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 Insights - The company transitioned from a consumer-centric model to a Payor fee-for-service model, achieving a 24% revenue CAGR since 2022 driven by a 56% increase in Payor sessions [1] Revenue Growth - Revenue growth is attributed to strategic initiatives that drive high-intent referrals from partners like Amazon and Zocdoc, alongside deeper directory integrations with insurance providers [1] AI Optimization - The company leveraged AI to optimize the member journey, resulting in a 49% increase in patients completing a third session within their first month of care [1] Service Expansion - The Payor channel was expanded by investing in psychiatry services, military contracts, and Medicare enrollment to cater to higher acuity and underserved populations [1] Capacity Management - A 'curated network' strategy was utilized to align clinician availability with specific utilization trends and geographic demand, ensuring efficient capacity management [1] Marketing Efficiency - The company maintained strong brand awareness while significantly reducing marketing spend through search optimization and increased visibility in general-purpose large language models [1] Program Effectiveness - It was reported that 66% of teens in the NYC Teenspace program showed clinical improvement, validating the public-private partnership model for youth mental health [1]

Executives also discussed referral channels and marketing efficiency. Cohen said brand recognition has increased over the past three years while marketing spending has “significantly decreased,” and cited growing referral volumes month-over-month from Amazon, Zocdoc, and other strategic partners. He also said general-purpose large language models are becoming a traffic source, with LLMs driving an increasing percentage of traffic and checkouts in the fourth quarter as the company expands this channel.Manage ...

Core Insights - Senseonics Holdings (SENS) shares increased by 5.3% to close at $7.33, supported by high trading volume, and have gained 26.1% over the past four weeks [1][2] Company Performance - The company achieved CE Mark approval for the Eversense 365 continuous glucose monitoring (CGM) system, which is the first one-year CGM and can integrate with compatible medical devices [2] - Senseonics is expected to report a quarterly loss of $0.43 per share, reflecting a year-over-year decline of 7.5%, while revenues are projected to be $14.2 million, representing a 71.1% increase from the previous year [3] Earnings Estimates - The consensus EPS estimate for Senseonics has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [4]

Core Insights - The article discusses the upcoming 44th J.P. Morgan Global Healthcare Conference, focusing on the evolving landscape of the healthcare industry and investment opportunities within various sectors [4][28]. - It highlights the shift in investment focus from conceptual discussions to tangible clinical and commercialization pathways, particularly in biotechnology and biopharmaceuticals [6][24]. Group 1: Conference Overview - The conference will feature approximately 530 participating entities, categorized into six main sectors, with biotechnology and biopharmaceuticals representing 44.1% of the total [6]. - The event aims to address key investment questions regarding which sectors are transitioning from theoretical discussions to practical applications and which companies are likely to achieve cross-cycle premium valuations [4]. Group 2: Sector Analysis - **Biotechnology Sector**: Comprises 24.1% of participants, focusing on clinical and regulatory milestones. Companies like BridgeBio and Sarepta are highlighted for their advancements in genetic therapies [13]. - **Biopharmaceutical Sector**: Accounts for 20.0% of participants, with a focus on stable cash flows and research efficiency. Companies such as AbbVie and Amgen are noted for their strong market positions and innovative pipelines [14][15]. - **Medical Devices Sector**: Represents 7.6% of participants, emphasizing the importance of clinical integration and operational efficiency in device adoption. Companies like Intuitive Surgical and Dexcom are recognized for their impactful innovations [17]. - **Healthcare Services and Payments Sector**: Also at 7.6%, this sector faces challenges due to regulatory changes and market dynamics. The focus is on understanding profit structures and cost management [18]. - **Digital Health Sector**: Comprises 3.7% of participants, with companies like Veeva and Teladoc addressing efficiency and cost control in healthcare delivery [19]. - **Diagnostics and Precision Medicine Sector**: Focuses on the integration of diagnostic tools into clinical pathways, with companies like Illumina and Guardant Health leading the way [20][21]. Group 3: Trends and Opportunities - The article notes a significant shift in the role of Chinese CXO companies in the global pharmaceutical innovation ecosystem, moving from cost-driven outsourcing to integral participants in drug development [11]. - The conference reflects a consensus on the need for clear pricing strategies and the importance of clinical, payment, and commercialization pathways in determining company valuations [28][30]. - Chinese pharmaceutical companies are transitioning from domestic validation of technologies to proving their global indispensability, with a focus on international clinical trial efficiency and global registration pathways [22][24][26].

