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1、2Notes:(1)Drake Star telemedicine index gathers public telemedicine companies on a global basis.“Drake Star telemedicine index”is not a fund.The“index”is a number of global public telemedicine companies Drake Star tracks.The full list of companies included in the“index”is available on page 20.There
2、are three changes with the initial Drake Star telemedicine index:(a)the withdrawal of Pharmasimple SA because of bankruptcy and suspension of listing;(b)the withdrawal of Babylon Holding which recently got bought by Emed.Com Technologies Limited;(c)the withdrawal of 1Life Healthcare,Inc.because of i
3、ts sale to Amazon.This report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security.The information herein is based on sources we believe to be reliable but is not guaranteed by us and we assume no liability
4、for its use.Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice.Source:Pitchbook,Capital IQ,Drake Star proprietary researchWe observe a low M&A activity in European telemedicine with 13 deals completed in H1 2023.The trend is similar in
5、the US with 19 deals in the first semester.There were either geographic-oriented deals or vertical integration in technology.Low M&A marketFundraising activity in H1 2023 was down with only 121 deals completed in the first semester.The US were leading both in deal value and deal count,representing a
6、lmost 70%of the total number of deals in the first semester.We notice that investors focus both on seed and late-stage VC rather than Early-stage and PE Growth/Expansion.Fundraising still down in EU&US.Preference for either emerging companies or mature onesDrake Star Securities LLC is regulated by F
7、INRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.In this document,we provide a H1 2023 update to the Drake S
8、tar European&US telemedicine report.In 2023,the telemedicine landscape has evolved,two major factors have reshaped the investment in this space:rising interest rates and a liquidity crunch faced by venture capitalists.These conditions have put pressure on valuations,prompting VCs to look for compani
9、es that are not just innovative but also profitable.Companies that can provide scalable and effective solutions,seamlessly integrating into users daily routines and delivering health advantages,are more likely to succeed in this competitive environment.We have noted a reevaluation of listed telemedi
10、cine companies of the Drake Star Telemedicine index as investors are trying to understand the post COVID-19 business potential.Listed companies currently trade at 3.1 times the revenue,lower than the historical 3.9 times excluding the COVID-19 valuation blimp.Enterprise values peaked during the pand
11、emic with companies trading at around 8 times the revenue.During H2 2021 and H1 2023,investors played a waiting game to see what the market is going to be like after COVID-19.We remain bullish on the telemedicine market,given the significant healthcare service gap.The latter creates opportunities fo
12、r standout entities adept at meeting patient needs.It is worth remembering that in Europe,the main sources of revenues are,in decreasing importance order,the government reimbursements of services,private insurance companies reimbursements,doctors subscriptions to SaaS products and patients payments.
13、Therefore,as telemedicine continues to mature,operators will position themselves to be relevant for government and insurances reimbursement systems,and somewhat less to doctors payments as there are budget constraints.Demographically,the telemedicine sectors growth is driven by governmental support,
14、increased awareness of its services,an aging population,medical diagnostic advancements,and a notable shortage of medical professionals.Telemedicine is facing challengesThe Drake Star Telemedicine index(1)declined by-21.4%in H1 2023,underperforming both the Nasdaq(26.6%)and S&P 500(16.4%).Tech valua
15、tion contractions hinted at waning confidence in the broader tech sector.Investors favored profit-centric companies with strong fundamentals,showcasing a conservative investment trend.Consequently,less financially robust telemedicine entities lagged.3Source:Drake Star proprietary researchTelemedicin
16、e gained popularity since the COVID-19 collapse.Notably,remote consultation is the most active segment in telemedicine.However,supply and demand arent aligned yet.Busy marketDrake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake
17、Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.Key considerations for revenue sourcesIn todays evolving healthcare landscape,its crucial for investors and operators to maintain a sharp focu
18、s on identifying the ultimate payers for their services.Over the medium to long term,we believe that investors will draw their attention towards return on investment,i.e.,profitability of telemedicine platforms to cash out the prior investments to help companies grow.As of H1 2023,we still observe l
