医疗保健服务公共报表和估值指南（英）2024

EMERGING TECH RESEARCH Healthcare ServicesPublic Comp Sheetand Valuation Guide PitchBook Data, Inc. Key takeaways Nizar TarhuniExecutive Vice President of Researchand Market IntelligencePaul CondraGlobal Head of Private Markets Research •Healthcare services underperformance continues:Healthcare services underperformed major indexes in 2024, with Q4 provingparticularly challenging for publicly traded companies in the sector. Aggregate share performance was weighed down by outlierssuch as Evolent Health, which missed profit expectations, and PACS Group, which faced significant fallout from a short-sellerreport in November. Meanwhile, firms with the strongest share price performance in Q4, including Cross Country Healthcareand NeueHealth Companies, owed their gains primarily to their acquisition price rather than substantive improvements in theirunderlying fundamentals. Institutional Research GroupAnalysis Aaron DeGagne, CFASenior Analyst, Healthcareaaron.degagne@pitchbook.com pbinstitutionalresearch@pitchbook.comPublished on January 10, 2025 •Value-based care struggles:Value-based care stocks faced significant headwinds in 2024, with all companies in the categoryposting negative returns. Despite average revenue growth exceeding 20%, valuations have continued to decline from prior highs,as EBITDA margins remain in the low single digits. Reflecting the ongoing challenges in this space, value-based care enablerCareMax filed for Chapter 11 protection in November. The company, which went public via SPAC in 2021, had reported lossesfor several years. However, its financial struggles deepened when Steward Health Care, for which CareMax served as the solemanagement service organization for its Medicare value-based care business, filed for Chapter 11 protection earlier in 2024. Key takeaways2Stock returns3Valuations4Revenue5EBITDA7 •Markets expect multiple stabilization:Consensus estimates project moderate declines in enterprise value/revenue andenterprise value/EBITDA multiples over the next two years, though the pace of contraction has slowed since the initial impactof higher interest rates. With current valuations at historically low levels, there may be greater potential for upside as multiplesstabilize. While many hospital systems continue to operate at a loss, median margins have shown signs of stabilization, supportedby decelerating wage growth and easing inflation. The anticipated shift to a lower-interest-rate environment is expected toimprove healthcare financing, easing access to capital and refinancing opportunities. PitchBook clients can accessthefull Excel data packfor thisreport via the Details tab in thedocument viewer. The PitchBook healthcare services comp sheet was constructed with the PitchBook Excel plugin utilizing both PitchBook and Morningstardata. The tool allows subscribers to pull financial data and company information into Excel for over 55,000 public companies across theUS and the world, as well as PitchBook’s proprietary data on over 4 million private companies. Stock returns Thefull Excel data packincluding forward-looking estimates is available to PitchBook clients. Valuations Thefull Excel data packincluding forward-looking estimates is available to PitchBook clients. Revenue Revenue EBITDA EBITDA ©2025 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, or mechanical,including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents arebased on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.Nothingherein should be construed as any past, currentor future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does not purport to contain all of theinformation that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment.