Healthcare Report Q2 2016 · HEALTHCARE REPORT Q2 2016 | VOL 4 | ISSUE 2 3 The information...

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HEALTHCARE REPORT

Q2 2016

Explore M&A Activity, Capital Market Conditions and Current Trends for the

Healthcare Industry

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HEALTHCARE REPORTQ2 2016 | VOL 4 | ISSUE 2

Q2 INDUSTRY UPDATEEvery business school student learns about Porter’s Five Forces: threat of newentry, supplier power, buyer power, threat of substitution and competitiverivalry among existing firms. Participants in today’s Healthcare industry areaffected by rapidly shifting landscapes in at least one, and sometimes all five,forces.

Players who are differentiating themselves in what are sometimes called the “4Ps”, as defined in the graphic on the next page, are becoming attractivecandidates for growth investment and M&A due to the rapidity of thisevolution.

A great example of this evolving landscape is in the Specialty Providerssegment (i.e., niche providers of specialized care facilities or services).MEDNAX has grown rapidly (nearly doubling since 2011) due to an intenseM&A focus on neonatology, teleradiology and anesthesiology, among otherspecialties. By standardizing best practices and standards of care inneonatology and anesthesiology, MEDNAX has been able to improveoutcomes, organizational communication and reduce overhead. Its largecorporate infrastructure enables it to improve revenue cycle management in itsacquisition targets, making it attractive for its physician partners to sell to them,but also to retain ownership in specific facilities. In teleradiology, eachincremental physician adds efficiency to its system. With more physicians in itssystem, studies can get from the radiology center to the right licensed andcredentialed radiologist faster, and diagnoses can be made faster, improvingoutcomes and profitability for each center. These drivers not only makespecialty providers in fragmented industries like neonatology, teleradiologyand anesthesiology better takeover/growth investment candidates, they alsomake MEDNAX a better partner for larger hospital systems and care networks.The seven acquisitions that MEDNAX has completed in 2016 (at the time ofthis report) all point to this thesis. AmSurg Corp., a provider of ambulatoryservices (gastroenterology procedures, ophthalmology procedures andorthopedic) and physician services (anesthesiology, radiology and neotalogy)has grown at a similar rate and has been aggressive through M&A in a similarfashion.

KEY M&A TRANSACTIONS

Not all specialty care businesses want to sell to larger organizations, however,and those spaces remain fragmented, meaning that many small practices mustdeal with practice management on their own. Accordingly, this has createddemand for management services, such as revenue cycle management(“RCM”), patient engagement and other services like eligibility and enrollment.Even players outside of healthcare recognize the potential of technology andniche services in this segment, as evidenced by TransUnion’s acquisition ofAuditz in June 2016. TransUnion already had a reasonably large RCM business,but Auditz has a proprietary technology that helps providers find insurancebenefit information to boost care reimbursement, and identify and recoverpayments.

Along the lines of non-core healthcare businesses acquiring healthcare

2

The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive. It is notto be construed as an offer or consultation of an offer to sell or buy any securities.

Established in 2002, SDR Ventures hasdeveloped deep M&A and capitaltransaction knowledge and expertise.SDR offers transaction advisory, privatecapital formation and businessconsulting services across a wide rangeof industries. We serve business ownersand operators of privately heldcompanies and provide them with aprofessional-class experience.

ABOUT SDR

Transaction ActivityActive BuyersPublic BasketM&A Market ActivityAbout SDR Ventures

HEALTHCARE CONTACTS

CONTENTS

Ben RudmanDirector – Healthcare [email protected]

Chris BouckPrincipal – Healthcare [email protected]


mailto:[email protected]


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3

The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive. It is notto be construed as an offer or consultation of an offer to sell or buy any securities.

businesses, Huron Consulting acquired MyRounding solutions in February 2016. MyRounding is a tool for hospitals to managerounding and patient surveys, designed to improve physician engagement, patient satisfaction, outcomes and staff productivity.Though this was in Q1 of 2016, it is worth highlighting that non-healthcare and healthcare businesses alike recognize the growthpotential of businesses that align with the 4 P’s.

KEY TRENDSThe emergence of innovative healthcare technologies designed to improve treatment access, enhance data storage andmonitor cybersecurity threats has continued to be a major trend within the industry. As the telehealth movement gainsmomentum, care access is shifting to mobile platforms, fulfilling the public’s desire for value-based treatment and helpingreduce industry costs. According to a health industry issues report by PwC, over 32% of consumers claimed to have at least onehealth-related app on their mobile device, as compared to only 16% just two years prior. By improving mobile connectivity andexpanding data analysis capacity, many industry players are engineering marginal costs out of the system and making primarycare more accessible and fluid. However, with the estimated value of Internet-connected healthcare products exceeding $280billion by 2020, vulnerability to hackers has prompted increasing cybersecurity regulation. Medical product manufacturers willtherefore need to proactively invest in securing and protecting customer data.As costs to U.S. businesses associated with mental illness now exceed $440 billion, compared to $200 billion in 2013, manyindustry stakeholders are recognizing the importance of behavioral healthcare, propelling that sector in 2016. Additionally,advances in telehealth technology have allowed mental healthcare providers to conduct virtual appointments, streamliningaccess to behavioral healthcare.


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Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC.

Date Target Buyer(s) Segment Amount($ in Mil)

TEV/ Rev

TEV/ EBITDA

6/28/2016 IntelliCyt Corporation Sartorius AG Pharma Services 90 - 6.72x

6/27/2016 Heartware International Inc. Medtronic, Inc. Medical Devices & Products 1,255 - 4.07x

6/13/2016 Home Solutions Inc. HomeChoice Partners, Inc. Specialty Providers 75 - 0.69x

6/7/2016 LDR Holding Corporation Zimmer Biomet Holdings, Inc. Medical Devices & Products 1,147 - 6.26x

6/7/2016 Acro Pharma Services and Community Pharma … NS3 Health, LLC Pharma Services 75 - 0.36x

6/6/2016 BNN Holdings Corp. NuVasive, Inc. Medical Devices & Products 98 - 1.96x

5/24/2016 Euromed Inc. Scapa Group plc Medical Devices & Products 42 16.80x 2.33x

5/18/2016 LogicMark LLC Nxt-ID, Inc. Long Term & Behavioral … 27 - 2.41x

5/3/2016 IMS Health Holdings, Inc. Quintiles Transnational Holdings Inc. Practice Management 13,549 17.73x 4.30x

5/3/2016 IZI Medical Products, Inc. Shore Capital Partners, LLC Medical Devices & Products 12 - 1.21x

5/2/2016 Symmetry Surgical Inc. RoundTable Healthcare Management, LLC Medical Devices & Products 153 15.64x 1.69x

4/28/2016 St. Jude Medical Inc. Abbott Laboratories Medical Devices & Products 30,175 18.65x 5.29x

4/27/2016 ExamWorks Group, Inc. Leonard Green & Partners, L.P. Practice Management 2,021 16.68x 2.36x

4/20/2016 Hansen Medical, Inc. Auris Surgical Robotics, Inc. Medical Devices & Products 114 - 7.61x

4

ACCESS FULL LISTNote: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

20 or more transactions

11-20 transactions

1-10 transactions

0 transactions

TRANSACTIONS BY SEGMENT TRANSACTIONS BY TYPE

TRANSACTIONS BY LOCATION

TRANSACTION ACTIVITY

Source: S&P Capital IQ



Strategic40%Financial

60%8 5

202

9 81

43

144

89 37 -

50 100 150 200





Financial Buyer Inv. Date Select Holdings

Cortec Group 1/4/2016 • CVR Management LLC11/16/2015 • Community Veterinary Partners, LLC11/12/2013 • Canadian Hospital Specialties Ltd.12/23/2011 • Cranial Technologies

Webster Capital 5/3/2016 • Healthcare Associates of Texas LLC9/3/2015 • Clinical Pharmacy Services, Inc.6/30/2015 • Addiction Research and Treatment, Inc.3/31/2015 • PharmaLogic Holdings Corp.4/29/2013 • Best Friends Pet Care, Inc.8/8/2011 • Discovery Practice Management, Inc

Shore Capital Partners, LLC 5/3/2016 • IZI Medical Products, Inc.11/2/2015 • Specialdocs Consultants, Inc.4/7/2015 • Chicagoland Smile Group2/20/2015 • Summit Medical, Inc.5/31/2014 • Cumberland Therapy Services, Inc.

Harvest Partners, LP 5/18/2016 • Advanced Dermatology & Cosmetic Surgery Inc.6/6/2015 • Dental Care Alliance, LLC4/20/2015 • VetCor, Inc.5/20/2014 • AthletiCo Ltd.4/15/2013 • AxelaCare Health Solutions, LLC

MTS Health Investors, LLC 4/19/2016 • Avadyne Health, Inc.1/8/2016 • Unknown Stake in HCCA Health Connections, Inc. and HCCA International, Inc.10/29/2014 • Celerion Inc.12/17/2012 • Vital Decisions, LLC3/7/2012 • WPI Holdings Inc.

