IPOs, IPOs–Oura’s stalls out, Anthropic’s restarts, possibly mid-November. To everyone’s amazement!

October 3, 2026 | by | No Comments

Is it the market, or is it something else that’s putting off the ‘sure’ IPOs? The smart money was betting that the Oura health monitoring ring would have IPO’d on Wednesday (30 Sept) for about $2.1 billion. The employees holding restricted stock units (RSU) and investors would be counting their money by now. After all, Oura has been profitable this year after breaking even in 2025, and there was real enthusiasm when it filed its SEC S-1 right before Labor Day. But on 29 September, when the offering was scheduled to price, it was postponed. Indefinitely.

The Oura press release cited “that it is postponing its previously announced initial public offering on Nasdaq, despite strong demand, due to uncertainty in the IPO market”. No new date was given. Uncertainty is a factor, but there are others specific to Oura.

If you read Endpoints, they cited the Federal Reserve raising its rates a few weeks ago, depressing demand for the rich valuation Oura was seeking; the P(doom) around AI; and Apple introducing a new Watch with improved sensors and an option to order blood tests, as Oura has. There are rumors that Apple will also develop a faceless watch that will copy everything that Oura has. That’s a lot of putting off right there.

Ace investigator Sergei Polevikov in his AI Health Uncut of 29 September digs considerably deeper. Non-subscribers to his Substack platform will see some of this but his main points are that the oversubscribing level was weak at ~4x whereas ~20x for large offerings has been the norm since 2023. Three early VCs-Forerunner, Lifeline, and Elysian Park Ventures–were seeking to exit, never a good sign, and taking $1.53 billion with them. The IPO is also being built on Oura’s promise to deliver predictive health. Whether a ring–a piece of Finnish jewelry–can deliver that and more, reliably and interestingly to a growing user base, is a real question.

What 4x versus 20x says is that this IPO is a ‘nice to have’, not a ‘must have’. No one here has FOMO–fear of missing out.

There are hardware issues–and hardware is the vast bulk of its sales with service subscriptions only 19.8% of revenue.

Last but certainly not least, Oura’s benefit in going public on Nasdaq would largely have gone to the Taxman. Little known fact unless you’ve Been There, Done That: RSUs are treated as employee pay when they vest. The tax is withheld, just like wages. It becomes the employer responsibility, not the employee’s. In net settlement, Oura pays the tax in cash from its IPO proceeds and keeps part of the shares to cover the tax. (That doesn’t count what states do with RSUs nor how laws differ internationally.)

The line on the bottom for Oura after the IPO? The company nets only a paltry $6.2 million because of investor payoff and employee RSU taxation. That is over 98% of the proceeds going to everyone but Oura. 

Have other IPOs been like this? Not many. Evidently a lot of pay went to RSUs spread generously around, not just executive staff. This IPO evidently is to help three major VCs exit nicely–and a ~4x oversubscription wasn’t enough.

Another Ominous Parallel with an IPO that some of us remember: Peloton, once a fitness darling. There are similarities (the enthusiasm, the unfavorable hardware issues, the imbalance between hardware and subscription revenue, unsustainable growth beyond enthusiasts) and differences (the Oura Ring is under $400, a Peloton machine over $2,000, and Oura is profitable). But you’ll have to subscribe (and you should!!) to Sergei’s Substack to see all of his finely worked out and fully buttressed argument.

Oura is not exactly hurting for financing, having raised $1.5 billion over the past decade, with a jumbo $900 million Series E last October led by Fidelity, and an undisclosed corporate round this past July led by Eli Lilly, neither of which are exiting.  Crunchbase

Will Oura IPO this year or next? This Editor cannot see anything that was cited as changing the picture if the IPO were tomorrow or in the next few months.  Also Mobihealthnews

About the Anthropic IPO, the financial press is agog with talk that its engines may restart by mid-November. The date is rumored to be 9 November. Anthropic executives will meet with investors on 14 October to build a case for a $2 trillion offering, which would be an all-time record for an IPO.

Readers know that the IPO talk, explored since May, came to a screeching halt right around 9/11 with the talk of P(doom) [TTA 17 Sept] and Federal regulation. Some believe that these ‘external brakes’ were applied because neither Anthropic nor OpenAI were ready to IPO and it was easier to create Doom than to postpone directly. But here we have it at least for Anthropic, even if the fundamentals scream “warning”! Certainly the incentive to beat OpenAI to the IPO is still there. Anthropic, which was created by OpenAI bolters, surely want to ring that bell on either Nasdaq or NYSE (another small matter to finalize) before Sam Altman. Here we go again! Yahoo Finance

Developing: Walgreens’ Sycamore Partners owner on final approach to sell Boots operation to Canada’s Weston family for ~$9B

October 2, 2026 | by | No Comments

Looks like it won’t be Walgreens Boots Alliance for much longer. Breaking yesterday in The Wall Street Journal is that Sycamore Partners, the private equity retail giant that owns WBA, is closing in on a buyer for the Boots UK and international operation. The discussed price is in the vicinity of $9 billion (£7 billion) for the Boots UK stores, brands, and other international operations in Thailand, Mexico, Germany and China. Talks are proceeding with a deal reportedly within the next few weeks (WSJ), with the Financial Times reporting as early as one week.

The prospective buyer, the Canadian branch of the Weston family, already is a giant in the Canadian food business with Loblaw, Real Canadian Superstore and other brands. They’re also experienced in the retail drug business with over a decade of owning Shoppers Drug Mart, a large national pharmacy chain. The family holding companies are Wittington Investments Limited and the public company George Weston Limited. Their last UK venture was Selfridges, which was sold in 2022 for £4 billion. Another branch of the family is an investor in Associated British Foods.

The Guardian helpfully adds that Boots has 1,800 stores across the UK and employs about 51,000 people, including about 6,000 at its headquarters in Beeston, three miles south-west of Nottingham. One wonders whether Boots will continue to sell Boots Beauty products such as No. 7 in Walgreens USA stores.

This summer, Sycamore tried and failed to sell Boots for $10 billion to Australia’s pharmacy group Sigma Healthcare. In London, a Weston buy has dashed hopes that Boots would be spun off and listed on the London Stock Exchange as reported in the FT. Those had multiplied after Boots in May appointed Alex Baldock, former boss of retailer Currys, as its new chief executive.

Walgreens bought Boots in two stages, with a 45% interest in 2012 and the remainder in 2014. The total price between cash and stock was in the vicinity of $15 to $16 billion. Yes, selling it for $9 billion along with associated debt is quite the ‘haircut’. 

Boots has been up for sale ever since the Sycamore Partners’ Walgreens Boots Alliance acquisition in March 2025 for a total value of $23.7 billion including debt, leases, and other factors [TTA 11 Mar 2025]. Sycamore took on an 83% debt level in doing so. Almost immediately, Sycamore split WBA into five parts, including Walgreens retail stores, Shields Health Solutions specialty pharmacy, CareCentrix, and VillageMD. Practices of the last have been either sold off in parts or shuttered, with Summit Health/CityMD remaining.

Yet, according to the FT, Boots is doing well. “The company reported in June that new beauty brands and the uptake of weight-loss jabs had driven up both its retail and pharmacy sales in the UK. Overall revenues rose by 3.2 per cent to £7.5bn in the year to the end of August 2025. Pre-tax profits jumped by a quarter to £337mn, driven by the reversal of impairment charges.”

What it means for Walgreens? Sycamore gets a quick cash infusion, allowing them to focus on revitalizing the US retail operation which had fallen on difficult times over the past three years. An indicator is a late September report that it slowed store closures from a projected 700 this year to less than 100, stabilizing total locations at about 8,000. Drug Store News Walgreens does not own a pharmacy benefit management (PBM) operation, a debit which now may be to its benefit as PBMs face financial and regulatory headwinds.

Both Sycamore and Weston were remaining mum about the deal to the press. Yahoo Finance UK, Axios

Oracle’s continued restructuring cuts 3K more jobs, adds $700 million while revenue grows 30%; House VA Committee subpoenas Ellison, Sicilia 19-0–and why Congress is mad at a 170% budget increase

September 17, 2026 | by

Oracle trumpets successes to Wall Street while continuing layoffs, tightening spending. Oracle’s downsizing continues while revenue is parked on the sunny side of the street. Its fiscal 2027 Q1 revenue (ending August 2026) grew 30% to $19.3 billion while non-GAAP operating income rose 31% to $8.2 billion and non-GAAP earnings per share came in at $1.92, also up 30%. Some was driven by cloud growth. For those following their data center builds, their remaining performance obligations, a measure of contracted future revenue, grew by $26 billion but much of it was prepaid or with customer supplying their own hardware, meaning no cash outlay for Oracle. Another way of looking at this is conversion to revenue over the next 36 months which is now estimated at 50%.

This perked interest by investors. Barclays has upped its Oracle price target to $252 from $250 and kept an “Overweight” rating on the tech stock. The stock price is currently around $154, down 54% from its high. The Street

This is despite that debt is high and building. Total debt climbed to $155.9 billion on a trailing twelve-month basis, up from $90.5 billion just two years ago. Net debt now sits at $118.9 billion.

