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  • Lloyd Price

20+ Digital Health companies went public in 2021: Where are they now?

Exec Summary:

The digital health IPO boom of 2021 saw a surge of companies entering the public market, but the landscape has shifted since then. Here's a breakdown:

  • Number of IPOs: While some sources estimated over 20 digital health IPOs in 2021, a more confirmed figure is around 12 via traditional IPOs and an additional 8 to 10 going public through SPAC mergers

  • SPAC vs Traditional IPO: Interestingly, a significant portion (around 13) of these public debuts in 2021 leveraged Special Purpose Acquisition Companies (SPACs) as an alternative to traditional IPOs

  • Market Performance: The success of these companies in the public market has been varied. The broader economic slowdown and high-interest rates have impacted the tech sector in general, and digital health companies haven't been immune

  • Future Outlook: While there haven't been significant numbers of digital health IPOs in 2023 and 2024 so far, some analysts view this as a temporary slowdown. Companies with strong financials and clear paths to profitability might find the IPO market more receptive again in the future.

Why did so many Digital Health companies go public in 2021?

There were a confluence of factors that fueled the surge of digital health companies going public in 2021:

1. Pandemic-driven Growth: The COVID-19 pandemic accelerated the adoption of digital health solutions. Telemedicine, remote monitoring, and other digital tools became crucial for patients and healthcare providers. This growth in usage attracted investor interest in the potential of the digital health market.

2. Increased Investor Appetite: Investors, buoyed by the overall market optimism in 2021, were looking for promising new sectors. The rapid growth of digital health and the potential for disruption in the healthcare industry made it an attractive investment proposition.

3. Rise of SPACs: Special Purpose Acquisition Companies (SPACs) became a popular alternative to traditional IPOs in 2021. SPACs offered a faster and potentially less regulated path to going public, which appealed to many digital health companies.

4. Competitive Landscape: With more investor dollars flowing into the space, companies felt pressure to go public before their competitors to secure funding and establish themselves in the market.

In essence, it was a perfect storm of factors: a growing market, eager investors, a new and faster funding option, and a competitive environment.

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Digital Health company IPOs and SPACs in 2021

23andMe: A consumer genetics company that allows people to learn about their ancestry and health risks through DNA testing. IPO date of June 14, 2021

23andMe has focused on expanding its research efforts and consumer services in the past five years. While financially they haven't turned a profit, they've grown their user base and established themselves as a leader in consumer genetics and genetic research.

Bright Health Group: A provider of value-based care health insurance plans. IPO date of June 24, 2021

Bright Health has faced significant challenges in recent years. While they've shown some progress in streamlining operations and focusing on core competencies, achieving profitability remains an open question. Their future success hinges on the effectiveness of their care delivery model through NeueHealth.

Convey Health Solutions: A healthcare technology company that provides risk adjustment, quality

improvement, and data analytics services to payers. IPO date of June 15, 2021

Convey Health Solutions has carved a niche in the healthcare sector by providing technology-driven solutions for navigating Medicare Advantage and Part D. They've shown steady growth, potentially nearing profitability, and established themselves as a valuable partner for health insurance companies and PBMs.

Dialogue Health Technologies: A provider of virtual care services for chronic conditions. IPO date of March 30, 2021

Dialogue Health Technologies has experienced significant growth in the virtual healthcare space. They've expanded their platform's capabilities and client base, focusing on long-term market dominance rather than immediate profit. Analysts predict strong future earnings growth as the virtual healthcare market continues to mature.

Doximity: A social network for medical professionals. IPO date of June 24, 2021

Doximity has established itself as a leading platform for healthcare professionals. They've expanded their network,improved their platform, and potentially achieved profitability. Moving forward, Doximity will need to navigate competition and data privacy concerns to maintain its position in the market.

Hims & Hers: A telehealth company that provides treatments for a variety of conditions, including hair loss, erectile dysfunction, and mental health. IPO date of January 19, 2021

Hims & Hers has experienced explosive growth in the past five years, becoming a major player in the telehealth and direct-to-consumer healthcare space. They've built a strong brand, established a successful subscription model, and are on the path to profitability. The company's future could involve continued independent growth or a potential acquisition by a larger healthcare entity.

