Direct Answer
6 SEC filers are classified under the Standard Industrial Classification code that describes the primary care platforms industry, and their latest annual reports show $5.9 billion of combined revenue and a median operating margin of -5.6%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Primary care platforms operate clinics that serve patients and often take financial risk through value-based contracts with Medicare Advantage and other payers. Profit depends on controlling total medical cost for members. The first numbers to compare across companies here are members and visits, medical margin per member and clinic count and maturity.
Key Industry Metrics
- Members and visits: Number of patients attributed under contracts and visits delivered. Members drive risk-based revenue, and visits show engagement and cost.
- Medical margin per member: Revenue per member minus medical costs per member. It shows whether the model controls total cost under contracts.
- Clinic count and maturity: Number of clinics and how long they have operated. New clinics lose money early, so mature clinic results show the model's potential.
- Risk adjustment: Payment adjustments reflecting patient health, based on documented conditions. Accurate coding raises revenue, but audits can reverse it.
- Cash burn: Cash consumed in a period. Expansion and risk contracts can consume cash, so it shows how long operations are funded.
Primary Macro Drivers
- Medicare Advantage enrollment: More seniors in private Medicare plans raises membership for clinics that take risk, which supports revenue per member and clinic volume.
- Value-based contract terms: The share of premium the clinic keeps and how much risk it carries set medical margin per member; watch contract terms and risk-sharing.
- Clinic expansion: New clinics lose money at first and mature over time, so the pace of openings sets near-term cash burn and later membership.
- Medical cost trend: Higher costs per member than assumed in contracts reduce medical margin, so use of hospitals and drugs matters more than volume.
Major Risks
- Cost overruns on risk contracts: If members use more care than plans paid for, the clinic bears the loss; watch medical margin per member and prior-period reserve changes.
- Payer rate changes: Lower payments to private Medicare plans flow through to what clinics earn per member; watch rate notices and contract renewals.
- Profitability and funding: Many platforms spend more than they earn, so weak funding can force cuts or dilution; watch cash burn and runway.
- Regulatory scrutiny: Reviews of risk coding and contracts can lead to repayments and tighter terms; watch legal proceedings and audit notes.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Defensive |
| Capital Intensity | Medium |
| Regulatory Intensity | Medium |
| Industry Maturity | Growth |
| Geographic Importance | U.S. |
Primary Care Platforms Filers in the SEC Record
6 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 8011. Their latest fiscal years end in 2025, and together they reported $5.9 billion of revenue. Median revenue growth over the prior year was 11.9%. Median operating margin was -5.6% and median net margin -0.2%. Median total liabilities were 60% of total assets, and 3 of 6 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Teladoc Health, Inc. | $2.5 billion | -1.5% | -10.4% | -7.9% | FY 2025 |
| Hims & Hers Health, Inc. | $2.3 billion | 59.0% | 4.5% | 5.5% | FY 2025 |
| Starling Oncology, Inc. | $503 million | 27.8% | -7.2% | 12055.4% | FY 2025 |
| Lifemd, Inc. | $194 million | 25.3% | -4.0% | -5.8% | FY 2025 |
| Sbc Medical Group Holdings Inc | $174 million | -15.5% | 38.9% | 29.4% | FY 2025 |
| Airsculpt Technologies, Inc. | $152 million | -15.8% | -7.6% | -7.7% | FY 2025 |
Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Primary Care Platforms guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Primary Care Platforms industry?
Key performance indicators for the Primary Care Platforms industry include: Members and visits, Medical margin per member, Clinic count and maturity, Risk adjustment, Cash burn. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Primary Care Platforms industry?
The Primary Care Platforms industry is generally defensive, meaning demand tends to remain relatively stable regardless of the economic cycle. Companies in this space can provide portfolio stability during recessions, though growth may lag in strong expansions.
What are the biggest risks in the Primary Care Platforms industry?
The primary risks for Primary Care Platforms companies include: Cost overruns on risk contracts, Payer rate changes, Profitability and funding, Regulatory scrutiny. Investors should assess each company's exposure to these factors and its track record of navigating them.