Panera becomes first restaurant to roll out Amazon One technology
MyPanera members will be able to both pay and access their rewards in-store via a palm scanRead more...
Earlier this year I wrote a piece entitled, "A maturing space buoyed by the pandemic: 2021 will be the year of the healthtech IPO." The thesis of that piece was that a number of factors had converged to potentially make 2021 the year when healthtech companies would finally be comfortable going public: beyond the obvious impact of the ongoing pandemic, which buoyed a number of digital health companies over the last 18 months, there's also the Livongo IPO, which went public in 2019 to great success, giving other companies the confidence to also make the move.
On top of that, this year also saw the rise of SPACs, a new vehicle for entering the public market that a number of well known companies in the healthtech space took advantage of.
We're now entering the final quarter of 2021, and it looks like that prediction turned out to be correct: there are already at least 15 healthtech companies that have gone public this year, compared to seven healthtech IPOs in 2019, and eight in 2020; those numbers were already indications that the space was maturing as, before the last few years, there were, at most, two healthtech companies a year entering the public market.
So, now that all of these companies have entered the market, the next question is, how are they performing? Because that will be what determines if this trend of healthtech companies entering the public market is a fad or an enduring trend.
So far, the results are mixed at best: while some companies are thriving, a good number of them are currently trading down from their IPO prices, with reduced market caps from when they went public. But there is some hope, as the companies that went public last year are almost all thriving.
Here are the healthtech companies that have gone public in the last two years, divided by year and whether they are up or down from their IPO price:
2021 IPOs TRADING ABOVE IPO PRICE
Doximity - (trades under DOCS) is currently 232% up from its IPO
"Doximity is the largest community of healthcare professionals in the country - with over 80% of U.S. doctors and 50% of all NPs and physician assistants as verified members"
Agilon Health - (trades under AGL) is currently 22% up from its IPO
"agilon health is built for physicians by physicians, as the patient-physician relationship is the cornerstone of care. We allow primary care physicians to take the long view of their relationships with patients, and to be confident in the long-term financial viability of their own practices. We do this through a Total Care Model that maintains the independence of physicians; unites them in a network of like-minded leaders; and integrates all of the components of a global risk business model into a single platform"
Privia Health Group - (trades under PRVA) is currently 15% up from its IPO
"Privia Health elevates the patient-provider relationship by delivering tools, talent, and technology built to transform healthcare. Our proven, physician-focused platform is designed to reduce unnecessary costs, achieve better outcomes, and improve patient health and provider well-being"
2021 IPOs TRADING BELOW IPO PRICE
Bright Health - (trades under BHG) is currently 51% down from its IPO
"At Bright HealthCare, we use smart tools and technology to simplify health insurance for all of us. Our goal is to take the confusion and chaos out of the process and build benefit-packed plans that still deliver surprisingly low rates, so you can focus on staying happy and healthy…and paying less for your healthcare"
LifeStance - (trades under LFST) is currently 13.6% down from its IPO
"At LifeStance, there’s no one-size-fits-all approach to mental health. We tailor our care plans to fit each person’s unique needs. Our clinicians include psychiatrists, psychologists, and licensed therapists who are ready to support you. LifeStance offers both in-person and telehealth appointments, so you get the care you need in the format that serves you best."
Signify Health - (trades under SGFY) is currently 3.9% down from its IPO
"Our solutions align financial incentives around health outcomes. By engaging people where they are, we help them stay healthy and independent at home and support their recovery homeward as part of an episode of care. This helps our customers lower costs, improve the quality of care and foster better experiences for individuals all while reducing financial risks and expanding opportunities to participate in value-based programs"
Oscar Health - (trades under OSCR) is currently 54% down from its IPO
"Oscar is the first health insurance company built around a full stack technology platform and a relentless focus on serving our members. We started Oscar in 2012 to create the kind of health insurance company we would want for ourselves—one that behaves like a doctor in the family"
Alignment Healthcare - (trades under ALHC) is currently 2.6% down from its IPO
"Alignment is practicing a bold new idea: it is possible to solve the complicated issues in health care while being financially responsible. We must care anywhere and do so by combining technology with better care—over the phone, online, in doctors’ offices and the senior’s home."
