2025年四季度卫生技术公共报表和评估指南（英）

Investment Rating - The report indicates that the public healthtech sector broadly underperformed major market indexes in 2025, with a mean annual stock price decline of 4% in the provider operations & revenue cycle segment [6]. Core Insights - The healthtech sector is experiencing a bifurcation in performance, where companies demonstrating tangible ROI through AI or personalized medicine are outperforming, while electronic health record (EHR) providers are struggling with margin compression [6]. - iRhythm Technologies was a standout performer in the virtual care & remote patient monitoring segment, achieving a return of 96.8% by year-end, driven by a resurgence in mental health and personalized obesity care [6]. - Hims & Hers Health shares increased by 34.3% due to projected revenue growth of 59% in 2025, fueled by a 50% year-over-year increase in subscribers [6]. Revenue Summary Provider Operations & Revenue Cycle - The total revenue for the provider operations & revenue cycle segment was $20.0 billion in 2025, with a mean year-over-year revenue growth of 6% [15]. - Notable companies include: - Definitive Healthcare with $0.4 billion in revenue and a 101% growth in 2020 [15]. - Phreesia with $0.9 billion in revenue and a 25% growth in 2020 [15]. Virtual Care & RPM - The virtual care & RPM segment generated $9.5 billion in revenue, with a mean year-over-year growth of 79% [19]. - iRhythm Technologies led this segment with $5.9 billion in revenue and a 24% growth in 2020 [19]. Pharmacy & Personalized Health - The pharmacy & personalized health segment reported a total revenue of $9.1 billion, with a mean year-over-year growth of 49% [20]. - Hims & Hers Health contributed significantly with $7.9 billion in revenue and an 80% growth in 2020 [20].