<p>这是一个在长期内获得强劲市场回报的好方法：识别那些被大多数投资者忽视或低估但前景吸引的公司；以深度折扣购买其股票；并长期持有。然而，挑选这样的公司并不容易。</p>
<p>让我们考虑两个潜在候选者：<strong>Iovance Biotherapeutics</strong>(IOVA) 和 <strong>Teladoc Health</strong>(TDOC 0.61%)。这两家医疗保健公司在近年来面临重大挑战，但正在努力复苏。哪一个更具吸引力的逆向投资呢？让我们来看看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc4MzIvZG9jdG9yLWFuZC1wYXRpZW50LWluLWEtaG9zcGl0YWwtcm9vbS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc4MzIvZG9jdG9yLWFuZC1wYXRpZW50LWluLWEtaG9zcGl0YWwtcm9vbS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Iovance Biotherapeutics 的案例</h2>
<p>Iovance Biotherapeutics 是一家小型生物技术公司，开发了 Amtagvi，这是一种用于晚期黑色素瘤的药物。这种疗法是一项突破，成为首个在该适应症下获得批准的药物。自 2024 年 2 月药物获批以来，Amtagvi 的销售额逐渐上升。在 2025 年上半年，Iovance 的收入几乎全部来自 Amtagvi，总额为 1.093 亿美元，比去年同期增长了三倍多。</p>
<p>该生物技术公司预计本财年的收入将在 2.5 亿到 3 亿美元之间，这对于市值仅为 7.73 亿美元的公司来说并不算差。此外，Iovance 最近在加拿大获得了 Amtagvi 的批准，并预计最终将在其他几个国家推出该药物。它估计，每年在美国有 8000 名患者死于黑色素瘤。虽然并非所有患者都符合 Amtagvi 的治疗条件，但远比目前接受治疗的患者要多。</p>
<p>因此，在美国及其他地区的潜力中，有一个吸引人的市场，可能使 Amtagvi 最终成为一款畅销药物。</p>
<p>最后，Amtagvi 正在被研究作为几种其他癌症的治疗方法。如果 Iovance 能够在临床和监管方面取得稳固进展，其旗舰产品的销售将持续增长，并可能帮助公司实现盈利。存在一些风险。Amtagvi 是一种复杂的药物，制造和施用都很困难。它是由患者自身的细胞制成的，平均需要 34 天才能制造完成，然后在患者接受化疗后通过静脉输注进行注入。</p>
<p>这就是为什么 Amtagvi 只能在专业中心施用。这些因素在一定程度上限制了药物的可用性，并增加了商业化费用。但尽管面临这些挑战，如果 Iovance Biotherapeutics 的总体计划得以实现，股票可能会飙升。</p>
<h2>Teladoc Health 的案例</h2>
<p>Teladoc Health 是远程医疗市场的一个重要参与者，近年来失去了显著的市场份额。然而，该公司的生态系统依然深厚。截至第二季度，其综合护理部门的会员人数达到了 1.024 亿，比去年同期增长了 11%。</p>
<p>该公司的 BetterHelp 虚拟治疗部门正在流失付费用户，但公司正在采取措施解决这个问题。Teladoc 进行了几项收购，包括虚拟心理健康服务提供商 UpLift。虽然 Teladoc 自己的 BetterHelp 不被保险覆盖，但 UpLift 与第三方支付方达成了协议，覆盖了 1 亿潜在患者。</p>
<p>Teladoc 一直表示，保险覆盖其治疗服务可能有助于吸引更多人使用 BetterHelp 平台，该平台已被积极推广以增加业务。现在，通过 UpLift，它可以将营销工作针对那些已经有这些服务保险覆盖但尚未选择的患者。</p>
<p>Teladoc 还寄希望于国际扩张来帮助扭转局面。该公司的国际销售在最近几个季度增长较快。</p>
<p>整体财务结果并不强劲。第二季度收入同比下降 2%，为 6.319 亿美元。但该公司在远程医疗市场的良好存在，得益于其便利性，加上提升虚拟治疗业务和在海外立足的努力，可能使其能够实现复苏。</p>
<h2>哪个更值得购买？</h2>
<p>需要明确的是，这两家公司都非常风险。在我看来，它们在未来五年内更有可能摧毁股东价值。也就是说，Teladoc 现在是更好的选择。它的收入更高，净亏损更低，并且在行业内拥有深厚的生态系统和相对知名的品牌。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b16feadc9959d4bc743dda168366df63.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b16feadc9959d4bc743dda168366df63.png"/></p>
<p>IOVA 收入（季度）数据来源于 YCharts</p>
<p>Iovance 的 Amtagvi 可能看起来很有前景，但药物的复杂性使得押注于该生物技术公司变得困难。如果 Amtagvi 在商业上可行，考虑到 Iovance 在过去 18 个月的糟糕股票表现以及其市值远低于 10 亿美元，可能会有一家资金雄厚的大型制药公司趁机收购整个公司。</p>
<p>当然，这种情况仍然可能发生，也有可能 Amtagvi 最终会成功。不过，鉴于现有信息，具有高于平均风险承受能力的逆向投资者应考虑选择 Teladoc。</p>

TDOC

Iovance生物治疗

<p>这篇文章将两家医疗保健公司 Iovance Biotherapeutics 和 Teladoc Health 作为潜在的逆向投资进行比较。Iovance 凭借其有前景的癌症疗法 Amtagvi，收入增长显著，但面临制造挑战。Teladoc 作为远程医疗的领导者，正在经历用户流失，但正在扩展其服务和国际业务。尽管两者都是高风险投资，但由于 Teladoc 的收入更高且品牌更为成熟，因此被认为是更好的选择，而 Iovance 的未来由于其复杂的产品仍然不确定</p>

