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Bi-Weekly UpdateSep 28, 2026 · 7 pages · Free to read

Health Care Data and Analytics Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

This bi-weekly update tracks share-price moves, company news and M&A activity across nine covered Health Care Data and Analytics names for September 14–28, 2026, giving operators, acquirers and advisors a fast read on what changed and what it means.

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Key figures

-6.0%
Sector median share-price move
9 covered names, close-to-close
+0.8%
S&P 500 return
Same two-week window
14.7x
Precedent transaction multiple
Median EV/LTM EBITDA, 40 recorded deals
1.1x
Sector valuation reference
CY2027E EV/Revenue, sector median

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HEALTH CARE DATA AND ANALYTICS

Operators Keep Signing Work While the Market Marks the Group Down

This update covers sector events, share-price moves and transaction activity for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Health Care Data and Analytics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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Executive summary

Over September 14–28, 2026, seven of nine covered Health Care Data and Analytics names fell, with a median move of -6.0% against a +0.8% S&P 500 return, concentrating the drawdown in this group. Company-level news was limited to contracted work and results-call dates, including items at ICF International, Evolent Health and Medpace, rather than capital events. No new transactions were added to the record, leaving the trailing 40-deal set and its 14.7x median EV/EBITDA as the reference for private pricing while public values moved lower.

Key findings

  • Seven of nine covered names fell while the S&P 500 rose, concentrating the drawdown
  • Fortrea rose and Guardian fell despite sharing the same valuation tier
  • Company news centered on contracted work and results dates, not capital events
  • No new deals were added, so the 40-deal, 14.7x EV/EBITDA record still anchors pricing

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01
    BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

    HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HEALTH CARE DATA AND ANALYTICS

    This is the cover page for NeuraCap's Health Care Data and Analytics bi-weekly update covering September 14–28, 2026.

    We open this bi-weekly update on Health Care Data and Analytics for September 14–28, 2026, prepared by NeuraCap AI. Over the next pages we walk through what changed in share prices, what moved company by company and most likely why, what transacted, and what it means for how you plan next moves.

    Everything on this page

    BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HEALTH CARE DATA AND ANALYTICS Operators Keep Signing Work While the Market Marks the Group Down This update covers sector events, share-price moves and transaction activity for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Health Care Data and Analytics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    THE BI-WEEKLY BOTTOM LINE

    A Broad Pullback in Share Prices, with Company News Pointing the Other Way

    This slide summarizes the two-week period: nine covered names, a broad price pullback, and company news pointing the other way.

    We see a broad pullback in share prices this period, even as company news pointed the other way. Seven of nine covered names fell, with a median move of -6.0% against a +0.8% return for the S&P 500, so the drawdown was concentrated in this group rather than the broad market. Fortrea Holdings Inc. (FTRE) rose +15.2% while Guardian Pharmacy Services, Inc. (GRDN) fell -12.4%, and both sit in the same Core tier of our standing sector view, so tier membership alone did not predict direction here. That gap tells us to look past valuation tier and into the underlying business mix before drawing conclusions from price action alone.

    Everything on this page

    THE BI-WEEKLY BOTTOM LINE A Broad Pullback in Share Prices, with Company News Pointing the Other Way The two-week period in one page · 9 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Health Care Data and Analytics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 Seven of Nine Covered Names Fell over the Two-Week Period 7 of 9 covered names fell; the median move was -6.0%. The S&P 500 returned +0.8% over the same window, so the drawdown was concentrated in this group rather than the broad market. 2 Direction Split Inside the Same Valuation Tier Fortrea Holdings Inc. (FTRE) rose +15.2% and Guardian Pharmacy Services, Inc. (GRDN) fell -12.4% over the two-week period. Both sit in the Core tier of NeuraCap's standing sector view, so tier membership did not predict direction here. 3 The Company Record Was About Contracted Work, Not Capital Events Four items reached the period: a public-sector award and a results-call date at ICF International, Inc. (ICFI), a language-access partnership at Evolent Health, Inc. (EVH), and a results-call date at Medpace Holdings, Inc. (MEDP). 4 Private Pricing Reference Stayed Where It Was No transactions were added this period, so the trailing record of 40 precedent transactions and its 14.7x median EV/EBITDA remains the reference point against a CY2027E sector median of 1.1x EV/Revenue. +15.2% Best mover — Fortrea Holdings Inc. (FTRE) worst: GRDN -12.4% · 2 up / 7 down of 9 covered -6.0% Sector median two-week return vs S&P 500 +0.8%

  3. 03
    PUBLIC MARKET MOVERS

    Who Moved — and What the Record Says About Why

    This slide shows which names moved most over the two-week period and links each move to what the record says drove it.

    We walk through who moved and what the record says about why, using close-to-close prices for the two-week period. The group's median move was -6.0% against a sector-relative materiality bar of ±12.5%, so we flag moves crossing that bar as the ones worth explaining. Where a filing or headline is recorded in the window, we link the move to it; where nothing is recorded, we say so rather than guess. That discipline keeps the attribution honest and tells you which price moves you can act on versus which ones simply reflect noise.

