2023年四季度医疗保健服务公共薪酬表和评估指南.docx

PitchBookData,Inc.JohnGabbcnFounder,CEONizarTarunlVicePresident,InstnutionaJResearcandEditorialPaulCondraHeadofEmergingTechnologyResearchInstitutionalResearchGroupAnalysisRebeccaSpringer,Ph.D.1.eadAnalyst.Healthcarereboccaspringerpitchbookcompbin8titutlonalfe8earchpHPuWisbedonJanuary24,2024ContentsKeytakeawaysStockreturns4Valuations5Revenue6EB11,DA8ThefullEXCeldataDaCkincludingforward-lookingestimatesisavailabletoPitchBookclients.Keytakeaways Mixedperformance:Boththehospitals,rehabilitation&long-termcaregroupandthebehavioralhealth&homehealth/hospicegroupareoverperformingtheS&P500.TheformergroupsportsEBITDAmarginsinthemidteenstolowtwentiesandhasbenefitedfromincreasedsurgeryvolumesaftertheCOVID-19pandemic,whilethelattercontinuestocommandstrongEBITDAmultiplesdespitesomeslowingrevenuegrowthandtighteningmarginsforAmedisysandAveanna.Thevalue-basedcaregroup,muchofwhichwentpublicin2020and2021,sportsnegativeEBITDAoverallandissignificantlyunderperformingthemarket. Retailersretrench:UndernewCEOTimWentworth1Walgreensbeganclosing60underperformingViIIageMDlocationsinOctober,evenasthecompanydoublesdownonitsmessagingarounditscaredeliveryfocus.Theclosuresarepartofabroadercost-cuttingstrategyasWalgreensseesprofitssoftenalongwithreducedCOVID-19vaccinedemand.Meanwhile,CVSbroughtitsvariouscaredeliveryassetsincludingCaremark,Cordavis,MinuteClinic,OakStreetHealth,andSignifyHealthunderanewbrand,CVSCarespire.Thetwocompanieswereactivestrategicacquirersofhealthcareproviderassetsin2022and2023butarelikelytositonthesidelinesofM&Aastheyfocusonprofitabilityandintegrationforexistingplays. Troubleforagilon:agilon'sstockplummetedinNovember2023andagaininJanuary2024afterthecompanyreviseditsmedicalmarginandEBITDAguidancedownward,citingutilization2xto3xhigherthanexpectedincategoriesincludingspecialistcareandoutpatientsurgery.Leadershipcitedthelagofseveralmonthsinclaimsdatausedtoanalyzespendingtrends,agilon'sLTMrevenuemultiplehadalreadydippedto0.7xasofDecember31,2023,downfromahighof5.3xin2021and2.3xin2022.Forvalue-basedcarecompanies,thismishapunderlinestheimportanceofbuildingrobustdatainfrastructuretoaccuratelytrackandforecastutilizationacrossprovidersandshowsthatinvestorsarebecomingmoreexactingintheirexpectationsofconsistentresultsandapathtoprofitability.Wehavepredictedthattherewillbeatleasttwovalue-basedcareenableracquisitionsin2024asvaluationsfallandwinnersemergeinanincreasinglycrowdedlandscape.Disclaimer:Any0VatUeSarenegativevaluesbvebeenroundeduptoO. BrightSpringIPO:KKR-backedhome-basedcareproviderBrightSpringfiledforIPOinJanuaryafterfilingconfidentiallyinSeptember.BrightSpringclaimstobethelargestindependenthomeandcommunity-basedservicesproviderandwasreportedtohave$4.5billioninrevenueinJanuary2024.Numerousregionalandnational-scalePE-backedprovidergroupswillbeseekingexitopportunitiesinthenextonetotwoyears,andsponsorswillbewatchinghowBrightSpringfaresastheyconsiderexitoptionsamidadearthoflargesponsor-to-sponsortrades.IPOsaretraditionallyanunusualexitstrategyforhealthcareprovidergroups,butseveralgroupswereconsideringlistingpubliclyin2021andearly2022beforethemarketsturned. DevotedHealth:Tech-enabled,verticallyintegratedMedicareAdvantagecompanyDevotedHealthturnedheadswitha$129.0millionSeriesEannouncementonDecember29,earningthecompanya$12.9billionpost-moneyvaluation.Devotedtouted70%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.Devoted'sclosestpubliccompisAlignmentHealthcare,whichsaw44%YoYmembershipgrowthin2023andhas90%ofitsmembersinaplanratedfourstarsorhigher. "J.P MOrQan 2024 PreSentabOnJ AIianmenl HealttI JanUarV 8.2024.Onavaluation-per-memberbasis,Devotedclocksinatover$92,000permember,comparedwithover$8,000forAlignment.Devoted'sprivatebackersareascribinganenormouspremiumonthecompany'sgrowthandstarsperformance,andthecompanyishighlyunlikelytomaintaincurrentvaluationmultiplesifitdecidestolistpubliclyinthefuture.Stockreturns*CemtnegClOveHNMICYSHe岫fvanctHaahhHimmimMokwHNithcafem<maNAsaovHYSCVSImUyQKlT-UntedNeahhCrcwpNnHUMWYSMQHM<OS(RNYSUNHMa11MedUn0.>Z25Z7.J8cMA"A2K7.惟OMu%05%41«m¼8577¼44%-11f%»7%7524、N/AWA0J%M-a%-242%-tSJ¼I6S205%1.MuL401%SOA再仆10%69%-74*tw-W6gWOMEZ1M194«757109%0JM337.72S272.0M/AWALM-5m-0Smu%;0%U%M12*N/A*Am9%GnM/AM/APDMedUlMoMntsBr珈HuhhGroupCMOHMfthNASAMHIlYVeHGMYVCAMO94J*1790MW4Z97C»4%zm294、-S3%-im29.4%-81929%MSVAIInnoVACeHASMNY»3HuIthNrtnmHASPttl内MIMeMMASMVAManMedunMMAdakrf*fcjhlti!nnA<*c-trmcrK