Healixa Valuation Multiples

Idexx Laboratories primarily develops, manufactures, and distributes diagnostic products, equipment, and services for pets and livestock. Its key product lines include single-use canine and feline test kits that veterinarians can employ in the office, benchtop chemistry and hematology analyzers for test-panel analysis on-site, reference lab services, and tests to detect and manage disease in livestock. The firm also offers vet practice management software and consulting services to animal hospitals. Idexx derives roughly 35% of its revenue from outside the United States.

Roper Technologies is a holding company focused on acquiring, managing, and developing niche market-leading technology businesses. The company operates a decentralized business model whereby each portfolio company operates independently from the others. Roper positions itself as a free cash flow compounder, whereby excess free cash flow generated by its portfolio businesses is repatriated to the parent company, which is then utilized to acquire additional businesses. Presently, the company operates 30 distinct businesses with over three-fourths of the revenue coming from software products and over two-thirds of the revenue coming from recurring and recurring sources.

Iqvia is the result of the 2016 merger of Quintiles, a leading global contract research organization, and IMS Health, a leading healthcare data and analytics provider. The research and development segment focuses primarily on providing outsourced late-stage clinical trials for pharmaceutical, device, and diagnostic firms. The technology and analytics segment provides aggregated information and technology services to clients in the healthcare industry, including pharmaceutical companies, providers, payers, and policymakers, as well as data and analytics capabilities for clinical trials, including virtual trials. The company also has a small contract sales business.

Veeva is the global leading supplier of cloud-based software solutions for the life sciences industry. The company's best-of-breed offerings address operating and regulatory requirements for customers ranging from small, emerging biotechnology companies to departments of global pharmaceutical manufacturers. The company leverages its domain expertise to improve the efficiency and compliance of the underserved life sciences industry, displacing large, highly customized and dated enterprise resource planning systems that have limited flexibility. Its two main products are Veeva CRM, a customer relationship management platform for companies with a salesforce, and Veeva Vault, a content management platform that tackles various functions within any life sciences company.

GE HealthCare Technologies is a leading medical technology firm with leading market share in imaging and ultrasound equipment. The company reports four major segments: imaging (45% of revenue), advanced visualization solutions (26%), patient care solutions (15%), and pharmaceutical diagnostics (14%). The company’s sales are geographically diverse, with the United States, EMEA, China, and the rest of the world accounting for 46%, 26%, 11%, and 17% respectively. We estimate approximately half of its revenue is recurring, which consists of servicing (about one third of revenue), pharmaceutical diagnostics (about 10%-15%), and digital solutions (just over 5%).

Shanghai United Imaging Healthcare Co Ltd provides customers with high-performance medical imaging equipment, radiotherapy products, life science instruments, and medical digitalization and intelligent solutions. The company’s products include MRI systems, CT scanners, X-ray imaging equipment, molecular imaging systems, radiotherapy linear accelerators, and life science instruments.

Pro Medicus is a healthcare IT company specializing in radiology imaging software. Its main product, Visage 7, is a clinical desktop application that radiologists use to view, enhance, and manipulate images from any device and make a diagnosis. Its main customers are US private academic hospitals. In fiscal 2025, Pro Medicus earned 90% of revenue in North America, 8% from Australia, and the remaining 2% in Europe.

Icon is a global late-stage contract research organization that provides drug development and clinical trial services to pharmaceutical, biotechnology, and medical-device firms. While the vast majority of its revenue comes from clinical research, Icon also offers ancillary services such as laboratory and imaging capabilities. The company is headquartered in Ireland.

Max Healthcare Institute Ltd is a health care service provider. The company's facilities include third-party healthcare providers with whom the company has entered long-term service contracts for providing clinical, radiology, and pathology services. Its hospitals provide the full range of services through its Outpatient, Day Care, Emergency Room, and In-Patient departments to accommodate medical specialties such as orthopedics, internal medicine, general surgery, cardiac sciences, oncology, neurosciences, and obstetrics, as well as diagnostics. The group derives revenue from India.