More Oracle employees got their severance notes and cutoffs at the beginning of September. Restructuring has a price and it’s in people. Business Insider quoted ‘insiders’ that they started on 14 September with a chilly 6am note signed “Oracle Management” similar to the previous round: “After careful consideration of Oracle’s current business needs, we have made the decision to eliminate your role as part of a broader organizational change. As a result, today is your last working day.” Severance was 4 weeks’ base salary plus 1 week per year of employment. The count of the layoffs, LOBs, and states is unconfirmed by Oracle but estimated at 3,000, several hundred in Washington state. Not quite the ‘double digit percentages’ rumored in August but possibly so on some teams. This is on top of the earlier 21,000 global cuts, 13% of their workforce, originally posted as near 30,000 [TTA 31 March]. Oracle’s original restructuring cost estimate of $2.1 billion on severance payments and other costs linked to restructuring through 31 August was increased this quarter by over $700 million, bringing that total to $2.8 billion. NDTV, Quartz

Updated 22 Sept: It appears that the employee severance package for most people, in the tech context, is skimpy. It’s four weeks of base pay plus one additional week for each completed year of service, subject to a 26-week maximum. Microsoft’s maximum was up to 39 weeks. Moreover, Reddit employee threads state that the WARN period is deducted from the base pay (e.g. two weeks of WARN, two weeks of severance) and accrued vacation is lost if state law allows it. The article in TechTimes confirms that laid off employees forfeit unvested stock, but does not have how severance affects corporate bonus and the employee stock purchase plan.

Oracle’s new CFO Hilary Maxon denied in the next day’s all-hands that the layoffs did not mean that remaining employees would be doing more with less. CEO Mike Sicilia cheered the survivors on with “How does the work that I’m doing help deliver a better outcome for a customer?” Not an off-target ask, but if the work load does not change especially in healthcare or implementing an EHR, how does this situation not mean doing more with less? 2+2≠5

Rounding out a roller coaster two weeks for Oracle was a 19-0 House Veterans Affairs Committee subpoena for Larry Ellison and Mike Sicilia. It was voted on by the House Veterans Affairs Committee and issued before Labor Day, when Oracle did not attend the 2 September hearing citing scheduling conflicts. The hearing covered the $17 billion increase in budget for Oracle’s EHR development for current costs and the three-year extension to May 2031. It turned out to be rather raucous with accusations of “unreasonable” and “corruption.” The original $10 billion estimate was by Cerner and is running out [TTA 27 August]. The new budget request brings the total to $26.94 billion. Apparently the House members found out about it through news reports, While the House is not in session until 9 November, House committees can meet anytime, but both hearings are after the midterms. Sicilia is due on 19 November and Ellison on 10 December. FedScoop, Becker’s, Stars and Stripes, MedCity News, Healthcare IT News (updated for appearance dates)

Updated. Why Congress is Madder than Wet Hens is revealed in this FedScoop article and timeline. Simply and quickly, back in July 2022, when things started to go sideways in the EHRM implementation [TTA 28 July 2022], then-EVP for Industries Mike Sicilia told the Senate Veterans Affairs Committee that Oracle would absorb any “performance or workflow” issue costs above the original $10 billion ceiling. For Oracle, after the Transformational Big Vision kvelling faded, Cerner’s painful stumbles became Oracle’s VA Migraine. There are also other add-on costs for infrastructure related to the EHRM but not part of Oracle’s costs. 170% is a big surprise in the VA budget and it blindsided Congress.

AI’s hoofbeats as Horses, not Zebras: a Gimlety view of AI’s destructive capacity (updated)

September 17, 2026 | by

Gimlet EyeA longish holiday does provide some Perspective of the Gimlety View. What blew up during the last big summer holiday, as I was building my Vitamin D for the long winter while at the Jersey Shore, was the news made by one Jacob Coxon, a former researcher at Anthropic (developer of Claude), that advanced AI within 10 years has a more than 10% chance to have the ability to hack into enough systems, initiate bioweapons, nukes, and otherwise kill off Humanity. The humans who originally designed it would be unable to stop rogue (and roguish) frontier AI. This started with Coxon’s well-timed posting on X on 8 September and percolated through tech media right before the 25th anniversary of the mass murders on 9/11/01. Mass media, already overheated because of the anniversary, exploded like a pressure cooker. 

Axios, the techie bulletin board and for generalist media types a source for pithy quotes, on 9 September quoted a MIT 2025 study of “experts” giving a 21.5% chance of “AI possessing dangerous capabilities”, with a 21% chance of AI initiating “Cyberattacks, weapon development or use, and mass harm”.  It was a reasonably analytic article full of nuggets for a writer to run with.

This past week introduced us to the latest pop tech slang, P(doom), a cute term for the percent chance of AI Doomsday. P(doom) has now surfaced everywhere from Elon Musk to Anthropic’s CEO Dario Amodei. (Impress your friends and relatives at the next cocktail party or tailgating/cookout.)

The mass media in the following week ran with quotes by Coxon, old tech stalwarts, and politicians. Plenty of P(doom) predictions. Emblematic of the coverage was the Los Angeles Times recap published on, ironically, 11 September, a day of real, not theoretical, doom.

Readers know from my running coverage that this Editor is skeptical of AI both in a business sense (a financial time bomb) and of its utility in its current models. Automating many functions within healthcare? Sure. Providing deeper insights into imaging to speed diagnosis? Faster drug development? Bravo. Speeding market and marketing analysis, sussing out needs? Hey, hey! But equally I have been scathing of companies that buy AI services and believe vendor promises, without cross-checking for accuracy, dumping the skilled humans doing these jobs in mass layoffs. These people are the boots on the ground who should be doing the cross-checks and upgrading the models that come from developers usually unfamiliar with medicine and healthcare–and certainly without deep and specific knowledge the boots have. It turns out that the mass layoffs in many companies, from team managers, data analytics, customer services, marketers to operations, have been to fund so-called investments and token spending in AI tools. ROI has gone into a Missing Man Formation in the finance department, while services to customers and in healthcare, patients, go sideways–as does market share and revenue. CFOs, funders and Mr. Market are just waking up to this surprise that they forgot to teach at HBS. 

I’ve also been scathing in coverage of certain companies such as Open AI, Oracle, and somewhat so of Anthropic, Microsoft, Meta, and Google. These companies are pushing one to two year bricks-and-mortar data center development without responsibility for local effects on water, power, noise, and land use–something that a GM, Ford, Toyota, or Worldwide Widgets building a factory would face and mitigate. This thoughtless pushing is proving to be politically evenhanded in opposition; these companies have received epic wedgies and a few pitchforks in their metaphorical derrieres as a deserved result. But this is manageable; because of pushback, it’s diminishing as a ‘reason why’ except as a political club for unscrupulous politicians.

What’s a lot more devastating is that apparently all the forecasting is inflated beyond belief. There is no decent idea of metrics, of matching up capacity to future demand. Not by OpenAI, not by Anthropic as they prep for IPOs. This is an ancient problem that always, reliably, cyclically bites developing sectors in their nether regions. Not a hype cycle like we saw circa 2006-15 with telehealth, not bad management, but in other industries within recent memory, with ‘sky’s the limit’ booms followed by a crash and partial/total hull loss:

TNW discusses in a deeper dive the debt structure and why PIMCO could make this bet where banks could not [reference is to Oracle’s debt funding]. The question it raises is whether the furious pace of data center building is another cycle of overbuilding–and if it is, will it be absorbed in time? The ominous parallels: the 2000s building boom in an earlier iteration of data centers, the fiberoptic boom of the early 2000s that broke WorldCom, Global Crossing, Winstar, Corning, and 360Networks, cloud overbuilding that left Amazon Web Services with years of excess capacity (it helps to have a deep-pocketed and not all that transparent parent), and others. This Editor would also liken it to the early years of 1980s-90s airline deregulation (too many airlines, too much debt, too many seats) and about a decade in the cruise ship industry where too many cabins were chasing too few people. These took decades and multiple bankruptcies to settle. TTA 7 May

Writer Ed Zitron, who has few parallels in Gimlety-ness, analyzed how OpenAI could easily meet the Devil of Demise sooner rather than later in his article What Happens If OpenAI Dies?, one of our Must Reads of 19 August. OpenAI’s losses are terrifying, contrary to their PR spin, and will not change in the immediate future; based on the numbers, their growth is slowing. It has to become the most successful company since Caesar Crossed The Rubicon–or it croaks and may well pull down an economy with it. I will add from other reading that Anthropic, ahead of OpenAI, is painted in a similar corner.

Leaving aside P(doom), what we are hearing are hoofbeats from horses, not zebras. What’s happening is the AI boom cooling and billions in concentrated funding that has hit multiple headwinds. Both companies have trillion-dollar valuations and heavy debt. Technical and security concerns are popping up like weeds (see the Hugging Face sandbox breakout).  Failures might not be the end of the world but not a cheerful earful for a stressed economy.

In the short term, the two major AI companies have more of a challenge from F(doom)–financial doom–than P(doom).

Suddenly, we have three things happening in the past 10 days:

  • A short-term, low-level former Anthropic employee, Jacob Coxon, with few followers on X, suddenly bursting out and ‘going wide’ with a doomsday prediction. Quoted and covered everywhere in mass media with the things that at least some of his elders like Steve Wozniak and Geoffrey Hinton have been saying for over three years. (The Woz I’ve traced back to 2015!)
  • Dario Amodei, CEO of Anthropic, Sam Altman, still CEO of OpenAI, and Elon Musk (Grok/X) then calling for government safety regulation. Not guardrails. Government regulation by a Federal agency, NIST. CNBC, OpenAI blog, Amodei blog statement
  • Online ‘surveys’ stating that the public is now terrified of AI, with 63% rating Humanity’s Destruction from ‘moderate risk’ to ‘almost certain to happen’. (POLITICO) 

Private companies demanding government regulation of their business truly boggles the mind. This should raise red flags as to why, and why now, and who writes those regulations.

