PitchBook-2025年二季度卫生技术公共报表和评估指南（英）-2025_9页_577kb

报告摘要

Overview from PitchBook's Tech Research: Healthtech public markets experienced volatility and key events, including IPOs of Hinge Health and Omada Health, which cleared the backlog after a three-year pause.
Hinge Health IPO Details: Valuation dropped from $4B pre-IPO to $2.6B post-IPO (pre-funding high), stock price rose from $32 to $51.75, with expected profitability by end-2025. Omada saw stock decline, neither profitable yet.
Market Volatility: Healthtech equities mirrored broader market swings, with digital firms insulated, but wide variation in returns (e.g., Claritev up 248% vs. Veradigm down 48% YTD).
Subsector Performance: Virtual care and RPM led with high returns (median 19%), while EHR & clinical info declined despite some recovery. Benefit management outperformed indices.
Valuations: EV/Revenue and EV/EBITDA multiples decreased in some sectors like EHR, reflecting market adjustments. Leading companies show varying multiples over 2019-2025.
Financials: Revenue growth varied (e.g., Claritev surged 248%, Omada stable), with EBITDA margins improving in some firms but losses persist for unprofitable companies like Amwell and DarioHealth.
Context: Based on Q2 2025 data, public healthtech faces challenges in valuation and profitability, driven by broader economic conditions and sector-specific performance.

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