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Nelson Advisors Partner Lloyd Price has been invited to Judge the PitchFest Awards at ReWired 2026. This is the 3rd time Lloyd has Judged the prestigious awards, highlighting the pedigree of UK Digital Health and MedTech companies. PitchFest Awards at ReWired 2026 &nbsp; The PitchFest Awards at ReWired 2026 is the final stage of the UK's most high-profile digital health start-up competition, organised as part of the annual Digital Health Rewired conference and exhibition. It provides a platform for innovators to pitch their solutions to influential leaders, investors, and NHS digital teams. &nbsp;&nbsp; The competition follows a phased process to select the final winners: Application: Start-ups submit their proposals. The deadline for 2026 applications is 21 November 2025. Virtual Heats: Shortlisted contestants pitch their solutions virtually to a panel of judges from the NHS, venture capitalists, and digital health accelerators. Live Final: The top finalists compete live on stage at the Rewired conference. &nbsp;&nbsp; <a data-mce-href="https://digitalhealthrewired.com" href="https://digitalhealthrewired.com" title="https://digitalhealthrewired.com" target="_blank" rel="noopener">https://digitalhealthrewired.com</a> &nbsp;&nbsp; Winner's Prize &nbsp;&nbsp; The winners receive significant support and exposure, most notably: &nbsp;&nbsp; Pilot Opportunity: Expert advice and the potential to run a real-world project within the Chelsea and Westminster Hospital NHS Foundation Trust, delivered through the CW Innovation Team and Pitchfest partner CW+. Visibility: Free entry to Rewired 2026 and features on Digital Health News. &nbsp;&nbsp; The competition often includes separate categories for pre-revenue and revenue-generating start-ups. Past winners have achieved significant growth and secured funding within the NHS and international markets. &nbsp;&nbsp; <a data-mce-href="https://digitalhealthrewired.com/pitchfest" href="https://digitalhealthrewired.com/pitchfest" title="https://digitalhealthrewired.com/pitchfest" target="_blank" rel="noopener" data-mce-selected="inline-boundary">https://digitalhealthrewired.com/pitchfest</a>

Nelson Advisors invited to Judge the PitchFest Awards at ReWired 2026

Hand writing line to connect between deb and free wording for solving business consumer burden financial debt or borrow mortgage failure crisis concept.

The Cash-Free Debt-Free (CFDF) basis is the standard transaction structure in healthtech M&amp;A. For founders, understanding CFDF is crucial because it directly impacts the final cash you and your investors receive.In a CFDF deal, the buyer is acquiring the core operations of the business, valuing it independently of its current financing (cash and debt). The negotiated purchase price is typically the Enterprise Value (EV).Key Concepts for Founders: 1. Enterprise Value (EV) vs. Equity Value Enterprise Value (EV): This is the "headline price"—the total value of the company's core operations, often calculated as a multiple of revenue or EBITDA. This is the figure the buyer is paying for the business itself.Equity Value (or Net Proceeds to Shareholders): This is the actual cash founders and investors receive at closing. It is calculated by "bridging" from the Enterprise Value:Equity Value=Enterprise Value+Cash on Hand−Total Debt Effect of Debt: All financial debt is removed and deducted from the Enterprise Value. The founder/seller is responsible for paying off this debt.Effect of Cash: All excess cash on the balance sheet is added to the Enterprise Value and goes to the founder/seller. 2. Debt and Cash Definitions The "free" in CFDF often doesn't mean zero, but rather that the purchase price is adjusted for certain items:Debt-Free: The buyer typically assumes only the operating liabilities (like normal trade payables) but requires the seller (you and your investors) to pay off all financial debt and debt-like items. This reduces your final proceeds.Common "Debt-Like" Items: Bank loans, capital leases, deferred revenue that is reclassified as a liability, accrued bonuses, and any unfunded pension liabilities.Cash-Free: The seller is entitled to the company's excess cash at closing. This cash is essentially added to the purchase price, increasing your final proceeds.Minimum Operating Cash: Buyers will typically require the company to retain a negotiated minimum amount of "operating cash" to ensure the business can run smoothly immediately post-closing. This required minimum does not go to the seller.3. Working Capital Adjustment Most CFDF deals also include a working capital adjustment.The buyer expects the business to transfer with a Target Working Capital level—the normal amount of current assets minus current liabilities needed for day-to-day operations.If the actual working capital at closing is below the target, the purchase price (and thus your proceeds) is typically reduced.If the actual working capital is above the target, the purchase price is typically increased.For healthtech founders, a clean balance sheet with low financial debt and a strong cash position (above the operating minimum) leads to a higher Equity Value received at closing.To discuss how Nelson Advisors can help your HealthTech, MedTech, Health AI or Digital Health company, please email<a data-mce-href="mailto:lloyd@nelsonadvisors.co.uk" href="mailto:lloyd@nelsonadvisors.co.uk" title=" lloyd@nelsonadvisors.co.uk" target="_blank" rel="noopener" data-mce-selected="inline-boundary"> lloyd@nelsonadvisors.co.uk</a>