19、ots of telemedicine actors in a busy market since massive developments have been recently made following the COVID-19 collapse.Remote trends have tremendously impacted the telemedicine industry since remote consultation remains the most active submarket.However,while we are now back to a pre-pandemi
20、c situation,we continue to observe demand and supply gaps.Additionally,companies will continue to face increased interest expenses payments in Q4 2023 because of high interest rates.Hence,growth capital expenditures and M&A activities will pursue the same trend as in the first semester.Telemedicine
21、actors will pay particular attention to their operational margins to overcome the economic difficulties.Moreover,if this high-interest rates context were to last,non-profitable businesses could not anymore rely on private funding from investors and could eventually disappear.We have taken note of th
22、e demise of Babylon Health.There is a lot of analysis regarding the reasons for this collapse,a combination of lack of management focus,over-the-top valuation,and unsuccessful acquisitions.Overall,we continue to encourage investors and operators to be very focused on who will pay for their services,
23、i.e.,consumers,doctors,hospitals,insurance companies,governments,etc.In US and Europe,the market will address the needs of emerging companies born with the COVID-19 outbreak with pre-seed/seed investments.On the other hand,mature companies will maintain their semi-annual growth trajectory by raising
24、 additional capital and consolidating with complementary businesses.Finally,we expect valuations to stabilize on both trading and transaction multiples.Interest rates continue to put the global economy under pressure and loss-making companies will struggle to find new capital.Peak in interest rates4
25、During the first half of 2023,EU&US M&A activity in the telemedicine sector experienced a noticeable slowdown with only 32 deals reported.A significant 60%of these deals targeted American companies.On the other hand,Europe demonstrated a growing presence with a total of 13 deals,making up 40%of the
26、global deal volume.This is an uptick from the previous year when Europe accounted for 26%of the deals.In H1 2023,the standout deal has been the acquisition of Heal known for its remote consultation,clinician selection,and e-booking tools by Humana,a health insurance provider,totaling$100M.Denmark st
27、ill led among European peers with 3 deals in H1 2023,followed by Italy,UK,Spain&Sweden with 2 deals,and France&Poland each realized 1 deal in this semester.5285298050002020212022H1 2023Series2Series441086822USAEuropeSource:Pitchbook,Capital IQ,D
28、rake Star proprietary researchScope:USA&Europe We detected two general trends:As mentioned on slides 4 onwards,telemedicine companies are focusing on external growth in new segments and in their own by absorbing competition.Then,as illustrated on slides 8 onwards,the market leaders are improving the
29、ir services by integrating niche specialists to capture more revenues.For example,Doctolib acquired Siilo in January 2023,a Netherlands medical messaging application designed to improve patient care through collaboration.Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.All sec
30、urities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.95667782210Heal Specialty careN.AHumanaJul-2023DaVinci(Clinics/Outpatient
31、 Services)Remote consultation/Specialty careN.AMay-2023Remote consultation/Specialty careN.A)Big HealthApr-2023Remote consultationN.AApr-2023Remote consultationN.AFeb-2023Remote consultation&Clinician selection&e-booking tools$100.0MJan-2023Remote consultationN.AFlorence Jan-2023Remote consultation&
32、Clinician selection&e-booking toolsN.ACanada Diagnostic CenterJan-20235 5Source:Pitchbook,Company WebsitesDrake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Ca
33、pital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.6Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 5
34、82160)which is authorised and regulated by the Financial Conduct Authority.The acquisition will help the company to deliver on a critical customer need,as employers and health plans increasingly seek ways to provide effective treatments across a broader age range.Developer of a digital therapeutics
35、platform intended for the treatment of adolescent mental health.Limbixs platform delivers mental health treatment to young people who suffer from depression,anxiety and other mental illnesses,enabling doctors to prescribe digital,evidence-based,therapeutic interventions to improve the lives of teens
36、.Benjamin Lewis Co-Founder&CEOJonathan Sockell Co-Founder&COO201660Specialty careB2C27.6m(1)N.A.July 14th,2023|San Francisco,USAN.A.ACQUISITION BYZipnosiss platform offers automated service,patients greater choice and convenience,providers improved efficiency,and boosts the bottom line for health or
37、ganizations,enabling clients to expand access to immediate care.Derek Rockwell Vice PresidentLisa Ide MD Chief Medical Officer 200836Remote consultation/Specialty careB2B20.6mWith this acquisition,Florence will diversify its offering by incorporating additional features to its proprietary clinical p
