Elation Health

elationhealth.com →

+2%

est. 2Y upside i

HealthcareSeries D+

Clinical-first electronic health record platform for primary care

Rank

#3572

Sector

Healthcare

Est. Liquidity

~2Y

Data Quality

Data: Low

Elation Health is a structurally interesting but high-risk equity bet at its current $395M secondary valuation.

Last updated: May 5, 2026

Bull (12%)+85%

Elation IPOs within 18 months at roughly $730M, powered by AI platform adoption (billing automation, clinical AI tools) and a primary care market re-rating; preferred stock converts to common at IPO, eliminating the $229M liquidation preference overhang and delivering approximately 85% upside from the current $395M secondary price.

Base (48%)+20%

Elation achieves a liquidity event — IPO or strategic acquisition — near $474M over a 2–3 year window, reflecting steady but unspectacular growth in a competitive independent primary care EHR niche; common shareholders net roughly 20% above the January 2025 secondary price.

Bear (40%)-45%

Incumbent pressure from Epic and athenahealth intensifies and market multiples compress further, forcing a discounted acquisition near $217M or a down round; with $229M in senior preferred absorbing virtually the entire exit value, common shareholders — including employees — recover little to nothing.

Est. time to liquidity~2.0 years

Preference Stack Risk

severe

Funding Intensity

58%

$229.44M in total preferred funding sits senior to all common equity against a $395.27M implied valuation, meaning liquidation preferences absorb approximately 58 cents of every dollar of current enterprise value before employees see any recovery in a non-IPO exit.

Dilution Risk

moderate

Series D stage with active IPO signals suggests limited additional dilutive rounds before liquidity, but any bridge financing, delayed offering, or secondary buyout could add 10–20% further dilution to the common pool.

Secondary Liquidity

limited

The January 2025 secondary market implied valuation of $395.27M indicates some secondary market infrastructure exists, but volume is likely thin and bid-ask spreads wide for employee shares.

Questions to Ask at the Interview

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

  • 1

    “What is Elation's current ARR, net revenue retention rate, and has growth accelerated or decelerated since the July 2022 Series D — and how does that trajectory underpin the $395M secondary valuation?”

  • 2

    “Given the confidential IPO filing signals, what are the gating conditions and likely timeline for a public offering, and how has the AI product suite changed the IPO valuation narrative with bankers?”

  • 3

    “What is the fully diluted share count, current secondary market price per share, and the complete liquidation preference waterfall — specifically, at what exit valuation does common stock begin to participate dollar-for-dollar?”

Community

Valuation Sentiment

Our model estimates +2% 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.