Q2 2024 Healthcare Services Public Company Summary and Valuation Guide
Key Takeaways:
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Performance Split: Hospitals, rehabilitation & long-term care sectors significantly outperformed major indexes, whereas payers, payviders, value-based care (VBC), and other healthcare services have underperformed the S&P 500 and Nasdaq. The VBC sector has seen particularly hard declines due to falling valuations amidst persistent unprofitability and rising utilization rates.
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IPO Watch: PACS Group, a skilled nursing facility operator, successfully completed its IPO in April, raising $450 million. The company projects robust growth, expecting to increase revenue at a double-digit rate annually while maintaining an approximate 10% EBITDA margin. Ardent Health Services, backed by Equity Group Investments, has confidentially filed to go public. Its comparable companies, CHS, HCA, Tenet, and UHS, trade at high single-digit EBITDA multiples.
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Retailers Re-positioning: Walgreens, previously expanding through partnerships like Pearl Health and a significant stake in VillageMD, is now reducing its stake in VillageMD to a minority position. Meanwhile, CVS is exploring partnerships with private equity firms to support the growth of Oak Street Health, which operates a capital-intensive model focusing on building new senior-focused primary care clinics.
Valuations, Revenue, EBITDA Insights:
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Valuations:
- Detailed data on valuations for various healthcare service companies, including comparisons against industry peers and historical trends.
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Revenue:
- Analysis of projected and actual revenue growth across different healthcare sectors.
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EBITDA:
- Examination of earnings before interest, taxes, depreciation, and amortization (EBITDA) margins for companies within the healthcare services sector.
These insights provide a comprehensive overview of the current landscape in the healthcare services public market, highlighting key performance indicators, investment opportunities, and strategic shifts within the industry.
工业研究
Hea lthca re Ser v icePubl ic Comp Sheet和Va luation Gu ide
PitchBook Data, Inc.
关键要点
Nizar Tarhuni机构研究副总裁和社论保罗·康德拉新兴技术研究主管
•性能拆分:在医疗保健服务领域，医院、康复和长期护理股继续轻松跑赢大盘主要指数，而行为健康和家庭护理股票也是年初至今(年初至今)。相比之下，付款人和付款人，基于价值的医疗(VBC)和其他医疗保健服务股票的表现不及标准普尔500指数和纳斯达克年初至今。VBC集团继续受到特别严重的打击，因为面对持续的无利可图和提高利用率。
机构研究小组
Rebecca Springer博士首席分析师,医疗保健rebecca. springer @ pitchbook. com
• IPO观察：熟练的护理设施运营商PACS Group于4月成功进行了IPO，筹集了4.5亿美元。该公司预计未来几年收入将以两位数的速度增长，同时保持约10%的EBITDA利润率。同时，由Equity Group Investments支持的30家医院系统Ardent Health Services秘密申请上市。Ardent的Comps、CHS、HCA、Tenet和UHS以高个位数的EBITDA倍数进行交易。
pbinstitutionalresearch @ pitchbook. com发表于2024年7月10日
Contents
•零售商重新定位:沃尔格林，就在一年前，它正在通过与珍珠的合作来冒更多的风险Health，继续退出其VillageMD VBC游戏。6月，该公司宣布将减少其股份in VillageMD to a minority position. Meanwhile, CVS is reported seeing PE funding to support further growth for Oak Street健康，它利用资本密集型模式，从头建立以老年人为重点的初级保健诊所。
使用PitchBook Excel插件，利用PitchBook和Morningstar构建了PitchBook医疗保健服务补充表数据。该工具允许订户将超过55, 000家上市公司的财务数据和公司信息提取到Excel中美国和世界，以及PitchBook关于400多万家私营公司的专有数据。
完整的Excel数据包包括前瞻性估计可用于PitchBook客户。
股票回报*
PitchBook客户可通过Excel插件获得此报告的完全交互式Excel数据包。
Va luations *
PitchBook客户可通过Excel插件获得此报告的完全交互式Excel数据包。
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EBIT DA *
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