38、latform and broaden its customer base.May 24th,2023|Minneapolis,USAN.A.ACQUISITION BYOperator of telemedicine platform intended to serve individuals,couples and families.ZipDoctor offers board-certified physicians and licensed mental and behavioral health counselors and therapists thereby helping it
39、s clients to get access to most of their medical results,reports,clinical notes and prescription information.Jacob Cohen,Director of AMIH2016N.ARemote ConsultationB2CN.A.Cosmos Health aims to expand on target current primary care and mental health service offerings to include the ability to speak to
40、 a doctor to seek additional medical treatments.April 3rd,2023|Addison,USAN.A.ACQUISITION BYSource:Pitchbook,LinkedIn,Company WebsitesNote:(1)Total raised to date*Target key shareholders at the time of transaction7The acquisition will help DrFirst to diversify its offering by incorporating the healt
41、hcare messaging platform to its proprietary medical data management software,enabling a flexible and seamless link between doctors and patientsDeveloper of an online healthcare platform designed to connect physicians with their patients.Backlines platform uses its built-in directory and calls schedu
42、les to route phone calls and text messages to deliver key patient data into patient medical records,enabling doctors to view the records on a smartphone and transmit new treatment instructions to the patients logbook on the goN.A.ACQUISITION BYSherry Henricks CEO&Board MemberBen Mishkin CTO201013Rem
43、ote ConsultationB2B6.0mFebruary 1st,2023|Rockville,USAHeal was acquired by Humana to expand the platforms reach into new geographic regions such as Chicago,Houston and Charlotte,North Carolina,to align with its Bold Goal population health initiativeDeveloper of an on-demand healthcare platform desig
44、ned to offer timely and convenient medical care.Heals platform provides patients with access to quality healthcare services by connecting them with vetted and licensed pediatricians and family practice doctors through video or house calls,enabling patients to book a telemedicine call and avoid expos
45、ure to contagious viruses at the doctors office$100.0MACQUISITION BYScott Vertrees CEOJustin Zaghi Chief Medical Officer and President Ravi Guha CFO2014380Remote consultation&Clinician selection&e-booking toolsB2C181.9mJanuary 1st,2023|Los Angeles,USAUnipolsai,the insurance company of the Unipol gro
46、up,has acquired a 66%stake in DaVinci to diversify its operations and increase the revenue channel related to non-insurance business.Provider of telemedicine services intended to make healthcare more accessible and closer to the population at any time and in any place.DaVincis application allows doc
47、tors and psychologists to visit patients via video call,enabling them to solve problems that do not require physical contactN.A.ACQUISITION BYStefano Casagrande Co-Founder&Co-CEOAndrea Orani Co-Founder&Co-CEOFrancesco Mainetti Co-Founder&Partner 201941Remote ConsultationB2C1.0m(1)N.A.April 1st,2023|
48、Milan,ItalySource:Pitchbook,LinkedIn,Company WebsitesNote:(1)Total raised to date*Target key shareholders at the time of transactionDrake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed re
49、presentative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.8Practio was acquired by Carelink,via its financial sponsor Dansk Generationsskifte.The funds will be used by the company to accelerate the deployment in the UK and to enter the German
50、 marketOperator of a healthcare platform intended to serve patients with the help of local pharmacies.Practios platform is a provider of an online doctor consultation for travel vaccination facilitating users to communicate with doctors and book an appointment with them,enabling patients to get vacc
51、inated at their nearest pharmacyMads Mikkelsen Co-Founder&Board MemberSren Heupel COO201537Remote consultation&Clinician selection&e-booking toolsB2C9.7mJanuary 5th,2023|Copenhagen,DenmarkSwiftMD was acquired by ReviveHealth,via its financial sponsor Eir Partners.SwiftMDs offering will complement th
52、e existing healthcare services offered by RevivedHealth and primarly improve the remote consultation areaProvider of telemedicine services intended to offer an easy way for patients and caregivers to connect with physicians for non-emergency medical care.SwiftMDs telemedicine services offer on-deman
53、d access to physicians and health records as well as prescriptions through phone and videoconferencingJohn Lawlor CEOMark Devine CFO200714Remote consultationB2CN.A.(1)January 24th,2023|Exton,USAN.A.N.A.ACQUISITION BYN.A.ACQUISITION BYDrake Star Securities LLC is regulated by FINRA and is a member of
54、 SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.Source:Pitchbook,LinkedIn,Company WebsitesNote:(1)Total raised to date*Target key
55、shareholders at the time of transactionMedical Data CollectionN.AJul-2023Healthcare Software DevelopmentN.AHealthApr-2023HumaReproductive Care ServicesN.AApr-2023Top DoctorsClinics ServicesN.AMar-2023Medical MessagingN.AMar-2023Clinics ServicesN.AFeb-2023Clinician selection&e-booking tools$6.4MJan-2
