2025-05-06-PitchBook-PitchBook年一季度Healthtech公共报表和估值指南（英）_10页_442kb

报告摘要

Healthtech Public Comp Sheet and Valuation Guide Summary

Core Content

This document provides an analysis of the public healthtech sector, focusing on stock returns, valuations, revenue, and EBITDA for various segments. It highlights key trends, challenges, and opportunities within the industry as of March 31, 2025.

Key Takeaways

Market Decline Impact: The majority of public healthtech shares declined in Q1, reflecting broader market downturns. However, the benefit management & care navigation segment showed resilience, with Claritev and Progyny experiencing significant price increases of 58% and 26%, respectively.
Tariff Impact: The Trump Administration's recent tariff announcements have caused market volatility, affecting IPO prospects. This has raised concerns about liquidity in the healthtech VC ecosystem and the potential for more down rounds for aging startups.
Take-Privates: Two notable take-privates occurred in Q1: Transcarent acquired Accolade at $621 million, a 100% premium over its pre-announcement share price, and Nexus was sold to TA Associates Management for $1.3 billion.
23andMe Delisting: After years of financial and strategic issues, 23andMe filed for bankruptcy and was delisted from Nasdaq. The company had previously reached a valuation of $6 billion through a SPAC merger but has since seen a steady decline, with a current pursuit of a sale.

Stock Returns

Provider Operations & Revenue Cycle

Company	Ticker	1 week	30 days	90 days	Bottom	YTD	1 year	3 years	5 years
Cegedim	PAR: CGM	-9%	-9%	-5%	-13%	-8%	-10%	-55%	-52%
Definitive Healthcare	NAS: DH	-3%	-11%	-30%	-79%	-30%	-64%	-88%	N/A
Doximity	NYS: DOCS	3%	7%	19%	14%	20%	-9%	37%	86%
Gruppo GPI	MIL: GPI	0%	3%	-16%	-19%	-12%	-27%	-39%	31%
HealthStream	NAS: HSTM	0%	-5%	1%	53%	1%	21%	62%	34%
Omnicell	NAS: OMCL	-1%	-8%	-21%	-54%	-21%	20%	-73%	-47%
Phreesia	NYS: PHR	-9%	-4%	2%	6%	1%	7%	-3%	22%
Premier	NAS: PINC	1%	6%	-9%	-41%	-10%	-13%	-46%	-41%
Streamline Health Solutions	NAS: STRM	-14%	-24%	-26%	-84%	-23%	-61%	-88%	-78%
Waystar Health	NAS: WAY	-4%	-14%	2%	N/A	4%	N/A	N/A	N/A
Mean	-3%	-6%	-8%	-24%	-8%	-15%	-33%	-6%
Median	-2%	-6%	-7%	-19%	-9%	-10%	-46%	-10%

Benefit Management & Care Navigation

Company	Ticker	1 week	30 days	90 days	Bottom	YTD	1 year	3 years	5 years
Accolade	NAS: ACCD	0%	0%	104%	-40%	104%	-33%	-60%	N/A
GoHealth	NAS: GOCO	-9%	-15%	-8%	132%	-12%	17%	-31%	N/A
HealthEquity	NAS: HQY	-2%	-19%	-8%	28%	-9%	8%	31%	75%
Claritev	NYS: CTEV	-3%	-2%	40%	-81%	59%	-36%	-89%	N/A
Progyny	NAS: PGNY	1%	-1%	30%	-42%	26%	-41%	-57%	5%
Mean	-3%	-7%	31%	-1%	34%	-17%	-41%	-41%
Median	-2%	-2%	30%	-40%	26%	-33%	-57%	40%

EHRs & Clinical Information

Company	Ticker	1 week	30 days	90 days	Bottom	YTD	1 year	3 years	5 years
Consensus Cloud Solutions	NAS: CCSI	-7%	-12%	-3%	-54%	-4%	46%	-62%	N/A
Health Catalyst	NAS: HCAT	2%	-3%	-36%	-49%	-38%	-40%	-83%	-83%
HEALWELL AI	TSE: AIDX	-10%	2%	-28%	53%	-27%	54%	-3%	N/A
Nordhealth	OSL: NORDH	-1%	2%	-7%	122%	-2%	27%	27%	N/A
Oneview Healthcare	ASX: ONE	-4%	-15%	3%	151%	3%	-11%	14%	664%
Sectra	STO: SECT B	-5%	9%	-5%	117%	-6%	23%	53%	220%
TruBridge	NAS: TBRG	-6%	-5%	40%	0%	38%	198%	-20%	24%
Veradigm	PINX: MDRX	3%	-15%	-55%	-69%	-52%	-43%	-81%	-38%
VitalHub	TSE: VHI	10%	1%	-10%	301%	-7%	60%	188%	634%
Mean	4.0x	3.7x	6.5x	4.5x	3.9x	4.7x	1.6x
Median	2.2x	2.1x	4.4x	3.5x	3.5x	4.1x	0.8x

Virtual Care & RPM

Company	Ticker	1 week	30 days	90 days	Bottom	YTD	1 year	3 years	5 years
Amwell	NYS: AMWL	-3%	-21%	9%	-89%	12%	-51%	-91%	N/A
DarioHealth	NAS: DRIO	-13%	-12%	-22%	-88%	-25%	-60%	-90%	-91%
DocGo	NAS: DCGO	-5%	-15%	-38%	-76%	-38%	-35%	-71%	N/A
iRhythm Technologies	NAS: IRTC	-1%	-5%	16%	-13%	-17%	-10%	-34%	29%
Kooth	LON: KOO	-11%	3%	10%	159%	-23%	-48%	-45%	N/A
LifeMD	NAS: LFMD	-1%	-15%	-10%	43%	-18%	-28%	47%	N/A
LifeStance Health	NAS: LFST	-32%	-60%	-89%	-99%	-89%	-94%	-99%	-98%
Modivcare	NAS: MODV	-10%	-17%	-12%	-68%	-16%	-47%	-89%	-95%
Talkspace	NAS: TALK	-8%	-16%	-18%	-5%	-19%	-41%	-45%	-91%
Teladoc Health	NYS: TDOC	-7%	-13%	-15%	43%	-17%	-47%	54%	419%
Mean	5.3x	3.7x	6.6x	3.4x	3.4x	3.7x	1.6x
Median	5.3x	5.4x	5.8x	3.5x	3.5x	2.9x	0.8x

Valuations

EV/LTM Revenue

Mean: 3.5x
Median: 2.9x

EV/LTM EBITDA

Mean: 3.5x
Median: 2.7x

Revenue

Provider Operations & Revenue Cycle

Company	Ticker	Enterprise Value ($B)
Cegedim	PAR: CGM	$0.5
Definitive Healthcare	NAS: DH	$0.5
Doximity	NYS: DOCS	$10.1
Gruppo GPI	MIL: GPI	$0.6
HealthStream	NAS: HSTM	$0.9
Omnicell	NAS: OMCL	$1.6
Phreesia	NYS: PHR	$1.4
Premier	NAS: PINC	$1.8
Streamline Health Solutions	NAS: STRM	$0.0
Waystar Health	NAS: WAY	$7.5
Sum	-	$24.9

Benefit Management & Care Navigation

Company	Ticker	Enterprise Value ($B)
Accolade	NAS: ACCD	$0.6
GoHealth	NAS: GOCO	$0.8
HealthEquity	NAS: HQY	$8.5
Claritev	NYS: CTEV	$4.9
Progyny	NAS: PGNY	$1.7
Sum	-	$16.4

EHRs & Clinical Information

Company	Ticker	Enterprise Value ($B)
Consensus Cloud Solutions	NAS: CCSI	$1.0
Health Catalyst	NAS: HCAT	$0.3
HEALWELL AI	TSE: AIDX	$0.2
Nordhealth	OSL: NORDH	$0.3
Oneview Healthcare	ASX: ONE	$0.1
Sectra	STO: SECT B	$4.5
TruBridge	NAS: TBRG	$0.6
Veradigm	PINX: MDRX	$0.5
VitalHub	TSE: VHI	$0.4
Sum	-	$1.8

Virtual Care & RPM

Company	Ticker	Enterprise Value ($B)
Amwell	NYS: AMWL	-$0.1
DarioHealth	NAS: DRIO	$0.0
DocGo	NAS: DCGO	$0.2
iRhythm Technologies	NAS: IRTC	$3.5
Kooth	LON: KOO	$0.0
LifeMD	NAS: LFMD	$0.2
LifeStance Health	NAS: LFST	$2.9
Modivcare	NAS: MODV	$1.2
Talkspace	NAS: TALK	$0.3
Teladoc Health	NYS: TDOC	$1.7
Sum	-	$3.9

EBITDA

Provider Operations & Revenue Cycle

Company	Ticker	Actual EBITDA ($M)
Cegedim	PAR: CGM	$113.3
Definitive Healthcare	NAS: DH	$118.5
Doximity	NYS: DOCS	$123.8
Gruppo GPI	MIL: GPI	$9.8
HealthStream	NAS: HSTM	$26.8
Omnicell	NAS: OMCL	$64.8
Phreesia	NYS: PHR	$47.2
Premier	NAS: PINC	$166.8
Streamline Health Solutions	NAS: STRM	$3.5
Waystar Health	NAS: WAY	$561.0
Sum	-	$935.5

Benefit Management & Care Navigation

Company	Ticker	Actual EBITDA ($M)
Accolade	NAS: ACCD	$53.5
GoHealth	NAS: GOCO	$564.0
HealthEquity	NAS: HQY	$564.0
Claritev	NYS: CTEV	$3.5
Progyny	NAS: PGNY	$561.0
Sum	-	$935.5

EHRs & Clinical Information

Company	Ticker	Actual EBITDA ($M)
Consensus Cloud Solutions	NAS: CCSI	$113.3
Health Catalyst	NAS: HCAT	$118.5
HEALWELL AI	TSE: AIDX	$123.8
Nordhealth	OSL: NORDH	$9.8
Oneview Healthcare	ASX: ONE	$26.8
Sectra	STO: SECT B	$64.8
TruBridge	NAS: TBRG	$47.2
Veradigm	PINX: MDRX	$166.8
VitalHub	TSE: VHI	$3.5
Sum	-	$935.5

Conclusion

The healthtech sector has faced challenges due to market decline and tariff-related volatility. While some companies like Claritev and Progyny have shown resilience, others have struggled with profitability and valuation pressures. The trend of take-privates and delistings reflects the sector's evolving landscape, with a focus on sustainable business models and strategic exits. PitchBook clients have access to comprehensive data packs for deeper analysis.

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