Glaukos Corp is an ophthalmic pharmaceutical and medical technology company focused on developing novel, dropless therapies and commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal diseases. It has commenced commercialization activities for iDose TR, a first-of-its-kind, long-duration, intracameral procedural pharmaceutical implant designed to continuously deliver glaucoma drug therapy inside the eye for extended periods of time. The company also offer commercially a proprietary bio-activated pharmaceutical therapy for the treatment of a rare corneal disorder, keratoconus. The company has three primary commercialized micro-scale surgical device products designed to treat glaucoma: the iStent, the iStent inject W, and the iStent infinite.

Oscar Health Inc is a healthcare technology company built around a full stack technology platform and a relentless focus on serving its members. It offers Individual & Family plans and health technology solutions that power the healthcare industry. Oscar operates as one segment to sell insurance to individuals, families and employees through the federal and state-run healthcare exchanges formed in conjunction with the Patient Protection and Affordable Care Act (ACA) and leverages its technology platform to provide services via its Oscar offering.

Hims & Hers Health Inc operates telehealth platforms, providing access to treatments for various chronic conditions, including those related to sexual health, hair loss, hormone health, weight loss, dermatology, and mental health, as well as services such as comprehensive laboratory testing. The company connects patients to licensed healthcare professionals who can prescribe medications, with prescriptions fulfilled online through licensed pharmacies. In addition, it offers access to various non-prescription health and wellness products. Through the Hims & Hers mobile applications, the company also offers access to educational programs, wellness content, community support, and other services that promote lifelong health and wellness. Geographically, it derives maximum revenue from the USA.

M3 Inc is a Japan-based company engaged in providing medical-related services through internet-based platforms and real-world operations. The company operates six reportable segments: Medical Platform, Evidence Solutions, Career Solutions, Site Solutions, Patient Solutions, and Overseas. Its businesses include online marketing for medical professionals, clinical trial support, human resources services for medical professionals, operational support for medical institutions, and patient support services. The Overseas segment offers similar services internationally, including in the United States, the United Kingdom, China, South Korea, India, France, Germany, and Spain.

Waystar Holding Corp is a provider of mission-critical cloud technology to healthcare organizations. Its enterprise-grade platform transforms the complex and disparate processes comprising healthcare payments received by healthcare providers from payers and patients, from pre-service engagement through post-service remittance and reconciliation. its platform enhances data integrity, eliminates manual tasks, and improves claim and billing accuracy, which results in transparency, reduced labor costs, and faster, more accurate reimbursement and cash flow. The market for solutions extends throughout the United States and includes Puerto Rico and other USA Territories.

Doximity Inc is a digital platform for U.S. medical professionals. The cloud-based platform provides members with tools specifically built for medical professionals, enabling them to collaborate with their colleagues, securely coordinate patient care, conduct virtual patient visits, stay up-to-date with the latest medical news and research, and manage their careers and on-call schedules.

CCC Intelligent Solutions Holdings Inc is a provider of cloud, mobile, AI, telematics, hyperscale technologies, and applications for the property and casualty insurance economy. The company's SaaS platform connects trading partners, facilitates commerce, and supports mission-critical, AI-enabled digital workflows. It operates in a single segment being Domestic segment, which provides SAAS platform for the P&C insurance economy and derives revenues from providing customers with software subscriptions to the platform in addition to providing professional services and non-software services. The company has its presence in the United States and China. The majority of the revenue is generated from the United States.

Tieto Oyj is a software and technology consulting company. The company provides software and digital engineering services to customers across multiple industries. Its operations include specialized software businesses such as Tieto Caretech, Tieto Banktech, and Tieto Indtech, as well as a technology consulting business. The company offers services in areas including software development, design, cloud, and artificial intelligence.

