Reading MDT into the data

The thesis

The risk/reward into the readout is asymmetric if you size the basket right.

Pipeline option value is being given away at the current multiple.

What I'm watching

• label/indication scope
• adoption vs install base
• A clean move through the level I flag below

Positioning

Long on MDT, 6-36 months horizon. Conviction: Medium. Regulatory timing slips; the calendar is a guide, not a guarantee.

Opinion, not investment advice. The author may or may not hold positions discussed.