56、023Vault HealthIT ConsultingN.AScience 37Jan-20239 9Source:Pitchbook,Company WebsitesDrake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)
57、which is authorised and regulated by the Financial Conduct Authority.10The acquisition enables eVisit to increase its highly innovative capabilities with complementary digital front doors and integrated language services for patients to seamlessly access careOnline telemedicine software intended for
58、 fast,easy and efficient access to healthcare specialists.BlueStream offers a virtual care platform that gives nurse triage and behavioral health diagnosis among others and uses in-memory analytics to connect to the right specialist every timeBrian Yarnell Co-Founder&President Daniel Scalisi Chief G
59、rowth Officer201518Remote consultationDealCompletedN.A.N.A.April 27th,2023|New York,USAN.A.ACQUISITION BYThe acquisition helps Top Doctors to become the reference company for patient reviews of doctors,clinics,and hospitals in the UK,creating new synergies in the private sector and accelerating IWGC
60、s penetration into the public sectorOperator of a patient data and insights platform serving the healthcare industry.iWantGreatCare collects data on the performance of individual services,departments and wards and does quantitative and qualitative data intended to give real-time feedbackJon Twinn CE
61、ODan Agnew CTO200814Symptom checker&remote monitoring solutionsDealCompletedN.A.(1)N.A.July 6th,2023|Chipping Norton,United KingdomN.A.ACQUISITION BYOperator of reproductive care company intended to provide online birth control prescriptions.SimpleHealths platform takes users medical history and per
62、sonal preferences to prescribe a birth control brand that will be safe and effective,providing women with birth control to their door while also taking care of refillsCarrie Siu Butt CEOGeorgia Little COO201566Remote consultation/Remote pharmacyB2C44.8mTwentyeight Health will be providing the servic
63、es previously performed by SimpleHealth and will be addressing SimpleHealths users ongoing needs for reproductive and sexual health servicesApril 12th,2023|New York,USAN.A.ACQUISITION BYSource:Pitchbook,LinkedIn,Company WebsitesNote:(1)Total raised to date*Target key shareholders at the time of tran
64、sactionDrake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.11The acq
65、uisition will add capabilities to SonderMind,incorporating the tools developed by Mindstrong to enhance the offering of its health care platform and developing complementarities to its current telemedicine capabilitiesOperator of a digital therapeutic platform intended to address personal,societal,a
66、nd economic problems.Mindstrongs platform has developed a biomarker panel that measures brain function from interaction patterns captured passively and continuously from human-computer interfacesN.A.ACQUISITION BYMichelle Wagner CEORusty Taylor CFO1992135Remote consultationDealCompleted145.5m(1)Marc
67、h 22nd,2023|Menlo Park,USAA life science platform which offers covid-19 testing and health screening services.Vault Health provides comprehensive and adaptable workforce screening services that evolve continuously to meet the needs of their diverse client baseJason Feldman Co-Founder&CEO2019246Clini
68、cian selection&e-booking toolsB2C28.1mN.A.The transaction will allow Science 37 to further enhance clinical trial workflow orchestration and data interoperability capabilities of its platformFebruary 2nd,2023|Coral Gables,USAN.A.ACQUISITION BYWith this acquisition,Doctolib intends to strengthen its
69、own newly-developed messaging system between healthcare professionals,expand its customer base by acquiring foreign competitorsDeveloper of a medical messaging application designed to improve patient care through collaboration.Siilos platform keeps personal and professional data separate on the devi
70、ce,and stores patient information and discussions in a secure encrypted vault,enabling healthcare professionals to manage workflowJoost Bruggeman Co-Founder&CEO Arvind Rao Co-Founder&CFO201653Clinician selection&e-booking toolsDealCompleted16.0mMarch 2nd,2023|Amsterdam,NetherlandsN.A.ACQUISITION BYD
71、rake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.Source:Pitchbook,
72、LinkedIn,Company WebsitesNote:(1)Total raised to date*Target key shareholders at the time of transaction12The acquisition of MyDr will allow ZnanyLekarz to implement the best technological solutions for the entire industry in PolandOperator of a platform for arranging medical appointments software l
73、ocated in Poland.MyDr offers comprehensive data on all medicinal products available on the Polish market catering to doctors,pharmacists and patientsPiotr Miluski Managing Director2017N.A.Clinician selection&e-booking toolsDealCompletedN.A.(1)N.A.January 9th,2023|Warsaw,PolandHuma will form an advan
74、ced clinical trials division offering digital solutions across the entire development pipeline,from early stage through to Phase IV hybrid and fully decentralized trialsDeveloper and provider of IT software solutions and services designed for data-driven clinical research and technology utilization.
