Institutional Research Group Brian Wright Lead Research Analyst, Healthcare brian.wright@pitchbook.com pbinstitutionalresearch@pitchbook.com Published on March 10, 2026 Contents | Key takeaways | 1 | | --- | --- | | PE update | 2 | | Appendix | 5 | INDUSTRY RESEARCH H2 2025 Healthcare IT PE Update PitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets. • Our "healthcare IT deal of the year" went to Cle ...

Ironvine Capital Partners, an investment management company, released its Q4 2025 investor letter. A copy of the letter can be downloaded here. Ironvine Capital Partners emphasized in its latest investor letter that long-term equity returns are ultimately driven by underlying earnings growth, noting that businesses held across its portfolios increased earnings between 12% and 16% in 2025, while holdings have compounded profits at roughly 15%–18% annually over the past nine years. The firm expects another ye ...

Core Viewpoint - TruBridge, Inc. is set to release its financial results for the fourth quarter and year ended December 31, 2025, on March 16, 2026, highlighting its ongoing commitment to rural and community healthcare solutions [1] Group 1: Financial Results Announcement - TruBridge will announce its financial results after market close on March 16, 2026 [1] - A conference call will be held at 3:30 p.m. Central Time, 4:30 p.m. Eastern Time on the same day [1] - The call can be accessed by dialing (877) 407-0890 or through a live online broadcast [1] Group 2: Company Overview - TruBridge specializes in healthcare technology solutions for rural and community hospitals, with over 45 years of experience [1] - The company serves more than 1,500 clients nationwide, focusing on revenue cycle management, electronic health records, and analytics [1] - TruBridge aims to support hospitals in maintaining their independence and delivering high-quality care within their communities [1] Group 3: Recent Developments - TruBridge has been recognized as one of Modern Healthcare's 2025 Best in Business, reflecting its commitment to rural healthcare [1] - The company has extended its cooperation agreement with its largest shareholder, Pinetree Capital Ltd., which includes appointing Damien Leonard to its Board of Directors [1] - TruBridge, in collaboration with The Health Management Academy, has launched the Rural Health Collaborative to support and modernize rural hospitals [1]

Core Insights - IQVIA Holdings Inc. is a healthcare research services provider with a market cap of $30.3 billion, offering analytics, technology solutions, and clinical research services to the life sciences industry [1] - The company is classified as a large-cap stock, emphasizing its size and influence in the diagnostics and research industry, with a global presence in over 100 countries [2] Financial Performance - IQVIA's stock has declined 27.7% from its 52-week high of $247.05, with an 18.1% drop over the past three months, underperforming the Nasdaq Composite's 3.7% losses [3] - Year-to-date, shares of IQV have fallen 20.8%, and over the past 52 weeks, they have decreased by 6.8%, significantly underperforming the Nasdaq's YTD losses of 2.4% and 24.7% returns over the last year [5] - The company reported Q4 results with an adjusted EPS of $3.42, exceeding expectations, and revenue of $4.4 billion, also surpassing forecasts [8] Market Position and Competition - Despite its strengths, IQVIA faces challenges such as margin compression and concerns regarding the sustainability of its gains, with operating margins declining due to changes in product mix and pass-through revenue growth [7] - In the competitive diagnostics and research sector, Agilent Technologies has shown resilience with a 14.3% loss year-to-date, but has underperformed IQVIA over the past 52 weeks with a 7.9% decline [9]

