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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$8,000forAlignment.Devotedsprivatebackersareascribinganenormouspremiumonthecompanysgrowthandstarsperfo
14、rmance,andthecompanyishighlyunlikelytomaintaincurrentvaluationmultiplesifitdecidestolistpubliclyinthefuture.Stockreturns*CemtnegClOveHNMICYSHe岫fvanctHaahhHimmimMokwHNithcafemmaNAsaovHYSCVSImUyQKlT-UntedNeahhCrcwpNnHUMWYSMQHMZ25Z7.J8cMAA2K7.惟OMu%05%41m857744%-11f%7%7524、N/AWA0J%M-a%-242%-tSJI6S205%1.
15、MuL401%SOA再仆10%69%-74*tw-W6gWOMEZ1M194757109%0JM337.72S272.0M/AWALM-5m-0Smu%;0%U%M12*N/A*Am9%GnM/AM/APDMedUlMoMntsBr珈HuhhGroupCMOHMfthNASAMHIlYVeHGMYVCAMO94J*1790MW4Z97C4%zm294、-S3%-im29.4%-81929%MSVAIInnoVACeHASMNY3HuIthNrtnmHASPttl内MIMeMMASMVAManMedunMMAdakrf*fcjhlti!nnArtlMiftrflIII“lICda90danpea
16、krhjr】a，Z22JonnuncHealthSystemswEiKOffOissHeahhMnrkAMaruwmtntntMkflXtHMhhcniIiKTMrum1MuIthUfttfMkYw14CInOMMdqMJAljzhdunlRlupBehIVIOHedt&homebukhhopMmn,Ttcktr)0dm90dmMICtMbonowlHtros111(Xi.H.hk.MASM*QEXJjCrv*5XcQZjAmedenNAS.AMED-0.S3UM433HUJIm.Z-IMAmnHNf.n*eJ11ckIweek)0如，90d*ysbottompekroAMNMfaftticj
17、rvWrvrMrSAMNAnHtMIZaPyNvSABGonCeentrjHuMurtNACCRNDWlUWSDVAldtraM)0*)80nBooesMlunceNAS;WU-04%2S%、如-SOM%-M-31M-6l.0MfdnUfdtMi%*K*lMTZ7%ZUMMM/AMM5%Ml%EWAH/Alndwk)0d11WMjrkelWnetroWbottomLj，；一.1H1%V417.2%3tJ%4545U5%6S9m40Mmijo%UM-5SAM.o%nmSources:PitchBookandMomingstarGeography:GlobalAsofDecember31,2023
18、Valuations*EVATMreveftveSources:PitchBookandMorningstarGeography:GlobalAsofDecember31.2023EVLTMENTDA,Sources：PitchBookandMorningstarGeography:GlobalAsofDecember31,2023Revenue*ThefullEXCeldataDaCkincludingforward-lookingestimatesisavailabletoPitchBookclients.hve&DazvidenCompanyTkkerEn,lepfspvalue(SB)
19、H19AActualrevenue($B)20A21A22AYoYrev.growthactual20A21A22A20182019MhiStOn3LTMrevenue202020212022202312/31AlignmentHMIthCareNAS:ALHC$USOJSlOSU$1.4冼N/AK/AWA2a04x06CentweNnCNC5384$746S111.151260WS49%13%040303OJx040.3xQjlCgnaNrSCl$1171$15379606$1743$18004k收ftA7v7tAAiA7“CQOowHealthNAS:ClOV-10.0WS$0.7$uns
20、46%S%I19NMN/AIJiOJxOOx-OOiCVSHeaItbNncvs$16572S68$2687$292.S12Z59060.6xOAk06x04xOSiElevanceHealthNnElV$1248$1042SUI9$1386$1566IN14%OSiC707Olx07xOTmHumanaNYlHUM$532$649S772$83.1$92919%80.6OJxOJiOJx0.6xOSiMolinaHealthcareNYlMOHS118S16$194127S32.0543Oli0.3x0.404m03x0.4OkatNnOSCRSlO$06SO6$19Ml6%226WAN/A
21、-OIx-OOxOhUniteAiutttiGfOupNYlUNHSum$515.7$1,031.0P422$915,0$2571n0w2$2876$1,134.0$3242SU6L76%n1mIh0.61Ux0.6xL41.Oi15m0.6x1.3x0.5xIa05Q6OJX0.7k(faOSX05VdhsdtjaEnterpriseActualrevenue($B)YoYrv.growthtuJEV/hiSt(MiCxLTMrevenue(OEgnYTkktrvjuc(SB)19A20AMA22A20A21A22A7111It20192020m12/31AgilonHeJfthNYlAQ$
22、46W.811.2SL8SO%4%N/AM/AN/A如2.h14xOhApoAoMelH(*bpNAS:AMEHSU$0.6$0.4$0.8K9*48%AIJml.2xItM161.1x1.0BrhtHeahhGroupNySBHG$15S?MS11.519459%附AN/附AOJi-OOiMXUxCanoHeMhNY1CANOn$04SO8694%70%H/AN/AN/AUi0.9i0.5X041CareMaiNAS:CMAX$05NMSOIW3186%nWAN/AN/A151.0OSX0.6IrmovAgeNASJNMV$08W.5S06$0612%10%WAN/AN/A3h0912x1.