P(doom) supposedly has a ten-year horizon. F(doom) works far faster, may be more likely, and once it starts, there may not be an Anthropic or OpenAI to worry about.

Some Gimlety Speculation, IMO only:

  • Both Anthropic and OpenAI float on a sea of red ink and Other People’s Money (OPM). Their lenders want to monetize and exit their investment with an IPO. Both companies were racing to IPOs. Except neither company is logically, reasonably, in any financial sense, ready.  Yet Anthropic was due to IPO before end of 2026 with OpenAI racing to beat them.
  • Investors are also pushing for another OpenAI funding round to cash out secondary shares held by employees, according to CNBC today (16 Sept). Which, in a case of an IPO, means more shares for the investors.
  • Both the Coxon media pickup and the subsequent Amodei/Altman calls for regulation effectively stop the IPO clock. One can speculate about the timing and origins, but it is fortuitous timing for both companies. .

It is also being used as a political club in the upcoming midterms. Goosing the ‘terror’ narrative is calculated to pay off certain players.

  • The usual Senate suspects are demanding complete regulation of AI because “we are losing control”. There is a bipartisan bill in the House (Lawler/Gottheimer) drafted to regulate frontier AI, kicking the standards over to the National Institute of Standards and Technology (NIST), but the House is now out of session until 9 November, after the midterms, which leaves exactly two months before a new House is seated. There is a parallel bill in the Senate.
  • President Trump, somewhat on the back foot on this, calls their fears a ‘hoax’ and a ‘scam’ that will prevent US leadership in AI development. Yet Sam Altman along with Nvidia’s Jensen Huang will be attending the state dinner for Chinese President Xi Jinping’s visit to Washington next week,
  • The security threat is real. China is building a lot of data centers, well away of course from any international observation; Uyghurs don’t get to complain about data centers and water usage to Beijing. One doesn’t even know if they are real or empty buildings like their empty hinterland cities. Where are the chips coming from? Yet Chinese-engineered AI models may take the lower end of the market, much like steel.

There’s an old saying in medicine: when you hear hoofbeats, think first of horses, not zebras. It dates back to Dr. Theodore Woodward of the University of Maryland medical school and the 1940s in teaching his students to first rule in or out common diseases rather than searching first for exotic, rare diseases because they’re more interesting. (Apologies to those with rare diseases, and may AI be a savior in this.) Taking the analogy to business, the ‘horses’ are the shaky business models around AI development, capacity versus demand, the heavy debt of the two AI leaders, and data centers. Throw in the Chinese capacity and models. The ‘zebras’ are Humanity’s Extinction By AI. They’re there, but in the next county.

What’s running in that herd out there, who’s trying to paint the horses black and white, and why? Cui bono? The consequences can be severe.

Updated 17 September: Gary Marcus, Substacker and BBC commentator, in his latest ‘Marcus on AI’ takes an even more Gimletly view than your Editor. He points out the stratagems behind Altman’s and Amodei’s calls for regulation. It’s all ‘trust us’ to write the regulations and guarantee safety. We shouldn’t. Meanwhile, certain Senators go over the top on Doom with the aim of terrifying voters. We shouldn’t. A Must Read. And if you are working with AI, worth your subscription.

Silicon Valley Bank’s take on H1 investment: among the “have and have nots”, it was “the best half in years” for health tech

August 27, 2026 | by

Silicon Valley Bank (SVB), now part of First Citizens Bank, is back with a just-published roundup of 2026’s first half (H1) in healthcare investment in the US and EU. Last year was a year of contractions and skewed investments, what they called “barbells, bookends, and have-nots”, with fewer investors hotly chasing profitability and monetization. This year is considerably sunnier for health tech in terms of total investment, but SVB still calls the overall picture across four sectors: Biopharma, Healthtech, Dx (diagnostics)/Tools, and Device….

“Haves and have-nots. Winners and losers. The top of the heap and everyone else. Pick your metaphor….”

For health tech, it was the best H1 since H1 2022, with $7.2 billion versus $9.1 billion in investment, a tidy increase versus 2025 H1’s $6.7 billion. The major difference is that the number of deals is collapsing, with 203 deals this H1. If you look at 2025’s year total of 598 deals, if this deal track maintains, the 2026 full year number may not break 500. Again, the deal value is disproportionately and increasingly skewed to Series C+ deals, far more so than the past two years. Series B deals contracted and there was another uptick in Series A fundings. (Page 12)

SVB attributes the new health tech prosperity to AI-based technologies: clinical workflow automation, administrative efficiency and data infrastructure. Payviders (remember them?) also had their overdue day powered by AI: Devoted Health in the US with Medicare Advantage, and Alan in Paris (EU and Canada only). In SVB’s terms, “The bar for founders has risen toward durable growth, differentiated technology and a credible path to scale, especially those leveraging AI to address meaningful healthcare challenges.”

Exits, though, are hard to suss. There weren’t many this half for health tech. Kaia Health (Sword) in January, and in provider operations Ostro (Veeva) and Diligent (Serve). Kaia was the only one with a positive multiple on its valuation. Zelis and Virta Health might IPO this year or 2027. Or never. (Page 17). 

Looking at all four sectors, while investment dollars are growing, the number of deals continues to trend downward:

  • H1 2026 healthcare investment at $24.7 billion is slightly below H2 2025 at $25.8 billion. The absolute high water mark was $43 billion set at H1 2021, in the midst of the ‘Throw Money At Anything’ period. But the trend is still one of recovery. 
  • The big difference is that the number of deals continues its downward trend, sharply. H1 2026 had only 618 deals versus 2025’s H1 801 and H2 703. H2 is not projected to pick up this slack, again.
  • 75% of investment is in the US, with EU accounting for 25%; EU is slowly but surely increasing its share.
  • The falling investment sector is Dx (diagnostics)/Tools. Device remains steady and constant. (Health tech Readers should look over at device, since here resides WHOOP and its $575 million Series G for Giant) skewing this sector.

Most concerning is that healthcare VC fundraising has hit new lows, and the money is concentrated in a few across the seed, early, and late stages. Only a few years ago, founders had a wide choice of VC funders with fat wallets. Not nowadays. H1 2026 funding for VCs was only $10 billion. Full year 2025 was $16 billion and 2024 $26 billion. Many large “name” funds ($100 billion plus) closed this year, such as Lux, Santé, Frist Cressey Ventures, and Kleiner Perkins. What’s left in health tech? General Catalyst, Andreesen Horowitz, Redesign, Menlo Ventures. It’s a monotonous roster. Occasionally, there’s a crossover. Especially at early stages, founders have lost leverage in finding a simpatico fund. They have to show that they have a credible path to growth and profitability. (Pages 7-8)

Unlike SVB’s last report for 2025, they did not break out a fifth sector cutting across all four, Longevity and Healthspan. 

SVB will also be changing their name during Q4 2026 to First Citizens Innovation Banking. Preview page for SVB’s Healthcare Industry Trends published 25 August.  Hat tip to Megan Scheffel, head of SVB’s healthcare sector.

News roundup: Verma’s rumors, DEA’s new (?) telemedicine rule goes to OMB for review, Cityblock Health goes rural with Homeward buy, Scottish housing sensor tech could save millions–study

August 27, 2026 | by

Oracle’s Seema Verma rumored to be on a list for a new CEO position with a major lobbying group. The EVP and general manager of Oracle Health and Life Sciences is reportedly under consideration for a new job as CEO of PhRMA. A paywalled story in Endpoints News broke that she is among a group of “Republican policy wonks, former lawmakers” in the running, four months in, for this pharmaceutical lobbying organizational chief position. If the Reddit rumor boards are to be believed, she’s already half out the door. If the former Center for Medicare and Medicaid Services (CMS) administrator to 2021 departs Oracle, it will be the sixth Oracle Health senior level departure this year [TTA 3 Mar]. Those departures for various reasons shook Oracle Health. Verma, on the other hand, has had a relatively low profile at Oracle Health, though reporting to COO Mike Sicilia. If she does depart Oracle, enough time has passed since her CMS position to dispel the Federal-private industry ‘revolving door’ tag, though undoubtedly as EHR head she has been working with the VA. Developing

ATA Action was kind enough to flag for this Editor that the Drug Enforcement Administration (DEA) may finally be moving toward a new rule for telemedicine prescribing of controlled substances. Yesterday (25 August) the “Special Registrations for Telemedicine and Limited State Telemedicine Registrations” final rule was submitted to the Office of Management and Budget’s (OMB) Office of Information and Regulatory Affairs (OIRA) for review. While under review, the text is not public, but the OMB pending EO  is here with the limited text under the RIN: 1117-AB40   The text of the RIN includes that “DEA is currently reviewing the over 6,400 public comments submitted on the Special Registration for Telemedicine NPRM (Notice of Proposed Rulemaking) published on January 17, 2025.”meaning that they are still working with a year-old NPRM.  DEA has extended telemedicine prescribing rules several times, most recently at the end of 2025 to cover full year 2026. A final action to determine approval of the rule is due in November, according to the timetable.

ATA Action’s statement, per their email, is “ATA Action is actively engaged as the rule moves through OMB review, pressing the priorities we have consistently advanced: protecting patient access while maintaining safeguards against diversion — without unnecessary in-person mandates, duplicative state-by-state registration requirements, excessive reporting burdens, or implementation timelines that make participation impractical for legitimate clinicians and healthcare organizations.” They also cite geographic “red flags” that pharmacies face when a prescription results from a telehealth visit and state laws that are more restrictive than Federal law. 

