landscape in the coming years. It's a big company, it's a little bit lower on the risk profile. But that was the point, to give us a bedrock company. We know it's not going to be growing terribly quickly, but it probably shouldn't have the rug pulled out from under it, either.
Jones: Yeah. I love this pick, Jason! It's really about the scale and the size of this company. You mentioned it's the largest insurer in the business. Also, single largest employer of physicians. More than 35,000 physicians. Largest in terms of the pharmacy benefit managers. They processed over $160 billion in payments. It's the size and the scale that I think is important when we talk about cost efficiency with healthcare. When you have that type of size -- also, this is a company that's really been focused on data and analytics, more so than many of the others -- that plus size and scale, if I had to put my pick on one company that I think could help drive down costs, it would be UnitedHealth.
Moser: I'm glad you said that. I think a lot of people will immediately think UnitedHealth, the largest insurer, healthcare for profit, this is an evil company. I understand that perspective, but I would encourage you to look at it from the other angle. It's not like UnitedHealth is the company that set up our healthcare system in this country. That's something that's been in the works for many, many years. Essentially, our politicians have given us what we've got. There are all sorts of different philosophies and takes on healthcare. I would encourage you to go read a book called The Healing of America by T.R. Reid. It's a great book! He basically travels the globe and looks at healthcare systems in all different countries and compares them to ours to show where they're doing better, where we're doing better. The No. 1 takeaway from the book is, this is not an easy problem to solve anywhere. If you think that other countries have it all figured out, well, read that book, you'll see it's not quite so cut-and-dry.
But yeah, I do agree with you. With a company this size, with its resources, they are going to be able to play a role in helping drive down the cost of healthcare. I think it's also reasonable to say this is a company that has to answer to shareholders, which means they need to maximize profitability. There is a bit of a delicate dance there, for sure.
Jones: Oh, for sure! As we come up to the 2020 presidential election, we've heard a lot of rhetoric, Medicare for All. We'll have to see how that plays out. But this is a company that was able to navigate the Affordable Care Act waters very well. I have no doubt about them being able to navigate anything that comes down the road, should it happen.
Moser: I tend to agree.
Jones: Let's talk about this second one. The second company, a medical device company. This is Masimo Corporation, ticker MASI. Jason, tell us what exactly they do and why this one is compelling.
Moser: This is one probably not as many are familiar with. Back in 2011, we had a thing that we did here on fool.com, some of us decided we wanted to try to run a real-money portfolio in a public-facing manner, and we were able do that. It was this initiative called Rising Stars. Masimo was a company that I found for that portfolio and bought in that portfolio back in 2011. It struck me in researching the company, what they do -- I'll translate this -- they're in the business ultimately of pulse oximetry. Whenever you go to the hospital, if you have to check in for surgery or anything like that, typically, you're going to have something in there, a device, some equipment, that measures the oxygen levels in your blood, among other things. It's essentially required. You have to have that. Doctors need that in order to assess how you're doing. Masimo is in the business of that. They make those devices. They make the equipment and the consumables that help all of that happen. It's an interesting company from the perspective that the founder, Joe Kiani, founded the company essentially in his garage. He figured out how to build this technology, then just ran off with it. Nobody has been able to develop something better.
And now the company is celebrating its 30th anniversary. They've gone beyond pulse oximetry into other testing equipment and monitoring equipment. They have a beautiful razor-and-blade model. They get that big equipment in the hospital, and then the hospital has to keep buying those consumables. It gives the company this opportunity to continue to innovate. The numbers tell us that hospitals like the technology. I like the founder-led culture. It's a little bit of a higher-risk play than UnitedHealth, but still a fairly well-established company. I own shares in it personally, too. One that will continue to do well.
Jones: They've actually got an augmented-reality play as well.
Moser: They do!
Jones: It's really interesting to me, especially as we talk about the delivery of healthcare, staying connected, being able to make decisions faster. Tell us about this AR.