Privia Health Group Inc is a technology-driven, national physician-enablement company. It collaborates with medical groups, health plans, and health systems to optimize physician practices, improve patient experiences, and reward doctors for delivering high-value care in both in-person and virtual care settings.

Ping An Healthcare and Technology is the parent of Ping An Good Doctor, or PAGD, an online platform offering healthcare services in the form of a health maintenance organization, or HMO, model that provides commercial healthcare services and offers healthcare checkup, healthcare management, and corporate reimbursement for a fee. The company leverages the network of health providers from its parent Ping An Group, where it enters into contracts with physicians, hospitals, and specialists to offer their services to HMO participants. Other than commercial healthcare premium services, PAGD offers online consultations and prescription e-commerce online to individuals. The platform has over 3,500 corporate clients and 24 million paying users. PAGD is 38.43% owned by its parent company.

Omnicell Inc provides automation and business analytics software for healthcare providers. The company is engaged in transforming the pharmacy and nursing care delivery model. The company helps its customers define and deliver cost-effective medication management designed to equip and empower pharmacists and nurses to focus on patient care rather than administrative tasks and drive improved clinical, operational, and financial outcomes across all care settings. The company derives the majority of its revenue from the United States.

EverCommerce Inc provides tailored Software-as-a-Service solutions for service-based small- and medium-sized businesses (SMBs) in-home services, health services, and fitness & wellness. With a platform serving approximately 708,000 customers across three core verticals, including numerous micro-verticals, their solutions address diverse needs within these sectors. Revenue is mostly generated from the United States. Operating in a single segment, their vertically-tailored SaaS offerings cater to SMBs' specialized demands, enabling them to automate processes, generate business, and enhance customer loyalty. The majority of customers contribute modest revenue, with a small percentage contributing higher amounts.

Qingdao Baheal Medical Inc is engaged in providing comprehensive marketing services for pharmaceutical product manufacturers.

Teladoc Health Inc is engaged in virtual care, forging a new healthcare experience with improved convenience, outcomes, and value. Its mission is to empower all people everywhere to live their healthiest lives by transforming the healthcare experience. It operates in Teladoc two segments Health Integrated Care and BetterHelp segments. The majority of its revenue is generated from access fees on a subscription basis (per member, per month). The balance comes from visit fees and equipment rental and sales to hospital systems.

Indegene Ltd provides digital-led commercialization services for the life sciences industry, including biopharmaceutical, emerging biotech, and medical device companies. It assists them with drug development and clinical trials, regulatory submissions, pharmacovigilance and complaints management, and the sales and marketing of their products. Its portfolio of solutions covers all aspects of commercial, medical, regulatory, and R&D operations for life sciences companies. The company's segments include Enterprise Medical Solutions, Enterprise Commercial Solutions, Omnichannel Activation, and Others. Key revenue is generated from the Omnichannel Activation segment. The company has a presence in India, Europe, and North America, with the majority of revenue coming from North America.

Xunfei Healthcare Technology Co Ltd is an AI-empowered healthcare solution provider, offering products and solutions that support a range of healthcare services, ranging from health risk warnings, early screening, auxiliary diagnosis and treatment, as well as treatment effect evaluation, to post-discharge management and chronic disease management. It has independently developed AI technologies that underpin its products and solutions. Smart Healthcare, Smart Hospital, Intelligent Hardware, Smart Medical Insurance, and Smart Imaging Union. The Company’s revenue was mainly derived from PHC services and patient services.

Schrodinger Inc is a healthcare-based software company. It offers software solutions designed to support and accelerate the discovery, design, and optimization of molecules. The company operates in two reportable segments: Software and Drug Discovery. The software segment is focused on selling software to transform drug discovery across the life sciences industry, as well as to customers in materials science industries. The drug discovery segment is focused on generating revenue from a diverse portfolio of preclinical and clinical programs, internally and through collaborations, that have various stages of discovery and development. The majority of the company's revenue is derived from the Software segment. Geographically, it derives the maximum revenue from the United States.