<p>Here's a great way to earn strong market returns over the long term: Identify companies that have been ignored or underestimated by most investors but have attractive prospects; buy their shares at a deep discount; and hold on to them for a long time. Picking out such corporations isn't easy, though.</p>
<div class="lb-trans"><p>这是一个在长期内获得强劲市场回报的好方法：识别那些被大多数投资者忽视或低估但前景吸引的公司；以深度折扣购买其股票；并长期持有。然而，挑选这样的公司并不容易。</p>
</div><p>Let's consider two potential candidates: <strong>Iovance Biotherapeutics</strong>(IOVA) and <strong>Teladoc Health</strong>(TDOC 0.61%). These two healthcare specialists have faced significant challenges in recent years but are trying to mount a comeback. Which one of the two is the more attractive contrarian buy? Let's find out.</p>
<div class="lb-trans"><p>让我们考虑两个潜在候选者：<strong>Iovance Biotherapeutics</strong>(IOVA) 和 <strong>Teladoc Health</strong>(TDOC 0.61%)。这两家医疗保健公司在近年来面临重大挑战，但正在努力复苏。哪一个更具吸引力的逆向投资呢？让我们来看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc4MzIvZG9jdG9yLWFuZC1wYXRpZW50LWluLWEtaG9zcGl0YWwtcm9vbS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F837832%2Fdoctor-and-patient-in-a-hospital-room.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The case for Iovance Biotherapeutics</h2>
<div class="lb-trans"><h2>Iovance Biotherapeutics 的案例</h2>
</div><p>Iovance Biotherapeutics is a small-cap biotech company that developed Amtagvi, a medicine for advanced melanoma. This therapy was a bit of a breakthrough, becoming the first of its kind to be approved in this indication. Amtagvi's sales have been slowly ramping up since the drug's approval in February 2024. In the first half of 2025, Iovance's revenue -- almost all of which comes from Amtagvi -- totaled $109.3 million, more than tripling compared to the year-ago period.</p>
<div class="lb-trans"><p>Iovance Biotherapeutics 是一家小型生物技术公司，开发了 Amtagvi，这是一种用于晚期黑色素瘤的药物。这种疗法是一项突破，成为首个在该适应症下获得批准的药物。自 2024 年 2 月药物获批以来，Amtagvi 的销售额逐渐上升。在 2025 年上半年，Iovance 的收入几乎全部来自 Amtagvi，总额为 1.093 亿美元，比去年同期增长了三倍多。</p>
</div><p>The biotech expects revenue of $250 million to $300 million for the fiscal year, which isn't too bad for a company with a market cap of just $773 million. Further, Iovance recently received approval for Amtagvi in Canada and expects to launch the medicine in several other countries eventually. It estimates that every year, 8,000 patients in the U.S. die from melanoma. Though not all of them are eligible for Amtagvi, many more than it has treated so far are.</p>
<div class="lb-trans"><p>该生物技术公司预计本财年的收入将在 2.5 亿到 3 亿美元之间，这对于市值仅为 7.73 亿美元的公司来说并不算差。此外，Iovance 最近在加拿大获得了 Amtagvi 的批准，并预计最终将在其他几个国家推出该药物。它估计，每年在美国有 8000 名患者死于黑色素瘤。虽然并非所有患者都符合 Amtagvi 的治疗条件，但远比目前接受治疗的患者要多。</p>
</div><p>So, between the potential in the U.S. and other regions abroad, there is an attractive market that could allow Amtagvi to eventually become a blockbuster.</p>
