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 ...

Teladoc Health, Inc. (NYSE:TDOC) is one of the 13 Best American Penny Stocks to Invest In. On January 27, BofA Securities reduced its price target on Teladoc Health, Inc. (NYSE:TDOC) from $7.50 to $7 and kept its Neutral rating on the stock. BofA Securities pointed out that BetterHelp’s monthly active users in Q4 are tracking 0.2% above Q3 levels but 18.7% down compared to the same period last year. Despite year-over-year trends being a little worse than in the previous quarter, BofA sees the flat growth ...

Group 1 - Teladoc Health Inc. is considered one of the best single-digit stocks to buy according to analysts, with recent price target adjustments reflecting market conditions [1] - Bank of America analyst Allen Lutz lowered the price target for Teladoc to $7 from $7.50, maintaining a Neutral rating, citing trends indicating Q4 2025 revenue may align with consensus but fall slightly below Teladoc's guidance [1] - Goldman Sachs also lowered its price target for Teladoc from $9 to $8 while keeping a Buy rating, noting a sharp decline in MedTech and Healthcare IT stocks that is believed to be disconnected from company fundamentals [2] Group 2 - Citi analyst Daniel Grosslight reduced the price target for Teladoc from $10 to $9, maintaining a Neutral rating, and expressed cautious optimism for a potential recovery in 2026 despite a challenging 2025 for the health tech sector [3] - The health tech and distribution sector faced significant challenges in 2025, with nearly a third of the group experiencing declines of more than 25% [3] - Teladoc operates globally, providing virtual healthcare services through its Integrated Care and BetterHelp segments [4]

Group 1: Investment Strategy - Pale Fire Capital has heavily bet against Coinbase, Tesla, and Robinhood by purchasing put options during the fourth quarter, indicating a strategic shift in its portfolio towards healthcare stocks [1] - The firm initiated a new position in Baxter International, acquiring 2,074,016 shares valued at approximately $39.63 million, which represents 2.66% of its $1.49 billion reportable U.S. equity AUM as of December 31, 2025 [3] Group 2: Company Overview - Baxter International Inc. is a leading provider of essential healthcare products and services, with a broad product suite and global reach, addressing critical needs in patient care across acute hospital settings and home-based therapies [2] - The company operates a global business model focused on the development, manufacturing, and distribution of medical devices and pharmaceuticals to healthcare providers [3] Group 3: Financial Performance - Baxter International reported significant net losses in 2024 and 2025, but fourth-quarter sales from continuing operations rose by 8% on a reported basis and 3% on an operational basis, with international sales growing by 8% year over year on an operational basis [5]

Core Insights - Hims & Hers Health, Inc. (HIMS) is transforming healthcare delivery through a consumer-first digital platform focused on personalized, at-home care, with nearly 2.5 million subscribers as of Q3 2025 [1][7] Company Developments - The company has launched new offerings in men's health, including a testosterone category and compounded therapies, as well as a menopause specialty for women, both featuring personalized treatment plans [2][7] - Hims & Hers introduced Labs, a whole-body diagnostic service that combines biomarker testing with doctor-developed action plans, moving towards a preventive healthcare model [3][7] Market Performance - Hims & Hers shares have decreased by 71.8% over the past year, underperforming the industry average decline of 40.2% [6] - The forward 12-month price-to-sales ratio for HIMS is 1.4X, significantly lower than the industry average of 3.5X and its three-year median of 2.6X, indicating potential undervaluation [8] Earnings Estimates - The Zacks Consensus Estimate for HIMS' earnings per share in 2025 suggests a 77.8% improvement from 2024, with estimates ranging from a low of $0.39 to a high of $0.57 [9][10]