75、Alcediss services include clinical operation,regulatory,medical writing,data management,pharmacovigilance,biometrics and monitoringMichael Lorsbach Co-Founder&Managing DirectorElke Heidrich-Lorsbach Co-Founder&Board Member199291Symptom checker&remote monitoring solutionsDealCompletedN.A.N.A.January
76、9th,2022|Giessen,GermanyN.A.ACQUISITION BYN.A.ACQUISITION BYSource:Pitchbook,LinkedIn,Company WebsitesNote:(1)Total raised to date*Target key shareholders at the time of transactionDrake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through
77、 Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.334698213Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted thr
78、ough Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.2,195609.4256.434.014.96.910.2Rest of the world441 507 1,005 1,266 3,422 23,720 Geographically,the United States was the top ranked
79、 country in terms of number of fundraisings with 2,195 transactions over 2015-2022.To compare,the top 5 EU countries only saw 836 completed over the same period.The United Kingdom completed nearly three times as many fundraisings as France over the same period.In terms of total amount raised,the Uni
80、ted States dominated with over 23bn raised since 2015.In Europe,UK and France were the respective leader and challenger,combining over 4.5bn raised over 2015-2022.Sweden was ranked 3rd and leads the way among Nordic countries.During H1 2023,there were 121 global fundraising events.As of H1 2023,the
81、United States also held the top position in terms of total funds raised with over 600m.In Europe,Germany ranked 1st per total amount raised,strengthened by the Sanecum fundraising which amounted 250m.82 86 104 142 422 3,031121Source:Pitchbook,Capital IQ,Drake Star proprietary researchScope:USA&Europ
82、e 14Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.In Europe an
83、d in the US,investments in H1 2023 amounted to 121,in line with the current credit environment and rising interest rates.In Europe,fewer deals happened in H1 2023 compared to H2 2022.The number of fundraisings dropped by 11%over the period.However,we observe a slight change in Europe compared to wha
84、t happened between H1 2022 and H2 2022,pointing out to a possible bounce-back of the activity in H2 2023.In the US,in H2 2023,interest rates should stabilize,giving a better visibility to companies for growth and financing.Pre-seed investment continue to dominate so far in 2023 both in Europe and in
85、 the US since it accounted for 45%of the total in the first semester.Late-stage VC is not far behind in H1 2023 with 28%of the total,solidifying the trend that started in 2020 when it overtook early-stage VC.97545272829272809526998720
86、0022H1 2023Pre-Seed+SeedEarly-stage VCLate-stage VCPE Growth/Expansion4058697462757568392055320408292822000212022H1 2023EuropeUSA24121Source:Pitchbook,Capital IQ,Drake Star proprietary researchScope:USA&Europe Specialty Care250.0mApr-
87、23Specialty Care92.4mFeb-23Remote Consultation46.1mMar-23Remote Consultation37.7mJan-23Remote Monitoring Solution31.8mJan-23Remote Consultation27.4mApr-23Clinical Selection&E-booking Tools18.5mJun-23Clinical Selection&E-booking Tools18.4mMar-23Remote Monitoring Solution16.4mJan-231515Drake Star Secu
88、rities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.Source:Pitchbook,Company Websit
89、es16Capsule raised 92.38m of venture funding in a deal led by Cox Enterprises.The funds will be used to further develop the presence of the company nationwide and globally and invest in the companys technologyProvider of digital pharmacy services aiming to streamline the process of receiving prescri
90、ption medications.Capsules platform not only accepts prescriptions directly from doctors but also enables patients to transfer prescription refills from their previous pharmacy to the platform.This convenient service ensures that users can receive their medications on the same day they order them92.
91、38MPRIVATE PLACEMENTEric Kinariwala Co-Founder&CEOSonia Patel Founding Team Member&Chief Pharmacist2015814Specialty CareB2C602.0m(1)February 13th,2023|New York,USATytoCare raised 46.06 million of Series D extension venture funding in a deal led by Insight Partners.The funds will be used to further d
92、evelop novel uses of AI in diagnostic support and remote exam assistanceOperator of a virtual healthcare company intended to provide remote medical examinations so that physicians can check on patients remotely.TytoCare connects people to clinicians over the Internet or through mobile applications t
93、o provide a virtual home examination,and diagnosis solutions,enabling healthcare providers a cloud-based data repository with analyticsDedi Gilad Co-Founder&CEOOfer Tzadik Co-Founder&Chief Operating Officer2011189Remote ConsultationB2C179.1mMarch 16th,2023|New York,USAFirefly Health raised 37.69m of
