Artisan Partners, an investment management company, released its fourth-quarter 2025 investor letter for “Artisan Mid Cap Fund”.  A copy of the letter can be downloaded here. The Fund seeks to invest in companies that possess franchise characteristics, with strong earnings trajectories, and are trading at a discount to the estimated private market value. US equities ended a record year with robust fourth-quarter gains. The Fund’s Investor Class, ARTMX, delivered -0.44%, the Advisor Class, APDMX, delivered - ...

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 ...

On profitability, gross margin in the fourth quarter was 70.9% (up 90 basis points year over year), while full-year gross margin was 70.6% (up 170 basis points). Wilson said the improvement reflected operational efficiencies in manufacturing, automation, and workflow optimization, along with scale benefits, partially offset by product mix.Wilson noted that “new store” growth—accounts open less than 12 months—represented approximately 68% of year-over-year volume growth. U.S. home enrollment for Zio Services ...

Core Insights - iRhythm Holdings (NASDAQ: IRTC) is recognized as one of the top 12 Medical Devices stocks favored by hedge funds [1] - Morgan Stanley maintains an Overweight rating on iRhythm Holdings with a price target of $205, indicating a 35% upside potential from current levels [1] - The company reported preliminary fourth-quarter revenues of approximately $207 million, exceeding consensus estimates of $200 million [2] - iRhythm's 2026 revenue guidance projects a midpoint of around $875 million, excluding contributions from its next-generation Mobile Cardiac Telemetry (MCT) device [2] - Vijay Kumar from Evercore ISI upgraded his rating for iRhythm Holdings to Outperform, raising the price target from $194 to $210, suggesting an upside potential of over 38% [3] - iRhythm Holdings specializes in digital healthcare, focusing on device-based Zio biosensor technology for diagnosing cardiac arrhythmias, and offers both long-term and short-term cardiac monitoring services [4] Company Overview - iRhythm Holdings develops and commercializes Zio biosensor technology for cardiac arrhythmia diagnosis [4] - The company provides mobile cardiac telemetry monitoring and incorporates AI-based data analytics into its operations [4]

Core Insights - Owlet, Inc. (OWLT) is enhancing its healthcare partnerships to broaden adoption beyond traditional consumer channels, aiming to expand use cases for its monitoring products and improve long-term visibility in regulated environments [1][11] Group 1: Healthcare Partnerships - The company's strategy focuses on collaborating with healthcare systems and retail healthcare partners to engage with parents and caregivers earlier in the care journey, supporting use cases beyond routine at-home monitoring [2] - In Q3 2025, Owlet launched a consignment agreement with the Children's Hospital of the King's Daughters, marking the first instance of Owlet devices being prescribed in a hospital setting, allowing for insurance prior authorization and continued home monitoring [3] - Owlet is also pursuing additional hospital partnerships to replicate this model, while continuing to work with retail healthcare partners to enhance access and awareness [4][11] Group 2: Competitive Landscape - The connected infant monitoring and digital health market is highly competitive, with companies like Masimo and iRhythm Technologies influencing adjacent segments [6] - Masimo is recognized for its medical-grade pulse oximetry and patient monitoring, emphasizing the technical complexity and investment needed for high-quality devices [7] - iRhythm Technologies provides a comparison in remote cardiac monitoring, showcasing how a combination of devices and long-term services can foster sustained engagement [8] Group 3: Market Performance and Estimates - Owlet's shares have increased by 75.1% over the past six months, outperforming the Zacks Electronics-Miscellaneous Products industry's growth of 42.5% and the Zacks Computer and Technology sector's rise of 16.2% [10] - The Zacks Consensus Estimate for OWLT's 2026 loss per share has improved to 25 cents from 88 cents over the past 60 days, with an expected loss of 12 cents per share in 2025 [13]

Core Insights - The global Sensor Patch Market is transforming as healthcare systems adopt real-time, continuous, and remote patient monitoring models, making sensor patches integral to modern digital healthcare ecosystems [1][2] Market Drivers - The demand for accurate diagnostics, early disease detection, and personalized treatment approaches is driving the growth of the sensor patch market, with advancements in sensor technology and AI integration further accelerating adoption [2][5] - The rapid expansion of remote patient monitoring (RPM) has reshaped healthcare delivery models, with governments recognizing the value of continuous monitoring to improve care accessibility and clinical outcomes [3][4] - Nearly 60% of adults globally live with at least one chronic disease, increasing the demand for long-term monitoring solutions, supported by government-funded healthcare programs expanding reimbursement for RPM [4][5] Key Applications - Sensor patches are increasingly used in chronic disease management, particularly for diabetes, cardiovascular conditions, and respiratory disorders, offering continuous, high-resolution physiological data [5][6] - Key applications driving adoption include glucose monitoring for diabetes management, ECG patches for cardiac risk detection, respiratory monitoring for COPD and asthma, temperature monitoring for infection management, and sweat analysis for hydration monitoring [7][8] Regional Outlook - North America is the largest market for sensor patches, driven by high chronic disease burden and strong reimbursement coverage, while Asia-Pacific is experiencing the fastest growth due to large patient populations and government-led healthcare digitization initiatives [6][8] Competitive Landscape - Competition is shifting towards proving clinical performance and maintaining quality consistency, with key players including Abbott, Dexcom, and Medtronic leading in various segments [9][10] - Regulatory scrutiny is increasing, making reliability a competitive differentiator alongside innovation [9] Future Outlook - Sensor patches are evolving into intelligent health platforms, integrating AI algorithms for predictive analytics and enabling holistic patient assessments through multi-parameter tracking [12]

