Elation Health

elationhealth.com →

-55%

est. 2Y upside i

HealthcareSeries D+

Clinical-first electronic health record platform for primary care

Rank

#2941

Sector

Healthcare IT

Est. Liquidity

~3Y

Data Quality

Data: Medium

Elation Health operates in a growing $9.5B primary care EHR market, demonstrating recent innovation with AI and earning 'Best in KLAS' recognition in 2025.

Last updated: March 10, 2026

Bull (15%)+150%

Elation Health's AI-powered features like Note Assist and Clinical Insights gain significant traction, driving rapid adoption among independent primary care practices and enabling expansion into new segments. Revenue grows to over $100M by 2028, justifying a valuation approaching $1B at a 10x+ multiple, significantly increasing common stock value.

Base (50%)+60%

Elation Health maintains its strong position in the independent primary care EHR niche, growing steadily by expanding its unified EHR and billing solution. Revenue reaches approximately $45M-$50M by 2028, leading to an acquisition or IPO at a valuation of around $630M, providing a moderate return for equity holders.

Bear (35%)-70%

Dominant EHR incumbents like Oracle Health (Cerner) or Epic aggressively enter the independent primary care market with competitive offerings, or a well-funded competitor gains significant market share. Elation's growth stalls, leading to a flat or down round, or an acquisition at a valuation of ~$120M, where the $108.5M liquidation preference for investors results in a near wipeout for common stock holders.

Est. time to liquidity~3.0 years
Adjusted for competitive dynamics: 18% (raw: -55%, adjustment: -10%)

Preference Stack Risk

high

Investors hold $108.5M in liquidation preferences. In an exit at the current valuation of $395.27M, common shareholders would be behind this $108.5M.

Dilution Risk

moderate

As a Series D company, further funding rounds are possible before an exit, which could dilute existing equity holders.

Secondary Liquidity

limited

Secondary market access is available for accredited investors via platforms like Forge and Hiive, but liquidity is not guaranteed and depends on company policies and market interest.

Questions to Ask at the Interview

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

  • 1

    “Given the high incumbent threat from larger EHR players like Epic and Oracle Health, how is Elation Health planning to defend and expand its market share in the independent primary care segment?”

  • 2

    “With the recent AI expansion and 'Best in KLAS' recognition, what are the specific growth targets for revenue and customer adoption over the next 2-3 years, and how will these be achieved?”

  • 3

    “Considering the Series D funding and the current market conditions, what is the anticipated timeline and most likely path to a liquidity event (e.g., IPO or acquisition) for employees holding equity?”

Community

Valuation Sentiment

Our model estimates -55% 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.