94、 Series B1 venture funding from F-Prime Capital,Bossanova Investimentos and What If Ventures.The funds will be used to expand new primary care and patient experience platformProvider of primary health care services intended to redefine patient care and make it accessible for all.Firefly Healths serv
95、ices blend technology with a thoughtful care team for continuous,intelligent care that changes behavior and drives value by offering a virtual-first primary care approach,live video appointments with primary care physicians,and a team for convenience without any membership feesFay Rotenberg CEOJeffr
96、ey Greenberg Co-Founder&Chief Network OfficerAndrew Ellner MD-Co-Founder&Chief Clinical Officer2016110Remote ConsultationB2C87.5mJanuary 6th,2023|Watertown,USA46.06MPRIVATE PLACEMENT37.69MPRIVATE PLACEMENTDrake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the U
97、K,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.Source:Pitchbook,LinkedIn,Company WebsitesNote:(1)Total raised to date*Target key shareholders at the time of t
98、ransaction17Sanecum Group 250m of development capital from Adiuva Capital,Montana Capital Partners and other undisclosed investors.The fund will be used for further growth and business developmentProvider of telemedicine services intended to provide digital treatment process to the patients.Sanecum
99、Group operates a network of medically managed outpatient facilities that serve the well-being of patients through online consultation hours with their doctor and offers personal medical care through telemedicine250.00PRIVATE PLACEMENTUlf Voelkel Co-Founder&CEOSusanne Hoischen Co-Founder&Managing Par
100、tner2019800Specialty CareB2C395.0m(1)April 5th,2023|Hamburg,GermanyHelloSelf raised 18.4m of Series B venture funding in a deal led by Octopus Ventures.The funds will be used to further grow its network of trusted therapists,members,and partners across the UK and EuropeProvider of online therapy and
101、 life coaching services intended to minimize the effects of stress.HelloSelfs services offer features such as checking stress,anxiety,and confidence using clinically tested methods,enabling patients to book sessions with psychologists and therapists at their convenienceCharles Wells Founder&CEONeil
102、Bannister CFO201865Clinical Selection&E-booking ToolsB2C28.8mMarch 14th,2023|London,United KingdomMedihive raised 7m of Series B venture funding from ResMed,Irishman Brian McSweeney and Stephen McSweeney.The funds will be used for accelerating the companys international growth and expansion and buil
103、ding its sales,marketing,product and technology teamsDeveloper of online medical services intended to improve medical consultancy and treatment.Medihives platform offers medical consultations via online medical questionnaires,face-to-face consultations,and home health tests,enabling healthcare,pharm
104、acy,and insurance industries to assist their clients to get affordable treatment anytime,anywhere,and any placeMartin Commins Co-Founder&CPOSylvester Mooney Co-Founder&Medical DirectorOisin Kim Co-Founder&Chief Information Officer201360Remote ConsultationB2C16.2mJanuary 9th,2023|Dublin,Ireland18.40M
105、PRIVATE PLACEMENT7.00MPRIVATE PLACEMENTDrake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Finan
106、cial Conduct Authority.Source:Pitchbook,LinkedIn,Company WebsitesNote:(1)Total raised to date*Target key shareholders at the time of transactionDuring H1 2023,valuation multiples increased by 19.9%compared to end of 2022.EV/Revenue multiples of listed companies from the Drake Star Telemedicine Index
107、(1)went from 2.6x to 3.1x,around 63%loss compared to pre-pandemic level.This is the consequence of a decrease in activity and operational results following the deceleration of the COVID-19 pandemic and central banks austerity.In line with a landing telemedicine sector and maturing market,the maximum
108、 EV/Revenue multiple declined from 23.7x to 18.9x.During the peak of COVID-19,telemedicine valuations skyrocketed as it became the primary healthcare avenue,and demand surpassed pre-pandemic predictions.But as health measures relaxed,many patients returned to in-person consultations,creating a dispa
109、rity with the oversupply of telemedicine services born from heavy pandemic investments.This situation led to market consolidation and a shift towards late-stage VC investments.With central banks raising interest rates,the reduction of liquidity on the capital market,telemedicine valuations have been
110、 impacted,leading to decreased multiples and heightened VC expectations for profitability.As a result,the investment community remains in a holding pattern,closely monitoring the post-pandemic evolution of the telemedicine market.18Notes:(1)Drake Star telemedicine index gathers public telemedicine c
111、ompanies on a global basis.“Drake Star telemedicine index”is not a fund.The“index”is a number of global public telemedicine companies Drake Star tracks.The full list of companies included in the“index”is available on page 20.There are three changes with the initial Drake Star telemedicine index:(a)t
