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Down-rounds (e.g., raising $ at lower valuation than previously) are at a 5-year high. Painful for early-stage and angel investors who don’t have the $ to protect their equity and are instead diluted. Of the 1,200 unicorns ($1B+ valuation), only a fraction will likely ever exit

The worst of Thinkbois + healthcare: 1. Posts he found the cure for dementia and Alzheimer’s. 2. Post goes viral with ~2M views. 3. Proceeds to tweet a bunch of related posts to gain followers. 4. Discloses he “secured” some sort of funding for some sort of “study”. 🤦‍♂️

Someone broke down the costs of a $15 Sweetgreen salad. We need these breakdowns for popular digital health cos. At least for tech enabled businesses, margins are greatly impacted by labor arbitrage. Pay someone X, but get paid X+Y% per visit. The challenge with healthcare is

I’m worried about the state of venture capital and direct-to-consumer (DTC) healthcare startups. Hims & Hers is the poster child for DTC healthcare at $1.2B proj 2024 revenue and a $3.6B valuation. By most accounts, they have been an outlier success for DTC since bottoming out

70% of healthcare execs haven’t noticed true cost reductions/ROI when implementing digital health solutions. These results comes from an EY Health Pulse Survey, where 100+ payer and provider execs were asked about the state of digital health. I’m not going to sugarcoat it,

Now 2 medical schools have received $1B donations to make tuition free. 1. Albert Einstein College of Medicine 2. Johns Hopkins University Michael Bloomberg just donated $1B to his Alma mater, making that a total of $4.55B. Surprised it’s not called Johns Bloomberg University

I know someone hiring a contractor for market research / competitive intel for a top digital health company. If it's you, email your resume to Andy@healthcareandy[dot]com If it's not you, like this post so more people see it and refer your friends. Hours are ~20 per week and

Unfortunately, I think many DTC virtual clinics + cash-pay, mail-order pharmacies have a tough road ahead. This is all about the mismatch between the VC investment thesis (5-10x valuation increase from latest round) and what is likely a realistic exit outcome for this archetype

Oura ring generates nearly $500M revenue. As a non-user, I was surprised to hear of their scale. Whenever I research how large niche, health-related devices, products, or services can become, I’m reminded how shockingly large the world actually is. The interesting tailwind for

On August 5, 2015, Walgreens’ stock peaked at $96.68. Today, that same stock hovers around $10 per share. This occurred during a 9-yr period where U.S. healthcare expenditure rose by $1.5 trillion. Expensive real estate, soft retail sales, labor shortages/high turnover,

With Elevance Health’s announced acquisition of CareBridge, I predict home based care will be the hottest M&A market over the next 5 years. Big deals are coming. One important nuance, but I believe only the home based companies that serve Medicare patients will yield the highest

Over the next 12-18 months, I’m watching who gets acquired / merges. And when that happens, who makes the money between early stage investors, late stage investors, and founders? Liquidation preferences are going to become very important, since preferred shares get paid before

HLTH is being acquired, just like I predicted in 2023. They followed the “sell picks and shovels during a gold rush”strategy, except it’s selling a well executed conference to a growing health tech industry that loves conferences. Will be curious if deal terms are released.

The buyer of HLTH is reportedly Hyve Group, an international events company now owned by private equity. The deal terms were not reported, so we’re not sure if I was right about the $100M+ exit valuation or not. But I bet I was… We do know Hyve purchased a much smaller

Those celebrating RJK Jr.'s appointment to HHS Secretary must realize vaccines are a small part of the FDA, which is a small part of HHS, and food is governed by USDA, which falls under the Secretary of Agriculture. He'll be buried in the minutiae of Medicare & Medicaid funding.

Just a reminder, you don't have to post a "hot take" about a tragedy for clicks. It's okay to let the families and friends involved mourn in peace.

UHG offering voluntary severance for ~30,000 staff. If they don’t accept by 3/3, they risk getting laid off by 5/1 anyways. I know people don’t like insurance companies, but the insurance workers are regular people with families themselves. These truly are uncertain times.

The FDA just wiped out $5B in market cap from Hims (stock is down 25%). Pharmacies must stop selling compounded semaglutide after May 2025. Now Hims trades at 7x revenue multiple (instead their previous 10x). The potential remaining issue is that the median SAAS revenue multiple

Hinge Health’s potential IPO is the talk of the town. Lot of outsider opinions. It was tempting to rip apart the S-1 and add my critical thoughts. But as someone who now runs a business, I understand how nuanced the reality is compared to what outsiders (or even investors)

.Arfur Rock Any idea how well Function Health is doing? They were rumored to raised at least $200M series B in February at a $2B+ valuation.