5

ACTIVE BUYERSMOST ACTIVE STRATEGIC BUYERS

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

SELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGS



Strategic Buyer Inv. Date Select Corporate Acquisitions

Advanced Dermatology & Cosmetic Surgery Inc. 5/31/2016 • Andrea Cambio, M.D., P.L.5/4/2016 • Dermatology Associates, P.C.4/29/2016 • Skin Pathology Associates, Inc.3/21/2016 • Fair Oaks Skin Care Center, Ltd.3/7/2016 • Kalamazoo Dermatology & Skin Cancer Center, Ltd.

CRH Medical Corporation (TSX:CRH) 6/30/2016 • Arapahoe Gastroenterology Anesthesia Associates, LLC6/16/2016 • Community Anesthesia PLLC6/2/2016 • Austin Gastroenterology Anesthesia Associates, LLC12/31/2015 • Johns Creek Anesthesia, LLC12/11/2015 • Macon Gastroenterology Anesthesia Associates, LLC

Marquee Dental Partners, LLC 5/24/2016 • Save-On Dental Care, Five Practices In Alabama5/11/2016 • Signature Studios1/12/2016 • Winfree and Denton Cosmetic and General Dentistry12/8/2015 • Bohle Family Dentistry, PSC8/28/2015 • Embassy Dental Professionals, P.C.

DaVita HealthCare Partners Inc. (NYSE:DVA) 6/8/2016 • Inspira Dialysis Centers Located in Vineland, Millville and Bridgeton4/8/2016 • Mountain View Medical Group, P.C.9/21/2015 • The Everett Clinic, Inc.8/24/2015 • Renal Ventures Management, LLC1/23/2015 • DaVita Care (India) Pvt. Ltd.

Medtronic plc (NYSE:MDT) 5/31/2016 • Responsive Orthopedics LLC2/1/2016 • Bellco S.r.l.11/18/2015 • Aircraft Medical Limited11/10/2015 • Cardiored S.A.9/28/2015 • Lazarus Effect, Inc.





PUBLIC BASKET

6

DENTAL PRODUCTS


HEALTHCARE SEGMENTS VS. S&P 500Running 12 Months




Company Name Symbol StateMarket

Cap ($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Price/LMT EPS

Price/ Book

TEV/Rev

TEV/ EBITDA

Zimmer Biomet Holdings, Inc. NYSE:ZBH IN $24,037 $120 12.9% 17% 27.4x 2.5x 5.0x 13.0x

DENTSPLY SIRONA Inc. NasdaqGS:XRAY PA $14,532 $62 0.7% 2% 37.7x 1.7x 5.5x 26.4x

Henry Schein, Inc. NasdaqGS:HSIC NY $14,509 $177 2.4% 12% 33.4x 5.0x 1.5x 16.8x

Align Technology Inc. NasdaqGS:ALGN CA $6,459 $81 10.8% 22% 54.8x 7.2x 6.7x 27.9x

Patterson Companies, Inc. NasdaqGS:PDCO MN $4,626 $48 2.9% 6% 23.8x 3.2x 1.0x 12.5x

Cantel Medical Corp. NYSE:CMN NJ $2,866 $69 -3.7% 11% 46.9x 6.4x 4.7x 23.8x

BIOLASE, Inc. NasdaqCM:BIOL CA $68 $1 -10.7% 39% NM 3.2x 1.3x NM

Milestone Scientific Inc. AMEX:MLSS NJ $61 $3 80.6% 19% NM 6.1x 5.5x NM

Pro-Dex Inc. NasdaqCM:PDEX CA $23 $6 45.5% 130% 61.2x 2.5x 1.1x 16.6x

Segment Average $7,465 15.7% 28.7% 40.7x 4.2x 3.6x 19.6x

DENTAL PROVIDERS


Cap ($ in Mil)

PriceStock Price

Quarter Change

YTD9Change

Price/LMT EPS

Price/ Book TEV/ Rev TEV/

EBITDA

Birner Dental Management Services…

OTCPK:BDMS CO $27 $15 51.5% 29% NM 17.0x 0.6x 11.2x

Segment Average $27 $15 51.5% 29% NM 17.0x 0.6x 11.2x

-30%

-20%

-10%

0%

10%

20%

30%

40%

6/30/2015 8/31/2015 10/31/2015 12/31/2015 2/29/2016 4/30/2016 6/30/2016

Dental Products Dental Providers Medical Devices & Products Medical Product Distribution

Specialty Providers Pharma Services Practice Management Provider Services

Long Term & Behavioral Care S&P 500




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SPECIALTY PROVIDERS


PUBLIC BASKET (CONTINUED)

MEDICAL PRODUCT DISTRIBUTION




Cap ($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Price/LMT EPS


EBITDA

Danaher Corp. NYSE:DHR DC $69,558 $101 6.5% 9% 31.6x 2.8x 3.8x 16.6xStryker Corporation NYSE:SYK MI $44,814 $120 11.7% 29% 33.5x 5.1x 4.5x 16.5xMcKesson Corporation NYSE:MCK CA $42,126 $187 18.7% -5% 20.5x 4.7x 0.3x 10.3xCardinal Health, Inc. NYSE:CAH OH $25,417 $78 -4.8% -13% 18.0x 3.8x 0.2x 9.3xAmerisourceBergen Corporation NYSE:ABC PA $17,121 $79 -8.4% -24% 18.1x 8.1x 0.1x 10.9xHenry Schein, Inc. NasdaqGS:HSIC NY $14,509 $177 2.4% 12% 33.4x 5.0x 1.5x 16.8xPatterson Companies, Inc. NasdaqGS:PDCO MN $4,626 $48 2.9% 6% 23.8x 3.2x 1.0x 12.5xOwens & Minor Inc. NYSE:OMI VA $2,347 $37 -7.5% 4% 18.1x 2.3x 0.3x 10.2xPharMerica Corporation NYSE:PMC KY $758 $25 11.5% -30% 17.5x 1.5x 0.5x 8.5xAceto Corp. NASDAQGS:ACET NY $648 $22 -7.1% -19% 16.6x 2.2x 1.2x 9.1xSegment Average $22,192 2.6% -3.1% 23.1x 3.9x 1.3x 12.1x

MEDICAL DEVICES & PRODUCTS


Cap ($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Price/LMT EPS


EBITDA

Medtronic plc NYSE:MDT N/A $121,021 $87 15.7% 13% 37.5x 2.3x 4.8x 16.0x

Abbott Laboratories NYSE:ABT IL $57,752 $39 -6.0% -12% 38.2x 2.8x 3.1x 14.2x

Stryker Corporation NYSE:SYK MI $44,814 $120 11.7% 29% 33.5x 5.1x 4.5x 16.5x

Becton, Dickinson and Company NYSE:BDX NJ $35,987 $170 11.7% 10% 35.2x 4.7x 3.8x 14.7x

Boston Scientific Corporation NYSE:BSX MA $31,710 $23 24.2% 27% 59.3x 4.9x 4.9x 19.1x

Baxter International Inc. NYSE:BAX IL $24,973 $45 10.1% 19% 53.1x 2.8x 2.5x 15.7x

Intuitive Surgical, Inc. NasdaqGS:ISRG CA $25,174 $661 10.0% 21% 49.4x 5.3x 9.6x 26.4x

Zimmer Biomet Holdings, Inc. NYSE:ZBH IN $24,037 $120 12.9% 17% 27.4x 2.5x 5.0x 13.0x

St. Jude Medical Inc. NYSE:STJ MN $22,174 $78 41.8% 26% 31.8x 5.4x 4.9x 17.4x

Edwards Lifesciences Corp. NYSE:EW CA $21,119 $100 13.1% 26% 53.0x 9.2x 8.0x 27.8x

CR Bard Inc. NYSE:BCR NJ $17,242 $235 16.0% 24% 34.7x 11.8x 5.3x 17.4x

ABIOMED, Inc. NasdaqGS:ABMD MA $4,699 $109 15.3% 21% 117.4x 12.6x 13.6x 64.6x

Integra LifeSciences Holdings Corporation

NasdaqGS:IART NJ $2,969 $80 18.4% 18% 40.4x 3.8x 3.9x 17.7x

Wright Medical Group N.V. NasdaqGS:WMGI N/A $1,764 $17 4.6% -28% NM 1.7x 4.3x NM

Johnson & Johnson NYSE:JNJ NJ $333,653 $121 12.1% 18% 29.4x 4.6x 4.5x 14.3x




Cap ($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Price/LMT EPS


EBITDA

Fresenius Medical Care AG & Co… NYSE:FMS N/A $23,791 $44 -1.2% 4% 0.0x 0.0x 2.1x 12.1x