Brooklyn’s Cityblock Health’s goes country with Homeward Health acquisition in an all-stock transaction. It is on the surface an odd match: an urban-focused value-based care provider that primarily serves complex needs and provides additional support for Medicaid and Medicare/Medicaid dual-eligible patients expanding into underserved rural markets. What it does promise Cityblock is growth from its present claimed 200,000 members in 10 states and annualized revenue of $2.2 billion, up 77% year-over-year. Homeward serves around 50,000 rurally-based Medicare Advantage (only) members and 5,000 providers in Michigan and Minnesota through a Michigan clinic, mobile clinics and telehealth. It partners with Blue Cross Blue Shield of Michigan and Aetna for Medicare Advantage. Further financial arrangements were not disclosed.

Homeward’s CEO Dr. Jenny Schneider will remain connected with Cityblock as a “trusted advisor” according to a Cityblock spokesperson and Homeward’s brand and operation will remain. According to her LinkedIn post announcing the acquisition, she previously served as a Cityblock board member. She and another Livongo alumnus, Amar Kendale, launched Homeward Health in 2022 to close healthcare gaps in rural America, accounting for over 61% of primary care shortage areas and a 23% higher mortality rate.

Both Medicaid and Medicare Advantage face challenges–funding cuts for Medicaid and with Medicare Advantage, payers reducing reimbursement rates based on rising costs and increased Federal scrutiny of higher costs, upcoding, overpayments, and bonus programs. 23% of Medicare Advantage enrollees are in a special needs plan (SNP) KFF

Cityblock touts its CORE—Care Orchestration and Resourcing Engine—as an AI-based operating system underpinning our outcomes-based care platform to use almost 10 years of member data to close care gaps for specific members, as well as AI tools “handling routine engagement and administrative work that have already freed up 44,599 hours of clinician time this year, including 42,148 calls handled by AI agents.” Homeward Health’s platform is also AI-native.

Cityblock simultaneously announced a Series E of $116 million led by General Catalyst for a total of close to $1 billion. General Catalyst is an investor in both companies. (Is this a return to the General Catalyst ‘portfolio condensation’ strategy that created Commure last year?–Ed.)

Interestingly, Homeward Health is organized as a public benefit corporation (PBC) and a B Corp, certified by B Lab as meeting their standards of social and environmental performance, accountability, and transparency. It’s doubtful that will carry over to Cityblock. MedCityNews, FierceHealthcare, Becker’s, Cityblock’s CEO Toyin Ajayi blog post 

Biggar, Scotland senior housing environmental sensor-based technology test saves thousands, but across Scotland could save millions. The test at the retirement home Langvout Court, part of Bield Housing & Care, was of environmental and activity sensors developed and implemented by Glasgow-based technology company Archangel and the Digital Health & Care Innovation Centre, funded by the UK Government’s Department for Science, Innovation and Technology through the Glasgow City Region 5G Smart and Connected Places Programme. The automated alerts were directed and coordinated with Bield staff. The sensors alerted the staff to a potential boiler breakdown during Storm Éowyn, high humidity levels and faulty extractor fans in buildings, and resident temperature and activity changes that could indicate changes in health. Annualized savings in the six-month test were estimated at £7,670 in heating costs and £2,825 in maintenance costs, along with improved tenant safety, reduced manual checks and stronger regulatory compliance, creating positive ROI in year one. FarrPoint, which independently evaluated the project, extrapolated that applying Langvout Court’s system across Scotland’s retirement housing developments could generate annual savings of £18.5 million. Archangel case study published in TechUK, release in Care Sector Hub

This Week’s Must Reads: how lack of focus dooms startup financing, Commure’s Sea of Red Flags Flapping, and what happens if OpenAI expires?

August 19, 2026 | by

Grab a cuppa and sit down with these articles. (You may also want to subscribe to their authors.)

From Substack, UK author Martyn Eeles current Health VC newsletter, “The Strategic Clarity Problem”, advises founders of early-stage companies that doing more can result in less–financing. Too much activity in too many directions leads to confusion on investors’ parts. Paradoxically, it doesn’t enhance “potential” but detracts. It reads to investors, especially now, as lack of priorities and not strategic. Mr. Eeles recommends focus, focus, focus. Choose a strategy and stick with it. It doesn’t mean that a founder cannot show multiple future paths, just that the main path has to carry the company forward. (Sounds like good marketing!)

For instance, how you present your direction is vital in making activity sound focused and strategic. FTA:

A founder who says, “There are many use cases,” may sound ambitious. A founder who says, “There are many possible use cases, but this one is the wedge because it creates the clearest buyer urgency,” sounds more investable.

A founder who says, “We have lots of partnership conversations,” may sound active. A founder who says, “These two partnerships matter because they reduce implementation risk and create access to the customer segment we are prioritising,” sounds strategic.

The short (non-subscriber) version has a wealth of information for both founders and funders, complete with a nifty infographic that depicts nearly the entire article. but truncates at ‘The Choices Investors Want To See”.  This Editor would recommend the annual €60 subscription if you’re in the business. Mr. Eeles is managing partner at Clarma Capital, a European life sciences venture fund.

Our friend Sergei Polevikov writing in his Substack AI Health Uncut returns to the General Catalyst-powered Commure in Commure’s Long History of Red Flags. Even though General Catalyst doesn’t want him to.  Yes, the flags still flap around the gaggle of health tech companies financed by General Catalyst (GC). Commure itself is an agglomeration of GC companies: Athelas, Augmedix, RxHealth, and Memora Health. Commure originally had one marketable product, Strongline, a safety and duress badging/tracking system, three years ago before GC’s consolidation moves. What is questionable about Commure has now surfaced in STAT News +’ investigation (paywalled). From pricing dependent on recommendations to products that don’t work until they’re modified at the client if they eventually do work, to referral programs that are way too close to violating the Anti-Kickback Statute…Commure has it all on the Shady Side of the Street. GC keeps shoveling money in because they can, too. 

And once again, thinking the unthinkable, is Ed Zitron. Here he imagines the demise of OpenAI and reads the tea leaves. He notes:

  • the deceleration of revenue when it needs to accelerate (see below)
  • the COO and CRO left after less than a year on the job, likely walking away from generous stock options/awards–now, who does this?
  • it’s backed away from its IPO and likely will be beaten to it by Anthropic (Claude)
  • the economics are terrifying. OpenAI lost $20.9 billion in 2025 on $13.07 billion in revenue
  • it needs to meet compute obligations and for that needs $800 billion in cash
  • it needs to raise $100-200 billion annually just to survive

In short, it has to become the most successful company since Caesar Crossed The Rubicon–or it croaks. Expires. Meets the Devil of Demise and the Devil wins.

The consequences will be severe. FTA:

To not actively and meaningfully discuss the potential for OpenAI to collapse is actively irresponsible. To act like there are not significant, existential problems with this company’s economics is to intentionally avoid reality, and whoever is on the receiving end of said ignorance deserves better, be they an investor reading your analyst note or a reader burdened with incomplete journalism.

What follows may be an Enron-Lehman Brothers hybrid, one that leaves unbelievable destruction in its wake, an avoidable systemic risk empowered and enabled by a kneecapped media industry and sell-side analysts incapable of seeing further than two quarters in the future.

The time to stop this? Long past.

Zitron backs everything up with hard numbers laced with cross-references. It’s dense and needs close attention. Depending on your view,  you’ll choose a gallon of coffee, a fifth of bourbon, or a bottle of wine. What Happens If OpenAI Dies?

Another argument, shorter, and similar, is made by Gary Marcus in his Substack newsletter (free access), Marcus on AI,  BREAKING: OpenAI’s unraveling has begun.  Again, just as it was scheduled for its IPO and racing its main competitor.

It contains two citations from the Wall Street Journal writers who cover OpenAI, Berber Jin and Corrie Dribusch:

  • “The company grew revenue by just 18% to $6.7 billion from q1 to q2, while its losses sank further into the red”
  • Losses grew from Q1 to Q2 to $3 billion to $12.3 billion, while it added only $1 billion (to $6.7 billion)

Nvidia is in full CYA mode, given its exposure to OpenAI. Can Oracle be far behind?

News roundup: UHS-Talkspace $850M buy final, DocGo to buy Hicuity Health for $52M in stock/debt, R1 to buy Humata Health, PointClickCare EHR to integrate Anthropic’s AI

August 19, 2026 | by

As we near Labor Day, we enter the Atlantic Intertropical Convergence Zone, a/k/a The Doldrums. Given the calendar, monsoons, and the fifth UK/European heat wave plus forest fires, perhaps the Doldrums are an improvement.

Giant Universal Health Services (UHS) $835 million acquisition of Talkspace closed right on time–Q3. The buy, announced in March, is now complete with Talkspace becoming a wholly-owned subsidiary based in NYC. [TTA 12 Mar] UHS is acquiring Talkspace for $835 million or $5.25 per share, a 10% boost on their closing on 8 March. What Talkspace adds to UHG is a full range of behavioral health systems to complement its in-person providers and provide future growth. For UHS CEO Marc Miller, “We’ll now be the only company in the United States that will have a nationally scaled, end-to-end continuum in behavioral health. We’ll be able to offer something that nobody else offers.”

