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INDUSTRY
RESEARCHHea
lthca
re
Ser
v
icesPubl
ic
Comp
Sheeta
nd
Va
luation
Gu
ideQ42023Key
takeawaysPitchBookData,Inc.John
Gabbert
Founder,
CEONizar
Tarhuni
Vice
President,
Institutional
Researchand
Editorial?
Mixedperformance:Boththehospitals,rehabilitation&long-termcaregroupandthebehavioralhealth&homehealth/hospicegroupareoverperformingtheS&P
500.Theformergroupsports
EBITDAmarginsinthemidteensto
lowtwentiesandhasbenefitedfromincreasedsurgeryvolumesaftertheCOVID-19
pandemic,whilethelattercontinuesto
commandstrongEBITDAmultiplesdespitesomeslowingrevenuegrowthandtighteningmarginsforAmedisysandAveanna.Thevalue-basedcaregroup,muchof
whichwentpublicin2020and2021,sports
negativeEBITDAoverallandissignificantlyunderperformingthemarket.Paul
Condra
Head
ofEmerging
Technology
ResearchInstitutionalResearchGroupAnalysisRebecca
Springer,
Ph.D.Lead
Analyst,
Healthcarerebecca.springer@?
Retailersretrench:UndernewCEO
TimWentworth,Walgreensbeganclosing60
underperformingVillageMDlocationsinOctober,evenasthecompanydoublesdownonitsmessagingarounditscaredeliveryfocus.Theclosuresarepart
of
abroadercost-cuttingstrategyasWalgreensseesprofitssoftenalongwithreducedCOVID-19
vaccinedemand.Meanwhile,CVSbroughtitsvariouscaredeliveryassets—includingCaremark,Cordavis,MinuteClinic,OakStreetHealth,andSignifyHealth—underanewbrand,CVSCarespire.Thetwocompanieswereactivestrategicacquirersof
healthcareproviderassetsin2022and2023butarelikelyto
sitonthesidelinesof
M&A
astheyfocusonprofitabilityandintegrationforexistingplays.pbinstitutionalresearch@Published
on
January
24,
2024ContentsKeytakeawaysStock
returnsValuationsRevenue14568?
Trouble
foragilon:
agilon’sstockplummetedinNovember2023andagaininJanuary2024
afterthecompanyreviseditsmedicalmarginandEBITDAguidancedownward,citingutilization2x
to
3xhigherthanexpectedincategoriesincludingspecialistcareandoutpatientsurgery.Leadershipcitedthelagof
severalmonthsinclaimsdatausedto
analyzespendingtrends.agilon’sLTMrevenuemultiplehadalreadydippedto
0.7x
asof
December31,2023,downfromahighof
5.3x
in2021and2.3x
in2022.Forvalue-basedcarecompanies,thismishapunderlinestheimportanceof
buildingrobustdatainfrastructureto
accuratelytrackandforecastutilizationacrossprovidersandshowsthatinvestorsarebecomingmoreexactingintheirexpectationsof
consistentresultsandapathto
profitability.We
have
predictedthattherewillbeatleasttwovalue-basedcareenableracquisitionsin2024asvaluationsfallandwinnersemergeinanincreasinglycrowdedlandscape.EBITDAThe
fullExceldatapackincludingforward-lookingestimatesisavailabletoPitchBookclients.Disclaimer:Any-0
values
are
negative
valuesthathavebeen
rounded
up
to0.Q4
2023
HEALTHCARE
SERVICES
PUBLIC
COMP
SHEET
AND
VALUATION
GUIDE2?
BrightSpringIPO:KKR-backedhome-basedcareproviderBrightSpringfiledforIPOinJanuaryafterfilingconfidentiallyinSeptember.BrightSpringclaimsto
bethelargestindependenthomeandcommunity-basedservicesproviderandwasreportedtohave
$4.5
billioninrevenueinJanuary2024.Numerousregionalandnational-scalePE-backedprovidergroupswillbeseekingexitopportunitiesinthenextoneto
twoyears,andsponsorswillbewatchinghowBrightSpringfaresastheyconsiderexitoptionsamidadearthof
largesponsor-to-sponsortrades.IPOsaretraditionallyanunusualexitstrategyforhealthcareprovidergroups,butseveralgroupswereconsideringlistingpubliclyin2021andearly2022beforethemarketsturned.?