23、0P3HeIkhPartnersNASPlll$05$0.1$0.5M/AN/AKARAN/AN/AQAt4O-04.PriviaHMhhNAS:WVA12.4$0.8S08SIO18%40%N/AWAN/AIOi2.0x1.5xIASUffiSB2$34M9$76S567%1.4x1玄Ux2JiI1xLOxOSiUxLUUx2JiB)YoYrev.growthactualEVZhistonoILTMrevenueComMnyTickervalue(SB)19AZOA21A22A20A21A22A20182019202020212022202312/31CommunityHeN由Syjterm
24、NYSCYH皿皿(1L8J124皿Hy1S1ttvHyiEncompauHealthNW.EHC$10.1UhS36$4.0J43-23%13%8%22三ZIX221Z2xZOxIOiiHCAManagementServicesNNHCA5时5$5135515(588$602nUH1.51.6x14IHXl.8x17TendHealtofNnTHCS4$18.5SVS$19.5$1925%10%1.taLlx1.01I2x12,!UniYtfsaIHealthSefvicesNYlUHSS1S.8S114SIU)126)13.42%96I4xISxUi12xIOx1.0SumSW025990$
25、96.1$1073$W9412%2%13U*I5x15L4UiI5xIJxI4xIJx1.4x;12lSources：PitcbBookandMomingstarGeography:GlobalAsofDcombor31.2023Revenue*ThefullEXCeldataDaCkincludingforward-lookingestimatesisavailabletoPitchBookclients.ehaioralhealth&homehealth/hospisCompanyTickerEnterprisevalue(SB)AcadiaHealthcareNAS:ACHCWAmedi
26、sysNAS;MO一$3.6AveannaHealthcareNAS:AVAH-OptionCareHeahhNAS:OKHSumS67$20.8YoYrev.growthactualH201820192020:alLTMrevenue202312/3120A21A22A202120224%11%13%2.1x2.0X2.2x3.1x3.0X2.7x6%7%0IJx2.2x33x3.4x2.0X1.5x8%12%6%N/AN/AN/A1.5x0.9x0.9x31%13%15%1.1x0.7XUx1.4x15x1.5x13%m10%1.6x1.6x23x2.4x1.9x17x1.7xZOx22x
27、23x1.8xVSxCOmPanyTickerEnterprisevalue(SB)AMNHealthcareServicesNYS:AMN$3.8ATIPhysicalTherapyNYS:ATIP$1.0CrossCountryHealthcareNAS:CCRN$0.8DaVitaNYSiDVA$21.9PediatrixMedkalGroupNYS:MD$14SurgeryPartnersNASrSGRYWlTheOncologyInstituteNAS:TOISONUS.PyskalTherapyNYS:USPH$1.7WalgreensBtsAllianceNAS：WBA$63.8
28、Sum$1023OtherhealthcareWOVider519A20A21A22AS2.2$2.4S4.0$5.2W.8$0.6S0.6$0.6$0.8(0.8丸7128$11.4$11.6$11.6$11.6$1.8$1.7S1.9$2.0S1.8$19S2.2$2.5102$0.2$0.2$03$03S0.4W.5W.6$120.1$122,0$132,5$132.7$1395$141.6$1552Actualrevenue($B)YOYrev.growthaclualM)A21A22A册00怅妣20%8%17%9%10-25%2%1%W221%62%悔2018201920202021
