INDUSTRYRESEARCHHealthcareServicesPublicCompSheetandValuationGuideQ42023PitchBookData,Inc.KeytakeawaysJohnGabbertFounder,CEO•Mixedperformance:Boththehospitals,rehabilitation&long-termcaregroupandthebehavioralhealth&homehealth/hospiceNizarTarhuniVicePresident,InstitutionalResearchgroupareoverperformingtheS&P500.TheformergroupsportsEBITDAmarginsinthemidteenstolowtwentiesandhasandEditorialbenefitedfromincreasedsurgeryvolumesaftertheCOVID-19pandemic,whilethelattercontinuestocommandstrongEBITDAPaulCondraHeadofEmergingTechnologyResearchmultiplesdespitesomeslowingrevenuegrowthandtighteningmarginsforAmedisysandAveanna.Thevalue-basedcaregroup,muchofwhichwentpublicin2020and2021,sportsnegativeEBITDAoverallandissignificantlyunderperformingthemarket.InstitutionalResearchGroup•Retailersretrench:UndernewCEOTimWentworth,Walgreensbeganclosing60underperformingVillageMDlocationsinAnalysisOctober,evenasthecompanydoublesdownonitsmessagingarounditscaredeliveryfocus.Theclosuresarepartofabroadercost-cuttingstrategyasWalgreensseesprofitssoftenalongwithreducedCOVID-19vaccinedemand.Meanwhile,CVSbroughtRebeccaSpringer,Ph.D.itsvariouscaredeliveryassets—includingCaremark,Cordavis,MinuteClinic,OakStreetHealth,andSignifyHealth—underanewLeadAnalyst,Healthcarebrand,CVSCarespire.Thetwocompanieswereactivestrategicacquirersofhealthcareprovid...
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