Vitec Software Group AB is a software company in Vertical Market Software in the Nordic region. The company provides software for the pharmacy market, automotive and machine industry, banks and insurance companies, healthcare companies, real estate agents, and the education sector. Its segments comprise Auto, Energy, Real Estate, Finance and insurance, Environment, Estate Agents, and Education and health.

JMDC Inc is engaged in constructing and providing a medical database, offering PHR and other health promotion services, telemedicine such as diagnostic imaging, and providing digital solutions to dispensing pharmacies.

Sphere Corp Formerly Life Semantics Corp is engaged in the development and supply of innovative healthcare solutions such as providing a technology platform for digital transformation in the healthcare field and non-face-to-face medical and digital treatment devices.

Suzhou MedicalSystem Technology Co Ltd develops medical engineering technology and promotes clinical system for operation theatre and intensive care units.

Hangzhou Pinming Software Co Ltd is a provider of applied technology and products of digital construction in the construction phase. It focuses on the field of engineering construction information technology. Its business covers engineering cost, construction software, BIM software, smart construction sites, and universities. , Industry supervision, infrastructure and others.

GoodRx Holdings Inc is a consumer-focused digital healthcare platform that aims to lower the cost of healthcare in the United States. It operates a price comparison platform that provides consumers with curated, geographically relevant prescription pricing, and provides access to negotiated prices through codes that can be used to save money on prescriptions across the United States. GoodRx generates revenue from core business from pharmacy benefit managers (PBMs) that manage formularies and prescription transactions including establishing pricing between consumers and pharmacies. It also offers various healthcare products and services, including pharma manufacturer solutions, subscriptions, and telehealth services.

US Physical Therapy Inc through its subsidiaries operates outpatient physical therapy clinics that provide pre-and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and neurological-related injuries. The principal payment sources for the clinics' services are managed care programs, commercial health insurance, Medicare/Medicaid, workers' compensation insurance, and proceeds from personal injury cases. Its operating segment includes Physical therapy operations and Industrial injury prevention services. The company generates maximum revenue from the Physical therapy operations segment.

Talkspace Inc is a behavioral healthcare company offering access to licensed therapists, psychologists, and psychiatrists through its technology platform. It serves clients including health plans, enterprises, and individual subscribers. Therapists address various mental health conditions, while psychiatrists cater to a higher acuity demographic. Revenue stems from payor and direct-to-enterprise clients, with contracts lasting one to three years. The majority of the Company’s operations and revenues are based in the United States.

PHC Holdings Corp is engaged in the development, manufacture and sale of healthcare devices and services.

B-Soft Co Ltd is engaged in providing software and information technology services for the healthcare industry.

RaySearch Laboratories AB is a Sweden-based medical technology company. The company develops advanced software solutions for improved cancer treatment. The company develops and markets the RayStation* treatment planning system and RayCare* oncology information system to clinics all over the world and distributes products through licensing agreements with medical technology companies. Its geographic segments consist of Sweden, North America, Asia Pacific, Europe and the rest of the world.

Lunit Inc is a medical AI software company devoted to providing AI-powered total cancer care. Its products comprise of Lunit INSIGHT CXR, AI solution for Chest x-ray; Lunit INSIGHT MMG, AI solution for Mammography; Lunit SCOPE IO, AI-Powered Biomarker for Immuno-Oncology; and Lunit SCOPE PD-L1, AI Solution for PD-L1 Expression.

HealthStream Inc provides workforce and provider solutions for healthcare organizations. Its reportable segments include Workforce Solutions and Provider Solutions. Workforce development solutions consist of SaaS, subscription-based products that are used by healthcare organizations. Its Provider Solutions products offer healthcare organizations software applications for administering and tracking provider credentialing, privileging, call center and enrollment activities. The company generates a majority of its revenue from Subscription Services.

