Digital health companies got pummeled by Wall Street in 2024 as industry adapts to post-Covid slowdown

It's been nearly five years since the coronavirus broke out in the U.S., but digital health companies are still reeling from the aftermath.

"The pandemic was a huge pull forward in demand, and we're facing those tough, challenging comps," Schoenhaus told CNBC in an interview."Growth clearly slowed for most of my names, and I think employers, payers, providers and even pharma are more selective and more discerning on digital health companies that they partnered with.".

In September, all seven independent directors resigned from 23andMe's board, citing disagreements with Wojcicki about the"strategic direction for the company." Two months later, 23andMe said it planned to cut 40% of its workforce and shutter its therapeutics business as part of a Leerink's Cherny said Doximity's success can be attributed to its lean operating model, as well as the"differentiated mousetrap" it's created because of its reach into the physician network.

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Who got it right and wrong on Wall Street in their 2024 stock market outlookOriginal year-end forecasts for the S&P 500 ranged from 4,200 at JPMorgan Chase to 5,200 at Oppenheimer. All of them were wrong.
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