DaVita HealthCare Partners Inc. NYSE:DVA CO $15,967 $77 5.4% 11% 21.7x 3.4x 1.8x 9.8x

MEDNAX, Inc. NYSE:MD FL $6,665 $72 12.1% 1% 20.1x 2.7x 2.8x 12.6x

AmSurg Corp. NasdaqGS:AMSG TN $4,194 $78 3.9% 2% 47.2x 1.9x 2.7x 10.0x

HEALTHSOUTH Corp. NYSE:HLS AL $3,494 $39 3.2% 12% 18.6x 5.4x 2.1x 9.0x

Surgical Care Affiliates, Inc. NasdaqGS:SCAI IL $1,907 $48 3.0% 20% NM 4.9x 3.0x 10.4x

American Renal Associates Holdings,

NYSE:ARA MA $893 $29 3.5% NM NM NM 2.5x 8.8x

Adeptus Health Inc. NYSE:ADPT TX $841 $52 -7.0% -5% NM 7.7x 2.6x 16.9x

LHC Group, Inc. NasdaqGS:LHCG LA $784 $43 21.7% -4% 23.1x 2.1x 1.1x 10.8x

AAC Holdings, Inc. NYSE:AAC TN $541 $23 15.3% 20% 43.9x 3.6x 3.1x 24.2x






PRACTICE MANAGEMENT

PROVIDER SERVICES

PUBLIC BASKET (CONTINUED)

LONG TERM & BEHAVIORAL CARE

PHARMA SERVICES



Cap ($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Price/LMT EPS


EBITDA

CVS Health Corporation NYSE:CVS RI $102,827 $96 -7.7% -2% 19.2x 2.9x 0.8x 10.6x

Express Scripts Holding Company NASDAQGS:ESRX MO $47,966 $76 10.4% -13% 18.8x 3.2x 0.6x 9.2x

Perrigo Company plc NYSE:PRGO N/A $12,986 $91 -29.1% -37% 51.9x 1.3x 3.2x 14.1x

Allscripts Healthcare Solutions, Inc. NasdaqGS:MDRX IL $2,376 $13 -3.9% -17% 271.6x 1.7x 2.1x 24.0x

Magellan Health, Inc. NasdaqGS:MGLN AZ $1,619 $66 -3.2% 7% 18.2x 1.5x 0.4x 8.4x

Segment Average $33,555 $68 -6.7% -12.7% 75.9x 2.1x 1.4x 13.3x


Cap ($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Price/LMT EPS


EBITDA

WellCare Health Plans, Inc. NYSE:WCG FL $4,747 $107 15.7% 37% 19.0x 2.7x 0.2x 7.0x

HealthEquity, Inc. NasdaqGS:HQY UT $1,765 $30 23.2% 21% 91.9x 7.9x 11.6x 39.6x

Team Health Holdings, Inc. NYSE:TMH TN $3,008 $41 -2.7% -7% 25.3x 4.5x 1.4x 14.5x

Segment Average $3,173 $59 12.0% 17.0% 45.4x 5.0x 4.4x 20.4x



Cap ($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Price/LMT EPS

Price/ Book

TEV/Rev

TEV/ EBITDA

Cerner Corporation NasdaqGS:CERN MO $19,812 $59 10.6% -3% 36.2x 5.1x 4.4x 15.9x

Healthcare Services Group Inc. NasdaqGS:HCSG PA $2,994 $41 12.4% 19% 51.1x 9.6x 2.0x 28.5x

HMS Holdings Corp. NasdaqGS:HMSY TX $1,482 $18 22.7% 43% 59.1x 2.8x 3.2x 17.0x

The Advisory Board Company NasdaqGS:ABCO DC $1,451 $35 9.7% -29% 53.7x 3.3x 2.5x 17.6x

Omnicell, Inc. NasdaqGS:OMCL CA $1,229 $34 22.8% 10% 62.3x 3.0x 2.6x 21.7x

Evolent Health, Inc. NYSE:EVH VA $1,154 $19 81.8% 59% 52.9x 2.1x 8.6x NM

Providence Service Corp. NasdaqGS:PRSC AZ $659 $45 -12.1% -4% 45.3x 2.5x 0.6x 10.3xSegment Average $4,112 $36 21.1% 13.5% 51.5x 4.0x 3.4x 18.5x



Cap ($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Price/LMT EPS


EBITDA

National HealthCare Corporation AMEX:NHC TN $989 $65 3.9% 5% 17.8x 1.5x 1.1x 8.5x

The Ensign Group, Inc. NasdaqGS:ENSG CA $1,094 $21 -7.2% -7% 20.1x 2.6x 0.8x 9.7x

Civitas Solutions, Inc. NYSE:CIVI MA $773 $21 19.5% -28% 50.4x 5.7x 1.0x 10.8x

Acadia Healthcare Company, Inc. NasdaqGS:ACHC TN $4,843 $55 0.5% -11% 27.9x 1.9x 4.1x 19.3x

SunLink Health Systems Inc. AMEX:SSY GA $5 $0 2.0% -46% NM 0.2x 0.1x NM

AAC Holdings, Inc. NYSE:AAC TN $541 $23 15.3% 20% 43.9x 3.6x 3.1x 24.2x

Segment Average $5,908 $50 5.7% -11.2% 25.0x 3.5x 2.4x 12.5x






Source: GF Data*

*The most current source of GF Data is as of March 31, 2016, and lags one quarter behind the current quarter.Source: GF Data*


CAPITAL STACKOVERALL U.S. LOWER MIDDLE MARKET M&A ACTIVITY

M&A ACTIVITY

TRANSACTION MULTIPLESEBITDA Multiples By Transaction Size

34.3% 39.5% 40.1% 43.7% 37.9%

17.1% 13.1% 18.0% 16.5% 17.3%

48.0% 47.4% 41.9% 39.8% 44.9%

38.2% 35.6% 37.3% 44.1% 39.2%

16.4% 11.0% 14.7% 10.7% 19.6%

45.4% 53.3% 48.0% 45.3% 41.2%

36.6% 37.6% 36.5% 41.8% 36.3%

15.0% 13.1% 12.0% 11.5%18.5%

48.5% 49.3% 51.4% 46.8% 55.2%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Senior Debt Sub Debt Equity

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800

2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2

Cap

ital Invested ($m

m)

Dea

ls C

lose

d

Deals Closed Capital Invested

5.3x5.8x 5.9x

5.4x5.9x

6.5x6.4x 6.2x6.8x 6.6x 6.7x

6.1x

7.5x6.7x 6.8x

8.6x

7.5x6.9x

7.7x 7.4x 7.5x 7.8x

9.0x

7.7x

0.0x

3.0x

6.0x

9.0x

2011 2012 2013 2014 2015 YTD 2016

$10-25mm $25-50mm $50-100mm $100-250mm





SDR SERVICE OFFERINGS

COMPREHENSIVE HEALTHCARE EXPERTISE

Ben RudmanDirector – Healthcare [email protected]

Chris BouckPrincipal – Healthcare [email protected]

Healthcare may have stolen the national spotlight in recent years, but we havebeen involved in the Healthcare industry for well over a decade. Ourexperience and drive puts us at the leading edge of information in the market,giving you the advantage when the time comes to buy, sell or seek investmentsto grow your business.

Our Healthcare investment banking expertise includes the following segments:

Dental Products

Medical Devices & Products

Medical Product Distribution

Specialty Providers

Pharma Services

Dental Providers

Practice Management

Provider Services

SELECT TRANSACTION EXPERIENCESDR has completed numerous transactions types throughout the Healthcare industry, including:

BUY-SIDE STRATEGIC SALE RECAPITALIZATIONS

CONTACT US

PRIVATE CAPITAL FORMATIONSELL-SIDE ADVISORY

BUY-SIDE ADVISORY STRATEGIC CONSULTING







Date Target Buyer(s) Segment Amount ($ in Mil)

TEV/Rev

TEV/EBITDA

6/30/2016 CAS Medical Systems Inc. (NasdaqCM:CASM) Western Alliance Bank; Solar Capital Ltd. (NasdaqGS:SLRC); Solar Capital Partners, LLC

Medical Devices & Products 10.5 - -

6/30/2016 PositiveID Corporation (OTCPK:PSID.D) Union Capital, LLC Medical Devices & Products 0.4 - -

6/30/2016 Barrier Free Access, Inc. State Fund Mutual Insurance Company Provider Services - - -

6/30/2016 Professional Clinical Laboratory, Inc. Schryver Medical Sales And Marketing, LLC Provider Services - - -

6/30/2016 Spirometrix, Inc. NGK Spark Plug Co., Ltd. (TSE:5334); Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (SHSE:600196); Iconical Ltd.