DevotedHealth:Tech-enabled,verticallyintegratedMedicareAdvantagecompanyDevotedHealthturnedheadswitha$129.0millionSeriesEannouncementonDecember29,
earningthecompanya$12.9
billionpost-moneyvaluation.Devotedtouted70%YoY
membershipgrowth,andthat94%
of
itsmemberswereinaplanratedfourstarsorhigher.isAlignmentHealthcare,whichsaw44%YoY
membershipgrowthin2023andhas90%of
itsmembersinaplanratedfourstarsorhigher.
Onavaluation-per-memberbasis,Devotedclocksinatover$92,000permember,comparedwithover$8,000
for1Devoted’sclosestpubliccomp2Alignment.Devoted’sprivatebackersareascribinganenormouspremiumonthecompany’sgrowthandstarsperformance,andthecompanyishighlyunlikelyto
maintaincurrentvaluationmultiplesifitdecidesto
listpubliclyinthefuture.1:
“Devoted
Health
Raises
New
Funding
To
Deliver
on
Its
Mission
To
Improve
the
Health
and
Well-Being
of
Older
Americans,”
Devoted
Health,
December
29,
2023.2:
“J.P
Morgan
2024
Presentation,”
Alignment
Health,
January
8,
2024.Q4
2023
HEALTHCARE
SERVICES
PUBLIC
COMP
SHEET
AND
VALUATION
GUIDE3Stock
returns*ThefullExceldatapack
including
forward-looking
estimates
is
availabletoPitchBook
clients.Sources:
PitchBook
and
Morningstar
?
Geography:
Global
?
*AsofDecember
31,
2023Q4
2023
HEALTHCARE
SERVICES
PUBLIC
COMP
SHEET
AND
VALUATION
GUIDE4Va
luations*ThefullExceldatapack
including
forward-looking
estimates
is
availabletoPitchBook
clients.Sources:
PitchBook
and
Morningstar
?
Geography:
Global
?
*AsofDecember
31,
2023Sources:
PitchBook
and
Morningstar
?
Geography:
Global
?
*AsofDecember
31,
2023Q4
2023
HEALTHCARE
SERVICES
PUBLIC
COMP
SHEET
AND
VALUATION
GUIDE5Revenue*ThefullExceldatapack
including
forward-looking
estimates
is
availabletoPitchBook
clients.Sources:
PitchBook
and
Morningstar
?
Geography:
Global
?
*AsofDecember
31,
2023Q4
2023
HEALTHCARE
SERVICES
PUBLIC
COMP
SHEET
AND
VALUATION
GUIDE6Revenue*ThefullExceldatapack
including
forward-looking
estimates
is
availabletoPitchBook
clients.Sources:
PitchBook
and
Morningstar
?
Geography:
Global
?
*AsofDecember
31,
2023Q4
2023
HEALTHCARE
SERVICES
PUBLIC
COMP
SHEET
AND
VALUATION
GUIDE7EBIT
DA*ThefullExceldatapack
including
forward-looking
estimates
is
availabletoPitchBook
clients.Sources:
PitchBook
and
Morningstar
?
Geography:
Global
?
*AsofDecember
31,
2023Q4
2023
HEALTHCARE
SERVICES
PUBLIC
COMP
SHEET
AND
VALUATION
GUIDE8EBIT
DA*ThefullExceldatapack
including
forward-looking
estimates
is
availabletoPitchBook
clients.Sources:
PitchBook
and
Morningstar
?
Geography:
Global
?
*AsofDecember
31,
2023Q4
2023
HEALTHCARE
SERVICES
PUBLIC
COMP
SHEET
AND
VALUATION
GUIDE9?2024
by
PitchBookData,Inc.Allrightsreserved.Nopart
of
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