SID 0015 Entellus Medical: Part 2

In part 2 of this stock research podcast discussing Entellus Medical, we explore the rough an tumble world of how rivals in the medical device industry can vary from raising a hundred million dollars for companies that wind up having minimal revenues and fail, to the foibles of industry giants such as Johnson and Johnson, which can be outwitted by small, nimble competitors such as Entellus Medical.  We also share with you the lurid side of small companies that raise capital from investors who think new technology can be a panacea, when in reality just a few innovators succeed.  Even when a company develops an advance to the industry's state of the art, it isn't a lead-pipe cinch that it wont fall prey to the political leverage a well-connected political contributor and lobbyist might exert to quash treatments that would save money for insurers, improve outcomes for patients, and raise incomes for doctors, as incredible as that may seem to those who unquestionably support either the left or right ends of the political spectrum.

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Stocks-in-Depth thoroughly examines the fundamentals of reasonably valued high-quality small and mid-cap growth companies. It is produced by GARP Research, a provider of equity research to institutions including many of the most well-known fund managers for over 20 years. GARP is known for its granular modelling of business lines and in-depth assessment of competition and served markets. Stocks-in-Depth searches for value and growth by researching stocks that may be out of favor, or where a major catalyst to earnings growth is hidden. Our financial models attempt to shed light on trends underneath opaque segment reporting. Stocks in Depth emphasizes balance sheet accounts and profitability margins to determine underlying return on capital, and maintains healthy skepticism regarding pro forma adjustments and undue reliance upon unconventional measures such as EBITDA. We emphasize field visits with managements, industry conferences, non-public competitors and ancillary fields to detect industry dynamics. In our search for the best companies and investment opportunities, we often challenge the consensus view. StocksinDepth forecasts over the long-term, typically over about a three year horizon, and review track records going back for years.