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Size Analysis: The industry's market capitalization stood at $2.1 trillion at the end of the quarter, reflecting an increase over the quarter. However, the number of public companies has remained constant. The number of transactions in the industry, as well as the transaction value, declined during the quarter. Notably, activity in the space has been relatively low since 2022 Q4, with transactions typically below $2 billion, except for a peak in 2022 Q4 when it reached $5 billion.

Public Market Dynamics: While the performance of the industry improved during the quarter, it still significantly lagged behind the broader market, although the top SPY outperformed. The median debt-to-equity ratio increased relative to the last quarter, with a severe incline in the interest expense-to-revenue ratio. Revenues experienced a slight overall increase during the quarter.

Transaction Trends: A total of 32 transactions occurred in the industry during the quarter, with one IPO announcement. M&A transactions, private placements, and public offerings all experienced slight declines over the quarter. Notably, there were more private placements relative to public offerings.

Dispersion Insights: North America emerged as the major contributor to revenue, followed by Africa and Asia. M&A activity was highest in North America, followed by Asia and Europe. Private placements were highest in North America, followed by Africa while public offerings were highest in North America, followed by Oceania.


We screened CapitalIQ using its industry classification and Business Description. Transactions were filtered by announced date within the last 3 years. Companies were filtered by having a public company type. The main industry selected was "Healthcare". The keywords "telehealth", "telemedicine", "digital care" and "telecare*" were used to screen the database. "Telehealth has been kept for only category. The keywords have been used to determine our sectors.


This research report is for informational and discussion purposes only. Information presented here is not investment advice of any kind to any person and does not constitute a recommendation as to the purchase or sale of any interests or as to any other course of action. General, financial, and statistical information concerning the details of this report and related industry are from sources Spaulding Financial believes to be reliable.

Spaulding Financial has accurately reflected such information in this research report; however, Spaulding Financial makes no representation as to the sources’ accuracy or completeness and has accepted this information without further verification. Neither all nor any part of the content of this report may be conveyed to the public through advertising, public relations, news, sales, mail, direct transmittal, or other media without the prior written consent of Spaulding Financial. Spaulding Financial ’s research is as of the date reported herein.

Spaulding Financial has no affiliation with any of the companies comprising the industry used as a basis for research in this report, nor does Spaulding Financial hold any investments in the companies listed herein. The content of this report may be used, in part, as a basis for any work that Spaulding Financial performs for you in the future at the sole discretion of Spaulding Financial. All data is from Capital IQ database.

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