Craneware PLC provides automated revenue integrity solutions that improve financial performance for healthcare organizations. Its activities include the development, licensing, and ongoing support of computer software for the US healthcare industry. It is engaged in the sale of software licenses, white labelling, and professional services (including installation) to hospitals within the USA. The company recognizes its revenues from the sale of and distribution agreements relating to software licenses and professional services.

Yidu Tech Inc offers healthcare solutions built on big data and artificial intelligence (AI) technologies. The company serves various healthcare industry participants, including hospitals, pharmaceutical, biotech, research institutions, insurance companies, etc. Its operating segments are: Big data platform and solutions, Life sciences solutions, and Health management platform and solutions. The majority of the company's revenue is generated from its Big data platform and solutions segment, which provides data intelligence platforms and data analytics-driven solutions (such as Eywa 5.0, Lingxi Intelligent Management, AI Middleware, etc.) for hospitals, healthcare institutions, regulators, and policymakers. Geographically, the company generates maximum revenue from Mainland China.

Equasens is engaged in the European healthcare sector, providing software solutions to all healthcare professionals (pharmacists, primary care practitioners, hospitals, Hospital-at-Home structures, retirement homes, health centers) and patients in both primary and secondary care sectors. The various activities that the company is involved in include: pharmacy software publishing and integration, publishing of IT solutions for health and medical/social establishments, and development of solutions and infrastructures for e-Health. With operations in France (its key revenue-generating market), Italy, Belgium, Germany, Ireland, and the United Kingdom, it is developing the healthcare platform and an ecosystem in France and Europe, benefiting people by making its technology services available.

Echo IQ Ltd is an Australian medical technology company focused on improving decision-making in cardiology. Its proprietary EchoSolv platform leverages AI-driven analysis of echocardiographic data to help clinicians detect Aortic Stenosis (AS) and other conditions with greater accuracy and efficiency. The company is focused on expanding its strategic partnerships, progressing regulatory pathways, and completing successful deployments of its technology in the USA healthcare market to establish its position in AI-enabled cardiovascular care.

Phreesia Inc is a provider of comprehensive software solutions that improve the operational and financial performance of healthcare organizations by activating patients in their care to optimize patient health outcomes. Through its SaaS-based technology platform, it offers healthcare services clients a robust suite of integrated solutions that manage patient access, registration, payments, and clinical support. The Phreesia Platform encompasses a comprehensive range of technologies and services, including, initial patient contact, registration, automated answering services, appointment scheduling, payments, and post-appointment patient surveys.

Shang Gong Group Co Ltd is engaged in research & development, production, sale, and maintenance of sewing machines and spare parts in China. It is also engaged in the production of auto parts, office equipment, and related trading businesses. The company provides high-end sewing products for automakers like Mercedes-Benz, BMW, Audi, and General Motors; in aerospace and new material fields also have large customers including Boeing, Airbus, and COMAC. It owns manufacturing enterprises in China, Germany, the Czech Republic, and Romania, and its sales network has spread across the world. Its household sewing machine brands - Butterfly, Flyman, and Bee are widely known in China and sold to overseas markets.

Artrya Ltd is a medical technology company. The company is engaged in the development and commercialization of Artrya Salix, its patented artificial intelligence platform that detects, diagnoses, and helps address coronary artery disease. It is managed based on a single segment, being the development of AI-driven CCTA image analysis technology.

Heren Health Co Ltd is an overall solution service provider focusing on research and development, sales, implementation integration and service support of medical information systems and digital scenario application systems. Its products includes electronic medical records, medical information integration platform, clinical data centers, clinical pathway system, integrated health care workstations and operation control system of medical institutions.

Veradigm Inc is a healthcare technology company that drives value through its various combinations of platforms, data, expertise, connectivity, and scale. The company delivers a combination of point-of-care clinical and financial solutions. The Veradigm Network features a dynamic community of solutions and partners providing insights, technology, and data-driven solutions for the healthcare provider, payer, and Life Science markets.