Talkspace was one of many cracked SPACs of the 2020-22 period, debuting in June 2021 with a valuation of $1.4 million. Six months later, shareholders sued for securities fraud, and within a year it became a dollar stock. But it survived and recovered. What Talkspace brings to UHS’s provider network and health services is a 50-state network plus Puerto Rico of virtual behavioral therapy and 6,000 therapists. Their primary markets are health plans, employers, employee assistance programs, schools and government organizations plus self-pay. Their 2025 closed well with a 22% revenue increase to $229 million and net income of $7.8 million. The release is opaque on workforce and management transitioning. UHS is based in King of Prussia PA and had 2025 revenues over $17 billion. Mobihealthnews, Healthcare Dive

Mobile health and transportation provider DocGo to buy Hicuity Health for debt and stock. The terms are interesting ones. From the release, DocGo is assuming $52 million in debt now held by Perceptive Advisors, which matures in December 2029. Perceptive will provide an additional $50 million in debt financing to DocGo. It’s staged in multiple tranches, the first of which is $12.5 million to fund a services agreement pre-closing between DocGo and Hicuity. DocGo will also in the interim provide management services to Hicuity. Hicuity will become a subsidiary of DocGo’s Ambulnz Holdings. Hicuity is a provider of high acuity clinical care including tele-ICU, virtual nursing, and telemetry monitoring services  for health systems, hospitals and post-acute facilities.

DocGo has had its own challenges dating back to 2023 with a NYC no-bid contract for illegal immigrant services that turned out to be an expensive fiasco [TTA 18 Sep 2023]. DocGo currently trades on Nasdaq, closing today at $0.4752, a low based on missing Q2 projections. Release, Mobihealthnews, TradingView

Revenue cycle management company R1 will acquire prior authorization automation developer Humata Health. Acquisition cost is not disclosed. The transaction is expected to close by the end of Q3. After closing, the Humata team will “enhance” R1’s R37 innovation lab, R1’s agentic AI development team. R1 plans to connect Humata’s technology to their Phare OS, an AI automation platform for pre-bill workflows for authorization, utilization review, coding and documentation. R1 is a private company, with RCM used by 1,000 providers, including 95 of the top 100 US health systems, and handles over 600 million payer transactions annually.  Release, Mobihealthnews

Senior post-acute and LTC EHR/software company PointClickCare to integrate Anthropic’s AI directly into its software platform. This strategic initiative is being done through Anthropic’s new partnership, Ode with Anthropic, to enable enterprises to deploy AI by providing a team of experienced AI engineers. Ode was formed earlier this year with Blackstone, Hellman & Friedman, and a consortium of global investors including Apollo Global Management, General Atlantic, GIC, Goldman Sachs, Leonard Green & Partners, and Sequoia. The release is remarkably devoid of specifics such as timing and client rollout. Mobihealthnews

UK’s Alertacall sold to Constellation Software’s Volaris Group

August 18, 2026 | by

A big UK announcement, made this morning via LinkedIn. Alertacall announced today (17 August) that the company was sold effective 1 July to Volaris Group, a Constellation Software company. Founder James Batchelor MBE announced it this morning via a LinkedIn article written by him. Volaris’ press release is on their website here. (Left: James and Mark Miller, executive chairman of Volaris Group)

Alertacall has been one of the earliest companies active in the UK telecare sector for social housing and retirement living resident engagement, founded 22 years ago–incidentally, a year before Telecare Aware was founded by Steve Hards. Since then, Alertacall has developed three two-way communication product lines–OKEachDay, Housing Proactive, and Beyond Warden Call–and now serves social landlords and retirement village operators with a total of 25,000 homes across over 60 housing providers. Alertacall holds The Queen’s Award For Enterprise in Innovation from 2023. In 2025, Mr. Batchelor was appointed an MBE (Member of the Order of the British Empire) for ‘Services to Technology For Older People’ in King Charles III’s Birthday Honours List 2025.

Volaris is an operating group of Constellation Software (CSI) that manages and acquires vertical technology companies. Its operating philosophy is to acquire companies in specific industries and, unusually, hold them forever with a motto of “Forever Invested”, versus the private equity M.O. of selling or IPO-ing them. We last visited CSI when they acquired Allscripts/Veradigm’s five hospital and large physician practice EHRs back in May 2022.to integrate into their Harris Group. CSI owns 1,300 businesses–Volaris over 240–and both are based in Toronto, Canada. Alertacall is headquartered in Windemere, in the Lake District of northwest England. 

James Batchelor’s very personal announcement/memoir about the start, build, and future of Alertacall, and some of his personal plans after 22 years, is a must read over on LinkedIn, as is the Volaris release. Why? The warmth and personalization in both is, particularly these days, also highly unusual. The highlights are that the company remains independent, led by its current leadership team, and James remains as CEO for (in his words) the short/medium term until “an experienced and passionate successor is found”. Yes, James and the Volaris team are actively looking for a successor! Alertacall now has assured financing, intellectual resources, and a forever home in an operating and technology-focused management company.

A TTA Hat Tip™ to the very busy TTA Editor Emeritus, BTW who has a ‘shout out’ in James’ article.

Why Readers can be assured that TTA is 100% Written by Humans

August 13, 2026 | by

Most of you will assume that by the selectivity, the sheer dogged opinionatedness that you find here, with occasional rashes of sarcasm, it would be one heck of a bot writing this.

Unfortunately for my free time, that bot hasn’t been created yet.

So here’s my personal Eight-Point Writers Guide to How You Know TTA‘s Not AI Authored.

  1. Selectivity. I write extensively on topics that intrigue me and hopefully intrigue you. I give more emphasis to companies that have a) breakthroughs, b) deserve attention for a variety of reasons, c) by their business move markets, d) fit into a trend that I’ve spotted.
  2. If it’s lifted from a press release or another article, it generally is closely paraphrased with ‘according to’ or put into quotes. That used to be taught in writing courses.
  3. I do try to connect dots I see. Yes, I get it wrong, sometimes. But I don’t go into outer space, where AI goes.
  4. A tendency to be Cassandra. I’m too cynical to be a cheerleader anymore, having been a part of the Hype Curve of Health Tech from 2006. Also, Doom frankly makes for a good lede. Part of my desire to write here is to warn busy people in health tech of the many Scylla and Charybdis that populate healthcare and health tech today*. 
  5. The occasional busted grammar and misspelling. I do use tools that flag obvious misspellings. I’ve found Grammarly useful but intrusive, trying to flag and rewrite, sell me on paid, and turned it off as a result. Some of this comes out of re-editing what I wrote at 11pm the previous night. I try to clean up my obvious messes, subject-object agreement, and fractured phrases. 
  6. Since I’m American (if being from NJ counts), I write in American English, such that it is. I like certain British turns of phrase, though I don’t use ‘redundancies’ when people are laid off or fired. When I was writing my thesis for my university London Semester Way Back When, my advising professor** instructed me, when I asked the question, to stick to American English and to note source material quoted from UK sources. I also worked with many Brits, Irish, and Australians in my travel industry years (as well as Editor Emeritus Steve here), so some of it rubbed off.
  7. Real anecdotes that have an eventual point. If you see the occasional red MD-80 or 737-300 on these pages, I’m hearkening to my three-plus year  ‘graduate school’ as ad manager of New York Air. The ‘wild west’ of airline deregulation, the airlines that started up in that time, the larger than life founders, including their involvement with government regulation, have many lessons to teach to the founders of the new ‘wild west’ of AI companies as well as those attempting to serve or buy from them. Most of us in healthcare lived through other boom/busts: Dot.Com, the Hype Cycle of early telehealth and health tech, and the barely-past-us Crazy Covid Telehealth Money. Not learning from what we lived through leads to mistakes in the business present. Lord Acton phrased it better, though.
  8. AI Slop has no sense of humor. Even painful humor.

Now what got me all cranked up here was a far more succinct view of AI Slop Writing, sent to me by Editor Emeritus and Founder of this website, Steve Hards. An editor’s guide to spotting AI writing by Alys Denby is published on her Substack/website, CapX. We are drowning in it, especially if you like to hang out on YouTube for airliner/ATC and history videos. Her guide is simple, easy to follow…and once you see it,  it’s hard to unsee. Key points she brings out:

  • Rhythm, e.g. too even paragraph length. What I call a certain monotony.
  • The overuse of short sentences
  • Repetitiveness
  • Too much passive tense
  • Ambivalent constructions
  • ‘Not this but this’ negative parallelism
  • Too many transitional phrases
  • A certain hollowness -‘banal generalizations’. I’d sum it up as the feeling that you’ve just read cotton candy.

Detection tools you can use: GPTZero, Pangram, and even Grammarly (paid). Just a few, not a recommendation. And yes, they are AI too. Kind of like white hat/black hat in cybersecurity.

Most of all, you can read and support authors who write their stuff in both news media and for your company. The use of AI for research is now common, but what’s essential is using the same critical review you’d use in any other research.

  • Use Real Human Writers for your company materials. Use real marketers for your planning who listen to sales and your customers. They can use AI to research, refine, and streamline production. Like any other tool.
  • Limit the amount of AI Slop Writing you use on social media. It’s filler. Cotton candy. It doesn’t present you well.
  • And use Real Graphics Designed by Real Graphic Designers.

And remember….even Pepper fainted from the stress! 

*Scylla and Charybdis are the mythological (?) monsters guarding the Strait of Messina between Sicily and Italy. Appropriate as my maternal ancestors were from that part of Sicily.