6/30/2016 ClinicalRM, Inc. ICON Public Limited Company (NasdaqGS:ICLR)

Medical Devices & Products - - -

6/30/2016 Performance Management Services, Inc. HealthStream, Inc. (NasdaqGS:HSTM) Practice Management 4.5 - -

6/30/2016 HealthNEXT, LLC HealthRight, LLC Practice Management - - -

6/30/2016 Pediatric Practice Located in the Shawnee Mission Medical Building at 9119 W. 74th St

Health Partnership Clinic, Inc. Provider Services - - -

6/30/2016 CORA Health Services, Inc. Gryphon Investors Specialty Providers - - -

6/30/2016 Arapahoe Gastroenterology Anesthesia Associates, LLC

CRH Medical Corporation (TSX:CRH) Provider Services - - -

6/30/2016 Addiction & Mental Health Services, Inc. Centre Partners Management LLC Specialty Providers - - -

6/30/2016 Senseonics Holdings, Inc. (AMEX:SENS) - Medical Devices & Products 30.0 - -

6/30/2016 Lantos Technologies, Inc. - Medical Devices & Products 3.0 - -

6/30/2016 Icagen, Inc. - Pharma Services 1.2 - -

6/30/2016 Medicom Technologies, Inc. - Practice Management 0.5 - -

6/30/2016 Visante, Inc. - Practice Management 0.1 - -

6/29/2016 NeuroVision Imaging LLC Wildcat Capital Management Medical Devices & Products 10.0 - -

6/29/2016 Capnia, Inc. (NasdaqCM:CAPN) Sabby Management, LLC Medical Devices & Products 13.8 - -

6/29/2016 Great Basin Scientific, Inc. (NasdaqCM:GBSN) Hudson Bay Capital Management LP; Brio Capital L.P.; Empery Asset Management, LP; Sabby Management, LLC; CVI Investments, Inc.

Provider Services 68.0 - -

6/29/2016 H-Card, LLC Global Healthcare Exchange, LLC Practice Management - - -

6/29/2016 iHealth Solutions LLC Fulcrum Equity Partners, Inc. Practice Management - - -

6/29/2016 CogENT Therapeutics, LLC Entellus Medical, Inc. (NasdaqGM:ENTL) Medical Devices & Products 11.0 - -

6/29/2016 Billian's HealthDATA Group Definitive Healthcare Solutions, Inc. Practice Management - - -

6/29/2016 Keystone Mobile Partners, L.P. - Specialty Providers 0.1 - -

6/29/2016 Accountable Healthcare Holdings Corp. - Practice Management 18.7 - -

6/28/2016 IntelliCyt Corporation Sartorius AG (DB:SRT) Pharma Services 90.0 - 6.72x

6/28/2016 ChartLogic, Inc. Medsphere Systems Corporation Practice Management - - -

6/28/2016 37 Approved and 5 FDA Filed Products Mayne Pharma Group Limited (OTCPK:MAYN.F)


6/27/2016 CoreLink, LLC The Stephens Group, LLC Medical Devices & Products - - -

6/27/2016 Patterns Behavioral Services, Inc. The SAILS Group, Inc. Long Term & Behavioral Care - - -

6/27/2016 Heartware International Inc. (NasdaqGS:HTWR)

Medtronic, Inc. Medical Devices & Products 1254.6 - 4.07x

6/27/2016 Avita Drugs, LLC Long's Drugs Inc. Pharma Services - - -

6/27/2016 Butterfly Health, Inc. Domtar Corporation (NYSE:UFS) Medical Devices & Products - - -

6/27/2016 Blue Stream Laboratories, Inc. Charles River Laboratories International, Inc. (NYSE:CRL)

Pharma Services - - -

6/27/2016 Healthcare Receivable Professionals, Inc. Avectus Healthcare Solutions, LLC Practice Management - - -

6/27/2016 Evergaze, Inc. - Medical Devices & Products 2.0 - -

6/27/2016 Fresenius Medical Care Holdings, Inc. - Long Term & Behavioral Care 1.3 - -

6/24/2016 Mitchell Planning Associates, Inc. Ross & Baruzzini, Inc. Medical Devices & Products - - -

6/24/2016 Pfizer Inc., Portfolio Of Six Injectable Products Hikma Pharmaceuticals PLC (LSE:HIK) Medical Devices & Products - - -

6/24/2016 Experea Healthcare, Inc. ABC Home Medical Supply Inc. Medical Product Distribution - - -

6/24/2016 TeleHealth365 Inc. - Medical Devices & Products - - -

Q2 2016 TRANSACTION ACTIVITY

11








TEV/Rev

TEV/EBITDA

6/23/2016 Cardia, Inc. - Medical Devices & Products 2.5 - -

6/23/2016 Innovative Health LLC - Long Term & Behavioral Care 13.0 - -

6/22/2016 CenterWatch, LLC WIRB - Copernicus Group, Inc. Pharma Services - - -

6/22/2016 Atherotech, Inc. Ningbo Medicalsystem Biotechnology Co., Ltd. (SZSE:300439)


6/22/2016 3Scan, Inc. Lux Capital Management; Data Collective; Dolby Family Ventures; OS Fund, LLC; Comet Labs; Breakout Ventures

Pharma Services 14.0 - -

6/22/2016 Livio Health Group, LLC BCBSM, Inc. Practice Management - - -

6/22/2016 Reflexion Health, Inc. - Specialty Providers 18.0 - -

6/22/2016 Notable Systems, Inc. - Practice Management 0.5 - -

6/22/2016 Westside Surgery Center, Ltd. - Provider Services 1.0 - -

6/22/2016 SnapMD, Inc. - Practice Management 3.3 - -

6/21/2016 Frank DeMento, M.D. & Associates, P.C. Schweiger Dermatology Group LLC Specialty Providers - - -

6/21/2016 Personalized Cancer Therapy, Inc. Pilot Growth Equity Partners Specialty Providers 9.2 - -

6/21/2016 Lathrop Engineering, Inc. Paramit Corporation Medical Devices & Products - - -

6/21/2016 HealthPrize Technologies LLC Mansa Capital Practice Management 4.0 - -

6/21/2016 Portfolio of Generic Products Impax Laboratories Inc. (NasdaqGS:IPXL) Medical Devices & Products 586.0 - -

6/21/2016 NextMed Management Services, LLC - Specialty Providers 0.3 - -

6/21/2016 Exagen Diagnostics, Inc. - Medical Devices & Products 2.1 - -




6/21/2016 FORCE Therapeutics, LLC - Practice Management 2.6 - -

6/20/2016 Teva Pharmaceutical Industries Limited, Two Abbreviated New Drug Applications in the US

Zydus Worldwide DMCC Medical Devices & Products - - -

6/20/2016 Arkansas Department of Health & Human Services, In-Home Health Care Operations

Kindred Healthcare Inc. (NYSE:KND) Specialty Providers 39.0 - -

6/20/2016 KeySource Medical, Inc. Friedman Capital; Seal Rock Partners Medical Product Distribution - - -

6/20/2016 Blueprint Bio, Inc. Forentis Partners, LLC Pharma Services 7.5 - -

6/20/2016 Epiphany Dermatology PA CI Capital Partners LLC Specialty Providers - - -

6/20/2016 Westchester Anesthesiologists, PC American Anesthesiology, Inc. Provider Services - - -

6/20/2016 CATACORE CORP - Provider Services 0.1 - -

6/20/2016 LivOnyx Inc. - Medical Devices & Products 0.6 - -

6/20/2016 NOWDiagnostics, Inc. - Medical Devices & Products 12.0 - -

6/24/2016 Surgimatix, Inc. - Medical Devices & Products 0.5 - -

6/24/2016 Acufocus, Inc. - Medical Devices & Products 2.5 - -

6/24/2016 Renova PCA, LLC - Medical Devices & Products 2.2 - -

6/24/2016 Eye Academy of America Ltd. - Practice Management 4.0 - -

6/23/2016 Adesis, Inc. Universal Display Corp. (NasdaqGS:OLED) Specialty Providers 36.0 - -

6/23/2016 IMUGEN, Inc. Oxford Immunotec Global PLC (NasdaqGM:OXFD)


6/23/2016 Bloom Technologies, Inc. Kapor Capital Pharma Services - - -

6/17/2016 Arkis BioSciences Inc. Innova Memphis Inc; Lighthouse Fund, LLC Medical Devices & Products 3.4 - -

6/17/2016 American CareSource Holdings, Certain Assets and Contracts related to Ancillary Network Business