112、he withdrawal of Pharmasimple SA because of bankruptcy and suspension of listing;(b)the withdrawal of Babylon Holding which recently got bought by Emed.Com Technologies Limited;(c)the withdrawal of 1Life Healthcare,Inc.because of its sale to Amazon.This report is published solely for informational p
113、urposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security.The information herein is based on sources we believe to be reliable but is not guaranteed by us and we assume no liability for its use.Any opinions expressed herein are statements of our judgm
114、ent on this date and are subject to change without notice.Source:Capital IQ as of September 7th,2023.Average EV/REV excluding COVID-19 hype3.9xCOVID-19 EFFECTDrake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(
115、FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.19Notes:(1)Drake Star telemedicine index gathers public telemedicine companies on a global basis.“Drake Star telemedicine index”is not a fund.The“index”is a n
116、umber of global public telemedicine companies Drake Star tracks.The full list of companies included in the“index”is available on page 20.There are three changes with the initial Drake Star telemedicine index:(a)the withdrawal of Pharmasimple SA because of bankruptcy and suspension of listing;(b)the
117、withdrawal of Babylon Holding which recently got bought by Emed.Com Technologies Limited;(c)the withdrawal of 1Life Healthcare,Inc.because of its sale to Amazon.This report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer t
118、o buy any security.The information herein is based on sources we believe to be reliable but is not guaranteed by us and we assume no liability for its use.Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice.Source:Capital IQ as of Septem
119、ber 7th,2023,index weighted on market capIn 2023,the Drake Star Telemedicine index recorded a 21.4%decline.Underperforming both the Nasdaq(26.6%)and S&P 500(16.4%)this semester.When looking at performances since January 2019,the Drake Star Telemedicine index is underperforming the broader Nasdaq and
120、 S&P 500 by a significant margin.The index decreased by 21.7%while Nasdaq and S&P 500 grew by 91.0%and 77.9%respectively.Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representativ
121、e of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.-50.00%0.00%50.00%100.00%150.00%January-19July-19January-20July-20January-21July-21January-22July-22January-23July-23Nasdaq,Inc.(NasdaqGS:NDAQ)-Share PricingS&P 500(SPX)-Index ValueDrake Star-Tel
122、emedecine-Index ValueIndex perf.(%)DateCovid outbreak:markets fall due to limited consumption(lockdown)leading to a global recessionSlow recovery:the Federal Reserve announces multiple measures to support economy along with the decrease of interest ratesPost-COVID effect:during COVID,households save
123、d money,leading to huge consumption after the crisisDoximity,Inc.LifeStance Health Group,Inc.Teladoc Health,Inc.GoodRx Holdings,Inc.DocMorris AGLongmaster Information&Technology Co.,Ltd.Atrys Health,S.A.LifeMD,Inc.Doctor Care Anywhere Group PLCSmileDirectClub,Inc.Induction Healthcare Group PLCCVS He
124、alth CorporationRedcare Pharmacy NVPing An Healthcare and Technology Company LimitedAmerican Well CorporationDrake Star Telemedecine Index20Notes:(1)Drake Star telemedicine index gathers public telemedicine companies on a global basis.“Drake Star telemedicine index”is not a fund.The“index”is a numbe
125、r of global public telemedicine companies Drake Star tracks.The full list of companies included in the“index”is available on page 20.There are three changes with the initial Drake Star telemedicine index:(a)the withdrawal of Pharmasimple SA because of bankruptcy and suspension of listing;(b)the with
126、drawal of Babylon Holding which recently got bought by Emed.Com Technologies Limited;(c)the withdrawal of 1Life Healthcare,Inc.because of its sale to Amazon.This report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to bu
127、y any security.The information herein is based on sources we believe to be reliable but is not guaranteed by us and we assume no liability for its use.Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice.Source:Capital IQ as of June 30th,
128、2023,index weighted on market capDrake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial C
129、onduct Authority.As of September 2023,the average market cap growth of the 50%best-performing companies in the index was 39%,while that of the 50%worst-performing companies was-39%.In H1 2023,6 of the 16 companies 38%of Drake Star Telemedicine weighted index are recording a positive stock performanc
130、e on H1 2023.American Well Corporation(-64.3%)is the biggest loser of this semester due to its bad results and 2023 revenue guidance 0150Feb-23Jan-23Mar-23Apr-23Jun-23May-23Aug-23Jul-23Sep-23Index perf.(%)DateFY2021FY2022FY2023FY2021FY2022FY2023FY2021FY2022FY2023FY2021FY2022FY2023FY202