MCI Onehealth: A technology-enabled healthcare company that focuses on improving care coordination and patient outcomes. IPO date of January 6, 2021

The past two years have been challenging for MCI Onehealth. They faced financial and operational difficulties, leading to a potential restructuring and a shift in focus through a partnership with WELL Health. Whether this will lead to long-term success remains to be seen.

Mednow: A telehealth company that connects patients with doctors for urgent care needs. IPO date of March 4, 2021

Mednow has undergone a significant shift in the last 5 years. They've transitioned from a walk-in pharmacy model to a leading virtual pharmacy provider with a focus on B2B partnerships. While financial data suggests recent revenue growth,some sources mention negative shareholders' equity, indicating a need for continued profitability efforts. Mednow's future success will depend on their ability to maintain strong partnerships, expand their virtual pharmacy network, and potentially achieve consistent profitability.

Movano Health: A women's health company that develops and sells smart jewelry that tracks health data. IPO date of March 22, 2021

Movano Health in the last 2 years has focused on developing and gaining regulatory approval for the Evie Ring, a women's health smart ring. They secured funding, submitted FDA applications, and conducted beta programs, suggesting progress towards a commercial launch.

Physitrack: A digital therapeutics company that develops and sells software for physical therapy and rehabilitation. IPO date of June 18, 2021

Physitrack has shown consistent growth and established itself as a major player in the physical therapy telehealth market over the last 5 years. They've focused on product development, user experience, and global reach. While their path to profitability might require further observation, they appear to be on a positive growth trajectory.

Clover Health: Clover Health's mission is to improve every life. Clover Health operates as a next-generation Medicare Advantage insurer, which leverages Clover’s flagship software platform, the Clover Assistant, to provide America’s seniors with highly affordable, “obvious” healthcare plans. IPO date of January 8 2021

Overall, Clover Health is a young company in a growing market with a focus on innovation. They've made strides towards profitability but their long-term success hinges on achieving consistent financial performance.

Privia Health: We place the patient-provider relationship at the heart of healthcare. To nurture this vital relationship, we deliver tools, talent, and technology built to help doctors and their teams keep patients healthy. IPO date of January 8 2021

Privia Health demonstrates growth in revenue and its provider network. Profitability appears to be improving, but a more complete picture is needed. The company faces challenges regarding stock price performance. Their future success will depend on maintaining financial growth and potentially improving investor confidence.

Signify Health: Supported by our unique data and technology backbone, our leading healthcare platform powers the success of hundreds of payor and provider clients participating in value-based care programs. IPO date of February 10  2021

Signify Health operates in a growing market with a valuable service. However, competition and a focus on profitability are key challenges. While they've shown signs of progress, consistent financial performance will be crucial for their long-term success.

Butterfly Network: Butterfly’s mission is to democratize medical imaging by making it accessible to everyone around the world, and contribute to the aspiration of global health equity. IPO date of February 6  2021

Butterfly Network offers a promising technology with the potential to disrupt the medical imaging landscape. However, achieving profitability and navigating a competitive market are key challenges they need to overcome for long-term success.

Tyra Biosciences: Clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in FGFR biologyIPO date of September 17  2021

Tyra Biosciences is a young, publicly traded company with a promising pipeline of drugs targeting a specific biological pathway. They seem to be well-funded to continue development efforts. However, as with any early-stage biotech company, there's inherent risk involved, and their long-term success hinges on the successful development and commercialization of their drugs.

Cano Health: Healthcare and wellness company that provides primary care medical services and pharmaceutical services. The company offers primary care services such as Arthritis and pain management, chiropractic care, diabetes care program, preventive care, and weight loss program among others. IPO date of June 4 2021

Overall, the last two years have been a period of continued growth for Cano Health. They've expanded their reach and membership base while focusing on value-based care and technology-driven solutions. However, achieving consistent profitability and navigating a competitive landscape remain key challenges.

Compute Health Acquisition Corp: Compute Health is a special purpose acquisition company (SPAC) that was focused on healthcare businesses that were already leveraging or had the potential to leverage computational power, with an emphasis on companies in the medical device space, including imaging and robotics. IPO date of June 4 2021

In February 2023, Compute Health, a Special Purpose Acquisition Company (SPAC), announced a merger with Allurion Technologies, a weight loss balloon technology company. This merger provided an exit strategy for Compute Health and allowed Allurion to raise capital and gain public exposure. Allurion's weight loss technology with a virtual care component positions them in a growing market for weight management solutions.

