Early visibility to emerging trends / Introductions to innovative companies of strategic interest / Regularly scheduled interactions to share ideas / Direct insight into pipeline, diligence findings, portfolio and companies of interest / Commercial relationship opportunities with portfolio companies / Potential co-investment opportunities.

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PHREESIA

Consumer & Patient Engagement — Leader in healthcare point-of-service technology with patient self-service and mobile applications that interface with physicians’ EMR systems, optimize staffing, enhance clinical care, and maximize patient engagement. (NYSE: PHR)

NYSE: PHR/$2.5B CURRENT MARKET CAP (as of 5/3/2021)

Initial investment

2010

IPO exit

2019

When Peter Grua and I first met Chaim and Evan in a small Manhattan apartment that also served as Phreesia’s first headquarters, we immediately saw grit, determination and vision, and realized this company was special. That the company grew to over $3 billion in value is a testament to their independent, out-of-the-box thinking, and a passion for execution and performance. Phreesia has created a new segment and established itself as the clear market leader.

— Ed Cahill, Partner, HLM

COVETRUS

Digital Health Solutions — Leading provider of technology-enabled healthcare services for companion and equine veterinary practitioners. VFC merged with the animal health business of Henry Schein (NASDAQ: HSIC) and formed the new public company, Covetrus (NASDAQ: CVET), which began trading on February 8, 2019.

NASDAQ: CVET/$4.2B CURRENT MARKET CAP (as of 5/3/2021)

Initial investment

2013

Merger exit

2021

There are so many similarities between our pets and ourselves—the genomes, the diseases and the drugs: and now pets are considered members of the family, living longer with rapidly growing dollars spent on health care and wellness. But it took Ben Shaw and his team to create a brand new market to assist veterinarians and their families manage prescriptions to improve adherence and compliance, practice population health, and introduce patient (owner) engagement and convenience. They did this using techniques developed for human health. Vets First Choice grew to dominate the market they created. HLM invested to contribute our knowledge of digital health and population health but in the process we learned a lot as well. VFC’s merger with Henry Schein Animal Health created Covetrus, a $5 billion companion animal health leader.

— Ed Cahill, Partner, HLM

TELADOC

Telehealth — Multinational telemedicine and virtual healthcare company. Primary services include telehealth, medical opinions, AI and analytics, and licensable platform services.

NYSE: TDOC/$25.2B CURRENT MARKET CAP (as of 5/3/2021)

Initial investment

2009

IPO exit

2017

An important part of healthcare investing involves predicting the future for improved patient access, experience, and outcomes while lowering overall costs. HLM has a team-based approach to investing, which led to our first successful telehealth investment in Teladoc. The team understood that Teladoc, as a pioneer, would have to overcome many challenges but we and the Teladoc team never lost sight of the objective even through the many market and early legal challenges. Today, Teladoc – still led by CEO Jason Gorevic who started with the company on the day of our investment – has broken through the many challenges and has created the most successful company in the virtual health space.

— Enrico Picozza, Partner, HLM

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