PitchBook年第二季度卫生技术公共报表和评估指南

EMERGING TECH RESEARCH Healthtech PublicComp Sheet andValuation Guide PitchBook Data, Inc. Key takeaways Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Paul CondraGlobal Head of Private Markets Research •Hinge Health and Omada go public:After three years without a major digital health public listing, Hinge Health and OmadaHealth began to clear the vertical’s unicorn backlog with their Q2 IPOs. These offerings represent an important test of themarket’s reception of VC-backed healthtech platforms, and their ongoing performance will likely impact future IPO candidateslike Sword Health and Ro. Hinge Health’s $2.6 billion valuation reflects a significant valuation cut from its last institutional fundinground in 2021, though maintaining this earlier valuation—set in peak fundraising conditions and during a pandemic-driven surgein digital health adoption—was always unlikely. Shares opened at $32 and climbed throughout the quarter, ending at $51.75.Omada Health, by contrast, saw its stock price decline through the quarter. Neither company has been profitable on a full-yearbasis, although consensus analyst estimates anticipate Hinge Health achieving profitability by the end of 2025. James UlanDirector of EmergingTechnology Research Institutional Research Group Analysis Aaron DeGagne, CFASenior Research Analyst, Healthcareaaron.degagne@pitchbook.com Ben RiccioAssociate Research Analystben.riccio@pitchbook.com •Healthtech shares mirror broader market volatility:Healthtech public equities delivered mixed results amid turbulent marketconditions. While tariffs triggered swings in major indexes, the digital nature of healthtech firms largely insulated the largest firmsin the segment from the broader market volatility. Still, returns across the vertical varied widely, ranging from Claritev (formerlyMultiPlan), up 248% YTD, to Veradigm, down 48% YTD. Telehealth platform Hims & Hers continued its volatile 2025. In Q2, pricesneared all-time highs for the second time this year following a deal with Novo Nordisk that would allow the company to sellGLP-1s at a discount. However, shares dropped 30% when Novo abruptly called off the deal. Despite this setback, Hims ended thequarter up 98% YTD. pbinstitutionalresearch@pitchbook.comPublished on July 25, 2025 PitchBook clients can accessthe full Excel data packfor thisreport via the Details tab in thedocument viewer. •Subsector highlights:Whereas the S&P 500 and NASDAQ delivered 10% returns over the last 90 days, the virtual care & remotepatient monitoring (RPM) segment outperformed with a median return of 19%. The sector was led by strong gains for Modivcareand LifeMD. Most other segments met or exceeded major indexes on average. A notable exception was the electronic healthrecord (EHR) & clinical information segment—typically a well-performing area of healthtech. Over the quarter, HEALWELL AI andTruBridge reversed much of the growth achieved over past quarters. And despite price decline, average multiples in the EHR &clinical info sector rose by the end of the quarter. The PitchBook healthtech comp sheet was constructed with the PitchBook Excel plugin using both PitchBook and Morningstar data. Thetool allows subscribers to pull financial data and company information into Excel for more than 100,000 public companies across the USand the world, as well as PitchBook’s proprietary data on more than 4 million private companies. Stock returns PitchBook clients can accessthe full Excel data packfor this report via the Details tab in the document viewer. Valuations 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.