Healthtech Public Comp Sheet and Valuation Guide Summary
Core Content
This report provides an analysis of the healthtech sector, focusing on public company performance, valuations, revenue trends, and EBITDA metrics as of March 31, 2025. It highlights key challenges and opportunities across various segments, including provider operations, benefit management, EHRs, virtual care, and pharmacy services.
Key Takeaways
- Market Decline Impact: Most public healthtech shares declined in Q1, reflecting broader market downturns. Virtual care and remote patient monitoring (RPM) segments were particularly affected due to pressure on consumer-facing digital health companies.
- Bright Spots: The benefit management and care navigation segment showed resilience, with Claritev and Progyny experiencing share price increases of 58% and 26%, respectively.
- Tariff Impact: The Trump Administration's tariffs have created market volatility, affecting IPO prospects and leading to uncertainty in the healthtech VC ecosystem.
- Take-Privates: Two major take-privates occurred in Q1: Transcarent acquired Accolade for $621 million, and Nexus was sold to TA Associates for $1.3 billion. These valuations were significantly lower than Accolade's IPO valuation in 2020.
- 23andMe Delisting: After financial and strategic challenges, 23andMe filed for bankruptcy and was delisted from Nasdaq. The company is now pursuing a sale.
Stock Returns
Provider Operations & Revenue Cycle
| Company |
Ticker |
1 Week |
30 Days |
90 Days |
Market 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 |
Market 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% |
40% |
| Median |
|
-2% |
-2% |
30% |
-40% |
26% |
-33% |
-57% |
40% |
EHRs & Clinical Information
| Company |
Ticker |
1 Week |
30 Days |
90 Days |
Market 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 |
|
-2% |
-4% |
-11% |
64% |
-10% |
35% |
4% |
237% |
| Median |
|
-4% |
-3% |
-7% |
53% |
-6% |
27% |
-3% |
122% |
Virtual Care & RPM
| Company |
Ticker |
1 Week |
30 Days |
90 Days |
Market 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% |
-12% |
-10% |
-34% |
29% |
| Kooth |
LON: KOO |
-1% |
-5% |
-10% |
43% |
-23% |
-48% |
-45% |
N/A |
| LifeMD |
NAS: LFMD |
-11% |
3% |
10% |
159% |
4% |
-47% |
54% |
419% |
| LifeStance Health |
NAS: LFST |
-1% |
-15% |
-10% |
-14% |
-12% |
8% |
-34% |
N/A |
| 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% |
-23% |
-48% |
-45% |
N/A |
| Mean |
|
-3% |
-21% |
9% |
-89% |
12% |
-51% |
-91% |
N/A |
| Median |
|
-13% |
-12% |
-22% |
-88% |
-25% |
-60% |
-90% |
-91% |
Pharmacy & Personalized Health
| Company |
Ticker |
1 Week |
30 Days |
90 Days |
Market Bottom |
YTD |
1 Year |
3 Years |
5 Years |
| GoodRx Holdings |
NAS: GDRX |
-5% |
-11% |
-5% |
-7% |
-3% |
-38% |
-77% |
N/A |
| Hims & Hers Health |
NYS: HIMS |
-21% |
-34% |
22% |
492% |
17% |
91% |
454% |
N/A |
| Mean |
|
-5% |
-11% |
-5% |
-7% |
-3% |
-38% |
-77% |
N/A |
| Median |
|
-21% |
-34% |
22% |
492% |
17% |
91% |
454% |
N/A |
Valuations
EV/LTM Revenue
- Provider Operations & Revenue Cycle: The mean EV/LTM revenue was 3.5x, with a median of 2.9x.
- Benefit Management & Care Navigation: The mean EV/LTM revenue was 7.1x, with a median of 7.3x.
- EHRs & Clinical Information: The mean EV/LTM revenue was 4.0x, with a median of 2.2x.
- Virtual Care & RPM: The mean EV/LTM revenue was 5.3x, with a median of 5.3x.
- Pharmacy & Personalized Health: The mean EV/LTM revenue was N/A, with a median of 26.2x.
EV/LTM EBITDA
- Provider Operations & Revenue Cycle: The mean EV/LTM EBITDA was 3.5x, with a median of 2.9x.
- Benefit Management & Care Navigation: The mean EV/LTM EBITDA was N/A, with a median of N/A.
- EHRs & Clinical Information: The mean EV/LTM EBITDA was 4.0x, with a median of 2.2x.
- Virtual Care & RPM: The mean EV/LTM EBITDA was N/A, with a median of N/A.
- Pharmacy & Personalized Health: The mean EV/LTM EBITDA was N/A, with a median of N/A.
Revenue Trends
- Provider Operations & Revenue Cycle: Revenue growth varied, with some companies showing consistent growth while others experienced declines.
- Benefit Management & Care Navigation: Companies like HealthEquity and Progyny showed strong revenue growth, while others faced challenges.
- EHRs & Clinical Information: Revenue growth was mixed, with some companies experiencing significant increases.
- Virtual Care & RPM: Companies like LifeMD and Teladoc Health showed notable revenue growth, while others saw declines.
- Pharmacy & Personalized Health: Companies like GoodRx Holdings and Hims & Hers Health demonstrated steady revenue growth.
EBITDA Trends
- Provider Operations & Revenue Cycle: EBITDA growth was generally positive, though some companies faced declines.
- Benefit Management & Care Navigation: EBITDA growth was mixed, with some companies showing improvement and others declining.
- EHRs & Clinical Information: EBITDA growth varied, with some companies experiencing increases.
- Virtual Care & RPM: EBITDA growth was mixed, with some companies showing positive trends.
- Pharmacy & Personalized Health: EBITDA growth was not consistently reported, but some companies showed positive growth.
Summary
The healthtech sector faced significant challenges in Q1 2025, with most public companies experiencing declines in stock prices. However, the benefit management & care navigation segment showed resilience, with notable increases in share prices. The Trump Administration's tariffs have created uncertainty, affecting IPO prospects and M&A opportunities. Two major take-privates occurred, indicating a shift in the sector's dynamics. 23andMe delisted from Nasdaq due to financial and strategic issues, and is now seeking a sale. Valuations across the sector have generally decreased, with some companies showing lower EV/LTM revenue and EBITDA multiples. Revenue and EBITDA trends were mixed, reflecting both growth and decline across different segments.
