股权研究 | 医疗保健 Healthcare Services and 2025年11月12日行业报 告 +1 312 364 8418 瑞安·S·丹尼尔斯，CFA rdaniels@williamblair.com +1 312 364 5135 贾里德·哈斯，CFA jhaase@williamblair.com +1 312 364 5385 马修·马尔杜拉 mmardula@williamblair.com 请参考第71页和第72页的重要披露。分析师认证在第71页。威廉·布莱尔公司或其附属机构与研究报告涉及的公司有业务往来，并寻求 进一步开展业务。因此，投资者应意识到公司可能存在利益冲突，这可能会影响该报告的客观性。本报告的目的不是提供个人投资建议 。此处表达的看法和建议并未考虑到个别客户的状况、目标或需求，也不旨在作为向特定客户推荐特定的证券、金融工具或策略。报告 接收者必须对其提到的任何证券或金融工具做出自己独立的决策。 本报告仅供adoherty@williamblair.com收阅。未经授权禁止分发。 89516_e1aed583-0855-404a-bc6a-59959aa79ecd.pdf ...

EMERGING TECH RESEARCH Healthtech Public Comp Sheet and Valuation Guide Q4 2025 Institutional Research Group Brian Wright Lead Research Analyst, Healthcare brian.wright@pitchbook.com pbinstitutionalresearch@pitchbook.com Published on February 2, 2026 | Contents | | | --- | --- | | Key takeaways | 2 | | Stock returns | 4 | | Revenue | 5 | | EBITDA | 7 | PitchBook clients can access the full Excel data pack for this report via the Research Center on the PitchBook Platform. Disclaimer: Any -0 values are negati ...

Core Viewpoint - Johnson Fistel, PLLP is investigating potential claims for Grail, Inc. investors regarding losses that may be recoverable under federal securities laws following the company's failure to meet clinical trial endpoints [1][1]. Group 1: Investigation Details - The investigation focuses on Grail's executive officers and their compliance with federal securities laws [1]. - Grail disclosed on February 19, 2026, that its NHS-Galleri trial did not achieve its primary clinical endpoint, leading to a significant decline of approximately 48% in share price during after-hours trading [1][1]. Group 2: Investor Information - Investors who purchased Grail securities and suffered losses are encouraged to join the investigation without any cost or obligation [1]. - Contact information for inquiries includes Jim Baker at (619) 814-4471 or via email [1]. Group 3: Johnson Fistel Overview - Johnson Fistel, PLLP is a nationally recognized law firm specializing in shareholder rights and securities class action lawsuits, with a history of recovering approximately $90.725 million for clients [1][1]. - The firm has been ranked among the Top 10 Plaintiff Law Firms by ISS Securities Class Action Services in 2024, marking its eighth recognition as a top plaintiffs' securities law firm in the U.S. [1].

Group 1 - Phreesia Inc reported a significant increase in revenue, achieving $50 million in Q3, representing a 25% year-over-year growth [1] - Doximity Inc has expanded its user base, now boasting over 1 million healthcare professionals on its platform, which is a 15% increase from the previous year [1] - Waystar Holding Corp has seen a rise in its market share, now holding 30% of the healthcare technology market, up from 25% last year [1] Group 2 - The overall healthcare technology sector is projected to grow at a compound annual growth rate (CAGR) of 12% over the next five years, driven by increased demand for digital solutions [1] - Investment in healthcare technology startups has surged, with total funding reaching $5 billion in the last quarter, a 40% increase compared to the same period last year [1] - Regulatory changes are expected to impact the industry positively, as new policies aim to enhance interoperability and data sharing among healthcare providers [1]

Core Viewpoint - DA Davidson has lowered the price target for Phreesia (PHR) to $30 from $35 while maintaining a Buy rating, indicating a positive outlook despite recent stock price underperformance [1] Group 1: Price Target and Rating - The price target for Phreesia has been reduced to $30 from $35 [1] - DA Davidson continues to hold a Buy rating on Phreesia shares [1] Group 2: Growth Drivers and Revenue Outlook - The firm engaged in discussions with Phreesia regarding long-term growth drivers that could exceed the 8%-10% organic year-over-year revenue growth guidance for FY27 [1] - There is potential for positive revisions to future revenue numbers based on the discussions [1] Group 3: Investment Opportunity - The recent underperformance of Phreesia's stock price is viewed as a buying opportunity by the analyst [1]

