In its Q2 2026 investor letter, the investment management company stated that STVN's stock sold off following the launch of oral GLP-1s, which many believe would end the need for injectable forms. However, Riverwater Partners believes an expanding GLP-1 market and varying use cases will necessitate ongoing demand for injectable forms, noting that 25% of drugs approved in 2025 were biologics requiring injectable devices. This market overreaction offered an attractive entry valuation of 12.5x FY2026E EBITDA, compared to STVN's historic multiple of 20x.