Understanding the ‘Cash free Debt free’ basis in HealthTech M&A deals for Founders

European union flag with a robot hand typing on a keyboard. Concept of Ai in Europe.

The EU Data Act is a foundational piece of European Union legislation that significantly re-engineers HealthTech data governance, business models, and regulatory risk by mandating greater data access and sharing rights for users of connected products, including medical devices and health wearables.The primary impact is a shift from the manufacturer's near-exclusive control over device-generated data to a user-centric model, promoting competition and innovation in the aftermarket for digital health services.&nbsp;⚙️ Structural Re-engineering of HealthTech The Data Act aims to unlock the economic value of Internet of Things (IoT) data by making it more accessible.HealthTech, which relies heavily on connected medical devices and wearables, is directly within its scope.Data Governance and Access The Act introduces an obligation for data holders (typically device manufacturers or service providers) to make data accessible to the user (the person or entity using the connected product) and, upon the user's request, to a third party.User Rights: Users of connected medical devices (e.g., continuous glucose monitors, smart insulin pens, fitness trackers) have the right to access and share the data generated by their use of the product, including real-time and raw data, free of charge.Data Holder Obligations: Manufacturers must design their products and related services to ensure data is accessible by default, and they must establish secure, machine-readable mechanisms for data access and sharing upon request.Personal Data and GDPR: The Data Act complements, but does not override, the General Data Protection Regulation (GDPR). Since HealthTech data often includes sensitive personal health data, data sharing requests must still comply with GDPR, typically requiring the data subject's explicit consent for the lawful processing and sharing of their personal data.Business Model Transformation The shift in data access rights challenges the traditional business models of HealthTech manufacturers that have historically relied on exclusive control over device data for competitive advantage, aftermarket services, and monetisation.The EU Data Act: A Structural Re-engineering of HealthTech Data Governance, Business Models and Regulatory RiskFull Report: <a data-mce-href="https://www.healthcare.digital/single-post/the-eu-data-act-a-structural-re-engineering-of-healthtech-data-governance-business-models-and-regu" href="https://www.healthcare.digital/single-post/the-eu-data-act-a-structural-re-engineering-of-healthtech-data-governance-business-models-and-regu" title="https://www.healthcare.digital/single-post/the-eu-data-act-a-structural-re-engineering-of-healthtech-data-governance-business-models-and-regu" target="_blank" rel="noopener">https://www.healthcare.digital/single-post/the-eu-data-act-a-structural-re-engineering-of-healthtech-data-governance-business-models-and-regu</a>To discuss how Nelson Advisors can help your HealthTech, MedTech, Health AI or Digital Health company, please email <a data-mce-href="mailto:lloyd@nelsonadvisors.co.uk" href="mailto:lloyd@nelsonadvisors.co.uk" title="lloyd@nelsonadvisors.co.uk" target="_blank" rel="noopener">lloyd@nelsonadvisors.co.uk</a>

The EU Data Act's HealthTech Impact

Health care concept. Business hand holding virtual medical health care icons with medical network connection.

