- Physical therapy Startup occupation health has officially filed to go publicly.
- Tiger Global -backed occupation will be the first launch of health care for the IPO in three years.
- Here are our three key routes from the 250-page S-1 pages of Hang Health.
Hung Health has officially filed to go to public.
The start of physical therapy filed its S-1 for the initial public offer on Monday, tapped the Investment Bank Morgan Stanley, Barclays, and the Bank of America on the deal.
If the possession of health passes with its IPO, it will be the first start of health care to do so in about three years. Since the last wave of industry IPOs in 2021, public markets have been closed for most health care when public companies did not perform strongly in this cycle.
The San Francisco -based company, which launched a joint and muscle pain virtual care in 2014, will trade under the “HANGE” on the New York Stock Exchange.
The beginning of health care However, especially the unstable markets will enter the market. On Monday, Nice Deck and S&P 500 targeted six months, with President Donald Trump’s trade war and the reduction of employment in the federal government, the fears of this recession were raised.
Except for the collapse of the market, several investors and bankers told the BI in February that Hung Health would be the best choice for the first digital health IPO of the year, with more than the software company providing margin health care services.
We read the most important details through a 250-page S-1 filing of Hung Health. These are our three key paths.
Strong growth, almost profitable
Investors and bankers told Business Insider in February Healthcare Startup Considering an IPO Last year’s revenue should be profitable in millions, and more at the top 30 or or more.
The possession of health is close to all these boxes.
Startup reported $ 390 million in 2024, 33 % higher than last year’s revenue.
Particularly impressive for the launch of health care is its overall margin – the company retained 77 % of its income last year after reducing its services supply costs.
The beginning is not yet profitable through all the matrix, but it is coming there. Occupation Health recorded a free cash flow of $ 45 million in 2024, but a net loss of $ 11.9 million for the entire year.
It is less than 108 million massive millions in pure losses for 2023. According to the filing, it seems that it appears to leave 160 employees in April 2024 and reduce its sales and marketing costs in the fourth quarter.
The diagnostic question
Pricing health does not include pricing information. Whatever IPO’s price, it will run against a price of $ 6.2 billion, starting with its October 2021 with $ 400 million Series E, headed by Tiger Global and Coat management.
Hanj Health has increased the VC by more than $ 1 billion, including Tiger, Coat, Insight Partners, Attico, and 11.2 capital.
According to its S-1 filing, the startup contained $ 466 million in cash and securities at the end of 2024.
When health care was high, the occupation health increased its series. It is hardly the case now, as in 2021, usually several digital health companies that have become private in acquiring low cost, declaration of bankruptcy, or otherwise reduced billions of dollars. For example, the television company Emuel arrived in 2020 at a price of $ 3.9 billion. As of March 11, its market cap is 1 121 million.
Time will tell if four years after its last public diagnosis, the current finances of Hanj Health can encourage more than $ 6.2 billion.
Filling also noted that the Koto Hung IPO was immediately. The company will later sell $ 50 million shares. The contract was formed in February, according to filing. The company shared no reason for the stock’s re -purchase.
Further contracts on the price
Occupation Health is focused on selling self -insurance employers. It also contributes to health projects and pharmacy benefits managers.
Through the combination of Virtual Care Tools and AI, the occupation Health said it has been able to reduce the number of human care hours by 95 % through conventional physical therapy. The company uses AI to personalize its movement -tracking technology and patient care plans. It also offers a FDA to wear a clean clothing tool that provides electro stamility to relieve pain.
According to the filing, while the development strategy of the hege involves increasing its current care sectors, including the prevention of women’s pelvic health and fall, its focus is primarily on attracting new customers and incorporating existing people.
At the end of 2024, there were more than 532,000 members in the occupation health cover in 20 million. Startup says it has more than 2,250 clients. Members are further encouraged to attract and keep their contracts with a part of their contracts, which receive more taxes on high -member engagement. According to the occupation health filing, Medicare seeks to seize more contracts with advanced plans and fully insured employers.
Startup said she plans to continue to move her client base beyond the United States in 2025. It began to deal with employers based in the United States in Canada last year and plans to take deals in Europe this year.
Filling does not share the average cost of new users acquisition occupation. But Startup has spent large parts of its income on sale and marketing – of the eight financial circles between 2023 and 2024, occupation health spent 50 % or more on these five circles sales and marketing. Startup spent significantly in the fourth quarter of 2024, which is 44 % to 30 % of the third quarter.
Hanj Health said he expects his sales and marketing to increase its absolute costs as he is looking for new contracts.
If successful, Hung Health’s IPO can open the door to initiate further health care so that it can be considered publicly.
The BI reported in October that Emada was included in the Health Startup after secretly filing its S1 in the summer. Physical Therapy Startup Sword Health, closest to the occupation, has also expressed interest in the public when IPO markets reopen. In the secondary sales in June, the Million of Million hit $ 30 million in 30 million equity and a collection of 100 million Million, the sword targeted $ 3 billion.