Hinge Health, virtual physical therapy for musculoskeletal, and Omada Health, virtual coaching for diabetes and hypertension), have (confidentially) filed the S-1 to prepare for an IPO. Will it be a home run or will they fail? I wrote down a few thoughts. This analysis has been done with the HeathTech Alpha data platform from Galen Growth | Insights You Can Trust. 1️⃣ 𝐇𝐞𝐚𝐥𝐭𝐡𝐓𝐞𝐜𝐡 𝐈𝐏𝐎𝐬 𝐡𝐚𝐯𝐞 𝐛𝐞𝐞𝐧 𝐚 𝐛𝐥𝐨𝐨𝐝 𝐛𝐚𝐭𝐡 𝐬𝐨 𝐟𝐚𝐫, 𝐚𝐧𝐝 𝐃𝐓𝐱 𝐡𝐚𝐯𝐞 𝐩𝐚𝐫𝐭𝐢𝐜𝐮𝐥𝐚𝐫𝐥𝐲 𝐬𝐮𝐟𝐟𝐞𝐫𝐞𝐝 80%+ of HealthTech have lost most of their value since they went public. The Digital Therapeutics (DTx) category has faced significant challenges, with several companies, including Pear, Proteus, and Akili, declaring bankruptcy. 2️⃣ 𝐇𝐨𝐰𝐞𝐯𝐞𝐫 𝐭𝐡𝐞𝐫𝐞 𝐢𝐬 𝐡𝐨𝐩𝐞: 𝟐𝟎%+ 𝐨𝐟 𝐔𝐒 𝐇𝐞𝐚𝐥𝐭𝐡𝐓𝐞𝐜𝐡 𝐠𝐨𝐢𝐧𝐠 𝐩𝐮𝐛𝐥𝐢𝐜 𝐚𝐫𝐞 𝐬𝐭𝐢𝐥𝐥 𝐮𝐧𝐢𝐜𝐨𝐫𝐧𝐬 𝐭𝐨𝐝𝐚𝐲 Hinge has raised over $1B in funding so far, and Omada has raised $500M. The goal is to become (at the very least) a unicorn, with a valuation of $1B or more. A rough estimate of US HealthTech IPOs shows that out of 100+ HealthTech companies that have gone public, over 20 currently have a $1B valuation (around 20%). 3️⃣ 𝐓𝐡𝐞 𝐢𝐧𝐬𝐩𝐢𝐫𝐚𝐭𝐢𝐨𝐧: 𝐄𝐯𝐨𝐥𝐞𝐧𝐭 𝐇𝐞𝐚𝐥𝐭𝐡? Evolent partners with health plans and physicians to achieve better outcomes for people with the most complex health conditions. Evolent shares many similarities with Hinge and Omada. Today, Evolent has a valuation of over $3B, and its stock price has risen by more than 50% since its IPO. 4️⃣ 𝐔𝐒 𝐚𝐧𝐝 𝐀𝐬𝐢𝐚 𝐡𝐚𝐯𝐞 𝐭𝐡𝐞 𝐥𝐢𝐨𝐧 𝐬𝐡𝐚𝐫𝐞 𝐨𝐟 𝐇𝐞𝐚𝐥𝐭𝐡𝐓𝐞𝐜𝐡 𝐈𝐏𝐎𝐬 Together, the US and Asia represent 85%+ of HealthTech IPOs (evenly split). Asia has some interesting IPOs, such as JD Health ($14B valuation), Ali Health ($12B) or Ping an good doctor ($2B). Europe is lagging behind, and no European HealthTech that went public has a $1B+ valuation. However, this could change if Doctolib (valued at $5B+ on the private market) and Alan (valued $4B+ on the private market) decide to go public soon. Happy to continue the discussion on this topic Ashley Capoot ! #healthcare #healthtech #ipo
Is there any benchmark data on the valuation of this list as to multiples on revenue, or other metrics ARR etc be interesting to see
Ping an Doctor in China, Insurance plans like Clover, Oscar in US , Consolidation in Telemedicine platforms- Teladoc/ AMN /Others and M&A among listed and unlisted PCP Physicians/ Specialties providers in 2025/26. Health AI - like Tempus, Lantern will have their runs on Public markets but will stick to Picks / Shovel Strategy on Super Micro Computers for Super Value and Super Growth for next 6 years in the medium term. The US Elections can fully upend the HHS market if there is a Full sweep of House, Senate and Presidency .
Just a huge furnace consuming ridiculous amounts of money. IPO will simply move the risk to 'Joe and Jane Investor'.
thanks for sharing Thomas Hagemeijer fascinating to see the stock trend... insightful (and a bit disappointed about the performances of e.g. Teladoc)
Very informative Thomas Hagemeijer! Key question remains: which ones are already turning a real profit and if they are not turning a profit, what is their exit strategy....?
🔴 Merci Genevieve Lavertu Thomas Hagemeijer pour le partage !
Healthtech, Medical-grade AI, Digital Health, Longevity | Speaker, Moderator, Coach, Mentor I Business & Product Development Strategy
3moWhat happened to Click Therapeutics? I haven't seen any negative news about them lately... Or is it another Click you are referring to?