2023年四季度医疗保健服务公共薪酬表和评估指南.pptx

•Mixedperformance:Boththehospitals,rehabilitationlong-termcaregroupandthebehavioralhealthhomehealth/hospicegroupareoverperformingtheSP500.TheformergroupsportsEBITDAmarginsinthemidteenstolowtwentiesandhas

benefitedfromincreasedsurgeryvolumesaftertheCOVID-19pandemic,whilethelattercontinuestocommandstrongEBITDAmultiplesdespitesomeslowingrevenuegrowthandtighteningmarginsforAmedisysandAveanna.Thevalue-basedcaregroup,muchofwhichwentpublicin2020and2021,sportsnegativeEBITDAoverallandissignificantlyunderperformingthemarket.

•Retailersretrench:UndernewCEOTimWentworth,Walgreensbeganclosing60underperformingVillageMDlocationsin

October,evenasthecompanydoublesdownonitsmessagingarounditscaredeliveryfocus.Theclosuresarepartofabroadercost-cuttingstrategyasWalgreensseesprofitssoftenalongwithreducedCOVID-19vaccinedemand.Meanwhile,CVSbroughtitsvariouscaredeliveryassets—includingCaremark,Cordavis,MinuteClinic,OakStreetHealth,andSignifyHealth—underanewbrand,CVSCarespire.Thetwocompanieswereactivestrategicacquirersofhealthcareproviderassetsin2022and2023butarelikelytositonthesidelinesofMAastheyfocusonprofitabilityandintegrationforexistingplays.

•Troubleforagilon:agilon’sstockplummetedinNovember2023andagaininJanuary2024afterthecompanyreviseditsmedicalmarginandEBITDAguidancedownward,citingutilization2xto3xhigherthanexpectedincategoriesincludingspecialistcare

andoutpatientsurgery.Leadershipcitedthelagofseveralmonthsinclaimsdatausedtoanalyzespendingtrends.agilon’sLTMrevenuemultiplehadalreadydippedto0.7xasofDecember31,2023,downfromahighof5.3xin2021and2.3xin2022.For

value-basedcarecompanies,thismishapunderlinestheimportanceofbuildingrobustdatainfrastructuretoaccurately