    Everything on this page

    PUBLIC MARKET MOVERS Who Moved — and What the Record Says About Why Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -6.0% · S&P 500 +0.8% · materiality bar ±12.5% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Health Care Data and Analytics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -6.0% Guardian Pharmacy Services, Inc. (GRDN) -12.4% Shares moved -12.4%. Defense World reported on Sep 21: "Guardian Pharmacy Services, Inc". The move appears to reflect that development, though the record does not establish a single driver. A move this size shows which operating model the market is paying for; the driver pages carry the detail. COMPANY-SPECIFIC Fortrea Holdings Inc. (FTRE) +15.2% No notable in-window news was identified that clearly explains the move. The move (+15.2%) ran ahead of the sector median (-6.0%). A move this size shows which operating model the market is paying for; the driver pages carry the detail. UNEXPLAINED

  4. 04
    MAJOR NEWS & INDUSTRY CATALYSTS

    Contracted Work and the Results Calendar Carried a Quiet Two-Week Period

    This slide lists the two-week period's highest-impact company news, each item linked to its underlying source.

    We highlight the two-week period's highest-impact events, and this period the record was carried by contracted work and the results calendar rather than capital events. ICF International, Inc. (ICFI) added a public-sector award and set a results-call date, Evolent Health, Inc. (EVH) signed a language-access partnership, and Medpace Holdings, Inc. (MEDP) set its own results-call date. Every item here links to its source, so you can verify the record yourself rather than take our read on faith. That pattern of contracted work continuing, even as prices fell, is the clearest signal in this update.

    Everything on this page

    MAJOR NEWS & INDUSTRY CATALYSTS Contracted Work and the Results Calendar Carried a Quiet Two-Week Period The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Health Care Data and Analytics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 28 · NEWS · PRNewsWire Los Angeles County awarded ICF two new multi-year energy efficiency work orders This is programme-linked, publicly funded work that adds to contracted backlog. NeuraCap reads awards of this type as the kind of long-dated, budget-protected revenue the bid side underwrites most comfortably. Contracted public-sector work keeps supporting backlog while share prices in the group move the other way. Sep 24 · NEWS · PRNewsWire ICF set the date for its third quarter results call A fixed calendar date puts the next test of contract conversion and award momentum in early November. NeuraCap reads it as a signal that management is running to a normal cadence after a period of price weakness. The next observable checkpoints for this group are scheduled, not scattered. Sep 21 · NEWS · GlobeNewsWire Evolent expanded an enterprise-wide telephonic interpretation partnership for health plan members Language access sits inside the member-servicing workflow that supports quality measurement and plan satisfaction. Workflow depth with payers is where Discount-tier names have the clearest path to recurring economics. Sep 22 · NEWS · Business Wire Medpace fixed a late-October date for its third quarter results call For a Premium-tier name, the next call is where net new business awards, cancellations and book-to-bill get tested. NeuraCap reads a routine calendar item as a sign of steady operating cadence. Sponsor-funded research demand is judged on awards and cancellations, and the next reading is close.

  5. 05
    M&A & STRATEGIC ACTIVITY

    No New Transactions Landed, so the Existing Record Still Sets the Reference

    This slide shows that no new transactions were recorded, so the existing 40-deal precedent set remains the reference for private pricing.

    We report no new transactions landed in this two-week period, so the existing record still sets the reference for anyone pricing a deal in this space. That record stands at 40 precedent transactions with a median of 14.7x EV/LTM EBITDA, unchanged from before this window opened. We don't re-present old transactions as news, so this page is a deliberate pause rather than an update. For acquirers, that means the reference multiple holds steady even as public values below it moved.

    Everything on this page

    M&A & STRATEGIC ACTIVITY No New Transactions Landed, so the Existing Record Still Sets the Reference September 14–28, 2026 · precedent transactions: 40 recorded deals · median 14.7x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Health Care Data and Analytics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record of 40 precedent transactions, at a 14.7x median EV/EBITDA, remains the observable pricing reference for the sector. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 14.7x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

  6. 06
    WHAT IT MEANS

    What the Two-Week Period Changes for Operators, Buyers and Advisors

    This slide translates the two-week period into implications for operators, acquirers and advisors.

    We translate this two-week period into what it changes for the people who act on it: operators, acquirers and advisors. For operators, the operating evidence — contracted backlog, net new awards, retention and cross-sell — is what carried the period, not price action. For acquirers, the reference set is unchanged at 14.7x median EV/EBITDA even as public values softened, with 7 of 9 covered names lower and a -6.0% median move. For advisors, two Core-tier names moved in opposite directions, which tells us to lead with contract form rather than tier label when framing a deal.