**Sir Patrick Duffy, Labour MP, Sheffield Attercliffe, Royal Navy veteran WWII, Brexiteer, RIP aged 105 in January. Had I but known.  Guardian obit

News potpourri: OpenAI sued for practicing unlicensed medicine”, Cleveland Clinic med drone delivery, Solventum separates out health info systems, Unlimited Technology RCM in 3.8M data breach, Samsung Galaxy Buds FDA cleared for hearing assist

August 13, 2026 | by

OpenAI sued for ChatGPT “practicing medicine without a license” after “inaccurate medical guidance”–and may be the first of its type. The lawsuit filed in Superior Court of California, San Francisco, by pastor Scott Winters, claims that ChatGPT information served to the Florida pastor caused him to delay care for what turned out to be a pulmonary embolism. His filing claims that he was “brought to the brink of death” by ChatGPT’s information that mimicked a pastoral language style and minimized the importance of his symptoms, discouraging his seeking medical care. The account in Becker’s is distressing, with claims such as that ChatGPT told Pastor Winters that “early signs of his health problems were “not something dangerous” and discouraged him from seeking medical care, urging him instead to trust that “God did not design your body to endlessly fail.” After confining himself to a recliner and suffering recurring symptoms such as groin pain and dizzy spells over June and July 2025, he suffered a “massive pulmonary embolism due to multiple blood clots in both of his lungs that brought him to the brink of death, one that his doctors stated was likely brought on because of his immobility”. The lawsuit charges both OpenAI and CEO Sam Altman with negligence, unlicensed practice of medicine, defective product design and other claims. It seeks financial damages and for the court to compel OpenAI to implement “reasonable safeguards that protect other users from harm”. Pastor Winter is represented by Tech Justice Law and the Social Media Victims Law Center. BBC News

Cleveland Clinic premiers medication drone delivery with the promise of more. The catch for now is that the Zipline drones only operate for now within a five-mile radius of Cleveland Clinic’s Beachwood Administrative Campus and for patients already utilizing home delivery for select medications, excluding controlled substances. According to their Facebook post, “the drones use an innovative delivery method and do not land in patients’ yards. When a prescription is ready, a Cleveland Clinic pharmacy technician will place the package into a secure drop box. The electric drone then autonomously retrieves the order, and flies to its destination. Upon arrival, the drone stays up to 300 feet in the air while a pod containing the package descends to the ground on a tether.” This Editor wonders if the operator or the drone calls ahead to be on the lookout; these drones fly up to 70 mph! If successful, Cleveland Clinic plans to expand the drone delivery to other locations and for other items such as other medications, lab samples, medically tailored meals and supplies. Other healthcare organizations have been experimenting with drone delivery, such as Zipline with Walmart in Dallas-Fort Worth since 2020 for over-the-counter and select pharmacy products. Advocate Health next year will use Zipline for prescriptions, lab tests and medical supplies in Charlotte, North Carolina, then Chicago and Milwaukee. Zipline’s most interesting use of drone delivery will be a $150 million program in conjunction with the US State Department for delivery of blood and medical supplies to as many as 15,000 health facilities across African nations, including Côte d’Ivoire, Ghana, Kenya, Nigeria and Rwanda (State Department release). Healthcare IT News

Solventum to separate its health information systems business from their medtech. This is positioned as a concentration on their medical-surgical and dental solutions business. HIS generates about $1.4 billion in sales, including an ongoing contract with the Department of War for their MHS GENESIS clinical documentation and coding, a relationship that will end in July 2027 as functions are assumed by the Defense Health Agency [TTA 19 June]. The release does not give divorce details and there is a ton of ‘strategic’ boilerplate designed for investors. Apparently multiple alternatives are being evaluated with expected completion within 12 to 18 months. It concludes with “No decision has been made regarding the ultimate structure or timing of any potential transaction, and there can be no assurance that a separation will occur.” Puzzling.

Solventum was spun off from 3M in 2024 as a public company traded on the NYSE. 3M shareholders received one Solventum share for every four 3M shares.

Revenue cycle and financial management Federal/enterprise provider Unlimited Technology feels the unlimited sting of a hack. In the second largest healthcare breach reported this year, 3.8 million records were breached by an unauthorized user via a network server between 5-10 October 2025, according to a report on Health and Human Services (HHS)’s HIPAA Cases Currently Under Investigation page. According to a class action law firm release in July, UT’s breached records had the full gamut of PII, including names, Social Security numbers, dates of birth, email and mailing addresses, phone numbers, demographic information, and scanned documents such as copies of driver’s licenses or other government identification, insurance cards, and intake forms. PHI may potentially include insurance policy numbers, claims and benefits information, medical record numbers, dates of service, and diagnosis information. UT has no statement on its website other than confirming it was ransomware, nor has it identified any perpetrators. Affected patients were notified starting last month and offered identity monitoring services through Kroll.

Vendor breaches are on the rise. HHS has proposed tightening the HIPAA Security Rule’s requirements for vendor oversight, though that has not been done yet. And vendors like UT aren’t small. Per their website, UT serves US specialty healthcare providers in 4,500 clinics and 6,500 specialty healthcare providers, processing more than $70 billion in net healthcare charges annually.  Bleeping Computer, MedCityNews

Another affordable approach for assisting those with mild to moderate hearing loss via Samsung. Their Galaxy Buds Pro in-ear device just received FDA clearance for its Galaxy Buds Hearing Aid feature. The app is considered to be an over-the-counter (OTC) hearing aid functioning in conjunction with Galaxy Buds3 Pro and Galaxy Buds4 Pro. Users with the Buds must use them to do a self-assessment of their hearing via the Hearing Test feature. It uses pure-tone audiometry to assess hearing deficits, whether the user requires assistance and at what level. The Galaxy Buds Pro models run about $250 retail and the Hearing Aid feature debuts Q4 in the US.  Mobihealthnews

VA moves to secure Oracle for its EHR Modernization through mid-2031

August 12, 2026 | by

It’s an extension that likely has a very good and smart reason behind it. This short article in a specialized Federal services publication, OrangeSlices PBC (public benefit corporation), that broke the story early AM today (12 Aug), has a few tidbits that anyone who is following the VA’s EHRM will find of interest. 

The first is the three-year extension of the current VA contract 36C10B18D5000, the Electronic Health Record Modernization Indefinite-Delivery/Indefinite-Quantity (IDIQ) contract with Oracle Health Government Services, the successor to Cerner Government Services. The proposed Modification P00008 to the IDIQ contract adds another three one-year optional periods, taking the duration out to May 2031.

Some history is in order here.

  • The contract originally had a base period of 10 years starting in May 2018 with a value of $10 billion, later revised upwards to $16 billion.
  • It was rewritten and renegotiated in early 2023 after the failure of the initial five-location rollout. The ten-year base period was halved to five years, ending in 2023, with a renewal instead of five successive one-year optional ordering periods ending in May 2028.
  • This renewal took place only after much debate, a hail of flak from both the House and Senate Veterans Affairs’ full committees and tech subcommittees, and calls to dump Oracle and start all over again. The contract redo was designed to bring Oracle to heel.  It subjected both Oracle and the VA to lengthy accountability metrics that culminated in multiple modifications and testing. [TTA 18 May 2023]
  • The EHRM rollout was radically modified by geography to VA Health Centers mostly within the same VA region, or VISN, then with additional implementations every two months. The rollout resumed in April 2026, with five more locations added in August and October to complete 13 for 2026 and another 27 in 2027. [TTA 8 Feb and the updated VA rollout schedule]

The three-year extension brings the contract to the projected final VA rollout and conclusion in 2031. According to the article, 36 sites are scheduled to go live between August 2026 and January 2028. Subtracting 2026 (5) and 2027 (27), that leaves four in 2028 before the contract’s original expiration. There are at least another 120 to be covered within VA’s existing VISNs.

The contract modification has an anticipated award date of on or about 17 August 2026. SAM.gov (published Tuesday 11 Aug)

The second is why this three-year extension is a very smart move on the VA EHRM team’s part.

  • The obvious one is that the VA EHRM rollout requires another three years from 2028 to 2031 to fully cover all locations. Apparently all is going smoothly but releasing the main single-source contractor three years prior to its finalization is not an intelligent move.
  • The other is protection. Now you won’t read this elsewhere. Since the late winter, Oracle was rumored to be interested in selling, wholly or in part, Oracle Health AI (OHAI). Oracle Health sale rumors were confirmed this summer. In the event of a sale, the buyer would be obligated to honor the VA contracts and its terms.
  • The other possibility is if something truly awful happens to Oracle as a result of their AI landlord strategy, such as bankruptcy, the VA has some contractual protection in a Federal court. 

Whether Oracle can even sell OHAI is an open question. But for VA to tighten the contract to confirm an obligation to continue the VA EHRM to the end (or near end) is commendably businesslike–to not leave the VA and our veterans who served in the lurch with their medical records, scheduling, research, and much more. That would be unacceptable.

Update: Just posted in NextGov/FCW and FedScoop. The last notes that the House-passed fiscal 2027 Military Construction and Veterans Affairs appropriations bill would give $3.4 million for EHRM.

Breaking report: Oracle drawing up plans to lay off employees in “double digit percentages” by 1 September

August 12, 2026 | by

30,000 global layoffs (18%) in March were evidently not enough. Oracle’s transformation into an AI infrastructure landlord with the corresponding debt (closing FY26 at $100 billion, projected by an analyst to exceed $120 billion in their FY27) is coming at a huge cost. This afternoon (US Eastern Time), Business Insider broke the news that Oracle is planning another significant round of layoffs to reduce payrolls by 1 September. 

FTA: “The cuts could reach double-digit percentages on some teams, according to the document. The company has requested managers provide lists of affected employees, with the intention of reducing payroll by the time the second quarter begins on Sept. 1, according to one of the people with direct knowledge.” Note: the Oracle FY27 began on 1 June 2026, thus Q2 27 starts on 1 September.