Market Overview - The bull market on Wall Street continued into 2025, with the Dow Jones Industrial Average rising 14%, the S&P 500 increasing by 17%, and the Nasdaq Composite gaining 21% [1] - Despite potential market shifts, there are still opportunities for significant stock gains [2] Stock Recommendations 1. The Trade Desk - The Trade Desk experienced a challenging 2025 due to increased competition and tariff impacts, leading to a 68% decline in stock price [5][8] - Anticipated improvements in 2026 include the fading of tariff shocks and the adoption of its Unified ID 2.0 technology, which could enhance ad performance [6][7] - The current forward P/E ratio of 18 presents a value opportunity for investors [8] 2. Webull - Webull's stock fell from a peak of nearly $80 to under $8, despite a 17% increase in registered users and an 84% rise in customer assets [10][11] - The company is expanding globally, which may enhance its growth prospects compared to competitors like Robinhood [12] - Webull's shift to profitability and strong user engagement metrics suggest potential for significant stock appreciation [13] 3. Sezzle - Sezzle's stock has seen a 64% decline from its all-time high, but key performance indicators show a 59% increase in gross merchandise volume and a 67% rise in net sales [15][16] - An increase in consumer purchase frequency indicates growing user engagement, which could drive future growth [17] - The company's low forward P/E of 15, combined with its growth rate, positions it well for potential gains [18] 4. Fiverr International - Fiverr's shares dropped 38% in 2025, influenced by concerns over AI's impact on the freelance market [21] - The company benefits from a remote work trend and has a superior marketplace take rate of 27.6% [22][23] - Its low valuation, trading at less than 7 times adjusted EPS, presents an attractive investment opportunity [24] 5. B2Gold - B2Gold achieved an 86% gain in 2025, but faced a production forecast reduction at its Goose Mine [27] - Expected improvements in production capacity and ore grades in 2026 could lead to significant growth [28] - The macroeconomic outlook for gold remains positive, with potential for high prices benefiting B2Gold's stock [29][30] 6. Talkspace - Talkspace's shares have fallen 61% since going public, but the company is profitable and growing sales by over 20% annually [33][34] - The focus on partnerships with payers and employers is driving sustainable revenue growth [35] - A debt-free balance sheet and ongoing share buybacks enhance its financial position [36] 7. Zeta Global - Zeta Global's stock has kept pace with the S&P 500, but faces concerns about economic health and potential AI market volatility [39] - The company's AI marketing platform has shown consistent sales growth of at least 20% for five years [41] - Zeta's attractive valuation, with a forward P/E of 21 and a $200 million share-repurchase program, supports its investment appeal [42]

Core Insights - Talkspace Inc. (NASDAQ:TALK) has announced the acquisition of Wisdo Health, an AI-powered social health and peer support platform, to enhance its mental health care offerings and address the public health crisis of loneliness and isolation [1][3]. Group 1: Acquisition Details - The acquisition of Wisdo Health aligns with Talkspace's mission to provide comprehensive mental health care [1]. - Wisdo Health has demonstrated significant health improvements, including reductions in loneliness and depression by up to 28%, and improvements in quality of life [3]. Group 2: Service Integration - The integration of Wisdo Health's capabilities will complement Talkspace's existing services, allowing for personalized, stepped care solutions that address both social and mental health needs [2]. - The combined entity aims to improve user outcomes and expand peer community capabilities to support all demographics [3].

Core Insights - Talkspace, a leading behavioral healthcare company, will release its Q1 2025 results on May 6, 2025, before market open and will host a conference call at 8:30am ET to discuss the results [1] Company Overview - Talkspace is a prominent virtual behavioral healthcare provider focused on improving mental health access and quality [3] - The company offers a range of mental health services, including therapy for individuals, teens, and couples, as well as psychiatric treatment and medication management for adults [4] - Talkspace's services are accessible through a fully-encrypted web and mobile platform that complies with HIPAA and other regulatory requirements [5] - Over 179 million Americans can access Talkspace services through various channels, including health insurance plans and employer-sponsored programs [5]