131、1FY2022FY2023CVS Health Corporation78 738139 971255 799300 948328 16616 31318 40018 5586%6%6%0.5 x0.5 x0.4 x8.6 x7.6 x7.5 xTeladoc Health,Inc.3 4814 0671 7872 2522 461(41)(14)290n.m.n.m.12%2.3 x1.8 x1.7 xn.m.n.m.14.0 xDoximity,Inc.4 2893 48710412127%34%31%19.8 x11.3 x9.0 x74.0 x33.6 x28.8
132、 xLifeStance Health Group,Inc.2 5542 947587804960(202)(130)52n.m.n.m.5%5.0 x3.7 x3.1 xn.m.n.m.56.2 xGoodRx Holdings,Inc.2 2902 246655737%9%27%3.4 x3.1 x3.2 x52.5 x35.7 x11.6 xRedcare Pharmacy NV1 8551 9621 0601 2041 758(22)(34)39n.m.n.m.2%1.9 x1.6 x1.1 xn.m.n.m.50.4 xDocMorris AG7308371 6
133、651 6271 023(172)(134)(40)n.m.n.m.n.m.0.5 x0.5 x0.8 xn.m.n.m.n.m.Longmaster Information&Technology6886525558n.a.910-16%18%-11.8 x11.3 xn.a.75.3 x63.7 xn.a.American Well Corporation364(35)222259243(147)(218)(152)n.m.n.m.n.m.n.m.n.m.n.m.0.2 x0.2 x0.2 xAtrys Health,S.A.3405456497%14%21%4.4 x
134、2.8 x2.3 x65.2 x20.8 x11.0 xLifeMD,Inc.138(47)(36)10n.m.n.m.7%2.0 x1.5 x1.2 xn.m.n.m.16.3 xVisiomed Group SA118121714n.a.(2)(1)-n.m.n.m.-16.9 x8.4 xn.a.n.m.n.m.n.a.SmileDirectClub,Inc.523(177)(182)(39)n.m.n.m.n.m.0.6 x0.8 x0.8 xn.m.n.m.n.m.Induction Healthcare Group PLC20152915
135、(7)(9)(9)n.m.n.m.n.m.9.3 x1.6 x1.0 xn.m.n.m.n.m.Doctor Care Anywhere Group PLC1214303450(23)(22)(11)n.m.n.m.n.m.0.5 x0.4 x0.3 xn.m.n.m.n.m.MIN0.3 x0.4 x0.3 x0.2 x0.2 x0.2 xAVERAGE5.3 x3.3 x2.1 x39.6 x23.5 x21.8 xMEDIAN2.3 x1.6 x1.2 x52.5 x20.8 x14.0 xMAX19.8 x11.3 x9.0 x75.3 x63.7 x56.2 x21Notes:Dat
136、a in million of Euros()(1)Drake Star telemedicine index gathers public telemedicine companies on a global basis.“Drake Star telemedicine index”is not a fund.The“index”is a number of global public telemedicine companies Drake Star tracks.The full list of companies included in the“index”is available o
137、n page 20.There are three changes with the initial Drake Star telemedicine index:(a)the withdrawal of Pharmasimple SA because of bankruptcy and suspension of listing;(b)the withdrawal of Babylon Holding which recently got bought by Emed.Com Technologies Limited;(c)the withdrawal of 1Life Healthcare,
138、Inc.because of its sale to Amazon.This report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security.The information herein is based on sources we believe to be reliable but is not guaranteed by us and we assu
139、me no liability for its use.Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice.Source:Capital IQ as of September 8th,2023Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted thr
140、ough Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.22Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Sta
141、r UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.23Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(F
142、RN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.DrakeStar_*Partner OfficeDrakeStarPARIS11 Avenue Delcass MUNICHLudwigpalais,Ludwigstr.8 SAN FRANCISCO50 California Street,Suite 1 500 LOS ANGELESBERLINFriedric
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144、30366-2856 T.+971 4325 4662WWW.DRAKESTAR.COMTELEMEDICINE MARKET UPDATEH1 2023Drake Star is an award-winning global tech investment bank that has completed over 450 transactions since 2013.Drake Star team of over 100 senior professionals across offices in New York,London,Paris,Munich,San Francisco,Lo
145、s Angeles,Berlin,and Dubai*focuses on mergers&acquisitions and corporate finance services worldwide in Consumer&Retail Technology,Digital Media,FinTech,Mobility&Sustainability,Software/SaaS,Digital Services,and Industrial Tech sectors.Past performance does not guarantee future results.This report is
146、 published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security.The information herein in based on sources we believe to be reliable but is not guaranteed by us,and we assume no liability for its use.Any opinions express
147、ed herein are statements of our judgment on this date and are subject to change without notice.All product and company names are trademarks or registered trademarks of their respective holders.Use of them does not imply any affiliation with or endorsement by them.Drake Star did not act as a financia
148、l advisor for the transactions in this report if not stated otherwise.Drake Star is the marketing name for the global investment bank Drake Star Partners Limited and its subsidiaries and affiliates.In the USA,all securities are transacted through Drake Star Securities LLC.In the USA,Drake Star Secur
149、ities LLC is regulated by FINRA and is a member of SIPC.Drake Star UK Limited(FRN 942020)is an appointed representative of Kession Capital Ltd(FRN582160),which is authorized and regulated by the Financial Conduct Authority.2023 Drake Star Partners Limited.For more information,visit .*Partner OfficeFor Institutional Use Only.Copyright 2023 Drake Star