Convey Health Solutions - (trades under CNVY) is currently 43% down from its IPO
"Since 2001, Convey Health Solutions has remained dedicated to solving the biggest challenges that healthcare organizations face. Devoted to our vision to empower excellence, we unite extensive expertise, purpose–built technology, and robust data analytics, to ensure delivery of integrated, end–to-end healthcare solutions that achieve meaningful results for you, our clients."
Movano - (trades under MOVE) is currently 30% down from its IPO
"Movano is developing wearable technology, which measures glucose, blood pressure and other relevant health data in a way that is painless, simple and smart"
2020 IPOs TRADING ABOVE IPO PRICE
GoodRx - (trades under GDRX) is currently 37% up from its IPO
"We believe everyone deserves affordable and convenient healthcare. We build better ways for people to find the best care at the best price. Our technology gives all Americans — regardless of income or insurance status — the knowledge, choice, and care they need to stay healthy. We’re here to help"
Oak Street Health - (trades under OSH) is currently 141% up from its IPO
"At Oak Street Health, our primary care providers are specialized in caring for Medicare patients and seniors with a preventative care focus that strives to keep you healthy and out of the hospital. Our state-of-the-art facilities are set up to handle what seniors need most, including community rooms to offset isolation, in-center pharmacies in some centers, and even behavioral health specialists"
One Medical - (trades under ONEM) is currently 78% up from its IPO
"One Medical is a membership-based primary care practice on a mission to make getting quality care more affordable, accessible, and enjoyable for all through a blend of human-centered design, technology, and an exceptional team. Our members enjoy seamless access to comprehensive care at calming offices near where they work, live, and shop in twelve major U.S. markets, as well as 24/7 access to virtual care"
Schrodinger - (trades under SDGR) is currently 247% up from its IPO
"With steadfast investment in R&D, we continue to develop and refine our scientific platform. Our platform is deployed by users worldwide to enable the discovery of novel therapeutics and materials more rapidly, at a lower cost, and we believe with a higher likelihood of success. It is also the foundation of our internal drug discovery initiatives to develop first-in-class therapies"
Accolade - (trades under ACCD) is currently 97% up from its IPO
2020 IPOs TRADING BELOW IPO PRICE
Amwell - (trades under AMWL) is currently 62% down from its IPO
"One solution for virtual care. We equip clinicians, patients, and the industry that supports them, with the tools to realize a better healthcare experience"
GoHealth - (trades under GOCO) is currently 76% down from its IPO
"As a leading health insurance marketplace, GoHealth’s mission is to improve access to healthcare in America. For customers, enrolling in a health insurance plan is confusing and difficult, and seemingly small differences between plans can lead to significant out-of-pocket costs or lack of access to critical medicines and even providers"
23andMe - (trades under ME) is currently 36% down from the closing price of first day
"DNA insights are an essential part of your health picture.You’re already doing so much to track your health. Add personalized DNA insights for a more complete picture of your health"
Clover Health - (trades under CLOV) is currently 51% down from the closing price of first day
"Clover Health is Medicare done differently. Clover Health Medicare Advantage plans have all the essentials—like hospital coverage, doctor visits, and drug coverage (Part D)—plus no-cost extras, like vision, dental, and hearing coverage"
Sharecare - (trades under SHCR) is currently 6% down from the closing price of first day
"Everyone lives better, longer. That’s the vision. We’re making strides every day by bringing together the many different elements of health for you, your family, and your community. It’s not easy connecting doctors, health plans, employers, useful tools, quality information, and more to deliver what you need when you need it. But that’s what makes Sharecare special. We’re putting the power of living your healthiest life in your hands"
Hims & Hers - (trades under HIMS) is currently 47% down from the closing price of first day
"Hims is about personal wellness. You should look and feel your best all the time. Our job is to make that easy and affordable"
Talkspace - (trades under TALK) is currently 48% down from the closing price of first day
"Talkspace's mission is to make therapy and psychiatry more available and affordable. Our goal is to provide convenient access to licensed providers—to support the mental wellness of those in need. We created Talkspace so more people can benefit from therapy, and have the tools to grow, heal and overcome day-to-day challenges"
(Image source: internetofbusiness.com)
MyPanera members will be able to both pay and access their rewards in-store via a palm scanRead more...
Nayal is a London-based company that provides on-demand access to women's and family health expertsRead more...
Smart retail involves using data and analytics to give shoppers a better shopping experienceRead more...