The spillover from a ransomware attack on one of the largest government contractors in the United States keeps getting bigger: more than 25 million people have now had personal data stolen in the hack.Conduent provides printing, mailroom services, and document and payment processing services for state government benefit operations, such as food assistance, as well as workplace and unemployment benefits for large corporations. As such, the company handles a large amount of personal information belonging to a ...

Group 1: Artisan Small Cap Fund Overview - Artisan Small Cap Fund's third-quarter 2025 investor letter indicates a strong performance in global equities, with major US indices reaching record highs and double-digit year-to-date gains [1] - The fund's Investor Class fund ARTSX returned 8.69%, Advisor Class fund APDSX returned 8.75%, and Institutional Class fund APHSX returned 8.73%, compared to a 12.19% return for the Russell 2000 Growth Index [1] Group 2: Waystar Holding Corp. Analysis - Waystar Holding Corp. is highlighted as a key investment, being a cloud-based software solution developer for healthcare payments, with a one-month return of -8.61% and a 52-week gain of 9.80% [2] - As of November 17, 2025, Waystar's stock closed at $34.29 per share, with a market capitalization of $6.56 billion [2] - The fund initiated new positions in Waystar, viewing it as well-positioned to benefit from the fallout of a cyberattack on its largest competitor, Change Healthcare, and from integrating AI capabilities into its software [3] Group 3: Financial Performance of Waystar - In the third quarter of 2025, Waystar recorded revenue of $269 million, reflecting a 12% increase compared to the same period last year, with an adjusted EBITDA margin of 42% [4] - Despite acknowledging Waystar's potential, the fund suggests that certain AI stocks may offer greater upside potential and carry less downside risk [4]

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against UnitedHealth Group Incorporated due to a class action complaint alleging breaches of fiduciary duties by the board of directors during the specified class period [1][4]. Company Overview - UnitedHealth Group is a leading American multinational health insurance and services company, consisting of two main segments: Optum and UnitedHealthcare. UnitedHealthcare is the largest insurance provider in the U.S., while Optum offers healthcare-related services such as software solutions and data analytics [4]. Acquisition and Legal Challenges - On January 6, 2021, UnitedHealth announced its agreement to acquire Change Healthcare, a healthcare technology company, to enhance its Optum business. The U.S. Department of Justice filed a lawsuit on February 24, 2022, challenging this acquisition on antitrust grounds, but the court ultimately allowed the deal to proceed [4]. - The complaint alleges that UnitedHealth misrepresented its efforts to prevent anti-competitive behavior by claiming to have established robust firewall processes to protect customer sensitive information between its segments [4]. Stock Performance and Impact - The class action complaint claims that due to these misrepresentations, UnitedHealth's stock was artificially inflated during the class period. The situation escalated when the DOJ reopened its antitrust investigation on February 27, 2024, leading to a significant stock price drop of $27 per share, resulting in a loss of nearly $25 billion in shareholder value [4].

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against UnitedHealth Group Incorporated due to a class action complaint alleging breaches of fiduciary duties by the board of directors during the specified class period [1][4]. Company Overview - UnitedHealth is a leading American multinational health insurance and services company, consisting of two main segments: Optum and UnitedHealthcare. UnitedHealthcare is the largest insurance provider in the U.S., while Optum offers healthcare-related services such as software solutions and data analytics [2]. Acquisition and Legal Challenges - On January 6, 2021, UnitedHealth announced its agreement to acquire Change Healthcare, a healthcare technology company, to enhance its Optum business. The U.S. Department of Justice filed a lawsuit on February 24, 2022, challenging this acquisition on antitrust grounds, but the court ultimately allowed the deal to proceed, citing UnitedHealth's firewall policy [3]. Allegations of Misrepresentation - The class action complaint claims that UnitedHealth misled investors by assuring them of robust firewall processes to prevent the sharing of sensitive customer information between UnitedHealthcare and Optum. These misrepresentations allegedly led to inflated stock prices during the class period [4]. Impact of DOJ Investigation - The truth regarding the potential anti-competitive behavior emerged on February 27, 2024, when it was reported that the DOJ had reopened its investigation into UnitedHealth. Following this news, UnitedHealth's stock price fell by $27 per share, resulting in a loss of nearly $25 billion in shareholder value [5].