The Business Insider writer claims to have seen an internal document confirming this. Considering that today is 12 August, there is not much time between now and 1 September. Oracle currently has around 141,000 employees. If there were, for instance, a 10% (double digit) overall layoff, that would be 14,000 people. No hard numbers are included in the BI article.

The BI article does not have information on whether this will affect only the US, North America, or global Oracle sites. The last round of layoffs were global in scope.  Oracle ran into expensive buzzsaws in countries such as Germany; many European countries have layoff notice and benefit requirements. In the last layoff, India was hard hit.

The scuttlebutt on The Layoff rumor board has other tidbits that may be true or sheer speculation:

  • The actual date may be 15 September. But historically Oracle layoffs happen around Labor Day (US 7 September). (Ed.–It could be both!)
  • Managers are preparing lists for upcoming layoffs. One poster scores his or her part time remote manager who remained after the last layoff round.
  • Nothing is showing up in Federal/state WARN notices yet. However, WARN does not cover remote, dispersed employees nor offshore employees.
  • There are about $300 million in restructuring costs included in the FY 27 SEC 10-K filing. This is a comparatively low amount that has to cover earlier layoff costs, which may indicate that this upcoming layoff will be lower than March’s.

The money continues to flow out, not in. Oracle’s high-profile data center buildouts, notably Project Jupiter, are being hit with increasing “social costs”. Despite initial permitting, local groups have been successful in mobilizing for changes. Redesigns in cooling and power draw are expensive. Data center locations and builds are one of the few US issues that cross political lines [TTA 29 July]. Unlike Microsoft, Oracle no longer has the cushion of free cash flow to pay the bills. Oracle also has crushing performance obligations to meet with OpenAI and Meta [TTA 16 July].

What’s the healthcare impact, other than AI?  For the business segments in the former Cerner, now is Oracle Health AI, the news has been dismal–and concerning to entities such as the Federal Government.

  • The Oracle EHR, bought in the palmy days of June 2022 for $28 billion, is now down to a ‘sloppy second’ versus Epic in the acute care (20%) and the health system (27%) segments. The EHR is not prospering as an alternative, as much as many in healthcare don’t care for Epic.
  • There is no one reportedly lining up to buy OHAI. In June, London-based investors Nelson Advisors confirmed the rumors that the division was up for sale. The ‘usual suspects’ all have regulatory and competitive road blocks. The alternative may be private equity purchase or investment, including the Federal Government. PE is not jumping up and down to lay the money down. In other words, OHAI is a hard-to-sell asset.
  • Even if an OHAI sale freed up anywhere near the purchase price, an unlikely outcome, it would make only a dent in the stunning amount of debt. Whether it would improve Oracle’s low credit rating is doubtful.

There are also ongoing and new Federal commitments to meet:

  • There are the EHRs managed by the Veterans Health Administration EHR Modernization (EHRM) and the Military Health System (MHS), two separate but mandatorily interoperable systems. MHS is rolled out but modifications continue, while VA’s EHRM is only getting started, with extensive Federal oversight and guardrails in place. That rollout is expected to continue into 2031. These are both hot potatoes that show no signs of cooling off.
  • In Oracle’s traditional software business, Oracle’s latest commitment is to the Department of War (a/k/a Department of Defense). In late July DoW announced a software contract with Oracle which could be worth up to $7 billion over ten years as part of the cross-agency Enterprise Software Initiative. 

The layoffs can only increase the perception of Oracle as losing the staff to meet their commitments, as unstable and in trouble. This is a developing story. A TTA ‘hat tip’ to an observer who wishes to remain anonymous.

News roundup #2: Function Health’s jumbo $450M raise from General Catalyst, Hinge Health’s $105M Cylinder buy, and Throne Science’s $10M Series A

August 6, 2026 | by

August is opening with a blood draw and a “flush” in two Financings and one substantial, additive GI Deal.

The much-ballyhooed Function Health raises another $450 million from General Catalyst. This debt financing adds to their war chest, now $804 million. Crunchbase The growth financing from General Catalyst, which makes news with its raises, follows on Function’s November 2025 Series B round of $298 million led by Redpoint.

Function provides direct-to-consumer 160+ lab tests in an annual self-pay subscription model ($365, HSA/FSA eligible). Their pitch is to enable you to “live 100 healthy years” by self-testing for conditions such as thyroid, cardiovascular, hormones, immune disorders, and early signs of fatty liver and cancer, plus two annual full-body scans. The tests are performed via Quest Diagnostics in 48 states (excluding Rhode Island, Hawaii, and the territory of Puerto Rico). Members also receive a physician-reviewed results and insights. Function also offers MRI and CT scans (for an additional cost below $1000). They acquired in the past two years Ezra AI (full-body MRI scans), Getlabs (at-home or office blood draw network), and SuppCo (supplements). Function members have performed over 100 million lab tests in the past three years.

According to their CEO Jonathan Swerdlin, their target is “anyone who wants to be healthy”, but drilling down, it is the worried well, those wanting to centralize their ongoing testing, and those managing chronic conditions. Having gone through (and will be going through) a battery of thyroid and related tests, those of us who don’t have a physician brother to write up testing (and now an endocrinologist) could find this very attractive indeed, especially those with HSA/FSA accounts. For Medicare beneficiaries, it’s strictly out of pocket but if you have a lot of testing to do, perhaps worth it. The next part of this, of course, is getting your labs to a specialist without going through a primary care provider.

Reaching out to sell memberships to a broad consumer audience via traditional and social media is going to be an expensive proposition. $365 is not a trifling sum and getting your labs done via procedures like blood draws isn’t wonderfully pleasant. It requires national marketing and promotion, with a value proposition that takes some of the sting out of that blood draw. We’ll see if this happens as a result of the debt financing this fall. Release, MedCityNews

Hinge Health expands into GI care with Cylinder Health. One-time MSK remote physical therapy specialist Hinge Health continues its specialty expansion with $105 million for gastrointestinal care management company Cylinder Health. The buy is all cash and expected to close during Q3, subject to the usual customary closing considerations.

Cylinder has already treated 150,000 people for gastrointestinal (GI) conditions and has a clinically validated ROI. From the release: “The acquisition will combine Cylinder’s clinical expertise and existing market footprint with Hinge Health’s AI-powered care model and technology platform to deliver support in a single app expected to launch in 2027. There is no mention of how the companies will go forward in management and workforce locations.

Hinge expanded from MSK therapy into pain relief via the Enso pulse wireless device, pelvic health, migraine care (Enso), and fall prevention. Interestingly, in the release the CEO quote from Daniel Perez, alludes to GI care being an unmet need.  “Many people we already serve for back, joint, pelvic, and migraine care also have chronic digestive conditions. After spending time with Terry Boch and the Cylinder team, it’s clear that Cylinder gives us a running start in a category with significant unmet need.” (If you, like this Editor, spend any time on YouTube, one is assailed with digestive health ads, often, as we said as teens but perfect here, ‘gross’.)

Hinge went public last year at $32/share [TTA 22 May 2025] and is currently trading at around $80/share, a gain of over 100%, so they are doing something right in a very competitive space against Omada Health and Sword Health. Mobihealthnews, Healthcare Dive

And while we are discussing things gastrointestinal, Throne Science raised a Series A of $10 million. It was led by Will Ventures with participation from Emerson Collective, Workshop, LEAD VC, Salt VC, Accomplice, Moxxie, Ventures Together, Symphony, Felix Capital, Cosmic Venture Partners, Offscript, V1.VC, and Morrison Seger. Throne Science has developed an AI-assisted toilet sensor for $399 (plus $5.99/month membership) that monitors for bathroom habits, specifically monitoring patterns around hydration and gut health. Last month, they launched the beta version of their Gut Health AI coach which allows users to query the app about their data. The fresh funds will be used for further R&D for the next generation of the device targeting early detection of colon and urinary tract cancers. Interestingly, one of the founders is John Capodilupo, formerly CTO at the previously mentioned WHOOP. Release, Mobihealthnews

Disclaimer: Throne Science has nothing to do with the British, or any other, Kings or Queens. 

News roundup #1: AI governance ‘in’ with Feds, ATA; Centene’s shrinking but more profitable future; repositions and partnerships for DispatchHealth, WHOOP; Te Whatu Ora Health New Zealand modernization

August 6, 2026 | by

Besides data center worries, AI governance and cybersecurity are very near the top of AI concerns.

  • For the Feds, AI is being used to patch up cyber vulnerabilities at speed and scale. The Gold Eagle “Promoting Advanced Artificial Intelligence Innovation and Security” initiative established in Executive Order (EO) 14409 is designed to operate across agency lines, reduce bureaucracy, stimulate innovation, and utilize AI for security as well as develop internal, responsible AI practices. It also promotes cooperation between the private sector and government by being built out by open source software companies, The EO has three major parts: 
    1. Upgrading American Systems for Advanced AI–this sets a 30 day clock from 2 June for adoption across the Committee on National Security Systems, the Departments of War, Homeland Security, Treasury, OMB and others.
    2. Secure Frontier Model Deployment–setting benchmarking, frameworks, “covered frontier models” and partners within 60 days inclusive of confidentiality, cybersecurity, insider-risk, and intellectual-property protection.
    3. Protection Against Criminal Actors–tightening up existing US Code and criminal laws to penalize “anyone who utilizes AI to illegally access or damage a computer without authorization, or who utilizes AI while engaged in such illegal access to further any other crime”.