Summary of SPS Commerce Conference Call Company Overview - **Company**: SPS Commerce (NasdaqGS:SPSC) - **Industry**: Supply Chain Software, focusing on retail and distribution - **Key Products**: Intelligent supply chain network, analytics capabilities, revenue recovery solutions - **Participants**: 50,000 participants and 300,000 unique connections on the network [5][6] Core Financial Insights - **Leadership Transition**: Kim Nelson is retiring after two decades, with Joe Lopreto taking over as CFO. Joe has experience in SaaS and software, which aligns with the company's growth and profitability strategy [8][9] - **EBITDA Margin Improvement**: Commitment to a 200 basis points improvement in EBITDA margin without sacrificing long-term growth opportunities [11][61] - **Cash Flow Utilization**: Strong cash flow generation has allowed for share repurchases, with a focus on maintaining profitability while expanding margins [11][64] AI and Competitive Positioning - **AI Capabilities**: Introduction of MAX agentic technology to enhance product efficiency and internal operations. Features include MAX Chat, MAX Monitor, and MAX Connect, which leverage customer-specific data and proprietary retail knowledge [13][20][21][24] - **Competitive Moat**: SPS Commerce's usage-based model and extensive data network provide a strong competitive advantage against AI startups and large language models [15][16] Industry Dynamics - **Retail Sector Changes**: The pandemic accelerated omnichannel initiatives, benefiting SPS Commerce. However, recent global trade policies have led to cost scrutiny among suppliers, impacting contract negotiations [29][30] - **Market Penetration**: Despite a $11 billion total addressable market (TAM), only 25% is currently penetrated. Opportunities exist to upsell existing customers and connect more suppliers digitally [32][33][36] Growth Strategies - **Upsell and Cross-sell Opportunities**: Focus on increasing average revenue per user (ARPU) through upselling additional trading partner connections and cross-selling new products like Analytics and Revenue Recovery [38][42] - **Community Enablement Programs**: These programs help retailers ensure all suppliers are digitally connected, serving as a lead generation mechanism for SPS Commerce [45][46] Financial Guidance and Expectations - **2026 Revenue Guidance**: Guidance reflects macroeconomic headwinds and supplier purchasing behavior. Expectations for higher growth in the latter half of the year as headwinds are lapped [49][51] - **Carbon6 Impact**: Policy changes at Amazon have affected revenue recovery opportunities, leading to a reassessment of growth expectations for 2025 and beyond [55][57] Margin Expansion and Capital Allocation - **Margin Goals**: Targeting a gross margin in the low to mid-70s, with ongoing efficiency improvements in sales, marketing, and G&A expenses [61][63] - **Capital Allocation Strategy**: Focus on stock buybacks in the short term, with a $300 million authorization for repurchases, while considering M&A opportunities in the future [64][65] Key Lessons and Future Outlook - **Customer Engagement**: Maintaining low churn rates during challenging periods indicates a strong customer relationship foundation. The company aims to leverage this for long-term success [66]

Core Insights - Sportradar Group reported strong financial results for Q4 and full-year 2025, with Q4 revenue of $369 million, up 20% year over year, and full-year revenue of $1.3 billion, up 17% compared to 2024 [2][3][7] - The company achieved an adjusted EBITDA of $89 million in Q4, a 48% increase year over year, and a record full-year adjusted EBITDA of $297 million, up 33% [2][3][7] - Management highlighted the successful integration of IMG Arena, which is expected to contribute significantly to revenue and cost synergies in the coming years [6][10][14] Financial Performance - Q4 revenue was $369 million, reflecting a 20% year-over-year growth, while full-year revenue reached $1.3 billion, marking a 17% increase from 2024 [2][3][7] - Adjusted EBITDA for Q4 was $89 million, with a margin of 24.2%, up from the previous year, and full-year adjusted EBITDA was $297 million, with a margin of 23% [2][3][7] - The company ended the quarter with $365 million in cash and no debt, generating $167 million in free cash flow for 2025 [5][11][12] Growth Drivers - The growth in revenue was driven by increased uptake from existing partners, strong growth in the U.S. market, and contributions from managed trading services and IMG content [3][4][7] - The company anticipates revenue growth of 23% to 25% in 2026, with projected revenue of $1.56 billion to $1.58 billion and adjusted EBITDA of $390 million to $400 million [7][14] - Sportradar's managed trading services turnover increased by 26% year over year to $52 billion, with clients achieving nearly 11% margins [17] Product Initiatives - Sportradar is investing in various product initiatives, including streaming, managed trading services, marketing and media, and artificial intelligence [4][16][18] - The company streamed over 525,000 matches in 2025, with plans to increase this to over 700,000 matches in 2026 [16] - AI initiatives include a generative foundation model for basketball, which is expected to enhance predictive insights and visualizations [18] Share Repurchase and Capital Return - The board approved an increase in the share repurchase program from $300 million to $1 billion, with over $170 million repurchased to date [5][12][13] - The company has been repurchasing shares due to perceived disconnects between share price and business fundamentals [12][13] Market Outlook - Sportradar's management emphasized the potential of U.S. prediction markets, with ongoing discussions and expectations for future announcements [20][21] - Approximately 70% of the company's revenue is generated outside the U.S., with prediction markets viewed as a growth opportunity in the tens of millions [21]

Company Overview - S&P Global Inc. is based in New York and provides benchmarks, data, analytics, and workflow solutions in the global capital, energy, and commodity markets, with a market cap of $126.6 billion [1]. Market Position - Companies valued at $10 billion or more are classified as "large-cap stocks," and S&P Global fits this classification, highlighting its size, influence, and dominance in the financial data and stock exchanges industry [2]. Stock Performance - S&P Global's shares have decreased by 26.8% from its 52-week high of $579.05, reached on August 14, 2025, and have dropped 14.3% over the past three months, underperforming the State Street Financial Select Sector SPDR ETF's (XLF) 1.3% decline during the same period [3][6]. - Year-to-date, shares of S&P Global are down 18.9%, compared to XLF's 5.3% loss, and have declined 20.6% over the past 52 weeks, significantly lagging behind XLF's 1.8% rise [6]. Financial Results - On February 10, S&P Global's shares fell by 9.7% after the release of its Q4 results, which showed a total revenue increase of 9% year-over-year to $3.9 billion, meeting consensus estimates. However, its adjusted EPS of $4.30, a 14.1% increase from the previous year, missed analyst expectations of $4.34, causing investor concern [7]. Competitive Analysis - S&P Global has underperformed compared to its rival, Moody's Corporation, which saw a decrease of 7.7% over the past 52 weeks and 9.3% year-to-date [8]. - Despite recent underperformance, analysts maintain a positive outlook, with a consensus rating of "Strong Buy" from 26 analysts and a mean price target of $546.18, indicating a potential 28.9% premium to current price levels [8].