Moser: I think that's the cool thing about companies like these, small, founder-led companies where they're not beholden to all of this red tape and trying to figure out what they want to do. They're essentially going with one guy's vision and the things that he wants to do. He's assembled a team of innovators with them, and they try all these different things. When you talk about augmented reality and virtual reality, and how technology is going to help our healthcare system, eyewear, I think, is the big medium for augmented-reality technology in the coming years. You have Google [Alphabet] and Microsoft and other companies that are working on those types of things. Incorporating monitoring equipment or monitoring platforms for physicians, for example. When they're in the hospital, regardless of where they are in the hospital, they can see a patient's progress or vitals right then and there. That's a good example of what Masimo is doing to incorporate more technology into their business.
This company in particular is still very early days in how they're incorporating that. But reading about the things that they're trying, it's a pretty cool business. Again, I think it all boils back down to the founder and CEO. The nice thing is, he's a young guy, too, so we should have a lot of years left to watch him do his thing.
Jones: He's got a long runway! All right, I love the play there, especially with innovation. Of course, we can't talk about redefining healthcare without talking about the third stock in your basket. That is Teladoc, ticker TDOC. We've talked about Teladoc on the show. Jason, tell our listeners, what do they do, for those who may not be aware.
Moser: Ultimately, it's virtual healthcare, seeing the doctor over the internet. This is a really neat business. I started following this business shortly before it went public. I had spoken with a friend of mine at the Dallas Business Journal at the time. We were talking about the company going public and what its chances were. And even back then, I thought, they're solving a problem that exists. It made me think back to, David Gardner talks about with Amazon, there was so much skepticism back then that people would ever even consider putting their credit card information on a website and buy something from a website. There's just no way! There's no security! Balderdash!
Moser: Fast forward to today, we obviously know that result there. Anybody in the world pretty much knows that going to the doctor's office is not a pleasant experience. It's not always necessary, either. I think that's what this company was geared on from the beginning, is trying to become that new front door for the medical care experience. There are situations where you don't necessarily need to go to the doctor's office. Teladoc has built a nice virtual healthcare app that enables people to go ahead and use that app as essentially that first step in their healthcare pursuit. I can use a specific example that happened to me in my life, where I immediately thought, "I'm sold, this is for real." I'm sure some people have heard this story before. I was taking my daughter to a horseback riding lesson. I saw that my eye was turning red. You have kids, you know what pinkeye is. And I thought, "Oh, God, now I've got pinkeye." You know how you've got to go to the doctor, get a prescription for the drops, it's a waste of a day. So I parked in the parking lot. My daughter goes in, starts riding. I opened my phone, opened the Teladoc app. Twenty minutes later after having a video chat with a doctor in Texas of all places -- we're in Virginia -- she was able to diagnose the pinkeye, e-prescribed the eyedrops to the CVS by our house. I picked them up on the way home. Problem solved. $15 co-pay. Easy peasy, lemon squeezy, as they say.
That's ultimately what they're doing. They're not trying to say, "If you have a heart attack, you can use Teladoc." That's not what you do. But there are cases where it does work. I think what we're seeing now is buy-in in the virtual-healthcare space. The regulatory barriers have all been cleared. The regulatory environment has been changed to accept virtual healthcare. UnitedHealth is another business that is helping shape that. Believe it or not, Teladoc is actually a partner of Optum with UnitedHealth. Big base there, as well.
Jones: Yeah. A huge growth opportunity -- 85% of the U.S. will contact a health professional in any given year. That translates to about a billion office visits annually. Teladoc has the potential -- actually, right now, they're doing about two million of them. When you look at that runway over the long term, huge opportunity. Mental health is one huge area. I think with a lot of the stigma associated with mental health, and it's becoming much more OK to talk about, and people are wanting assistance with mental health, that's a huge opportunity, as well, for Teladoc.
Moser: It is. You mentioned a good word there, the stigma that's associated with mental healthcare. Finally, now, we have a way where someone can pursue mental healthcare without necessarily having to even leave their home. I think that really opens people up to the possibilities of even asking for help in the first place. If you feel like you need that help, and then there's the option for you to actually have a visit without ever having to leave your home, that's the ultimate form of privacy right there. We're certainly seeing the company making big investments in that space as well. It does seem like mental health is becoming a more talked-about thing here, nationally speaking. That's my perception.