    Everything on this page

    WHAT IT MEANS What the Two-Week Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Health Care Data and Analytics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / Revenue (CY2027E) median 1.1x 10 companies in the study 3 valuation tiers Standing thesis: Health Care Data and Analytics Splits Between Recurring Data Platforms and Services-Led Models FOR OWNERS & OPERATORS Operating Evidence, Not Price Action, Is What Carried This Period Companies in the space kept adding contracted work and deepening payer workflow. The measures that support that are contracted backlog and book-to-bill, net new business awards against cancellations, revenue retention and cross-sell attach FOR ACQUIRERS The Reference Set Is Unchanged, While Public Values Softened No transactions were added, so the trailing 40-transaction record and its 14.7x median EV/EBITDA still anchor private pricing. Public values moved down over the period, with 7 of 9 covered names lower and a -6.0% median move. FOR ADVISORS Lead with Contract Form, Because the Label Is Not Doing the Work The period extends NeuraCap's standing thesis that this sector splits between recurring data platforms and services-led models. Two Core-tier names produced moves in opposite directions, and the company record was about awards and payer workflow.

  7. 07
    SOURCES & METHODOLOGY

    Sources, Methodology and Important Notice

    This slide explains the sources and methodology behind every figure in this update.

    We close with how this bi-weekly update is built, so you know what each figure and each read rests on. Every figure links to the record it was taken from — SEC filings, press releases and established outlets — admitted in a fixed reliability order, with video and social platforms excluded. That sourcing discipline is what lets you use this update as a working reference rather than a one-off snapshot, so the next update can pick up exactly where this one left off.

    Everything on this page

    SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Health Care Data and Analytics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 2 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T171516Z_547_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: prnewswire.com · globenewswire.com · businesswire.com

Sources and methodology

This update covers Health Care Data and Analytics over the 14-day window September 14–28, 2026; market data runs through September 28, 2026. The universe is the 9 listed companies whose core business is Health Care Data and Analytics under NeuraCap's industry classification, subject to a $100M market-capitalisation floor so that very small, loosely related names cannot dominate the movers and statistics. Companies covered: Evolent Health, Inc. (EVH), Fortrea Holdings Inc. (FTRE), Guardian Pharmacy Services, Inc. (GRDN), ICF International, Inc. (ICFI), Medpace Holdings, Inc. (MEDP), NeuroPace, Inc. (NPCE), NRC Health (NRC), Progyny, Inc. (PGNY), Privia Health Group, Inc. (PRVA). 2 names below the floor were excluded from the statistics: DH, DLHC.

Window and company universe

This update covers Health Care Data and Analytics over the 14-day window September 14–28, 2026; market data runs through September 28, 2026. The universe is the 9 listed companies whose core business is Health Care Data and Analytics under NeuraCap's industry classification, subject to a $100M market-capitalisation floor so that very small, loosely related names cannot dominate the movers and statistics. Companies covered: Evolent Health, Inc. (EVH), Fortrea Holdings Inc. (FTRE), Guardian Pharmacy Services, Inc. (GRDN), ICF International, Inc. (ICFI), Medpace Holdings, Inc. (MEDP), NeuroPace, Inc. (NPCE), NRC Health (NRC), Progyny, Inc. (PGNY), Privia Health Group, Inc. (PRVA). 2 names below the floor were excluded from the statistics: DH, DLHC.

How the moves and statistics are computed

Each company's period move is the change in closing price from the last close before the window to the last close inside it (close-to-close). The sector median is the median of those moves across the covered names; the index return is computed the same way for the S&P 500 over the same dates. The largest single-day move inside the window is shown for each mover. Movers are the largest gainers and losers by period move; the attribution cards prefer movers whose in-window record explains the move. Movers carry the valuation tier assigned in the standing sector study (the latest NeuraCap sector outlook) where that study rated them.

Events, news and how a move is attributed

Company events are the 8-K filings made inside the window; news items are publisher-sourced headlines for the window, admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron's and peers). Video and social platforms are never used. A move is linked to an event only when the event falls inside the window and only in calibrated language; where nothing in the record explains a move, the update says so rather than speculating. Every event links to its source.

Transactions in the window and the trailing record

Transactions are taken from SEC filings by announcement date; 0 were announced inside the window. The trailing record of 40 recorded transactions provides the reference multiples (EV over last-twelve-month revenue or EBITDA at announcement, as disclosed). A value whose own citation describes something other than the price paid is not shown as the deal value; transactions where the acquirer and the target are the same entity are treated as reorganisations and excluded.

Sources

Prices and index levels are market data through September 28, 2026; filings are the companies' SEC filings on EDGAR; press releases are the companies' own; other news items are from the established outlets named on each card; Treasury yields are published by the U.S. Department of the Treasury. Every figure and every event in the update links to its record.

Interpretation and important notice

'Why it matters', 'why the deal happened' and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, labelled as such. The update is informational: it is not investment advice, not a recommendation to buy or sell any security and not an offer of any kind.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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