Core Insights - Hims & Hers Health, Inc. (HIMS) has faced significant short-term losses, with its stock down 55.8% over the past three months, compared to a 31.4% decline in the industry and gains of 0.4% and 2% in the sector and S&P 500, respectively [1][10]. Financial Performance - The company reported strong top-line growth in Q3 2025, driven by subscriber growth and increased average monthly online revenue per subscriber, but experienced disappointing bottom-line results with declining margins [3][15]. - HIMS expects Q4 2025 revenues between $605 million and $625 million, reflecting a year-over-year increase of 26%-30%, and full-year revenues between $2.335 billion and $2.355 billion, representing growth of 58%-59% from 2024 [9]. - The Zacks Consensus Estimate for Q4 2025 revenues is $620.4 million, with earnings per share estimated at 4 cents [9]. Regulatory and Legal Challenges - HIMS faces heightened regulatory scrutiny from the FDA regarding compounded GLP-1 drugs, which could impact its operations in the weight-loss sector [12]. - A lawsuit from Novo Nordisk alleges patent infringement related to HIMS' compounded semaglutide products, introducing potential financial liabilities and uncertainty [13]. - The company’s reliance on complex compounding regulations increases compliance risks, particularly in its growth categories [14]. Competitive Landscape - HIMS operates in a highly competitive market, facing challenges from traditional healthcare providers and other telehealth platforms, which could pressure pricing and customer acquisition [16]. - Despite strong revenue growth, profitability trends have softened, with gross margins declining due to cost pressures [15]. Strategic Developments - HIMS launched Galleri, a multi-cancer early detection blood test, in collaboration with GRAIL, enhancing access to proactive care [2]. - The company is expanding its addressable market by introducing new specialties, including low testosterone treatments and menopause care, which could deepen engagement with subscribers [17][24]. - HIMS is shifting towards proactive health insights through comprehensive lab testing, which may enhance cross-selling opportunities and strengthen its subscription model [18]. Valuation Metrics - HIMS' forward 12-month price-to-sales (P/S) ratio is 1.4X, lower than the industry average of 3.6X and its three-year median of 2.6X [19]. - Comparatively, Teladoc Health and Tempus AI have forward P/S ratios of 0.3X and 6.2X, respectively [21]. Estimate Movements - Estimates for HIMS' 2026 earnings per share have decreased by 6.8% to 55 cents in the past 60 days [22].

Core Viewpoint - Doximity Inc (NYSE:DOCS) is facing significant stock price volatility, with recent analyst ratings reflecting mixed sentiments about its future performance [1][2][3][4][6] Stock Performance - Doximity's stock opened at $23.69 after closing at $33.32, with the last traded price at $25.50, indicating a notable decline [2] - The current stock price is $27.73, down 16.78% from a previous high of $85.21 over the past year, with a trading range between $23.66 and $27.88 [4][6] - The trading volume today reached 22.18 million shares, suggesting strong investor interest despite the price fluctuations [5] Analyst Ratings - Canaccord Genuity set a price target of $34 for DOCS, indicating a potential upside of 22.61% from its current price [1] - Wall Street Zen downgraded DOCS from "buy" to "hold," while Weiss Ratings maintained a "hold (c+)" rating [2] - Conversely, Wells Fargo upgraded DOCS to "overweight" with a target price of $55.00, and both the Royal Bank Of Canada and Needham and Company LLC upgraded to "moderate buy" [3][6] Market Capitalization - Doximity's market capitalization is approximately $5.2 billion, reflecting its position in the healthcare technology sector [5]

Group 1 - Teladoc Health, Inc. (NYSE:TDOC) has faced significant stock losses, with one investor reporting a nearly 96% loss in their IRA investment [1] - Jim Cramer advised against holding Teladoc stock, suggesting there are better alternatives in the market [1] - Teladoc provides virtual medical care services, including chronic condition management, mental health support, and specialized therapy [3] Group 2 - There is a belief that certain AI stocks present greater upside potential and carry less downside risk compared to Teladoc [4] - The article hints at the potential of AI stocks benefiting from trends such as Trump-era tariffs and onshoring [4]

Core Insights - Teladoc Health is focusing on execution in 2026 after a year of strategic shifts, including international expansion and improved operational efficiency [1][3] - The company aims for sustainable long-term growth following a significant decline in stock price since the COVID-19 pandemic [2] - Teladoc has made multiple acquisitions, launched new products, and started accepting insurance for its BetterHelp mental health service [2][3] Strategic Focus - The CEO emphasized the importance of execution, stating that the company has the right strategy and priorities in place [3] - A key initiative includes accepting insurance at BetterHelp to enhance value and improve enrollment and retention [4][5] Performance Metrics - Early metrics indicate that the integration of the acquired company UpLift and the rollout of insurance coverage are progressing well, with solid user conversion and session metrics [5][6] - The insurance offering is expected to alleviate affordability concerns for consumers, allowing them to focus more on therapy [6]

Group 1 - Medicare is ending broad coverage for telehealth services starting January 31, with exceptions primarily for rural areas and medical facility visits [1] - Teladoc Health experienced significant growth during the early pandemic as it provided essential telehealth services, leading to increased revenue and stock price [3] - The acquisition of Livongo aimed to enhance Teladoc's offerings but was made at high valuations, and the reopening of medical offices introduced competition from traditional healthcare providers and new entrants like Amazon [4] Group 2 - Teladoc's revenue has declined, and the company has struggled to achieve profitability, resulting in a stock price drop of over 70% in the past three years [5] - Despite the changes in Medicare coverage, Teladoc's revenue is primarily derived from commercial customers, particularly large enterprises and health plans, which may mitigate the impact of the Medicare shift on its growth [6]