Core Insights - Achieved 16% organic non-COVID revenue growth in 2025, significantly outpacing the broader bioprocessing market through portfolio diversity and commercial execution [1] Performance Highlights - Performance was driven by exceptional strength in Proteins and Analytics, which both grew over 30% in Q4, offsetting muted demand for downstream capital equipment [1] - Successfully expanded adjusted operating margins by 240 basis points on an organic basis by leveraging volume and pricing to offset inflationary pressures [1] Customer Engagement - Key account penetration strategy successfully increased product line adoption, with top customers now purchasing 2.5x more product lines compared to 2019 levels [1] Regional Growth - The Asia Pacific region grew 19% for the full year, supported by a strategic focus on China which returned to growth for two consecutive quarters [1] Strategic Initiatives - Strategic investments in 'Fit for Growth' initiatives, including IT modernization and AI in supply chain, were prioritized to build a scalable foundation for future volume [1]

Core Insights - Moody's reported fourth-quarter 2025 adjusted earnings of $3.64 per share, exceeding the Zacks Consensus Estimate of $3.46, with a year-over-year growth of 39% [1][8] - The company's revenues improved significantly, driven by strong demand for analytics and robust performance in the Moody's Investors Service segment [1][5] - Moody's liquidity position remained strong, although a modest increase in operating expenses presented a challenge [1] Financial Performance - Net income attributable to Moody's was $610 million or $3.41 per share, up from $395 million or $2.17 per share in the prior-year quarter [2] - For 2025, adjusted earnings per share reached $14.94, a 20% increase, surpassing the consensus estimate of $14.78 [2] - Quarterly revenues were $1.89 billion, exceeding the Zacks Consensus Estimate of $1.88 billion, with a year-over-year increase of 13% [3] - Total expenses rose to $1.12 billion, an increase of almost 1% year over year [3] Segment Performance - Moody's Investors Service revenues increased by 17% year over year to $946 million, driven by strong performance across various finance categories [5] - Moody's Analytics revenues rose by 9% year over year to $943 million, supported by growth in Decision Solutions, Research and Insights, and Data & Information [5] Balance Sheet and Share Repurchase - As of December 31, 2025, Moody's had total cash and short-term investments of $2.45 billion, down from $2.97 billion a year earlier [6] - The company had $7 billion in outstanding debt and $1.25 billion in additional borrowing capacity [6] - In the quarter, Moody's repurchased 0.9 million shares at an average price of $485.55, with $4 billion of share repurchase authorization still available [7][9] 2026 Guidance - Moody's expects adjusted earnings in the range of $16.40-$17.00 per share and GAAP earnings between $15.00-$15.60 per share for 2026 [10] - Revenue growth is projected to be in the high-single-digit percent range, with operating expenses expected to increase in the mid-single-digit range [10]

Company Overview - Intercontinental Exchange, Inc. (ICE) is a leading financial services company that operates global financial exchanges, clearing houses, and associated technology and data services, with a market cap of $99.1 billion [1] Stock Performance - The stock has underperformed the broader market over the past year but has outpaced it this year, with an increase of 8.4% over the past 52 weeks and 6.9% on a year-to-date (YTD) basis, compared to the S&P 500 Index's 15.5% gains over the past year and 1.9% returns YTD [2] - ICE has outperformed the State Street Financial Select Sector SPDR ETF's (XLF) 1.4% decline in 2026 and around 5% gains over the past 52 weeks [3] Financial Performance - In Q3 2025, ICE reported net revenues of approximately $2.4 billion, reflecting a 3% year-over-year increase, while adjusted EPS was $1.71, about 10% higher than Q3 2024 [5] - Analysts expect ICE to deliver an EPS of $6.92 for the full fiscal 2025, which represents a 14% year-over-year increase [6] Earnings History - The company has a robust earnings surprise history, having surpassed the Street's bottom-line estimates in each of the past four quarters [6] Analyst Ratings - Among the 16 analysts covering the stock, the consensus rating is a "Strong Buy," based on 12 "Strong Buy" ratings, one "Moderate Buy," and three "Holds" [7] - The current configuration is slightly less bullish than three months ago, when there were 13 "Strong Buy" ratings [8]