🩺 Home Health Index Gains 25%. $550M+ VC Funding.
Impact Capital Markets #98 looks at our Home Health Stock Index, major impact deals, M&A, and upcoming economic releases.
📉 Today's Global Economic Update: In April 2024, Canada's annual inflation rate fell to 2.7% from 2.9% in March, the lowest since March 2021. Food and shelter prices slowed, relieving some pressure on the Bank of Canada and increasing the likelihood of a June rate cut.
💉 Deal of the Day: AltruBio, a California-based antibody therapeutics company, raised a $225M Series B to develop a new treatment.
What's New?
🩺 Home Health. Home health index increases 25%
💰 Funding. Antibody therapeutics, cancer treatment + more
💼 M&A. Life sciences, energy and waste management
📅 Economics. Japan inflation data, US GDP, balance of trade + more
🩺 Home Health Index Increases 25%
HolonIQ's Home Health index reversed losses observed in 4Q 2023 to increase by 25% relative to a year ago. Technological advancements have transformed the home healthcare industry, creating opportunities to provide advanced and comprehensive medical care from home. The integration of technology has amplified the capabilities of home healthcare - with remote monitoring devices allowing for continuous monitoring of vital signs, medication compliance, and overall health data in patients. An increasingly aging population also drives the rising demand for home health, with many individuals preferring care that allows for continued engagement with family and neighbors.
Stocks in the index have exhibited positive returns, underpinned by strong financial performance, reflecting the positive outlook for the home health industry. Encompass Healthcare ($8B MCap) a leading provider of post-acute healthcare services in the US, announced a notable increase in net operating revenue and income in Q1 2024, which exceeded analysts expectations. Over the past year, its stock price also increased by 38%. Chemed Corp ($8B MCap) saw a substantial growth in EPS in Q1 2024 with revenue up 5% YoY, while its stock price rose 4% over the past year. With hospitals becoming overcrowded and medical staff in short supply, home health providers are playing an increasingly important role in alleviating this pressure.
💰 Funding
💉 AltruBio, a California-based antibody therapeutics company, raised a $225M Series B from the Biotechnology Value Fund to develop a new treatment.
🎗️ Pheon Therapeutics, a UK-based antibody-drug conjugate company, raised a $120M Series B from TCG Crossover to develop new cancer treatments.
🤖 LabGenius, a UK-based machine learning based antibody discovery company, raised a $38M Series B from M Ventures to develop its platform.
🌐 Reactive Technologies, a UK-based grid stability company, raised a $31.4M Series D from M&G Investments to support global expansion.
🌋 XGS Energy, a California-based geothermal technology company, raised a $20M Series A from Valo Ventures and VoLo Earth Ventures to support its first commercial-scale project.
🧬 YGION Biomedical, a German company specializing in personalized cancer vaccines, raised a $16.3M Series A to advance its technology platform.
🩺 Limula, a Swiss company providing solutions for cell therapy manufacturing, raised a $6.M Seed from LifeX Ventures to develop its platform further.
🧠 Videra Health, an AI-driven mental health assessment platform, raised a $5.6M Seed from Peterson Ventures, to enhance mental health care with AI video tech.
💼 M&A
📊 CG Life, an Illinois-based tech-enabled life sciences agency, acquired Berry & Company Public Relations, a New York-based healthcare communications agency.
⚡ Veolia, a French energy and waste recycling management company acquired MRC Consultants and Transaction Advisers, a Spanish energy consulting firm.
📅 Economic Calendar
Japan Inflation Data, US GDP, Balance of Trade + More
Wednesday, May 22nd 2024
🇬🇧 UK Inflation Data, April
🇺🇸 US FOMC Minutes
Thursday, May 23rd 2024
🇩🇪 Germany HCOB Manufacturing PMI (Flash), May
🇯🇵 Japan Inflation Data, April
Friday, May 24th 2024
🇬🇧 UK Retail Sales Data, April
🇺🇸 US Durable Goods Orders Data, April
Monday, May 27th 2024
🇩🇪 Germany Ifo Business Climate Index, May
Wednesday, May 29th 2024
🇯🇵 Japan Consumer Confidence Index, May
🇩🇪 Germany GfK Consumer Confidence, June
🇩🇪 Germany Inflation Data Preliminary, May
Thursday, May 30th 2024
🇺🇸 US GDP Growth Data, Q1
🇨🇳 China NBS Manufacturing PMI, May
Friday, May 31st 2024
🇫🇷 France Inflation Data Preliminary, May
🇪🇦 Euro Area Inflation Data (Flash), May
🇮🇹 Italy Inflation Data Preliminary, May
🇮🇳 India GDP Growth Data, Q1
🇨🇦 Canada GDP Growth Data, Q1
🇺🇸 US Core PCE Price Index, April
🇺🇸 US Personal Income & Spending, April
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