Moser: That's a good thing.
Jones: Totally agree. I think for a company like this, it's all about access. But that brings us to the fourth stock in your basket, Jason. Access is not for humans, it's also for our furry animal friends within our family. That brings us to Idexx Laboratories, ticker IDXX. Jason, we're literally covering the entire gamut of healthcare. We've got animals now!
Moser: One of these things is not like the other. Listen, this is coming from the perspective of the owner of three dogs. I've got three dogs at home. I grew up with a house full of dogs and my mom's cat. We've had animals and pets all of my life. I have a very, very soft spot in my heart for them. I could never imagine a day without them. I've been following this company for years, and part of the reason why I discovered them was because of my veterinarian. We talked about Masimo being a razor-and-blade model. Idexx is a razor-and-blade model as well. They get that equipment into the labs of the veterinarians, and then the veterinarians use the consumables to run diagnostic tests. Typically with pets, it's fairly standard. You take them in for their annual checkup, they get their shots and whatnot. But what veterinarians are finding is, particularly as pets get older, there are simple little diagnostic tests they can run via either urine or fecal or blood to discover if there are issues that are coming up far earlier that you need to address.
Between that, the fact that the pet care market is such an attractive one because we feel so strongly about our pets, and it's typically a cash business. I know there's pet insurance, but most people don't use it, and I'm still not convinced that it's actually a really credible market anyway. There's a lot of things to like about what Idexx is doing. It's a competitive space, for sure. One of their competitive advantages is that they continue to reinvest in their business and develop new tests and diagnostic equipment and things. That would be a concern of mine, if they started pulling on those purse strings a little bit. Then I'd be a little bit concerned. But as it stands, they continue to invest heavily, bring new products. They've got a great reputation with veterinarians, particularly the private practices. A lot to like there. It's really a play on what is, I think, a very attractive market in pets. Do you have any pets?
Jones: I don't. My husband is allergic to anything with fur. We're working on him, though. I grew up with dogs. I have a huge heart for animals in general, so does my daughter. We'll get there. But, yeah, I could see a company like this, with such a massive focus on pet care in general. I think that's an area that doesn't get enough focus right now.
Moser: Probably not.
Jones: The medicinal market for pets is huge. CBD now for pets!
Moser: Yeah. I was talking yesterday on MarketFoolery about Zoetis, which is the company that was spun out from Pfizer and they're the ones that developed those vaccines and medicines for animals. Whenever I go to the vet, I'm not lying to you, that bill, I see Idexx and Zoetis on there. You now understand why I own shares in both companies. I'm getting at least something back for that money I'm putting out there.
Jones: At least something you're getting back there, Jason! To close this out, Jason, tell us a little bit about performance. How has this basket done for you?
Moser: Well, the basket has done very well, I'm proud to say. The date of inception of this basket was February 9th, 2018. That's when I opened it up and introduced it to everybody. Thus far, an investment in this basket is up 55%, versus the market's performance of 11.4%. It's done very well. All four companies are absolute positive returners. Three of the four are beating the market. I will say, the one that is underperforming the market, which is UnitedHealth, is underperforming the market by 0.5%. It's pretty close. But any which way you look at it, they're all four contributing to the performance there. I think that's slated to continue.
Jones: Yeah, pretty stellar performance. Jason, I'll have to have you back on the show, because we want updates on how this basket is performing. Think you'll rejoin me back on the show?
Moser: You know I'll be here anytime you ask me!
Jones: I appreciate that! I'm sure our viewers do as well. That will do it for this week's Industry Focus: Healthcare show! Thank you so much for tuning in! As always, people on the program may have interest in the stocks they talk about, and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. This show is being mixed by Austin Morgan. For Jason Moser, I'm Shannon Jones. Thanks for listening and Fool on!