Oscar Health: Leading healthcare technology company, whose mission is to make a healthier life accessible and affordable for all. We started Oscar in 2012 to create the kind of health insurance company we would want for ourselves—one that behaves like a doctor in the family. IPO Date March 3 2021

Oscar Health has made significant progress since their IPO. They've achieved profitability, grown revenue, and implemented a technology-driven approach. However, maintaining this momentum and navigating a competitive landscape will be crucial for their long-term success.

Thorne HealthTech: Predicated on the power of the individual, Thorne HealthTech leverages artificial intelligence models to provide insights and personalised data, products, and services that help individuals take a proactive and actionable approach to improve and maintain their health over a lifetime. IPO Date September 23 2021

Thorne HealthTech, Inc. ("Thorne" or the "Company") (NASDAQ: THRN), a leader in delivering innovative solutions for a personalized approach to health and wellness, announced today that it has entered into a definitive agreement under which L Catterton, a leading global consumer-focused investment firm, will commence a tender offer to acquire all outstanding shares of common stock of Thorne for $10.20 per share in cash. The transaction value of approximately $680 million represents a 94% premium to the unaffected closing share price on July 20, 2023, and a 113% premium to the 30-day volume weighted average price as of the unaffected date of July 20, 2023.

Cue Health: Cue is the first company to develop a connected, molecular diagnostic platform for both home and professional use. IPO Date September 24 2021

Cue Healthfiled for Chapter 7 bankruptcy following the announcement of cessation of operations and termination of all remaining employees in May 2024. In a form filed with the U.S. Securities and Exchange Commission (SEC), the company noted that it had filed in the U.S. Bankruptcy Court for the District of Delaware on May 28, "after considering all strategic alternatives."

What are the future prospects for the Digital Health companies that went public in 2021?

The future prospects for the digital health companies that went public in 2021 are a mixed bag. Here's a breakdown of the key factors to consider:


  • Market Downturn: The overall market slowdown and a shift in investor focus away from high-growth tech stocks have impacted the performance of many digital health companies. Their stock prices may not reflect the initial hype.

  • Profitability Concerns: Some companies may have prioritized growth over profitability in their early stages. This could make it difficult for them to justify their valuations and raise additional capital in a tighter market.

  • Competition: The digital health space is crowded, and many companies are vying for a share of the same market. This can lead to price competition and difficulty in establishing a clear competitive advantage.

  • Regulatory Landscape: Regulations surrounding data privacy and reimbursement for digital health services are still evolving. This can create uncertainty for companies and limit their ability to scale.


  • Long-term Market Growth: Despite the current slowdown, the digital health market is still expected to grow significantly in the coming years. Companies that can address key challenges and demonstrate strong value propositions will be well-positioned to benefit.

  • Focus on Profitability: The market correction may actually be a positive force, pushing companies to focus on building sustainable business models and achieving profitability.

  • Technological Innovation: Digital health is a constantly evolving field. Companies at the forefront of innovation, with solutions that address unmet needs and improve healthcare delivery, will have a significant advantage.

  • Strategic Acquisitions: Larger healthcare players or established tech companies may be looking to acquire promising digital health startups to expand their offerings.

Overall, the future prospects for these companies will depend on their ability to navigate the challenges and capitalize on the opportunities. Some companies may struggle, while others may thrive and become leaders in the digital health space.

Here are some additional factors to consider:

  • The specific sub-sector of digital health: Different areas within digital health (e.g., telemedicine, mental health apps, chronic disease management) may have varying growth trajectories and challenges.

  • The company's business model and execution: Companies with strong value propositions, clear paths to profitability, and effective execution will be more likely to succeed.

Mergers, Acquisitions, Growth and Strategy for Healthcare Technology companies in EMEA

Healthcare Technology Thought Leadership from Nelson Advisors – Market Insights, Analysis & Predictions. Visit 

HealthTech Corporate Development - Buy Side, Sell Side, Growth & Strategy services for Founders, Owners and Investors. Email  

HealthTech M&A Newsletter from Nelson Advisors - HealthTech, Health IT, Digital Health Insights and Analysis. Subscribe Today! 

HealthTech Corporate Development and M&A - Buy Side, Sell Side, Growth & Strategy services for companies in Europe, Middle East and Africa. Visit  



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