29、2022202312/31UyUx17Ilx1兀HiIhN/AN/AN/A23xIJx13x13x06xOSX0.7m(HX0.0.6xO191.8x1.9x2.1x1.9x1.8x1.8xSources：PitchBookandMomingstarGeography:GlobalAsofDccombor31,2023EBDA*ThefullEXCeldataDaCkincludingforward-lookingestimatesisavailabletoPitchBookclients.havers&DaYVidefSCnterpriMB忖AActualEBlTDA(SB)IYoYLBlT
30、OAfroWttIKtUiI!E8ITDAmargintalTIcUfIjjt*；Jfi!E19A4SZUA“人22AI?0182019202020212022202312/31AlignmentHciilhcjrfNAS:AlHCfIao$02-sWAN/A-2M-8WAWAWAM/AWAW5.7CtrrfencNYSCK5384HJ$54$59660%45%486&0i(SxX).8SK9xNYSCl$1171SllOsnoSUS9%-8%?*N6%8393KlK108XI1.695mIO2xCkmrHeAhMASQOVSQOH/A-so104WAWAM/A-I4mNM闿AWAN/AWA-
31、OhMMCVSHuIthNYSCVSS657l74$197$2045*8?%Z6%7189，9794x9978m&4xEImnCeHeMhMYSftVSU4S179S100S09W%N88A11XhKUaIo)XIO9x2tUQi103XHununjMYSMUM2$38$43$5412%惟6、6、6%12。X100iU7xB7x126MMX9IxMoliruHMith(MeNYSMOHSB8SU513SU-4%15*7%6%2.94370MX&hC76xOwMYSOsaSIOWA406M6IVA*AN/AS8-14%N/A4AWAWAI6-49M/AUnitedHealthGroupNYSIM
32、HSSISJ24$2711)113*7、9%Wi265)BSmU7IMUSxSumStono$669ms$866J%拉I2Mean6、m&9x86IOSx109XK3-4494mMedianN65、&6x93*0IO8xHh89IxVNuhxdrare(MtfpcistAchMlLBITDA(SM)YoYEBITDAfroat11Ktuil!EB4TDAurg)f1KtualIa.22A20ACompanyTIdCfvalwe(B)19A2021A21A22AWAZOA21A22AI20182019202020212022202312/11ARiIofINeMhNYSAQ$4iHASS6S-S
33、9fi479MMa/ilAWAWAM/AH/AN/AS67A%出ApolloMedicalHoldingsNAS：AMEH$1.7$55.7-S74.0$32.6$132.1N/AN/A306%I10%-20%10.7x10.5x7.6x17.0x163x11.0x12.9xBnKhtHeMhGroUPNYSBHG115WANM12661?S114JMMN/AN/AMAWAHlAh/kN/AN/AInlSXHJAOnoHfjIthNYSCAWSUWAH/A$04J2S19N/AN/AN/AIN/AN/AN/AN/AN/A17.0x473x34.8xN/AOreMaINASCMAXSOSH/A3
34、182$24645MM小M/A18%N/AhL,AN/A始Oi1”XOM416InnovAeeNASMNVsoH/ANMN/AS26N/AN/AN/AIN/AN/AN/AN/AN/A51.2xN/A79.1x20723xP3HwMiPartnersNASPlllS0.5M/ANMNM-IlSZjWAN/AN/A311xSum1112ISS7-mo15631-SXS3-25-81Mwn10%-1%KnX1057640OxI15%25959m10%mKnX10576三JOOx3Zh2517JxHospitals,rehabilitation&IonttefmcareEnttfpnseActTEBITDA(SB)
