2025年一季度Healthtech公共报表和估值指南（英）2026

EMERGING TECH RESEARCH Healthtech PublicComp Sheet andValuation Guide Key takeaways Institutional Research Group Brian WrightLead Research Analyst, Healthcarebrian.wright@pitchbook.com •Broad-based healthtech sell-off accelerates in Q1, with provider operations & revenue cycle hit hardest as these areas face thegreatest risk of AI-native disruption.Q1 2026 marked one of the most challenging quarters for public healthtech equities in recentyears, with the provider operations & revenue cycle segment declining 29.2% on average through March 31. Doximity (-47.4%) ledlosses in the segment despite strong fundamental performance, as the company delivered full-year fiscal 2025 revenue of $570 million(up 20% YoY) and recorded adjusted EBITDA margins of 55%. During its earnings call, CEO Jeff Tangney highlighted record physicianengagement across the platform, with over 620,000 unique active prescribers using workflow tools and AI tool usage growing morethan 5x YoY. The company’s AI-powered clinical tools drew strong physician adoption, including document analysis capabilities thataddress what physicians call “note bloat.” Definitive Healthcare (-57.1%) and Phreesia (-50.5%) also fell sharply as the market continuedto reprice growth expectations for data and intake platforms. Waystar Health declined 26.4% despite growing revenue 16.5% YoY to$1.1 billion in fiscal 2025 and guiding to $1.28 billion in 2026 revenue. pbinstitutionalresearch@pitchbook.comPublished on April 15, 2026 Contents Key takeaways2Stock returns4Revenue5EBITDA7 •Talkspace surges upon announcement of its acquisition by Universal Health Services.The virtual care & remote patient monitoringsegment posted a mean YTD decline of 10.7%, though performance was highly bifurcated. Talkspace was the quarter’s standoutperformer, surging 42.6% by quarter-end on the deal announcement. For fiscal 2025, Talkspace delivered revenue of approximately$229 million, up 22% YoY, while more than doubling adjusted EBITDA from $7 million to $15.8 million. CEO Dr. Jon Cohen noted that thecompany now covers over 200 million lives through insurance and employer benefits and highlighted strong traction from AI-enhancedengagement tools, including TalkCast, which increased the likelihood of patients completing additional therapy sessions by 20%. Thecompany’s teen mental health programs in New York City alone have enrolled over 45,000 teens, with 66% showing measurable clinicalimprovement. In contrast, iRhythm Technologies fell 35.6% as it gave back a portion of its strong 2025 gains. Teladoc Health declined26.6% as its BetterHelp segment continued to face headwinds, with US direct-to-consumer cash-pay users declining in the low doubledigits YoY. However, Teladoc’s integrated care segment surpassed 100 million US members and grew visit volumes 7% YoY, and thecompany acquired Uplift to accelerate BetterHelp’s insurance coverage offering. PitchBook clients can access thefull Excel data pack for this reportvia theResearch Centeron thePitchBook Platform. •Hims & Hers Health delivers 59% revenue growth in fiscal 2025 as personalized health platform scales, though shares fell 36.1% inQ1 2026.Within the pharmacy & personalized health segment, Hims & Hers Health declined 36.1% in Q1 despite posting its strongestyear of financial performance as investors questioned the sustainability of its GLP-1-heavy business model. The company reportedfiscal 2025 revenue of $2.35 billion, up 59% YoY, and its subscriber base grew to over 2.5 million. Approximately 65% of subscriberswere utilizing personalized treatments by year-end. On the Q4 2025 earnings call, CFO Yemi Okupe noted that the Hers brand achievedtriple-digit revenue growth and accounted for nearly 40% of US revenue, while monthly revenue per average subscriber increased 11%YoY to $83. The company issued 2026 guidance for $2.7 billion to $2.9 billion in revenue and $300 million to $375 million in adjustedEBITDA, reflecting continued investment in GLP-1 weight loss solutions; international expansion; and new specialties including lowtestosterone solutions, menopausal support, and diagnostics. Management reiterated its 2030 ambition of at least $6.5 billionin revenue. Investors appear most concerned about the existential question of what happens to Hims’ growth trajectory as thecompounded GLP-1 tailwind fades and whether the diversified platform can demonstrate enough standalone momentum, particularlyin new, unproven specialties and international markets, to justify the company’s 2030 ambitions. GoodRx Holdings (-27.7%) also soldoff alongside the broader segment. Meanwhile, in the benefit management & care navigation space, Claritev fell 61.8% as its 2025gains reversed sharply, while Progyny declined 33.6%. GoHealth continued its free fall with a 29.8% decline. The PitchBook healthtech comp sheet was constructed with the PitchBook Excel plugin using both PitchBook and Morningstar data. The toolallows subscribers to pull financial da