HealthSmart Preferred Care II, LP Medical Product Distribution 4.1 - -

6/17/2016 Kit Check, Inc. Easton Capital Investment Group; Kaiser Permanente Ventures; Sands Capital Management, LLC; New Leaf Venture Partners, L.L.C.; Rex Health Ventures; Baxter Ventures; LionBird (Ventures) Ltd.; Black Granite Capital


Q2 2016 TRANSACTION ACTIVITY (CONTINUED)

12








TEV/Rev

TEV/EBITDA

6/17/2016 Autism Behavioral Consulting, Inc. CARD Capital Long Term & Behavioral Care - - -

6/17/2016 VibroniX, Inc. - Medical Devices & Products 0.1 - -

6/17/2016 PositiveID Corporation (OTCPK:PSID.D) - Medical Devices & Products 0.1 - -

6/17/2016 IsoPlexis Corp - Pharma Services 8.0 - -

6/16/2016 Teva Pharmaceutical Industries Ltd, Five Generic Injectable Pharmaceutical Products

Sagent Pharmaceuticals, Inc. Medical Devices & Products 40.0 - 0.12x

6/16/2016 Community Anesthesia PLLC CRH Medical Corporation (TSX:CRH) Provider Services - - -

6/16/2016 Inland Northwest Blood Center Blood Systems, Inc. Provider Services - - -

6/16/2016 Belle Bonfils Memorial Blood Center Blood Systems, Inc. Provider Services 15.0 - -

6/16/2016 nUro, inc. - Medical Devices & Products 0.8 - -


6/15/2016 Auditz LLC TransUnion (NYSE:TRU) Practice Management - - -

6/15/2016 Solidar Express Coatings, LLC Polylite Taiwan Co., Ltd. (GTSM:1813) Medical Devices & Products 4.0 - -

6/15/2016 Milestone Medical, Inc. (WSE:MMD) Milestone Scientific Inc. (AMEX:MLSS) Medical Devices & Products 1.6 - -

6/15/2016 Progyny, Inc. Kleiner Perkins Caufield & Byers; SR One; TPG Biotech; Union Grove Venture Partners

Specialty Providers 20.0 - -

6/15/2016 Navicure, Inc. Bain Capital Private Equity Practice Management - - -

6/15/2016 Lifeline Emergency Response Systems, Inc. American Medical Alert Corp. Medical Devices & Products - - -

6/15/2016 Lifespeed, Inc. - Medical Devices & Products 15.0 - -

6/15/2016 Lab7 Systems, Inc. - Pharma Services 0.3 - -

6/14/2016 Riverside Pain Physicians Surgery Partners, Inc. (NasdaqGS:SGRY) Provider Services - - -

6/14/2016 AccuCore Group LLC mTuitive, Inc. Provider Services - - -

6/14/2016 Integrated Dermatology of Hickory PLLC Integrated Dermatology LLC Specialty Providers - - -

6/14/2016 Procured, Inc. Heritage Group, LLC; Health Insight Capital Practice Management 10.0 - -

6/14/2016 CureJoy, Inc. Accel Partners Long Term & Behavioral Care 4.4 - -

6/14/2016 FirstVitals Health & Wellness, Inc. - Medical Devices & Products 2.0 - -

6/14/2016 Wearable Health Solutions, Inc. (OTCPK:WHSI)

- Medical Devices & Products 0.0 - -

6/14/2016 3DBiopsy, LLC - Medical Devices & Products 4.0 - -

6/14/2016 Zygood, LLC - Medical Devices & Products 0.1 - -

6/14/2016 Management Partners, Inc. - Practice Management 0.1 - -

6/14/2016 Preceptis Medical, Inc. - Specialty Providers 3.0 - -

6/14/2016 VantagePoint Laboratory Partners, LLC - Provider Services 5.0 - -

6/14/2016 FluoroFinder LLC - Medical Devices & Products 1.5 - -

6/14/2016 eWellness Healthcare Corporation (OTCPK:EWLL)


6/13/2016 Specialty Silicone Fabricators, Inc. Trelleborg Sealing Solutions US, Inc. Medical Devices & Products - - -

6/13/2016 MedHOK, Inc. The Hearst Corporation Practice Management - - -

6/13/2016 Sequent Medical, Inc. MicroVention, Inc. Medical Devices & Products 380.0 - -

6/13/2016 MedX Pharmaceuticals, Inc. MedX Holdings, Inc. (OTCPK:MEDH) Pharma Services - - -

6/13/2016 Cardon Outreach, LLC MedData, Inc. Practice Management 400.0 - -

6/13/2016 Home Solutions Inc. HomeChoice Partners, Inc. Specialty Providers 75.0 - 0.69x

6/13/2016 PFO Global, Inc. (OTCPK:PFGB) Hillair Capital Management LLC Medical Devices & Products 0.2 - -

6/13/2016 CEA Medical Manufacturing, Inc. Graphic Controls LLC Medical Devices & Products - - -

6/13/2016 REM Optical Company, Inc. De Rigo Vision S.p.A. Medical Devices & Products - - -

6/13/2016 MetSL, LLC - Provider Services 4.9 - -

6/13/2016 Vital Connect, Inc. - Medical Devices & Products 17.5 - -

6/11/2016 Portfolio of Eight Abbreviated New Drug Applications in the US

Dr. Reddy's Laboratories Ltd. (BSE:500124) Medical Devices & Products 350.0 - -

6/10/2016 Compression Therapy Concepts, Inc. Zimmer Biomet Holdings, Inc. (NYSE:ZBH) Medical Devices & Products - - -


13








TEV/Rev

TEV/EBITDA

6/10/2016 Solera Health, Inc. SJF Ventures; Sandbox Industries Inc.; Blue Cross and Blue Shield Association, Endowment Arm


6/10/2016 Chase Vein Center CVR Management LLC Specialty Providers - - -

6/10/2016 Intelligent Medical Decisions, Inc. American Diabetes Association, Inc., Endowement Arm

Practice Management - - -

6/10/2016 OKTX, LLC - Medical Devices & Products 2.4 - -

6/10/2016 toSense, Inc. - Medical Devices & Products 6.8 - -

6/9/2016 HGS Colibrium, Inc. Hinduja Global Solutions Limited (BSE:532859)


6/9/2016 Mediana Technologies Corporation Fukuda Denshi Co. Ltd. (JASDAQ:6960) Medical Devices & Products 18.8 - 0.23x

6/9/2016 ePatientFinder, Inc. - Practice Management 8.2 - -

6/9/2016 Medical Simulation Corporation - Medical Devices & Products 2.5 - -

6/9/2016 Optimized Care Network, LLC - Medical Devices & Products 1.0 - -

6/8/2016 Omicia, Inc. Roche Venture Fund; Acadia Woods Partners, LLC; Ping An Ventures; Buchanan Investments; ARTIS Ventures; UPMC Enterprises; LDV Partners

Practice Management 23.0 - -

6/8/2016 HALO BioSynthesis Laboratories Inc and Royal Trade Corporation

Health Max group, Inc. Medical Devices & Products - - -

6/8/2016 Inspira Dialysis Centers Located in Vineland, Millville and Bridgeton

DaVita HealthCare Partners Inc. (NYSE:DVA)

Specialty Providers - - -

6/8/2016 Vomaris Wound Care, Inc. - Medical Devices & Products 3.0 - -

6/8/2016 Tonic Solutions Inc. - Practice Management 8.0 - -

6/8/2016 Sirona Medical Technologies, Inc. - Dental Products 3.0 - -

6/8/2016 RODO Medical, Inc. - Dental Products 3.0 - -

6/7/2016 LDR Holding Corporation (NasdaqGS:LDRH) Zimmer Biomet Holdings, Inc. (NYSE:ZBH) Medical Devices & Products 1146.6 - 6.26x

6/7/2016 Acro Pharmaceutical Services, LLC and Community Pharmacy Services, LLC

NS3 Health, LLC Pharma Services 75.0 - 0.36x

6/7/2016 EarLens Corporation New Enterprise Associates; Vertex Venture Holdings Ltd.; Cochlear Ltd. (ASX:COH); Aisling Capital LLC; Lightstone Ventures


6/7/2016 Northwest Anesthesia Pa and Children's Eye Care of North Texas, PA

MEDNAX, Inc. (NYSE:MD) Specialty Providers - - -

6/7/2016 Miramar Labs, Inc. Domain Associates, L.L.C.; Morgenthaler; Aisling Capital LLC; Cross Creek Advisors; RusnanoMedInvest, LLC; Montrose Capital Partners


6/7/2016 Atlas Physical Therapy and Sports Medicine Centers

Athletic & Therapeutic Institute of Naperville, LLC


6/7/2016 Moffitt Dental Center PC - Dental Providers - - -

6/7/2016 PermeaDerm, Inc. - Medical Devices & Products 0.4 - -

6/7/2016 Relevium Labs, Inc. - Medical Devices & Products 0.6 - -

6/6/2016 Delcath Systems, Inc. (NasdaqCM:DCTH) Tenor Capital Management Company, L.P.; Hudson Bay Capital Management LP


