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Returns from our public Digital Health index continued to trail broader indices in Q3 along with a revenue multiple step-down of 1.1x while the NASDAQ gained 0.4x during the quarter.
The private placement market delivered a robust $11B in investments in Digital Health, with a YTD total at $34B; nearly 50% more than 2020’s full-year total. Interests in Q3 shifted towards smaller-sized capital raises which contributed 42% of total deal volume. Deals were well-spread across subsectors and end markets – no subsector surpassed 10% of total deal value and the most active end market accounted for only 23% of all deal value.
On the Digital Health M&A front, Q3 experienced a slowdown with $18B in deal value and 114 announced transactions. YTD, end market statistics have shown a marked decline in Payer technology deals which represent only 8% of total value versus 42% for 2020. Nevertheless, valuations continued their upward march reaching 8x LTM revenue to yet another record.