7 HealthTech IPO Candidates for H2 2025: Doctolib, Pearsanta, Ro Health, Zocdoc, Aledade, Quantum Health, Sword Health
- Lloyd Price
- Jun 17
- 4 min read
The IPO market is more receptive than in previous years for HealthTech companies, driven by a renewed focus on profitability, strong business models and the ongoing digital transformation of healthcare.
Companies like Doctolib and Pearsanta appear to be the most definitively positioned for a H2 2025 IPO based on their public statements and financial transparency or active underwriting processes.
Others like Ro Health and Sword Health are strong contenders based on industry expert predictions and market dynamics. The actual timing for each company IPO will heavily depend on their final financial readiness and overall market conditions.
Seven HealthTech IPO Candidates for H2 2025
Doctolib (Europe): This French-based company is consistently highlighted as a prime IPO candidate. They are a dominant online booking platform for medical appointments and provide practice management software across Europe. Their strong growth and stated aim for profitability in 2025 make them very attractive to public investors. Experts often compare them to the now-public Hinge Health in terms of market leadership within their respective segments.
Pearsanta (Aditxt Subsidiary): This company is a particularly strong contender because of its publicly stated intentions. Focusing on early cancer detection, Pearsanta (a subsidiary of Aditxt) has engaged Dominari Securities for their IPO, with a targeted launch in H2 2025 to fund their commercialisation efforts for the Mitomic Technology Platform. This direct announcement lends significant weight to their IPO prospects.
Ro Health: A prominent direct-to-consumer telehealth company that has diversified its offerings significantly (men's and women's health, weight management, dermatology, diagnostics). Having raised substantial capital, Ro is a frequently cited potential public market entrant as the telehealth sector matures and seeks clearer paths to profitability.
Zocdoc: Another major player in online doctor appointment booking, primarily in the US market. With a large, established user base and a focus on improving operational efficiency for healthcare providers, an IPO is a logical next step when market conditions are seen as favourable.
Aledade: This company is a leader in the shift towards value-based primary care, working with independent physician practices to improve outcomes and reduce costs. As the healthcare landscape continues to prioritize value over volume, Aledade's proven model and significant network make them a strong candidate.
Quantum Health: A healthcare navigation and advocacy company that helps employees and their families navigate complex healthcare systems, often resulting in significant cost savings for employers and improved patient experiences. Their value proposition makes them appealing to investors.
Sword Health: Operating in the digital musculoskeletal (MSK) care space, similar to Hinge Health, Sword Health offers virtual physical therapy and pain management solutions. Given the successful IPO of Hinge Health, Sword is often seen as the next logical company in this sub-sector to go public.
Why these companies are on the radar for H2 2025
Maturity and Scale: These companies are beyond the early startup phase, demonstrating significant market traction, substantial revenue, and often a large user/client base.
Clear Path to Profitability (or already profitable): The market is increasingly demanding profitability or a very clear, short-term path to it. Many of these companies have either announced profitability goals for 2025 or are very close.
Strong Value Proposition: They address critical pain points in healthcare (access, cost, chronic disease management, specialised care) with proven solutions.
Strong Investor Backing: They have attracted significant venture capital and growth equity, indicating investor confidence in their long-term potential. These investors will be looking for an exit opportunity like an IPO.
Market Tailwinds: Ongoing trends like the shift to value-based care, increasing adoption of telehealth, demand for personalised medicine, and the integration of AI continue to favour these types of healthtech innovators.
Opening IPO Window: With some successful healthtech IPOs in H1 2025, market sentiment is improving, making H2 a more opportune time for companies ready to go public.
Nelson Advisors > Healthcare Technology M&A
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