6/6/2016 BNN Holdings Corp. NuVasive, Inc. (NasdaqGS:NUVA) Medical Devices & Products 98.0 - 1.96x

6/6/2016 Responsive Orthopedics LLC Medtronic plc (NYSE:MDT) Medical Devices & Products - - -

6/6/2016 MedForce, Inc. HCP Management Operations, Inc. Practice Management - - -

6/6/2016 Suneva Medical, Inc. Essex Woodlands Health Ventures Pharma Services 28.3 - -

6/6/2016 MedWand Solutions, Inc. Cheng Uei Precision Industry Co., Ltd. (TSEC:2392)


6/6/2016 IMI Health Inc. Centauri Health Solutions, Inc. Practice Management - - -

6/6/2016 Peak Health Solutions, Inc. AMN Healthcare Services Inc. (NYSE:AHS) Practice Management - - -

6/6/2016 SC-Premier Wellness Care, LLC - Provider Services 0.4 - -

6/6/2016 Old Gretna Pharmacy, LLC - Pharma Services 0.0 - -


14








TEV/Rev

TEV/EBITDA

6/6/2016 DailyRounds, Inc. - Practice Management 1.2 - -

6/6/2016 PreViser Corporation - Dental Products 3.0 - -

6/6/2016 Vesselon, Inc. - Medical Devices & Products 0.2 - -

6/4/2016 Immutrix Therapeutics, Inc. - Medical Devices & Products 5.0 - -

6/3/2016 Provision Healthcare, LLC Shenzhen Hairong International Medical Development Co., Ltd.


6/3/2016 Common Sensing Inc. QUALCOMM Ventures; Sanofi-Genzyme BioVentures; Waterline Ventures, LLC; OKM Capital


6/3/2016 Northern Family Home Care LLC Nova Leap Health Corp. (TSXV:NLH.P) Provider Services 0.3 - -

6/3/2016 Health Tech, Inc. Merry X-Ray Corporation Practice Management - - -

6/3/2016 Nephros, Inc. (OTCBB:NEPH) Lambda Investors LLC; PoC Capital, LLC Medical Devices & Products 1.2 - -

6/3/2016 InTouch Technologies, Inc. Intuitive Surgical, Inc. (NasdaqGS:ISRG) Practice Management 15.0 - -

6/3/2016 Phillips Lift Systems Inc. Homecare Products Inc. Medical Devices & Products - - -

6/3/2016 Gastroenterology Specialists of Birmingham, P.C.

Gastroenterology Associates, N.A. P.C. Specialty Providers - - -

6/3/2016 inAssist Health Management Solutions, Portion Of Corporate Employee Benefits Business

Bolton & Company Inc. Practice Management - - -

6/3/2016 American Caresource Holdings, Inc. (OTCPK:ANCI)

- Provider Services 1.6 - -

6/3/2016 Cascade Prodrug, Incorporated - Pharma Services 0.5 - -

6/3/2016 Hospital IQ LLC - Practice Management 6.8 - -

6/3/2016 Presbyopia Therapies, LLC - Medical Devices & Products 3.4 - -

6/2/2016 PositiveID Corporation (OTCPK:PSID.D) Union Capital, LLC Medical Devices & Products 0.6 - -

6/2/2016 ACI Support Specialists, Inc. Dungarvin, Inc. Long Term & Behavioral Care - - -

6/2/2016 Austin Gastroenterology Anesthesia Associates, LLC

CRH Medical Corporation (TSX:CRH) Provider Services - - -

6/2/2016 E4D Technologies, LLC Chevy Chase Dental Center Dental Products - - -

6/2/2016 SI-Bone Inc. Arboretum Ventures LLC Medical Devices & Products 21.0 - -

6/2/2016 Cytobyte Inc. - Dental Products 1.8 - -

6/2/2016 NeuroMetrix Inc. (NasdaqCM:NURO) - Medical Devices & Products 21.3 - -

6/2/2016 CyMedica Orthopedics, Inc. - Medical Devices & Products 13.0 - -

6/2/2016 CyMedica Orthopedics, Inc. - Medical Devices & Products 13.0 - -

6/2/2016 PriorAuthNow, Inc. - Practice Management 1.6 - -

6/2/2016 ESA Toxicology LLC - Provider Services 0.1 - -

6/2/2016 miPS, Inc. - Provider Services 0.5 - -

6/1/2016 The Princeton Physical Therapy Group, PC Professional Physical Therapy Specialty Providers - - -

6/1/2016 Moving Analytics, Inc. Launchpad Digital Health LLC; HealthX Ventures


6/1/2016 Integrated Dermatology of Ponchatoula LLC Integrated Dermatology LLC Specialty Providers - - -

6/1/2016 Med-Eval, Inc. Genex Services, LLC Practice Management - - -

6/1/2016 PCI Pharma Services Frazier Healthcare Partners; Partners Group Holding AG (SWX:PGHN)

Pharma Services - - -

6/1/2016 RubiconMD, Inc. Clayton Associates, LLC; Waterline Ventures, LLC; Alma Mundi Ventures, SGEIC, S.A.; Alma Mundi Innvierte Fund, Fcre; Dioko Ventures


6/1/2016 Additive Orthopaedics, LLC - Medical Devices & Products - - -

6/1/2016 CrossRoads Extremity Systems, LLC - Medical Devices & Products 3.0 - -

6/1/2016 Non-Invasive Monitoring Systems Inc. (OTCPK:NIMU)


6/1/2016 Parsley Health, Inc. - Provider Services 0.6 - -

6/1/2016 Myocardial Solutions, Inc. - Medical Devices & Products 4.6 - -


15








TEV/Rev

TEV/EBITDA

6/1/2016 Pillars4Life, Inc. - Practice Management 0.3 - -

5/31/2016 Medelis, Inc. WCCT Global, LLC Practice Management - - -

5/31/2016 Euro-Pharm International Canada Inc., North American product portfolio

Sandoz AG Pharma Services - - -

5/31/2016 Animated Dynamics, Inc. Purdue Research Foundation, Endowment Arm; Elevate Ventures


5/31/2016 Performance Health, LLC Patterson Medical Supply, Inc. Medical Devices & Products - - -

5/31/2016 RBP Healthcare Technologies, Inc. Inspira Financial Inc. (TSXV:LND) Practice Management 4.2 - -

5/31/2016 The IN Group, Inc. DrFirst.com, Inc. Practice Management - - -

5/31/2016 Falcon Technology, Inc. DAS Health Practice Management - - -

5/31/2016 NuWave Monitoring, LLC BNN Holdings Corp. Provider Services - - -

5/31/2016 RetraceHealth, Inc. BCBSM, Inc.; HealthEast Care System LLC; Lemhi Ventures, Inc.


5/31/2016 Andrea Cambio, M.D., P.L. Advanced Dermatology & Cosmetic Surgery Inc.

Provider Services - - -

5/31/2016 Wello Inc. - Medical Devices & Products - - -

5/31/2016 Clarify Health Solutions, Inc. - Practice Management 5.0 - -

5/31/2016 Sofie Biosciences, Inc. - Medical Devices & Products 4.0 - -

5/31/2016 CVRx, Inc. - Medical Devices & Products 85.0 - -

5/31/2016 Beacon Biomedical Inc. - Medical Devices & Products 0.8 - -

5/31/2016 Magnolia Medical Technologies, Inc. - Medical Devices & Products 1.0 - -

5/31/2016 Upland Nanotech, LLC - Medical Devices & Products 0.1 - -

5/31/2016 SwipeSense, Inc. - Medical Devices & Products 4.0 - -

5/27/2016 Cedar Creek, LLC HSH Senior Services, Inc. Long Term & Behavioral Care - - -

5/27/2016 IMCS Group, Inc. - Long Term & Behavioral Care 1.9 - -

5/27/2016 The Medical Memory, LLC - Medical Devices & Products 3.0 - -

5/27/2016 Genetesis LLC - Medical Devices & Products 1.2 - -

5/27/2016 Prescriber's Choice, Inc. - Pharma Services 2.0 - -

5/26/2016 Nanolabz LLC HIL Applied Medical LTD. Medical Devices & Products - - -

5/26/2016 IGGBO, Inc. Heritage Group, LLC Provider Services 13.0 - -

5/26/2016 Rochester Drug Cooperative, Inc. - Medical Product Distribution 1.0 - -

5/26/2016 Actual HealthCare Solutions, Inc. - Practice Management - - -

5/26/2016 Hi.Q, Inc. - Provider Services - - -

5/26/2016 Viscardia, Inc. - Medical Devices & Products 2.3 - -

5/26/2016 Certa Dose, Inc. - Medical Devices & Products 0.6 - -

5/25/2016 Lifecode Inc., Data Interpretation Division Vela Diagnostics Pte. Ltd. Pharma Services - - -

