UAFRS vs As Reported Weekly Highlights - 2020 01 09
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for SSTK, NBIX, and MASI.Masimo is a medical technology company that develops, manufactures, and markets a variety of noninvasive monitoring technologies. The company provides its products to hospitals, emergency medical service providers, long-term care facilities, physician offices, veterinarians and consumers. The company's main business is Measure-through Motion and Low Perfusion? pulse oximetry monitoring, known as Masimo Signal Extraction Technology? pulse oximetry. The company's products offerings also includes noninvasive monitoring of blood constituents with an optical signature, optical organ oximetry monitoring, electrical brain function monitoring, acoustic respiration monitoring and exhaled gas monitoring.
Neurocrine Biosciences is a commercial-stage biopharmaceutical company focused on discovering and developing treatments for patients with neurological, endocrine and psychiatric disorders. The company is primarily focused on the commercialization of INGREZZA? (valbenazine) in the United States. The company's late-stage pipeline includes opicapone as an adjunctive therapy to levodopa/DOPA decarboxylase inhibitors in adult Parkinson's disease patients, elagolix for the treatment of heavy menstrual bleeding associated with uterine fibroids in women, valbenazine for the treatment of chorea in adult patients with Huntington's disease and NBIb-1817 (VY-AADC) for the treatment of Parkinson's disease patients.
Shutterstock is a technology company that provides a creative platform including content, tools and services. The content licensed by the company's customers includes: images, consisting of photographs, vectors and illustrations, which are used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications and other similar uses; Footage, consisting of video clips; and music, consisting of music tracks and sound effects, which is often used to complement images and footage. The company's products include Shutterstock, Bigstock, Offset, Shutterstock Select, Shutterstock Custom, Shutterstock Editorial and Shutterstock Music and PremiumBeat.
In 2009, just as the dust was settling from the last major equity and credit market crises, we launched a boutique research firm with the intention of breaking Wall Street’s biases and broken incentives:
- GAAP and IFRS have failed to provide rules for reliable financial statement reporting
- Stock analyst recommendations are not grounded in disciplined financial analysis
- Credit agencies have been set up to grossly fail in their responsibilities to investors and the public markets
- Utter lack of willingness of major research firms to employ the the most advanced forensic analysis available
We sought to provide investors and company analysts with a source of information that changed all that.
Many years later, our business model remains because little has changed on Wall Street.
- Corporate credit ratings remain years behind the fundamental underpinnings of company performance
- Stock analysts continue to make recommendations with deeply inherent biases
- Research firms have failed to break down the walls between credit, equity, and macroeconomic research
- The governing accounting bodies have created more leeway for mis-estimates and mis-classifications as financials have become unwieldy and overwhelming
The integrity of Valens Research is founded in our disciplined processes and analytics. No “star” analysts. No corporate advisory relationships. No-nonsense opinions and recommendations.
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