<div class="lb-trans"><p>因此，在美国及其他地区的潜力中，有一个吸引人的市场，可能使 Amtagvi 最终成为一款畅销药物。</p>
</div><p>Lastly, Amtagvi is being investigated as a treatment for several other forms of cancer. If Iovance can make solid clinical and regulatory progress, sales of its crown jewel will grow consistently and perhaps help the company turn profitable. There are some risks. Amtagvi is a complex medicine to manufacture and administer. It is made from patients' own cells and requires 34 days (on average) to make before being inserted via intravenous infusion after they have received chemotherapy.</p>
<div class="lb-trans"><p>最后，Amtagvi 正在被研究作为几种其他癌症的治疗方法。如果 Iovance 能够在临床和监管方面取得稳固进展，其旗舰产品的销售将持续增长，并可能帮助公司实现盈利。存在一些风险。Amtagvi 是一种复杂的药物，制造和施用都很困难。它是由患者自身的细胞制成的，平均需要 34 天才能制造完成，然后在患者接受化疗后通过静脉输注进行注入。</p>
</div><p>That's why Amtagvi can only be administered in specialized centers. These are factors that somewhat limit the medicine's availability and increase commercialization expenses. But despite these challenges, if Iovance Biotherapeutics' master plan comes to fruition, the stock could soar.</p>
<div class="lb-trans"><p>这就是为什么 Amtagvi 只能在专业中心施用。这些因素在一定程度上限制了药物的可用性，并增加了商业化费用。但尽管面临这些挑战，如果 Iovance Biotherapeutics 的总体计划得以实现，股票可能会飙升。</p>
</div><h2>The case for Teladoc Health</h2>
<div class="lb-trans"><h2>Teladoc Health 的案例</h2>
</div><p>Teladoc Health, a notable player in the telemedicine market, has lost significant traction over the past few years. However, the company's ecosystem remains deep. As of the second quarter, it had 102.4 million members in its integrated care segment, a number that grew 11% compared to the same period last year.</p>
<div class="lb-trans"><p>Teladoc Health 是远程医疗市场的一个重要参与者，近年来失去了显著的市场份额。然而，该公司的生态系统依然深厚。截至第二季度，其综合护理部门的会员人数达到了 1.024 亿，比去年同期增长了 11%。</p>
</div><p>The company's BetterHelp virtual therapy segment is bleeding paying subcribers, but the company is taking steps to address the problem. Teladoc made several acquisitions, including that of UpLift, a virtual mental health services provider. While Teladoc's own BetterHelp is not covered by insurance, UpLift has agreements with third-party payers that cover 100 million potential patients.</p>
<div class="lb-trans"><p>该公司的 BetterHelp 虚拟治疗部门正在流失付费用户，但公司正在采取措施解决这个问题。Teladoc 进行了几项收购，包括虚拟心理健康服务提供商 UpLift。虽然 Teladoc 自己的 BetterHelp 不被保险覆盖，但 UpLift 与第三方支付方达成了协议，覆盖了 1 亿潜在患者。</p>
</div><p>Teladoc has long said that insurance coverage for its therapy services could help attract more people to the BetterHelp platform, which it has marketed aggressively to drum up business. Now, through UpLift, it can target its marketing efforts toward patients who already have coverage for these services but have yet to opt in.</p>
