2025年四季度卫生技术公共报表和评估指南（英）

EMERGING TECH RESEARCH Healthtech PublicComp Sheet andValuation Guide Key takeaways Institutional Research Group Brian WrightLead Research Analyst, Healthcarebrian.wright@pitchbook.com •Healthtech broadly underperforms, with notables bucking trend:The public healthtech sector in 2025 was defined by a starkbifurcation in performance, where companies capable of demonstrating tangible return on investment through AI or high-demandpersonalized medicine outpaced the broader indexes, while the few remaining publicly traded electronic health record (EHR) andclinical information providers struggled with margin compression and shifting utilization patterns. Based on full-year 2025 data,public healthtech equities generally underperformed major market indexes. The provider operations & revenue cycle segment saw amean annual stock price decline of 4%, though this masked significant volatility. Companies such as Phreesia (-32.8%) and DefinitiveHealthcare (-30.2%) faced headwinds as the market repriced growth expectations for data and intake platforms. Conversely, GruppoGPI surged 64.7%. The broader healthtech sector continued a multiyear repricing trend, with even high-profile listings like WaystarHealth (-10.8%) ending the year down despite solid operational performance. pbinstitutionalresearch@pitchbook.comPublished on February 2, 2026 Contents Key takeaways2Stock returns4Revenue5EBITDA7 •iRhythm Technologies surges over 90%:The virtual care & remote patient monitoring (RPM) segment provided the most dramaticperformance swings of the year, anchored by a resurgence in mental health and the explosion of personalized obesity care. iRhythmTechnologies was the sector’s standout performer, returning 96.8% by year-end. Fundamental drivers of Talkspace’s performanceincluded the relaunch of its psychiatry business, which saw initial session volumes increase 46%, and the integration of WisdoHealth to capture the Medicare loneliness market. In contrast, Teladoc Health experienced a -23% return as its BetterHelp segmentfaced persistent pressure in the US cash-pay market, leading to a 2.2% decline in consolidated revenue in Q3 despite a 9% growth inintegrated care membership. •Hims & Hers Health outperforms in a volatile year within pharmacy & personalized health:Hims & Hers Health shares increased34.3% on projected 2025 revenue growth of 59%. Its growth was fueled by a 50% year-over-year increase in subscribers usingpersonalized solutions and the successful verticalization of its GLP-1 compounding infrastructure, allowing the company to reduceprices by up to 20% to capture broader market share. Meanwhile, the benefit management & care navigation segment showed mixedresults in 2025. In addition to Claritev’s strong performance, Progyny shares increased 49%, whereas HealthEquity and GoHealth saw PitchBook clients can access thefull Excel data pack for this reportvia theResearch Centeron thePitchBook Platform. declines of 4.5% and 83.9%, respectively. Progyny demonstrated market leadership in the fertility space, adding 900,000 lives duringthe selling season and achieving a 100% client retention rate. The board authorized a $200 million share repurchase program toaddress what management viewed as significant undervaluation. The PitchBook healthtech comp sheet was constructed with the PitchBook Excel plugin using both PitchBook and Morningstar data. The toolallows subscribers to pull financial data and company information into Excel for more than 9.7 million public and private companies across theUS and the world. Stock returns PitchBook clients can access the full Excel data pack for this report via theResearch Centeron the PitchBook Platform. Revenue Revenue EBITDA Nizar TarhuniExecutive Vice President of Research and Market Intelligence PitchBook providesactionable insights acrossthe global capital markets. Paul CondraSenior Director, Global Head of Private Markets Research James UlanDirector, Industry & Technology Research PitchBook Insightsis an online compendium of in-depth data, news, analysis, and perspectivesthat shape the private capital markets. Report created by: Brian WrightLead Research Analyst, Healthcare PitchBook subscribers enjoy exclusive access to a comprehensive suite of private marketinsights, including proprietary research, news, data, tools, and more on thePitchBookPlatform. Megan WoodardSeniorGraphic Designer Learn more aboutPitchBook’s Institutional Research team. Clickherefor PitchBook’s report methodologies. COPYRIGHT © 2026 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or byany means—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrievalsystems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believedto be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be constru