Group 1 - Phreesia Inc. is projected to double in value by 2026, with Baird lowering its price target from $31 to $25 while maintaining an Outperform rating [1] - In FQ3 2026, Phreesia reported total revenue of $120.3 million, a 13% year-over-year increase, and achieved a net income of $4.3 million for the second consecutive quarter [2] - The number of Average Healthcare Services Clients (AHSCs) reached 4,520, reflecting a 53% increase from the previous quarter, primarily due to the acquisition of AccessOne [2] Group 2 - Phreesia's FY2026 revenue outlook is adjusted to a range of $479 to $481 million, considering market fluidity and regulatory uncertainties, while FY2027 revenue is expected to be between $545 and $559 million [3] - The 2027 revenue guidance anticipates mid-single-digit growth in AHSCs and double-digit growth in revenue per AHSC, with network solutions expected to be the fastest-growing segment [3] - Phreesia provides an integrated SaaS-based software and payment platform for the healthcare industry in the US and Canada [4]

Company Performance - AutoZone, Inc. (NYSE:AZO) stock fell approximately 7% after reporting first-quarter earnings and sales that did not meet Wall Street expectations, with earnings per share at $31.04, below the consensus estimate of $32.37, and quarterly sales of $4.629 billion, which was an 8.2% year-over-year increase but missed the expected $4.637 billion [2] Market Movements - Alexander & Baldwin, Inc. (NYSE:ALEX) shares surged 38% to $20.89 following the announcement of a $2.3 billion all-cash deal to go private [8] - Exicure Inc (NASDAQ:XCUR) shares increased by 35% to $7.10 after positive results from a Phase 2 trial related to multiple myeloma treatment [8] - Tronox Holdings plc (NYSE:TROX) shares rose 30% to $4.86 after receiving non-binding letters of support for up to $600 million in financing for its rare earth supply chain development [8] - Top Wealth Group Holding Ltd (NASDAQ:TWG) shares plummeted 71% to $6.31 after announcing a public offering priced at $7.00 per unit [8] - Phreesia, Inc. (NYSE:PHR) shares fell 21% to $15.80 following third-quarter results [8] - SLM Corporation (NASDAQ:SLM) shares decreased by 16% to $25.86 after a downgrade from Buy to Sell and a reduction in price target from $35 to $23 [8] Economic Indicators - U.S. private employers added an average of 4,750 jobs per week during the four weeks ending November 22 [10] - U.S. job openings increased by 12,000 to 7.670 million in October, compared to 7.658 million in September [10]

Market Overview - U.S. stocks experienced an upward trend, with the Nasdaq Composite gaining approximately 50 points on Tuesday. The Dow rose by 0.22% to 47,845.80, the NASDAQ increased by 0.22% to 23,597.71, and the S&P 500 climbed 0.23% to 6,862.11 [1] - Energy shares saw a notable increase of 1.5%, while health care stocks declined by 0.4% on the same day [1] Company Earnings - AutoZone, Inc. (NYSE:AZO) reported a decline in stock value by around 7% after its first-quarter earnings and sales fell short of Wall Street expectations. The company reported earnings per share of $31.04, missing the consensus estimate of $32.37. Quarterly sales reached $4.629 billion, reflecting an 8.2% year-over-year increase, but still fell short of the expected $4.637 billion [2] Notable Stock Movements - Alexander & Baldwin, Inc. (NYSE:ALEX) shares surged by 38% to $20.89 following the announcement of a $2.3 billion all-cash deal to go private [8] - Exicure Inc (NASDAQ:XCUR) shares increased by 35% to $7.10 after positive results from a Phase 2 trial related to multiple myeloma treatment [8] - Tronox Holdings plc (NYSE:TROX) shares rose by 30% to $4.86 after receiving non-binding letters of support for financing up to $600 million for its rare earth supply chain development [8] - Top Wealth Group Holding Ltd (NASDAQ:TWG) shares plummeted by 71% to $6.31 after announcing a public offering priced at $7.00 per unit [8] - Phreesia, Inc. (NYSE:PHR) shares fell by 21% to $15.80 following third-quarter results [8] - SLM Corporation (NASDAQ:SLM) experienced a decline of 16% to $25.86 after a downgrade from Compass Point and Morgan Stanley, with price targets reduced significantly [8] Commodity Market - In commodity trading, oil prices decreased by 1.1% to $58.23, while gold prices increased by 0.7% to $4,248.20. Silver saw a rise of 4.5% to $61.005, whereas copper prices fell by 2.2% to $5.3275 [5] European Market Performance - European shares showed mixed results, with the eurozone's STOXX 600 declining by 0.10%. Spain's IBEX 35 Index rose by 0.13%, while London's FTSE 100 fell by 0.03%, Germany's DAX 40 gained 0.49%, and France's CAC 40 decreased by 0.69% [6] Asian Market Performance - Asian markets closed mostly lower, with Japan's Nikkei rising by 0.14%, while Hong Kong's Hang Seng fell by 1.29%, China's Shanghai Composite declined by 0.37%, and India's BSE Sensex decreased by 0.51% [9] Employment Data - U.S. private employers added an average of 4,750 jobs per week during the four weeks ending November 22. Job openings rose by 12,000 to 7.670 million in October, compared to 7.658 million in September [10]

Market Overview - Approximately 50.8% of issues are declining, with 316 of the S&P 500's 503 components experiencing declines [1] - The Nasdaq, S&P 500, and Dow are all dipping from record highs, with declines of -0.07%, -0.30%, and -0.45% respectively [1] Sector Performance - The Russell 2000 is up by 0.25%, driven by expectations for an interest rate cut later this week [2] - Nvidia shares increased by 2.6% amid news that the U.S. Commerce Department may allow exports of its last-gen H200 chips [2] Company News - Alphabet's stock fell by 2.7% despite a nearly 12% increase over the last month due to the launch of its new Gemini 3 AI model [3] - Toll Brothers reported 2,598 signed contracts for the recent quarter, exceeding Bloomberg analysts' expectations of 2,475, although profit margins compressed [5] - Wave Life Sciences and Structure Therapeutics saw significant stock increases of 132% and 102% respectively after promising results from a weight loss treatment trial [7] Earnings and Forecasts - Oppenheimer issued a bullish forecast for the S&P 500, projecting a year-end target of 8,100, representing a 17% increase from current prices [15] - The NY Fed reported that households expect one-year inflation to rise by 3.2% [16] Mergers and Acquisitions - Paramount Skydance launched a $30 per share bid for Warner Bros. Discovery, valuing the company at over $108 billion, complicating an existing deal with Netflix [12][13] - Carvana, CRH, and Comfort Systems are set to join the S&P 500, replacing LKQ Corp., Solstice Advanced Materials, and Mohawk Industries [18][19]

Market Overview - U.S. stock futures showed mixed fluctuations following Friday's market advance, with major benchmark indices experiencing varied changes [1] - The 10-year Treasury bond yielded 4.16%, while the two-year bond was at 3.58%, indicating investor sentiment towards interest rates [2] Stocks in Focus - Carvana Co. (NYSE:CVNA) saw an 8.81% increase after its inclusion in the S&P 500 index, reflecting a strong price trend despite a poor value ranking [6] - Confluent Inc. (NASDAQ:CFLT) surged by 31.59% amid reports of IBM nearing a $11 billion acquisition of the data software company, maintaining a stronger price trend in the short and medium terms [6] - Phreesia Inc. (NYSE:PHR) rose by 1.95% ahead of its earnings report, with analysts expecting earnings of 2 cents per share on revenue of $120.05 million [5] - Toll Brothers Inc. (NYSE:TOL) increased by 0.55%, with expectations of quarterly earnings at $4.89 per share on revenue of $3.30 billion [5] Economic Insights - Analysts highlight a contrast in the U.S. economy, noting robust consumer behavior against a deteriorating labor market, which could impact future market performance [11] - Mohamed El-Erian emphasizes the Federal Reserve's interest rate decisions as a key market driver, with a 25 basis point cut in December appearing likely [12] Upcoming Economic Data - Investors are focused on upcoming economic data releases, including the NFIB optimism index and the FOMC's interest rate decision, which could influence market dynamics [15]