1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
HIT
Listed on
2024-12-23
Sector
Financials
Subsector
Insurance
Offer Price
$4.00
first filed $4.00–$5.00Shares Offered
2.3M
54.61M
$216.3M
4.2%
Implied Upside vs Midpoint
Description
Our Mission To change the non-transparent $4.5 trillion(1) healthcare industry with innovation that removes friction and complexities with vertical integration, process simplification, automation, and digitalization. Health in Tech (“HIT”) is an insurance technology platform company, which offers a marketplace that aims to improve processes in the healthcare industry through vertical integration, process simplification, and automation. By removing friction and complexities, we streamline the underwriting, sales and service process for insurance companies, licensed brokers, and TPAs. Marketplace: We are a health insurance marketplace where insurance companies can list various stop-loss policy options for self-funded benefits plans. Licensed brokers registered on our platform can log in, upload certain required information, select policy plans, obtain a bindable quote and sell them to small businesses. Our technology enables us to medically underwrite insurance policies and usually produce bindable quotes within approximately two minutes, allowing us to deliver an integrated and seamless sales cycle. Customizable Solutions: Beyond policy underwriting and sales, our marketplace offers customization of health benefits plans, vendors, claims, and network services. Brokers can select customized plans that suit their customers. Accessibility and Savings: We make self-funded benefits plans and stop loss insurance accessible online for small businesses. We aim to deliver meaningful cost savings for low-risk, small employers with comparatively healthy employees through a digital medical underwriting process. We seek to deliver time savings for employers, brokers, TPAs, and carriers, by leveraging both external and internally developed technology. HIT was founded on the belief that self-funded benefits plans and stop loss insurance should be simple and streamlined with significant transparency. With over 30 years of industry experience of our management team, we understand the complexities of the healthcare insurance market, and we know how to integrate the multifaceted aspects of the industry. Our solutions and technology platforms do exactly this through vertical integration, process simplification, automation, and digitalization. 1) The total healthcare spending in the U.S. in 2022. According to The Centers for Medicare & Medicaid Services — National Health Expenditure Data; Frost & Sullivan --- We were incorporated in Nevada in November 2021. We have our headquarters in Stuart, Florida, with many of our team members working remotely throughout the United States. Our principal executive office is located at 701 S. Colorado Ave, Suite 1, Stuart, FL 34994, and our phone number is 888-373-0333. Our website address is www.healthintech.com. In September 2013, our founder, Tim Johnson, established International Captive Exchange, LLC, an Iowa limited liability company, which as of November 2021 is our wholly-owned subsidiary. In March 2022, International Captive Exchange merged with DIYBS, LLC, an Iowa limited liability company, with International Captive Exchange surviving the merger. In December 2014, our founder, Tim Johnson, established Stone Mountain Risk, LLC, an Iowa limited liability company, which as of November 2021, is a wholly owned subsidiary of HIT. In March 2017, Mr. Johnson, established HI Card LLC, an Iowa limited liability company which as of November 2021, is a wholly owned subsidiary of HIT.
▼ More expensive than its peers on 2 of 2 valuation measures
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | 11.2x | 5.8x | ||
Price / earnings | 54.6x | 24.5x | ||
Revenue growth | 232% | 44.4% | ||
Gross margin | 88.0% | 64.8% | ||
Net margin | 20.7% | 14.9% | ||
Free cash flow margin | 8.0% | 17.3% | ||
Net cash / market cap | 1.1% | 3.5% | ||
Debt / equity | 0.00 | 0.04 | ||
Current ratio | 1.43 | 2.59 | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
▼ Priced at $4.00, 11% below the midpoint of the first filed range ($4.00–$5.00, 2024-08-30).
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2024-08-30 | S-1 | $4.00–$5.00 | — | 2,300,000 | $10.3M |
| 2024-09-24 | S-1/A | $4.00–$5.00 | — | 2,300,000 | $10.3M |
| 2024-10-03 | S-1/A | $4.00–$5.00 | — | 2,300,000 | $10.3M |
| 2024-11-06 | S-1/A | $4.00–$5.00 | — | 2,300,000 | $10.3M |
| 2024-11-19 | S-1/A | $4.00–$5.00 | — | 2,300,000 | $10.3M |
| 2024-12-23 | 424B4 | — | $4.00 | 2,300,000 | $9.2M |
| 2024-12-23 | 424B3 | — | $4.00 | — | — |
Health In Tech, Inc. income statement and balance sheet, FY Dec 2023 to FY Dec 2025, as reported in SEC filings.
| Metric | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|
| Revenue | $19.2M | $19.5M | $33.3M |
| Gross profit | $16.8M | $15.4M | $20.9M |
| Net income | $4.0M | $670K | $1.3M |
| Revenue growth | — | 1.8% | 71.0% |
| Gross margin | 88.0% | 79.2% | 62.8% |
| Net margin | 20.7% | 3.4% | 3.8% |
| Metric | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|
| Total assets | $11.5M | $15.8M | $23.1M |
| Total liabilities | $5.4M | $2.6M | $6.0M |
| Total equity | $6.1M | $13.2M | $17.1M |
| Cash & equivalents | $2.4M | $7.8M | $7.7M |