Core Insights - Owlet, Inc. (OWLT) is expanding its product ecosystem to address a wider range of infant monitoring needs beyond a single-device offering [1] - The company is focusing on pairing wearable and camera-based devices to provide a comprehensive view of infant wellness [2] Product Development - In Q3 2025, Owlet launched the Dream Sight camera, its third-generation video baby monitor, featuring enhanced security and capabilities for future expansion [3] - Bundled offerings, such as combining the Dream Sock with camera products, are being emphasized to encourage multi-device adoption and create additional sales opportunities [4] Market Position and Competition - The competitive landscape in connected infant monitoring is intense, with companies like Masimo and iRhythm Technologies shaping adjacent markets [6] - Owlet's strategy of combining wearable and camera devices targets a specific niche in infant monitoring, which could enhance household adoption if executed effectively [9] Financial Performance - Owlet's shares have increased by 77.1% over the past six months, outperforming the Zacks Electronics - Miscellaneous Products industry's growth of 30.1% and the Zacks Computer and Technology sector's rise of 15.9% [10] - The Zacks Consensus Estimate for OWLT's 2026 loss has narrowed to 25 cents from 48 cents in the past 30 days, with an expected loss of 12 cents per share in 2025 [13]

Core Insights - Owlet, Inc. (OWLT) is positioned favorably due to increased regulatory clarity in the infant monitoring market, enhancing its competitive edge over time [1][4] - The company is the first and only FDA-cleared over-the-counter infant monitoring device provider, which is crucial as the FDA has issued warnings against unauthorized devices [2][9] - Owlet's FDA clearance validates product reliability for parents and reduces compliance risks for retailers and healthcare partners, suggesting a more defensible market position compared to competitors without clearance [3][9] Regulatory Developments - Regulatory differentiation is a significant factor supporting Owlet's long-term outlook, as it reinforces credibility and raises barriers to entry in the market [2][4] - The FDA's safety communication has created a clear distinction between regulated and unregulated products, benefiting Owlet's market positioning [2][9] Financial Performance - In Q3 2025, Owlet reported over 85,000 paying subscribers for its Owlet360 subscription platform, with attach rates exceeding 25%, indicating strong customer engagement [4][9] - The Zacks Consensus Estimate for OWLT's 2026 loss has narrowed to 25 cents from 48 cents in the past 30 days, with an expected loss of 12 cents per share in 2025 [11] Competitive Landscape - Competition in the connected infant monitoring and digital health sectors remains intense, with companies like Masimo and iRhythm Technologies influencing adjacent segments [5][6] - Owlet's focus on infant health, combined with its FDA-cleared consumer approach, may lead to deeper engagement if execution remains on track [7] Market Performance - Owlet's shares have increased by 69.1% over the past six months, outperforming the Zacks Electronics - Miscellaneous Products industry's growth of 26.3% and the Zacks Computer and Technology sector's rise of 19.2% [8]

Core Insights - The company expects revenue for full year 2026 to be approximately $870 million to $880 million, reflecting a year-over-year growth of about 17% to 18% [1] - The anticipated adjusted EBITDA margin for 2026 is projected to be around 11.5% to 12.5% [1] - The year 2025 has been described as transformative for the company, achieving over 25% year-over-year revenue growth and free cash flow positivity for the first time [1] Company Performance - The company has executed strong commercial volumes and aims to drive best-in-class quality systems [1] - The comprehensive clinical evidence program, including AVALON and CAMELOT publications, supports the clinical superiority of Zio LTCM and market expansion [1] - The company is well-positioned for growth with multiple catalysts, including deeper penetration in primary care and population health through AI partnerships [1] Market Expansion - The company plans to expand into adjacent markets such as obstructive sleep apnea and continue its international execution [1] - There is a focus on mobile cardiac telemetry and leveraging AI-powered risk stratification partnerships to enhance market presence [1] - The company expresses confidence in delivering sustainable, profitable growth while transforming cardiac care for millions of patients globally [1]

Core Insights - Owlet, Inc. (OWLT) has experienced a significant stock performance, with shares increasing over 82% in the past six months, outperforming various industry benchmarks [1][6][25] Group 1: Financial Performance - The company reported record revenue and its first operating profit in Q3, with gross margins exceeding 50% [6][8] - The stock is currently trading at approximately $15.83, above its 50-day and 200-day moving averages, indicating a sustained uptrend [5][6] - Revenue growth is driven by strong demand for the Dream Sock franchise and the launch of the Dream Sight camera [8] Group 2: Regulatory Environment - Owlet is the first and only FDA-cleared over-the-counter infant monitoring device, enhancing its brand credibility and creating barriers to entry for competitors [9][10] - Recent FDA communications cautioning against unauthorized infant monitors further solidify Owlet's competitive edge [9][10] Group 3: Subscription and Platform Expansion - The company is expanding its recurring revenue through the Owlet360 subscription, with over 85,000 paying subscribers and attach rates exceeding 25% [11] - Future plans include piloting generative AI features for personalized sleep insights, aimed at increasing customer engagement and lifetime value [12] Group 4: International and Healthcare Growth - International revenue saw significant growth, with regulatory approval in India expected to open a large market in early 2026 [13][15] - The company is making strides in healthcare channels, with hospital partnerships and remote patient monitoring initiatives that could expand its addressable market [15] Group 5: Valuation and Market Position - Despite the stock's rise, Owlet's valuation remains modest compared to the broader technology sector, suggesting potential for further appreciation [16] - Recent estimate revisions indicate growing confidence in Owlet's path toward sustained profitability, with revenue estimates projecting 21.1% growth [17] Group 6: Competitive Landscape - Owlet faces competition from companies like Masimo, iRhythm Technologies, and Koninklijke Philips, but its focus on FDA-cleared consumer hardware and a subscription ecosystem differentiates it [19][24]