Core Insights - UnitedHealthcare is facing significant public backlash due to rising complaints about billing disputes and denied claims, highlighting systemic issues within the U.S. health insurance industry [4][5][10] - The company has seen a substantial decline in its stock value, down approximately 40% this year, attributed to various setbacks including leadership changes and rising medical costs [10][7] - UnitedHealth Group's market capitalization is nearly $275 billion, controlling about 15% of the U.S. health insurance market, serving over 29 million Americans [8] Company-Specific Issues - Sue Cover's experience with UnitedHealthcare illustrates the frustrations many patients face, including lengthy billing disputes and perceived exhaustion tactics by the insurer [2][3] - The resignation of CEO Andrew Witty amid public and investor scrutiny has raised concerns about the company's leadership and future direction [7][10] - UnitedHealthcare's claims denial rate is reportedly higher than its competitors, with a KFF report indicating a 33% denial rate for in-network claims across ACA plans in 2023 [33][34] Industry Context - The U.S. healthcare system is described as convoluted, costing over $4 trillion annually, with patients spending significantly more on healthcare than in other developed countries [15][16] - Experts attribute high healthcare costs to various factors, including hospital pricing, pharmaceutical practices, and administrative overhead, rather than just the insurers' profit motives [17][19][20] - The insurance industry, including UnitedHealthcare, is criticized for practices that can delay or deny necessary care, impacting patient outcomes [21][13] Recent Developments - UnitedHealth Group is dealing with the aftermath of a significant cyberattack on its subsidiary Change Healthcare, which affected around 190 million Americans [55][58] - The company has initiated a funding assistance program for providers impacted by the cyberattack, but reports indicate challenges in its implementation [61][62] - Legislative changes are suggested as necessary for meaningful reform in the insurance industry, but such changes may not be prioritized in the current political climate [66]

Summary of McKesson (MCK) 2025 Conference Call Company Overview - **Company**: McKesson Corporation (MCK) - **Event**: BofA Healthcare Conference - **Date**: May 13, 2025 Key Industry Insights - **MFN Executive Order**: The recent MFN (Most Favored Nation) executive order is a declaration of intent with many details still unclear, including the number of products affected and payment mechanisms involved. The impact on McKesson's business for fiscal 2026 is believed to be limited, as the implementation will take months rather than weeks [3][4][5][7]. - **Community Provider Setting**: McKesson has invested significantly in the community provider setting, which is viewed as the most efficient and cost-effective way to deliver care. The company supports reforms that enhance access and affordability for patients [6][7]. Financial Performance - **2025 Results**: McKesson reported a 15% operating profit growth and a 20% adjusted EPS growth, exceeding long-term targets. The company has consistently focused on oncology and biopharmaceutical services, strengthening its core distribution business [19][20]. Strategic Developments - **MedSurg Separation**: McKesson announced the intent to separate its medical business into an independent company. This move aims to unlock growth potential and value for both the medical business and the remaining McKesson operations [11][12][13][14]. - **Oncology Platform**: The oncology platform has seen significant growth, with over 2,700 providers in the U.S. Oncology Network. The company has added 160 providers in the last year and continues to invest in clinical trial management [25][27]. Market Dynamics - **Generic Market**: The generic marketplace remains competitive but stable. McKesson's sourcing operation, ClarusONE, focuses on providing low-cost products with high availability. Service levels are reported to be at their highest in recent years [30][31][32]. - **Prior Authorization Business**: The prior authorization business is thriving, with a 15% increase in initiations in the fourth quarter. The company supports prior authorization programs for all major GLP-1 products [36][37]. Competitive Landscape - **Oncology Focus**: McKesson has been building its oncology platform since 2010, identifying it as a growth area. The company is also exploring opportunities in other therapeutic areas like retina and ophthalmology [46][48][50]. Capital Deployment Strategy - **M&A vs. Share Repurchases**: McKesson maintains a disciplined approach to capital deployment, prioritizing growth opportunities that align with its strategy. Recent acquisitions, such as Florida Cancer and Prism, exemplify this focus [51][52][53]. Additional Insights - **Drug Demand**: There has been no significant change in drug demand observed in early 2025, aligning with previous guidance. Specialty drugs continue to be the largest growth driver within McKesson's pharmaceutical business [41][43]. - **Regulatory Changes**: Changes in Medicare benefit design for specialty medications may influence script abandonment rates, but no material shifts have been noted in McKesson's data [42][44]. This summary encapsulates the key points discussed during the McKesson conference call, highlighting the company's strategic direction, financial performance, and market dynamics.