Nuance: Leader in Software-Driven Voice Transcription for Physicians

Edward Chang of Pledge Capital presented his in-depth investment thesis on Nuance Communications (US: NUAN) at Best Ideas 2021.

Thesis summary:

Nuance is the market leader in software-driven voice transcription for physicians and has introduced game-changing technology in this industry. The company has the largest database of domain-specific audio in healthcare, built over two decades. Utilizing this data, Nuance is creating the best natural language processing algorithm in the industry.

Doctors at major hospital chains are already using the company’s game-changing Ambient Clinical Intelligence (ACI) software offering — called Dragon Ambient eXperience (DAX). This subscription service listens to a doctor-patient conversation and automatically constructs a physician note. Early users are reporting a significant reduction in time spent on administrative tasks, which frees them to see more patients or leave work earlier than in the past.

Edward believes the company is only in the first inning of developing and commercializing this new technology.

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About the instructor:

Edward Chang is the founder and Portfolio Manager at Pledge Capital. He is a graduate of New York University Leonard N. Stern School of Business with a Bachelor’s degree in Finance & Accounting. He also completed a Master’s degree in accounting during the same time. Before founding Pledge Capital in 2016, he worked on the sell side at UBS Equity Research covering consumer retail companies. He had previous work experience covering a wide breadth of companies on the buy-side.

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