Healthcare IT News

The American Telemedicine Association (ATA) and its advocacy arm, ATA ACTION, are establishing three working groups to help shape AI governance policy affecting virtual care and telemedicine. The first is on state-level AI policy, the second and third groups are centered on Federal policy agendas, regulations, and how state and Federal governments approach AI in virtual care. The three groups will present their report outcomes in December at the ATA EDGE Policy Conference setting the direction for ATA ACTION’s advocacy priorities in 2027. ATA Release

As payers continue to shrink due to plan membership declines and closures/selloffs, Centene actually is notching some profit and having some sunnier days. Centene’s Q2 closed with a stunning $1.1 billion in profit, with H1 at $2.6 billion, reminiscent of the palmy Michael Neidorff days when the sky was the limit and what was on the ground with the operating plans/companies was a jungle. This was quite a contrast versus 2025’s Q2 $253 million loss and H1  $1.05 billion profit. Revenues were also up nicely with H1 this year at  $103.5 billion, compared to $95.4 billion last year. All exceeded Wall Street estimates and gave Centene the opportunity to boost its 2026 full year outlook to at least $4.80 in earnings per share and revenue to between $193.5 billion to $197.5 billion, a flat-to-boost from 2025’s ending $194.78 billion and $2.08 per share.

At this point, it’s apparent that despite shrinking memberships down to 25.9 million as of Q2, both their sizable Medicaid and ACA plan memberships shrinking sharply, Centene has wrestled that old devil, the Medical Loss Ratio (MLR) to 89.6%, down from 93%. Another bright spot has been their commercial plans which have notched growth and a 10 point less MLR. ACA memberships are down from 5.9 million to 3.5 million. The ACA premium tax credit subsidies expired at the end of 2025, effectively causing premiums to double for nearly everyone. Aetna exited this year and Cigna will be out in 2027.

Share price is also sunny side up. Since April, shares have gone from the $31/share bottom in April to the $60 plus range since June. Centene is reportedly working hard to improve their plan STAR (CMS) and HEDIS (NCQA) ratings.

What is not so sunny is the number of people being shed at Centene. They’ve reported a cut of about 1,200 people as of Q2. It’s unknown how many have accepted the voluntary separation plan (VSP) that was announced in June and deadlined on 27 July. TTA 18 June  Centene reported that they forecast H2 severance costs between roughly $315 million and $365 million. Many of these severances will hit between early September and December, although on the Centene page on The Layoff, some employees accepting the VSP have dates into late 2027.

The VSP is in addition to prior layoffs that took place in H1. Centene reported H1 severance and third-party vendor costs of $61 million, with $47 million hitting in Q2. (This Editor knows a former colleague who was laid off after 16 years in June.) There are also rumors of further layoffs in H2 not part of the VSP as memberships shrink. FierceHealthcare, Becker’s, Centene earnings release

This Editor will reiterate that rarely does shrinking to profitability work except as an interim strategy to stem losses or look better to shareholders. Even with AI tools, operating plans without people on a ‘bare bones’ basis gets plans into quality ratings trouble, the nature of the health plan ‘beast’. That’s even true of commercial plans where employers and third-party brokers shoulder part of the load.

(Disclosure: this Editor was briefly a Centene employee after the company she worked for, WellCare Health Plans, was bought by Centene. She is a holder of Centene stock converted from her prior company. The above is strictly her opinion and protected speech, and should not be used as investment advice.)

DispatchHealth brightly announced what they termed a ‘refined market focus’ and a new website. This terminology means that Dispatch, which was previously known for providing home medical care, recovery services, and hospital-level care at home, now is stating that they are focusing on their B2B health system customers, “offering solutions that empower health systems and risk-bearing providers to build and scale their at-home programs, under their own brands”. Translation: they are now white labeling their CESIA platform and services to health systems to turnkey complex care at home via their workforce. Dispatch merged with Medically Home in June [TTA 21 Mar]. Investment to date has been $733 million through seven rounds (Series E) through 2022, which means that they’ve been paying their own way for some time. Dispatch release

WHOOP continues to “it” up, inking a new partnership in increasingly popular women’s digital health. The Natural Cycles app, which tracks fertility via the menstrual cycle and overnight skin temperature, will integrate with WHOOP’s biometric data collected from their wearable. This past spring, WHOOP definitely whooped it up with a $575 million Series G (for Giant) funding in April and claims 2.5 million members internationally. Natural Cycles has also enjoyed strong funding, including $55 million in a Series C round in 2024,  Mobihealthnews

And flying off way down under to New Zealand, Te Whatu Ora/Health New Zealand has enlisted UCLPartners for tech  modernization. Te Whatu Ora is New Zealand’s largest employer and provides universal health care to 5 million Kiwis. The partnership is for deployment of technology and AI through their digital and AI innovation program, HealthX. In April, they announced that they were working on five initiatives: AI scribes, remote patient monitoring (RPM) for heart failure patients, AI-enabled skin lesion assessments, AI-enabled diagnostics, and CoPilot for leadership and digital services. Health Informatics NZ  UCLPartners is a health innovations developer in care pathways and innovations and workflows. London-based, it works extensively with the National Health Service (NHS). The company worked with Te Whatu Ora on the HealthX AI scribe rollout for horizon scanning work. Healthcare IT News

The week that was in M&A, financings: Included Health buys Firefly, Candid’s $120M raise, DarioHealth’s $23M RDO, TytoCare’s $25M growth round + new execs, Aurenar’s $5.7M seed for ICU neuromodulation

July 30, 2026 | by

Mr. Market woke up out of his summertime nap with some surprising end-of-July activity. What will August bring?

On the M&A front, virtual care mega Included Health is acquiring Firefly Health. This adds a virtual-first health plan and advanced primary care services to Included’s established telehealth and care navigation business. In February, Included quietly entered the health plan business with an Alternative Plan Design for employers that offers an alternative approach to health benefits. Firefly is classified as an Alternative Health Plan as Administrative Services Only (ASO), quoting a 15% savings in total cost of care and 90% member satisfaction. Interestingly, San Francisco-based Included’s acquisition cost of the Watertown, Massachusetts company is not disclosed nor are any management or service transitions. The deal is expected to close in Q3 2026 and is subject to regulatory review. Readers will recall that Included was formed from telehealth pioneers (2011-12) Grand Rounds and Doctor on Demand, with the small LGBTQ focused Included Health picked up in 2021, then rebranded with that name. It is solely focused on employers, health plans, public sector organizations, and unions.  Release, MedCityNews

Candid Health raised a $120 million Series D. Lead investor for this revenue cycle management (RCM) company is Sixth Street Growth, with participation from Oak HC/FT, 8VC, and Y Combinator. This follows a February $52.5 million Series C led by Oak HC/FT for a total raise of $220 million since 2020. TechCrunch Candid concentrates on provider financials, automating medical billing and health insurance claims to speed payments. Sixth Street release, MedCityNews

DarioHealth’s latest ‘rabbit out of hat’ is a $23.5 million RDO. As we’ve previously noted, DarioHealth started in MSK therapies and by 2023 branched out to clinically-based interventional care management solutions through apps and consults in cardiometabolic and behavioral health, including GLP-1 prescribing for weight management. DarioHealth’s latest is true to its form in creative financings as previously noted here and here. This bit of funding legerdemain is an RDO, a registered direct offering. From the SEC Form 8-K, DarioHealth is selling to institutional investors 2.4 million of their publicly traded stock at $6.80/share plus pre-funded warrants for over a million shares at $6.7999. This raises $23.5 million before deducting the offering expenses. The RDO  closed on 23 July. Mobihealthnews

Our old friends at TytoCare, notably quiet of late, added $25 million to their war chest and brought on some fresh horses. The growth/venture round brings their total financing to $231 million. The round for the remote physical exam tech company was led by Insight Partners, with participation from existing strategic investors OliveTree, HOOP, Qumra Capital, Qualcomm Ventures, OrbiMed and others. In the release, the lead repositions of the company as now a “AI-First Clinical Enablement Platform, Bringing FDA-Cleared AI-Powered Insights into Virtual Primary Care to Support Cardiopulmonary and Oncology Care” which doesn’t quite follow through on the website which focuses on their devices. Joining the company are Adam Pellegrini as CEO, replacing co-founder/CEO Dedi Gilad who moves to chairman. The other co-founder, Ofer Tzadik, remains with the operating company in NYC and Israel. Mr. Pellegrini is the former CEO of MSK/pulmonary management company Kaia Health, acquired last January by Sword Health for $285 million, and previously co-founder and former CEO of cancer support company Jasper Health out of Redesign Health. Also onboarding as COO is Greg Orr, former Walgreens VP Digital Health and COO of Jasper Health. One suspects some changes are in the offing. Mobihealthnews

Our last and most unusual company is Aurenar, which has developed a non-invasive neuromodulator for inflammation that stimulates the vagus nerve in the ear. The destined use is for ICUs to modulate the body’s secondary and toxic inflammatory responses to conditions such as subarachnoid hemorrhages and stroke. The V-Link vagus nerve stimulator gained FDA breakthrough device designation on 30 June. The oversubscribed seed round of $5.7 million was led by American Heart Association Ventures’ Go Red for Women Venture Fund and Solas BioVentures, with participation from BJC Health and Kaleida Capital. Initial validation has been through multiple pilot clinical trials at St. Louis-based Washington University, where Aurenar is located. The funding will be used for pivotal trials around stroke, including final device development, verification and validation testing, plus regulatory submissions to the FDA. Other uses will center on additional inflammatory conditions disproportionately affecting women. FierceHealthcare, MassDevice, Mobihealthnews