HealthTech leverages a convergence of hardware, software, apps, devices, and AI to drive behaviour change and significantly improve patient outcomes, especially in managing chronic conditions and promoting wellness.Here is a breakdown of the role of each component:1. Hardware and Devices Wearable Devices (e.g., smartwatches, fitness trackers): Collect real-time physiological and activity data (steps, heart rate, sleep, blood oxygen).Behaviour Change Mechanism: Self-monitoring and feedback motivate users to increase physical activity, improve sleep hygiene, or manage stress. IoT (Internet of Things) Medical Devices (e.g., smart glucose monitors, connected inhalers): Automate data collection for specific health metrics.Behaviour Change Mechanism: Simplify adherence by making tracking automatic and providing time-based cues (reminders to use the device). Telehealth/Remote Patient Monitoring (RPM) Equipment: Allow remote consultation and data transmission.Behaviour Change Mechanism: Increase access to care and support, removing logistical barriers to follow-up and enabling real-time professional coaching. 2. Software and Apps Mobile Health (mHealth) Apps: Provide structured programs, personalized goals, and educational content.Behaviour Change Mechanism: Offer goal setting, progress tracking, and positive reinforcement (e.g., virtual rewards, badges) to encourage habit formation (e.g., for diet, exercise, or medication adherence). Patient Portals/Electronic Health Records (EHRs): Give patients access to their health data, appointment schedules, and lab results.Behaviour Change Mechanism: Empowerment and education, allowing patients to be active participants in their care and make informed decisions. 3. Artificial Intelligence (AI) Personalisation and Recommendation Engines: Analyze large datasets from devices and apps to tailor interventions.Behaviour Change Mechanism: Deliver hyper-personalized nudges and recommendations (e.g., "Take a 15-minute walk at 3 PM, as you're usually inactive then") which are more effective than generic advice. This improves autonomy support. AI-Powered Chatbots and Virtual Coaches: Provide accessible, non-judgmental, conversational support and health coaching.Behaviour Change Mechanism: Offer real-time support and implement behavioral science principles (like Cognitive Behavioral Therapy - CBT) at scale to help users manage conditions like anxiety, depression, or chronic diseases. They can provide timely prompts for things like medication or mental check-ins. Predictive Analytics: Identify patients at high risk of non-adherence or adverse events.Improve Outcomes: Allow clinicians or automated systems to perform proactive outreach before a problem occurs, fundamentally changing the patient's course of action. &nbsp;Overall Impact on Patient Outcomes: By blending these technologies, healthtech systems can:Enhance Adherence: Simplify and automate routines (e.g., medication reminders, exercise tracking) to help patients stick to treatment plans. Increase Engagement: Use gamification, personalized feedback, and social support to make managing health more rewarding and less burdensome. Provide Continuous Support: Move healthcare beyond the clinic visit, offering 24/7 coaching and monitoring. Improve Data Quality: Provide objective, real-world data to patients and providers, leading to better diagnostic and treatment decisions. Scale Interventions: Deliver effective, personalized behaviour change programs to large populations cost-effectively.To discuss how Nelson Advisors can help your HealthTech, MedTech, Health AI or Digital Health company, please email<a data-mce-href="mailto:lloyd@nelsonadvisors.co.uk" href="mailto:lloyd@nelsonadvisors.co.uk" title=" lloyd@nelsonadvisors.co.uk" target="_blank" rel="noopener" data-mce-selected="inline-boundary"> lloyd@nelsonadvisors.co.uk</a>

Hardware, Software, Apps, Devices, AI : HealthTech driving Behaviour Change to improve Patient Outcomes

The first half of 2025 has established a clear trajectory for the UK and broader European HealthTech M&amp;A markets. The European digital health funding landscape, in particular, saw an impressive 52% year-on-year increase in the first half of the year, reaching $3.4 Billion across 182 deals. This performance is particularly noteworthy because it runs contrary to the global digital health funding trend, which experienced a 13% year-on-year decline over the same period. The UK's HealthTech sector has been a key contributor to this regional strength, with the UK MedTech market alone projected to reach £15.7 Billion in 2025, and a steady growth forecast to £20.5 Billion by 2030. &nbsp;&nbsp; Overall, deal volume for HealthTech M&amp;A is on pace to exceed 2024's total. In the first half of 2025, there were 277 deals in HealthTech, which projects a full-year total well above the 467 deals recorded in 2024.Similarly, disclosed deal value is on a growth path, reaching $10.3 Billion in H1 2025, on pace to surpass the 2024 total of $19.2 Billion. However, it is important to note that only a small fraction (11%) of transactions disclose deal values, suggesting the actual value is significantly higher. &nbsp;&nbsp; The resilience of this market is largely attributed to a concentration of capital in fewer but larger transactions. The first half of the year saw four mega deals of over $1 Billion globally. In Europe, a handful of large "mega-deals" valued at $100 Million or more drove a significant portion of the total venture capital investment, with seven such deals accounting for 56% of the region's total investment. This trend signifies a shift away from a "spray and pray" approach towards a more selective and strategic model of "high-conviction investment". &nbsp;&nbsp; The divergence between the European mar<a data-mce-href="mailto:lloyd@nelsonadvisors.co.uk" href="mailto:lloyd@nelsonadvisors.co.uk" title="lloyd@nelsonadvisors.co.uk" target="_blank" rel="noopener">ket's performance and the global trend is a key indicator of the UK's unique value proposition. The UK's </a>strong innovation capacity, supported by a clear governmental commitment to digital transformation, provides a more stable and predictable environment for scaling HealthTech solutions compared to other regions.&nbsp; &nbsp;&nbsp; The NHS's long-term strategic plans and substantial investment create a powerful market signal and a ready customer base, which reduces regulatory uncertainty and makes the region a highly attractive destination for capital. This institutional demand and strategic clarity serve as a significant tailwind that helps to insulate the UK HealthTech sector from broader global macroeconomic pressures.Full report availabe at <a data-mce-href="https://www.healthcare.digital/single-post/uk-healthtech-m-a-market-what-s-hot-and-what-s-not-in-2025-and-looking-ahead-into-2026" href="https://www.healthcare.digital/single-post/uk-healthtech-m-a-market-what-s-hot-and-what-s-not-in-2025-and-looking-ahead-into-2026" title="https://www.healthcare.digital/single-post/uk-healthtech-m-a-market-what-s-hot-and-what-s-not-in-2025-and-looking-ahead-into-2026" target="_blank" rel="noopener">https://www.healthcare.digital/single-post/uk-healthtech-m-a-market-what-s-hot-and-what-s-not-in-2025-and-looking-ahead-into-2026</a>To discuss how Nelson Advisors can help your HealthTech, MedTech, Health AI or Digital Health company, please email <a data-mce-href="mailto:lloyd@nelsonadvisors.co.uk" href="mailto:lloyd@nelsonadvisors.co.uk" title="lloyd@nelsonadvisors.co.uk" target="_blank" rel="noopener" data-mce-selected="inline-boundary">lloyd@nelsonadvisors.co.uk</a>

