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1、PitchBookData,Inc.JohnGabbcnFounder,CEONizarTarunlVicePresident,InstnutionaJResearcandEditorialPaulCondraHeadofEmergingTechnologyResearchInstitutionalResearchGroupAnalysisRebeccaSpringer,Ph.D.1.eadAnalyst.Healthcarereboccaspringerpitchbookcompbin8titutlonalfe8earchpHPuWisbedonJanuary24,2024ContentsK
2、eytakeawaysStockreturns4Valuations5Revenue6EB11,DA8ThefullEXCeldataDaCkincludingforward-lookingestimatesisavailabletoPitchBookclients.Keytakeaways Mixedperformance:Boththehospitals,rehabilitation&long-termcaregroupandthebehavioralhealth&homehealth/hospicegroupareoverperformingtheS&P500.Theformergrou
3、psportsEBITDAmarginsinthemidteenstolowtwentiesandhasbenefitedfromincreasedsurgeryvolumesaftertheCOVID-19pandemic,whilethelattercontinuestocommandstrongEBITDAmultiplesdespitesomeslowingrevenuegrowthandtighteningmarginsforAmedisysandAveanna.Thevalue-basedcaregroup,muchofwhichwentpublicin2020and2021,sp
4、ortsnegativeEBITDAoverallandissignificantlyunderperformingthemarket. Retailersretrench:UndernewCEOTimWentworth1Walgreensbeganclosing60underperformingViIIageMDlocationsinOctober,evenasthecompanydoublesdownonitsmessagingarounditscaredeliveryfocus.Theclosuresarepartofabroadercost-cuttingstrategyasWalgr
5、eensseesprofitssoftenalongwithreducedCOVID-19vaccinedemand.Meanwhile,CVSbroughtitsvariouscaredeliveryassetsincludingCaremark,Cordavis,MinuteClinic,OakStreetHealth,andSignifyHealthunderanewbrand,CVSCarespire.Thetwocompanieswereactivestrategicacquirersofhealthcareproviderassetsin2022and2023butarelikel
6、ytositonthesidelinesofM&Aastheyfocusonprofitabilityandintegrationforexistingplays. Troubleforagilon:agilonsstockplummetedinNovember2023andagaininJanuary2024afterthecompanyreviseditsmedicalmarginandEBITDAguidancedownward,citingutilization2xto3xhigherthanexpectedincategoriesincludingspecialistcareando
7、utpatientsurgery.Leadershipcitedthelagofseveralmonthsinclaimsdatausedtoanalyzespendingtrends,agilonsLTMrevenuemultiplehadalreadydippedto0.7xasofDecember31,2023,downfromahighof5.3xin2021and2.3xin2022.Forvalue-basedcarecompanies,thismishapunderlinestheimportanceofbuildingrobustdatainfrastructuretoaccu
8、ratelytrackandforecastutilizationacrossprovidersandshowsthatinvestorsarebecomingmoreexactingintheirexpectationsofconsistentresultsandapathtoprofitability.Wehavepredictedthattherewillbeatleasttwovalue-basedcareenableracquisitionsin2024asvaluationsfallandwinnersemergeinanincreasinglycrowdedlandscape.D
9、isclaimer:Any0VatUeSarenegativevaluesbvebeenroundeduptoO. BrightSpringIPO:KKR-backedhome-basedcareproviderBrightSpringfiledforIPOinJanuaryafterfilingconfidentiallyinSeptember.BrightSpringclaimstobethelargestindependenthomeandcommunity-basedservicesproviderandwasreportedtohave$4.5billioninrevenueinJa
10、nuary2024.Numerousregionalandnational-scalePE-backedprovidergroupswillbeseekingexitopportunitiesinthenextonetotwoyears,andsponsorswillbewatchinghowBrightSpringfaresastheyconsiderexitoptionsamidadearthoflargesponsor-to-sponsortrades.IPOsaretraditionallyanunusualexitstrategyforhealthcareprovidergroups
11、,butseveralgroupswereconsideringlistingpubliclyin2021andearly2022beforethemarketsturned. DevotedHealth:Tech-enabled,verticallyintegratedMedicareAdvantagecompanyDevotedHealthturnedheadswitha$129.0millionSeriesEannouncementonDecember29,earningthecompanya$12.9billionpost-moneyvaluation.Devotedtouted70%
12、YoYmembershipgrowth,andthat94%ofitsmemberswereinaplanratedfourstarsorhigher. Pevoted HegIth RaiSeS NeW FUnJnQ To Delgr On ItS Ms To Improve Ihe Health and WeiLBeinQ Of Older Americans, DeVOted Heailh, December 29,2023.DevotedsclosestpubliccompisAlignmentHealthcare,whichsaw44%YoYmembershipgrowthin202
13、3andhas90%ofitsmembersinaplanratedfourstarsorhigher. J.P MOrQan 2024 PreSentabOnJ AIianmenl HealttI JanUarV 8.2024.Onavaluation-per-memberbasis,Devotedclocksinatover$92,000permember,comparedwithover$8,000forAlignment.Devotedsprivatebackersareascribinganenormouspremiumonthecompanysgrowthandstarsperfo
14、rmance,andthecompanyishighlyunlikelytomaintaincurrentvaluationmultiplesifitdecidestolistpubliclyinthefuture.Stockreturns*CemtnegClOveHNMICYSHe岫fvanctHaahhHimmimMokwHNithcafemmaNAsaovHYSCVSImUyQKlT-UntedNeahhCrcwpNnHUMWYSMQHMZ25Z7.J8cMAA2K7.惟OMu%05%41m857744%-11f%7%7524、N/AWA0J%M-a%-242%-tSJI6S205%1.MuL401%SOA再仆10%69%-74*tw-W6gWOMEZ1M194757109%0JM337.72S272.0M/AWALM-5m-0Smu%;0%U%M12*N/A*Am9%GnM/AM/APDMedUlMoMntsBr珈HuhhGroupCMOHMfthNASAMHIlYVeHGMYVCAMO94J*1790MW4Z97C4%zm294、-S3%-im29.4%-81929%MSVAIInnoVACeHASMNY3HuIthNrtnmHASPttl内MIMeMMASMVAManMedunMMAdakrf*fcjhlti!nnA*c-trmcrK