<div class="lb-trans"><p>Teladoc 一直表示，保险覆盖其治疗服务可能有助于吸引更多人使用 BetterHelp 平台，该平台已被积极推广以增加业务。现在，通过 UpLift，它可以将营销工作针对那些已经有这些服务保险覆盖但尚未选择的患者。</p>
</div><p>Teladoc is also betting on international expansion efforts to help turn things around. The company's international sales have been growing faster in recent quarters.</p>
<div class="lb-trans"><p>Teladoc 还寄希望于国际扩张来帮助扭转局面。该公司的国际销售在最近几个季度增长较快。</p>
</div><p>Overall financial results haven't been strong. Second-quarter revenue dropped by 2% year over year to $631.9 million. But the company's well-established presence in a telemedicine market, which seems here to stay thanks to its convenience, along with efforts to boost its virtual therapy business and gain a footing abroad, might enable it to mount a comeback.</p>
<div class="lb-trans"><p>整体财务结果并不强劲。第二季度收入同比下降 2%，为 6.319 亿美元。但该公司在远程医疗市场的良好存在，得益于其便利性，加上提升虚拟治疗业务和在海外立足的努力，可能使其能够实现复苏。</p>
</div><h2>Which is the better buy?</h2>
<div class="lb-trans"><h2>哪个更值得购买？</h2>
</div><p>To be clear, both of these companies are very risky. In my view, they are more likely than not to destroy shareholder value in the next five years. That said, Teladoc is the better option right now. It generates higher revenue and lower net losses, and has a deep ecosystem and a somewhat recognizable brand name in its industry.</p>
<div class="lb-trans"><p>需要明确的是，这两家公司都非常风险。在我看来，它们在未来五年内更有可能摧毁股东价值。也就是说，Teladoc 现在是更好的选择。它的收入更高，净亏损更低，并且在行业内拥有深厚的生态系统和相对知名的品牌。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b16feadc9959d4bc743dda168366df63.png" alt="" original-src="https://media.ycharts.com/charts/b16feadc9959d4bc743dda168366df63.png"/></p>
<p>IOVA Revenue (Quarterly) data by YCharts</p>
<div class="lb-trans"><p>IOVA 收入（季度）数据来源于 YCharts</p>
</div><p>Iovance's Amtagvi might seem promising, but the medicine's complexity makes it hard to bet on the biotech. Chances are that if Amtagvi were commercially viable, given Iovance's terrible stock performance over the past 18 months and its market cap well under $1 billion, a larger drugmaker with deep pockets might have swooped in to acquire the whole company at its current levels.</p>
<div class="lb-trans"><p>Iovance 的 Amtagvi 可能看起来很有前景，但药物的复杂性使得押注于该生物技术公司变得困难。如果 Amtagvi 在商业上可行，考虑到 Iovance 在过去 18 个月的糟糕股票表现以及其市值远低于 10 亿美元，可能会有一家资金雄厚的大型制药公司趁机收购整个公司。</p>
</div><p>Of course, that might still happen, and there is also the chance that Amtagvi will succeed after all. Still, given the available information, contrarian investors with above-average risk tolerances should consider opting for Teladoc.</p>
<div class="lb-trans"><p>当然，这种情况仍然可能发生，也有可能 Amtagvi 最终会成功。不过，鉴于现有信息，具有高于平均风险承受能力的逆向投资者应考虑选择 Teladoc。</p>
</div>

更值得关注的被打压股票：Iovance 生物治疗与 Teladoc Health