5/25/2016 DNA Healthcare Inc. iHealth Solutions LLC Practice Management - - -

5/25/2016 Ducere Pharma, LLC, Six OTC Brands Dr. Reddy's Laboratories Ltd. (BSE:500124) Pharma Services - - -

5/25/2016 Evidation Health, Inc. B Capital Group Practice Management 15.5 - -

5/25/2016 SynteractHCR Amulet Capital Partners LP Pharma Services - - -

5/25/2016 Medite Cancer Diagnostics, Inc. (OTCPK:MDIT)


5/25/2016 Stage I Diagnostics, Inc. - Provider Services 0.5 - -


5/24/2016 Pathway Houses of Rochester NY Inc. Syracuse Brick House, Inc. Specialty Providers - - -

5/24/2016 CardioNXT, Inc. Solas Bioventures Medical Devices & Products 1.5 - -

5/24/2016 Jandee Anesthesiology Partners, PLLC and Karadan Anesthesiology and Pain Management, LLP

Sheridan Healthcare, Inc. Provider Services - - -

5/24/2016 Euromed Inc. Scapa Group plc (AIM:SCPA) Medical Devices & Products 42.0 16.80x 2.33x

5/24/2016 Ed Supports, LLC Platinum Health Care LLC Long Term & Behavioral Care - - -


16








TEV/Rev

TEV/EBITDA

5/24/2016 BrightWater Medical, Inc. OSF Ventures Medical Devices & Products 5.2 - -

5/24/2016 Wolf Medical Inc. National Seating & Mobility, Inc. Medical Product Distribution - - -

5/24/2016 Laboratory Supply Company, Inc. McKesson Corporation (NYSE:MCK) Medical Product Distribution - - -

5/24/2016 Save-On Dental Care, Five Practices In Alabama

Marquee Dental Partners, LLC Dental Providers - - -

5/24/2016 Arch Therapeutics, Inc. (OTCPK:ARTH) Hudson Bay Capital Management LP; Empery Asset Management, LP; Anson Group; Intracoastal Capital LLC; CVI Investments, Inc.


5/24/2016 Nurse Audit, Inc. Aeneas Buyer Corp. Practice Management - - -

5/24/2016 OptiScan Biomedical Corporation - Medical Devices & Products 40.1 - -

5/23/2016 Palmaz Scientific Inc. Vactronix Scientific, Inc. Medical Devices & Products - - -

5/23/2016 Freenome Inc. The Founders Fund; Andreessen Horowitz LLC; Data Collective; Third Kind Venture Capital


5/23/2016 Valify LLC Step5 Ventures; Frist Cressey Ventures, LLC


5/23/2016 Perseon Corporation, Subtantially all Assets Medlink Technologies, LLC Medical Devices & Products 4.4 - -

5/23/2016 GNS Healthcare, Inc. Horizon Healthcare of New Jersey, Inc. Practice Management - - -

5/23/2016 Southeast Correctional Medical Group Correctional Medical Group Companies, Inc.


5/23/2016 Joslin Products, Inc. Brownmed Inc. Medical Devices & Products - - -

5/23/2016 Milestone Scientific Inc. (AMEX:MLSS) BP4 S.p.A. Medical Devices & Products 2.0 - -

5/23/2016 Benzie Home Health Care Benzie County Council on Aging, Inc. Long Term & Behavioral Care - - -

5/23/2016 NextMed Management Services, LLC - Specialty Providers 0.1 - -

5/23/2016 Vicarious Surgical - Provider Services 1.0 - -

5/20/2016 TetriDyn Solutions, Inc. (OTCPK:TDYS) JPF Venture Group, Inc. Practice Management 0.1 - -

5/20/2016 PDI Therapeutics Inc. Avalon Ventures, LLC; GlaxoSmithKline plc, Investment Arm



5/20/2016 AristaMD, Inc. - Practice Management 7.0 - -


5/19/2016 NL One Corporation Stansbridge Limited Medical Devices & Products 0.3 - -

5/19/2016 TC Hudson Valley Ambulance Corp and TC Ambulance Corp.

Maler Group, LLC Provider Services 3.0 - -

5/19/2016 Family Health Care of Central Florida, PA JSA Healthcare Corporation Provider Services - - -

5/19/2016 Sebring Software, Inc., Substantially All Assets Great American Insurance Company, Inc.; Continental General Insurance Company; United Teacher Associates Insurance Company; Great American Life Insurance Company

Dental Products 7.0 - -

5/19/2016 Calibrater Health, LLC First Growth Venture Network; Jumpstart Foundry


5/19/2016 Arcadian Telepsychiatry, LLC Ben Franklin Technology Partners of Southeastern Pennsylvania, Investment Arm


5/19/2016 Essential Medical, Inc Ben Franklin Technology Partners of Southeastern Pennsylvania, Investment Arm


5/19/2016 Instadiagnostics Inc. Ben Franklin Technology Partners of Southeastern Pennsylvania, Investment Arm


5/19/2016 Oliver Street Dermatology Holdings LLC ABRY Partners, LLC Specialty Providers - - -

5/19/2016 Bone Solutions, Inc. - Medical Devices & Products 1.7 - -

5/19/2016 AVRA Medical Robotics, Inc. - Medical Devices & Products 0.5 - -


17








TEV/Rev

TEV/EBITDA

5/18/2016 Manhattan Center for Dermatology Schweiger Dermatology Group LLC Specialty Providers - - -

5/18/2016 LogicMark LLC Nxt-ID, Inc. (NasdaqCM:NXTD) Long Term & Behavioral Care 26.8 - 2.41x

5/18/2016 Nashua Anesthesia Partners, PLLC North American Partners in Anesthesia, LLP Provider Services - - -

5/18/2016 Planet Logic, LLC ITelagen, Inc. Practice Management - - -

5/18/2016 Advanced Dermatology & Cosmetic Surgery Inc.

Harvest Partners, LP Specialty Providers - - -

5/18/2016 Analytical Bio-Chemistry Laboratories, Inc. EAG Inc. Practice Management - - -

5/18/2016 Southern Kentucky Surgicenter, LLC - Provider Services 2.0 - -

5/18/2016 Verena Solutions, LLC - Medical Devices & Products 0.2 - -

5/18/2016 InTeliCare Health Service LLC - Long Term & Behavioral Care 3.6 - -

5/17/2016 Flexspark, Inc. Zero to 510 Medical Devices & Products 0.1 - -

5/17/2016 Noble.MD Safeguard Scientifics, Inc. (NYSE:SFE); BioAdvance


5/17/2016 Allurion Technologies, Inc. Romulus Capital Medical Devices & Products 6.0 - -

5/17/2016 Healthify, Inc. Milestone Venture Partners; Primary Venture Partners; Kapor Capital; Acumen Fund, Endowment Arm; Blue Cross and Blue Shield of Kansas, Asset Management Arm


5/17/2016 Divlan Inc. HudlHealth, Inc. Practice Management - - -

5/17/2016 Singulex, Inc. Grifols, S.A. (BME:GRF) Medical Devices & Products 50.0 - -

5/17/2016 PositiveID Corporation (OTCPK:PSID.D) Essex Global Investment Corp. Medical Devices & Products 0.1 - -

5/17/2016 PediaQ LLC Deep Space Ventures Provider Services 0.5 - -

5/17/2016 mPulse Mobile Inc. California HealthCare Foundation, Investment Arm


5/17/2016 Adient Health, Inc. and Community Rehab Physical Therapy

ATI Holdings, Inc. Specialty Providers - - -

5/17/2016 Mitralign Inc. - Medical Devices & Products 39.8 - -5/17/2016 MUrgency Inc. - Medical Devices & Products - - -


5/17/2016 Fulgent Therapeutics, LLC - Medical Devices & Products 27.2 - -

5/16/2016 InnovAge Home Care Welsh, Carson, Anderson & Stowe Long Term & Behavioral Care - - -

5/16/2016 SwiftPath, LLC Surgical Care Affiliates, Inc. (NasdaqGS:SCAI)


5/16/2016 Centauri Health Solutions, Inc. Silversmith Capital Partners Practice Management 50.0 - -

5/16/2016 Castlight Health, Inc. (NYSE:CSLT) SAP Labs, LLC Provider Services 18.0 - -

5/16/2016 Constellation Behavioral Health, LLC New MainStream Capital Long Term & Behavioral Care - - -

5/16/2016 WHILL, Inc. Mitsubishi UFJ Capital Co. Ltd.; SPARX Group Co., Ltd (JASDAQ:8739); Eight Roads Ventures


5/16/2016 Solaris Development, Inc. First Line Software Inc. Practice Management - - -

