Elation Health

elationhealth.com →

-33%

est. 2Y upside i

HealthcareSeries D+

Clinical-first electronic health record platform for primary care

Rank

#3085

Sector

Healthcare Technology

Est. Liquidity

~4Y

Data Quality

Data: Medium

Expected 2-year common equity return is about -33% after a likely 20pt dilution and a $108.5M preference overhang, mainly because the 14.8x ARR entry price is above the 6x-12x public comp range.

Last updated: August 4, 2026

Bull (10%)+31%

IPO window and category leadership support 14x forward revenue on $42.5M ARR -> $595M exit; after 20pt dilution, +30.5%.

Base (55%)-23%

Multiple converges to 9x (mid public comp range) on $42.5M ARR -> $382.5M exit; after 20pt dilution, -23.2%.

Bear (35%)-66%

Epic/Oracle expand into independent primary care, compressing multiple to 5x on $42.5M ARR -> $212.5M exit; after 20pt dilution, -66.3%.

Est. time to liquidity~4.0 years
Adjusted for competitive dynamics: -38% (raw: -33%, adjustment: -5%)

Preference Stack Risk

high

Funding Intensity

2750%

$108.5M 1x non-participating preferred sits ahead of common, consuming 27% of the $395.3M valuation.

Dilution Risk

high

Series D was July 2022 and no profitability is disclosed; a capital raise likely triggers ~20pt dilution.

Secondary Liquidity

limited

A Jan 2025 secondary mark exists, but employee shares appear illiquid until an IPO or company-sponsored tender.

Questions to Ask at the Interview

Strategic questions based on Elation Health's data — designed to show you've done your homework.

  • 1

    “How will you defend against Epic and Oracle Health moving into independent primary care without being acquired by a legacy EHR?”

  • 2

    “What is the current ARR growth rate, net revenue retention, and path to free cash flow break-even?”

  • 3

    “What is the 409A strike, fully diluted share count, and expected IPO/secondary liquidity timeline?”

Community

Valuation Sentiment

Our model estimates -33% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.