Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Omada Health is expected to IPO this week. The company’s amended prospectus puts the expected price range per share at $18 to $20, implying a market cap of ~$1.1B.</li>
<li>Omada Health is a virtual-first healthcare provider, supporting people with chronic conditions: prediabetes, diabetes (T2D), hypertension, obesity and musculoskeletal.</li>
<li>A digital care provider stayed private for longer. Its direct competitor, Livongo Health, went public in 2019 and was acquired by Teladoc Health for ~$18.5B in 2020.</li>
</ul>


Omada Health is expected to IPO this week. The company’s amended prospectus puts the expected price range per share at $18 to $20, implying a market cap of ~$1.1B.
Omada Health is a virtual-first healthcare provider, supporting people with chronic conditions: prediabetes, diabetes (T2D), hypertension, obesity and musculoskeletal.
A digital care provider stayed private for longer. Its direct competitor, Livongo Health, went public in 2019 and was acquired by Teladoc Health for ~$18.5B in 2020.


Omada Health IPO: Stayed Private For Longer, Modest Upside Potential

<ul>
<li>Beta Bionics, a high-growth medtech company and developer of an integrated bionics pancreas system called iLet, filed for an IPO in the United States.</li>
<li>Maker of insulin delivery device cleared by the FDA offers 7.5M shares at a price range between $14.00 and $16.00 per share.</li>
<li>With the most recent S-1/A, Beta Bionics plans to raise ~$122M at the high end of range at $16.00 per share, including a concurrent private placement.</li>
</ul>


Beta Bionics, a high-growth medtech company and developer of an integrated bionics pancreas system called iLet, filed for an IPO in the United States.
Maker of insulin delivery device cleared by the FDA offers 7.5M shares at a price range between $14.00 and $16.00 per share.
With the most recent S-1/A, Beta Bionics plans to raise ~$122M at the high end of range at $16.00 per share, including a concurrent private placement.


Beta Bionics IPO: Will The Innovative MedTech Company Repeat The Success of Livongo Health?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Teladoc health has shown growth in the previous year's earnings with an increased focus on operating efficiencies and bottom line performance.</li><li>The company delivered 33% growth in adjusted EBITDA and free cash flow of $194 million in 2023.</li><li>Their selling season yielded double-digit bookings growth over the prior year, with around 75% being upsells or expansions with existing clients.</li></ul>

Teladoc health has shown growth in the previous year's earnings with an increased focus on operating efficiencies and bottom line performance.The company delivered 33% growth in adjusted EBITDA and free cash flow of $194 million in 2023.Their selling season yielded double-digit bookings growth over the prior year, with around 75% being upsells or expansions with existing clients.

Teladoc Health: Performance of Integrated Care and BetterHelp Are Encouraging Factors In 2024 & Beyond! - Major Drivers

<ul><li>Teladoc Health, Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus.</li><li>The company reported an impressive 8% year-over-year growth in consolidated revenue, reaching $660 million for the third quarter.</li><li>The Integrated Care segment contributed significantly, with a 9% increase in revenue to $374 million.</li></ul>

Teladoc Health, Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus.The company reported an impressive 8% year-over-year growth in consolidated revenue, reaching $660 million for the third quarter.The Integrated Care segment contributed significantly, with a 9% increase in revenue to $374 million.

Teladoc Health Inc.: The Future of Virtual Care! - Major Drivers

<ul><li>Teladoc managed to exceed analyst expectations in terms of revenue as well as earnings with a robust result, characterized by a 10% YoY growth in consolidated revenue and consolidated adjusted EBITDA exceeding expectations at $72 million.</li><li>Notably, the Integrated Care and BetterHelp segments both performed exceptionally well, with the former seeing 5% YoY revenue growth driven by higher enrollment in the chronic care program.</li><li>BetterHelp, the leading player in mental health services, reported an 18% YoY revenue growth in the second quarter, in line with expectations, emphasizing the sustained demand for mental health services.</li></ul>

Teladoc managed to exceed analyst expectations in terms of revenue as well as earnings with a robust result, characterized by a 10% YoY growth in consolidated revenue and consolidated adjusted EBITDA exceeding expectations at $72 million.Notably, the Integrated Care and BetterHelp segments both performed exceptionally well, with the former seeing 5% YoY revenue growth driven by higher enrollment in the chronic care program.BetterHelp, the leading player in mental health services, reported an 18% YoY revenue growth in the second quarter, in line with expectations, emphasizing the sustained demand for mental health services.

Teladoc Health Inc.: An Expanded Strategic Partnership With Microsoft & Other Major Developments

United States

Teladoc Health, Inc. provides healthcare services. The Company diagnoses, recommends treatment, and prescribes medication for routine medical issues through phone and video consultations. Teladoc operates in the United States.

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Teladoc Health, Inc. (TDOC US)

Omada Health IPO: Stayed Private For Longer, Modest Upside Potential

Omada Health, a virtual healthcare provider for chronic conditions, set to IPO with expected price range of $18 to $20 per share, aiming for a...

Andrei Zakharov

Beta Bionics IPO: Will The Innovative MedTech Company Repeat The Success of Livongo Health?

Beta Bionics, a developer of bionic pancreas system called iLet, is expected to IPO next week. In my insight, I discuss IPO valuation and...

Andrei Zakharov

Teladoc Health: Performance of Integrated Care and BetterHelp Are Encouraging Factors In 2024 & Beyond! - Major Drivers

Teladoc health has shown growth in the previous year's earnings with an increased focus on operating efficiencies and bottom line performance. The...

Baptista Research

Teladoc Health Inc.: The Future of Virtual Care! - Major Drivers

Teladoc Health, Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus. The company reported an...

Baptista Research

Teladoc Health Inc.: An Expanded Strategic Partnership With Microsoft & Other Major Developments

Teladoc managed to exceed analyst expectations in terms of revenue as well as earnings with a robust result, characterized by a 10% YoY growth in...

Baptista Research

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Omada Health IPO: Stayed Private For Longer, Modest Upside Potential

​Omada Health, a virtual healthcare provider for chronic conditions, set to IPO with expected price range of $18 to $20 per share, aiming for a...

Andrei Zakharov

Beta Bionics IPO: Will The Innovative MedTech Company Repeat The Success of Livongo Health?

Beta Bionics, a developer of bionic pancreas system called iLet, is expected to IPO next week. In my insight, I discuss IPO valuation and...

Andrei Zakharov

Teladoc Health: Performance of Integrated Care and BetterHelp Are Encouraging Factors In 2024 & Beyond! - Major Drivers

Teladoc health has shown growth in the previous year's earnings with an increased focus on operating efficiencies and bottom line performance. The...

Baptista Research

Teladoc Health Inc.: The Future of Virtual Care! - Major Drivers

Teladoc Health, Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus. The company reported an...

Baptista Research

Teladoc Health Inc.: An Expanded Strategic Partnership With Microsoft & Other Major Developments

Teladoc managed to exceed analyst expectations in terms of revenue as well as earnings with a robust result, characterized by a 10% YoY growth in...

Baptista Research

Omada Health, a virtual healthcare provider for chronic conditions, set to IPO with expected price range of $18 to $20 per share, aiming for a...