2023年四季度医疗保健服务公共薪酬表和评估指南.docx

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1、PitchBook Data, Inc.John Gabbert Founder, CEONizar Tarhuni Vice President5 Institutional Research and EditorialPaul Condra Head of Emerging Technology ResearchInstitutional Research GroupAnalysisRebecca Springer5 Ph.D.Lead Analyst, Healthcarerebecca.springerpbinstitutionalresearchPublished on Januar

2、y 24, 2024ContentsKey takeaways1Stock returns4Valuations5Revenue6EBITDA8The full EXCel data IDaCkincluding forward-lookingestimates is available toPitchBook clients.Key takeaways Mixed performance: Both the hospitals, rehabilitation & long-term care group and the behavioral health & home health/hosp

3、ice group are overperforming the S&P 500. The former group sports EBITDA margins in the midteens to low twenties and has benefited from increased surgery volumes after the COVID-19 pandemic, while the latter continues to command strong EBITDA multiples despite some slowing revenue growth and tighten

4、ing margins for Amedisys and Aveanna. The value-based care group, much of which went public in 2020 and 2021, sports negative EBITDA overall and is significantly underperforming the market. Retailers retrench: Under new CEO Tim Wentworth, Walgreens began closing 60 underperforming ViIIageMD location

5、s in October, even as the company doubles down on its messaging around its care delivery focus. The closures are part of a broader cost-cutting strategy as Walgreens sees profits soften along with reduced COVID-19 vaccine demand. Meanwhile, CVS brought its various care delivery assetsincluding Carem

6、ark5 Cordavis, Minute Clinic, Oak Street Health, and Signify Healthunder a new brand, CVS Carespire. The two companies were active strategic acquirers of healthcare provider assets in 2022 and 2023 but are likely to sit on the sidelines of M&A as they focus on profitability and integration for exist

7、ing plays. Trouble for agilon: agilon,s stock plummeted in November 2023 and again in January 2024 after the company revised its medical margin and EBITDA guidance downward, citing utilization 2x to 3x higher than expected in categories including specialist care and outpatient surgery. Leadership ci

8、ted the lag of several months in claims data used to analyze spending trends. agilon,s LTM revenue multiple had already dipped to 0.7x as of December 31, 2023, down from a high of 5.3x in 2021 and 2.3x in 2022. For value-based care companies, this mishap underlines the importance of building robust

9、data infrastructure to accurately track and forecast utilization across providers and shows that investors are becoming more exacting in their expectations of consistent results and a path to profitability. We have predicted that there will be at least two value-based care enabler acquisitions in 20

10、24 as valuations fall and winners emerge in an increasingly crowded landscape.Disclaimer: Any -0 values are negative values that have been rounded up to 0. BrightSpring IPO: KKR-backed home-based care provider BrightSpring filed for IPO in January after filing confidentially in September. BrightSpri

11、ng claims to be the largest independent home and community-based services provider and was reported to have $4.5 billion in revenue in January 2024. Numerous regional and national-scale PE-backed provider groups will be seeking exit opportunities in the next one to two years, and sponsors will be wa

12、tching how BrightSpring fares as they consider exit options amid a dearth of large sposor-to-sponsor trades. IPOs are traditionally an unusual exit strategy for healthcare provider groups, but several groups were considering listing publicly in 2021 and early 2022 before the markets turned. Devoted

13、Health: Tech-enabled, vertically integrated Medicare Advantage company Devoted Health turned heads with a $129.0 million Series E announcement on December 29, earning the company a $12.9 billion post-money valuation. Devoted touted 70% YoY membership growth, and that 94% of its members were in a pla

14、n rated four stars or higher. Devoted Health RaiSeS NeW FUndinq To DeIiVer on Its MiSSion Te) ImPrOVe the Health and WeIl-Beinq OfOIderAmericans,“ DeVOted Health, Deeember 29,2023. Devoted,s closest public comp is Alignment Healthcare, which saw 44% YoY membership growth in 2023 and has 90% of its m

15、embers in a plan rated four stars or higher. “J.P Morqan 2024 PreSentatiorV AliQnment Health, JanUarV 8,2024. On a valuation-per-member basis, Devoted clocks in at over $92,000 per member, compared with over $8,000 for Alignment. Devoted,s private backers are ascribing an enormous premium on the com

16、panys growth and stars performance, and the company is highly unlikely to maintain current valuation multiples if it decides to list publicly in the future.Stock returns*Pes & omideshckerMjret MirUt 1ww )0 dan todays botto* PMk VTD 1 rear 3 Nirs 5vnAtme* Zm(*e CeMeneCgGOVeHN* CYSHeg (ltance HcahhHumm MOkIaZttKdre Oxir