Wrapping up Q1 earnings, we look at the numbers and key takeaways for the healthcare technology stocks, including Hims & Hers Health (NYSE:HIMS) and its peers.
Healthcare technology companies develop software, data analytics, and digital platforms supporting clinical operations, administrative functions, and patient engagement across healthcare systems. Tailwinds include healthcare digitization driving demand for electronic health records, telehealth platforms, and AI-powered diagnostic tools. Regulatory incentives promote interoperability and data sharing, while labor shortages increase automation demand. Headwinds include lengthy sales cycles with risk-averse healthcare buyers, complex regulatory requirements including data privacy compliance, and integration challenges with legacy systems. Competition from established technology giants entering healthcare and reimbursement uncertainties for digital health solutions add market complexity.
The 7 healthcare technology stocks we track reported a strong Q1. As a group, revenues beat analysts’ consensus estimates by 1.6% while next quarter’s revenue guidance was in line.
While some healthcare technology stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 5% since the latest earnings results.
Weakest Q1: Hims & Hers Health (NYSE:HIMS)
Originally launched with a focus on stigmatized conditions like hair loss and sexual health, Hims & Hers Health (NYSE:HIMS) operates a consumer-focused telehealth platform that connects patients with healthcare providers for prescriptions and wellness products.
Hims & Hers Health reported revenues of $608.1 million, up 3.8% year on year. This print fell short of analysts’ expectations by 1.4%. Overall, it was a slower quarter for the company with a significant miss of analysts’ EPS estimates and EBITDA guidance for next quarter missing analysts’ expectations.
Hims & Hers Health Total Revenue
Hims & Hers Health achieved the highest full-year guidance raise of the whole group. The company added 73,000 customers to reach a total of 2.58 million. Still, the market seems discontent with the results. The stock is down 12.9% since reporting and currently trades at $24.84.
Driven by the vision of an “Autonomous Pharmacy” with zero medication errors, Omnicell (NASDAQ:OMCL) provides medication management automation and adherence tools that help healthcare systems and pharmacies reduce errors and improve efficiency.
Omnicell reported revenues of $309.9 million, up 14.9% year on year, outperforming analysts’ expectations by 1.8%. The business had an exceptional quarter with EBITDA guidance for next quarter exceeding analysts’ expectations and a beat of analysts’ EPS estimates.
Omnicell Total Revenue
The market seems happy with the results as the stock is up 12.9% since reporting. It currently trades at $42.48.
Founded in 2011 to transform how healthcare is delivered to patients with complex needs, Evolent Health (NYSE:EVH) provides specialty care management services and technology solutions that help health plans and providers deliver better care for patients with complex conditions.
Evolent Health reported revenues of $496.2 million, up 2.6% year on year, falling short of analysts’ expectations by 6.9%. It was a mixed quarter as it posted a beat of analysts’ EPS estimates but a significant miss of analysts’ revenue estimates.
Evolent Health delivered the weakest performance against analyst estimates in the group. Interestingly, the stock is up 2.9% since the results and currently trades at $3.94.
Operating in 13 states and the District of Columbia with over 4,300 providers serving more than 4.8 million patients, Privia Health (NASDAQ:PRVA) is a technology-driven company that helps physicians optimize their practices, improve patient experiences, and transition to value-based care models.
Privia Health reported revenues of $603.8 million, up 25.8% year on year. This print topped analysts’ expectations by 7.4%. More broadly, it was a mixed quarter as it also recorded an impressive beat of analysts’ revenue estimates but a significant miss of analysts’ EPS estimates.
Privia Health delivered the biggest analyst estimates beat among its peers. The stock is down 4.3% since reporting and currently trades at $22.95.
With technology that automatically adjusts insulin delivery based on continuous glucose monitoring data, Tandem Diabetes Care (NASDAQ:TNDM) develops and manufactures automated insulin delivery systems that help people with diabetes manage their blood glucose levels.
Tandem Diabetes reported revenues of $247.2 million, up 5.5% year on year. This number beat analysts’ expectations by 3.2%. It was a very strong quarter as it also put up a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.
The stock is down 31.7% since reporting and currently trades at $12.62.
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