The 2025 UK HealthTech M&A Landscape: A Cautious but Resilient Rebound

The UK National Commission on the Regulation of AI in Healthcare has been established as a critical, non-statutory advisory body by the Medicines and Healthcare products Regulatory Agency (MHRA) to address the growing disparity between the rapid pace of artificial intelligence (AI) innovation and a legacy regulatory framework. Its mandate is to review existing regulations and provide a comprehensive set of recommendations for a new, rewritten rulebook for AI in healthcare, which is expected to be published next year. This strategic initiative is designed with a dual purpose: to accelerate the safe and effective adoption of cutting-edge AI tools within the National Health Service (NHS) and to position the UK as a global leader in responsible health technology regulation, thereby attracting significant international investment. &nbsp;&nbsp; The Commission's work is not merely a bureaucratic exercise; it is a direct response to a series of foundational challenges unique to AI. These include the "black box" problem, which erodes trust and complicates accountability; algorithmic bias, which can perpetuate and amplify existing health inequalities; and the difficulty of regulating continuously learning, or adaptive, AI systems that evolve after they are deployed.&nbsp; While the MHRA has already begun addressing these issues through initiatives like the AI Airlock sandbox and various change programmes, the Commission's role is to formalise these efforts into a coherent, national framework.&nbsp; The analysis further reveals that the success of this regulatory reform will depend on addressing broader systemic barriers to adoption, such as fragmented IT systems, complex procurement processes, and a general lack of AI literacy within the NHS workforce. By tackling both the regulatory and operational hurdles, the UK aims to build a comprehensive ecosystem that fosters innovation, ensures patient safety, and delivers tangible benefits for the health service. Source: <a data-mce-href="https://www.gov.uk/government/groups/national-commission-into-the-regulation-of-ai-in-healthcare" href="https://www.gov.uk/government/groups/national-commission-into-the-regulation-of-ai-in-healthcare" title="https://www.gov.uk/government/groups/national-commission-into-the-regulation-of-ai-in-healthcare" target="_blank" rel="noopener">https://www.gov.uk/government/groups/national-commission-into-the-regulation-of-ai-in-healthcare</a>To discuss how Nelson Advisors can help your HealthTech, MedTech, Health AI or Digital Health company, please email l<a data-mce-href="mailto:lloyd@nelsonadvisors.co.uk" href="mailto:lloyd@nelsonadvisors.co.uk" title="lloyd@nelsonadvisors.co.uk" target="_blank" rel="noopener" data-mce-selected="inline-boundary">loyd@nelsonadvisors.co.uk</a>

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Nelson Advisors invited to Judge the PitchFest Awards at ...

Understanding the ‘Cash free Debt free’ basis in HealthTe...

The EU Data Act's HealthTech Impact

Hardware, Software, Apps, Devices, AI : HealthTech drivin...

The 2025 UK HealthTech M&A Landscape: A Cautious but Resi...

The UK National Commission on the Regulation of AI in Hea...