5/16/2016 Smart Choice MRI, LLC Edward-Elmhurst Healthcare Specialty Providers 7.0 - -

5/16/2016 Family First Home Care And Emerald Health Care Services

Care Finders Total Care LLC Long Term & Behavioral Care - - -

5/16/2016 I-V Access Technology, Inc. - Medical Devices & Products 2.5 - -

5/16/2016 Prepared Health, Inc. - Provider Services 0.2 - -

5/16/2016 Cognuse, Inc. - Provider Services 0.2 - -

5/16/2016 Ariel Precision Medicine, LLC - Practice Management 0.8 - -

5/16/2016 SonderMind LLC - Provider Services 0.8 - -

5/16/2016 Sonendo, Inc. - Dental Products 45.0 - -

5/16/2016 Notable Labs, Inc. - Specialty Providers 4.5 - -

5/16/2016 Bay Area Accountable Care Network, Inc. - Practice Management 4.4 - -

5/15/2016 Audigy Group, LLC GN Hearing Care Corporation Practice Management 151.0 - -


18








TEV/Rev

TEV/EBITDA

5/14/2016 Twiage Inc. Westway Capital, LLC Provider Services - - -

5/13/2016 WaferGen Bio-systems, Inc. (NasdaqCM:WGBS)

Takara Bio USA Holdings, Inc. Medical Devices & Products 55.0 - -

5/13/2016 Colonial Valley Software, Inc. Keizer Solutions Inc. Practice Management - - -

5/13/2016 Patients' & Consumers' Pharma, Inc. Hospice of Dayton, Inc.; Rev1 Ventures, Investment Arm; Accelerant


5/13/2016 SilverVue, Inc. EPIC Ventures; GE Ventures; Pritzker Group Venture Capital


5/13/2016 MDoffice, Inc. Eli Global, LLC Practice Management - - -

5/13/2016 Spine Wave, Inc. CHL Healthcare Partners; New Enterprise Associates; Industry Ventures, LLC; California Technology Ventures, LLC; MB Venture Partners; Acadia Woods Partners, LLC; Compass Financial Advisors, LLC; Compass Global Management Ltd. -Compass Global Fund Ltd.


5/13/2016 Supply Clinic, Inc. - Medical Devices & Products 0.0 - -

5/13/2016 EagleDream Health, Inc. - Practice Management 5.0 - -

5/13/2016 Visible Hand LLC - Practice Management 0.8 - -

5/12/2016 ReCor Medical, Inc. Otsuka Holdings Co., Ltd. (TSE:4578) Specialty Providers 10.0 - -

5/12/2016 TransMedics, Inc. Kleiner Perkins Caufield & Byers; Flagship Ventures; BioStar Ventures LLC; Lung Biotechnology PBC; Abrams Capital Management LP; Ervington Investments Limited; Inbio Ventures; FayerweatherFund, LLC


5/12/2016 Ninety Nine Healthcare Management LLC Foundation Healthcare, Inc. (OTCPK:FDNH)


5/12/2016 Neuros Medical, Inc. - Provider Services 6.0 - -

5/12/2016 Citius Pharmaceuticals, Inc. (OTCPK:CTXR) - Pharma Services - - -

5/12/2016 KokiCare, Inc. - Practice Management 0.0 - -

5/12/2016 Cerebrotech Medical Systems, Inc. - Provider Services 6.0 - -

5/12/2016 Trumpet Behavioral Health LLC - Long Term & Behavioral Care 2.5 - -

5/11/2016 CenLA Urgent Care, LLC Premier Immediate Medical Care, LLC Long Term & Behavioral Care - - -

5/11/2016 Signature Studios Marquee Dental Partners, LLC Dental Providers - - -

5/11/2016 Axion BioSystems, Inc. GRA Ventures Medical Devices & Products 6.3 - -

5/11/2016 VantagePoint Laboratory Partners, LLC Enhanced Equity Fund, L.P. Provider Services 10.0 - -

5/11/2016 CardioFocus, Inc. - Specialty Providers 12.0 - -

5/11/2016 Cardax, Inc. (OTCPK:CDXI) - Pharma Services 0.6 - -

5/10/2016 Rehabilitation Associates, PC. Epic Health Services, Inc. Long Term & Behavioral Care - - -

5/10/2016 Bellin Health Riverside Psychiatric Group Bellin Health Systems, Inc. Long Term & Behavioral Care - - -

5/10/2016 Independence Rehabilitation Services PC Bancroft NeuroRehab Long Term & Behavioral Care - - -

5/10/2016 Simplificare, Inc. 83 North; Heritage Group, LLC; The Social+Capital Partnership; American Express Ventures


5/10/2016 Asana Medical, Inc. - Provider Services 1.2 - -

5/10/2016 Mental Health Data Services, Inc. - Practice Management 0.3 - -

5/9/2016 Implementing Technologies, LLC, Online Reputation Management (ORM) Assets

Lumin Medical LLC Practice Management - - -

5/9/2016 Virtual Health Care Solutions LLC Edison Partners Practice Management 2.6 - -

5/9/2016 Peoples Home Health LLC Covenant Hospice, Inc. Long Term & Behavioral Care - - -

5/9/2016 Stabiliz Orthopaedics, LLC - Provider Services 0.1 - -

5/9/2016 ZY Therapeutics Inc. - Pharma Services 6.0 - -

5/7/2016 BioMedical Enterprises, Inc. DePuy Synthes, Inc. Medical Devices & Products - - -


19








TEV/Rev

TEV/EBITDA

5/6/2016 Lagniappe Pharmacy Services, LLC Transaction Data Systems, Inc. Pharma Services - - -

5/6/2016 Apixio, Inc. First Analysis Corporation; SSM Partners; Bain Capital Ventures


5/6/2016 MIODx Inc. - Provider Services 1.5 - -

5/6/2016 Sensoplex Inc. - Medical Devices & Products - - -

5/6/2016 Fresenius Medical Care Holdings, Inc. - Specialty Providers 7.4 - -

5/6/2016 Unisoft Medical Corporation - Medical Devices & Products 0.8 - -

5/6/2016 Piper Therapeutics Inc. - Specialty Providers 1.3 - -

5/6/2016 Avizia, Inc. - Practice Management 14.5 - -

5/6/2016 Aspire Bariatrics, Inc. - Specialty Providers 5.0 - -

5/6/2016 Surgical Innovation Associates, Inc. - Medical Devices & Products 1.3 - -

5/5/2016 Gordon Schanzlin New Vision Institute, a TLC Laser Eye Center

Vision Group Holdings, LLC Specialty Providers - - -

5/5/2016 Algynomics, Inc. Proove Biosciences, Inc. Provider Services - - -

5/5/2016 BioPharm Communications, LLC Omnicom Health Group Inc. Practice Management - - -

5/5/2016 Renaissance Medical Billing, LLC Medical Transcription Billing, Corp. (NasdaqCM:MTBC)


5/5/2016 Refocus Group Inc. (OTCPK:RFCS) MedCare Investment Funds; WP Global Partners, Inc.


5/5/2016 MultiPlan, Inc. Hellman & Friedman LLC; Leonard Green & Partners, L.P.; GIC Pte. Ltd.


5/5/2016 Rise Medical Staffing, LLC Advanced Medical Personnel Services, Inc. Specialty Providers - - -

5/5/2016 Credence Works, LLC. - Practice Management 3.0 - -


5/5/2016 CRG Medical, Inc. - Practice Management 2.5 - -

5/5/2016 GI Logic, LLC - Medical Devices & Products 7.0 - -

5/4/2016 DocuTAP, Inc. Warburg Pincus LLC Practice Management - - -

5/4/2016 Somnoware Healthcare Systems Inc. TransLink Capital; Wil LLC Specialty Providers 9.0 - -

5/4/2016 Medivative Technologies, LLC, Certain Assets Kimball Electronics, Inc. (NasdaqGS:KE) Practice Management 8.3 - -

5/4/2016 Integrated Dermatology of Reno/Aistheta Reno Medical Skin Care Center

Integrated Dermatology LLC Specialty Providers - - -

5/4/2016 Umbie Health Corp. Connecticut Innovations, Inc.; Accomplice, LLC

Dental Products 2.9 - -

5/4/2016 Aptinyx Inc. Beecken Petty O'Keefe & Company; Adams Street Partners, LLC; Frazier Healthcare Partners; Osage Partners LLC; Latterell Venture Partners; Northwestern University, Endowment Arm; New Leaf Venture Partners, L.L.C.; Longitude Capital Management Co., LLC; Goudy Park Capital; PathoCapital


5/4/2016 Dermatology Associates, P.C. Advanced Dermatology & Cosmetic Surgery Inc.


5/4/2016 CareCap, LLC - Practice Management 0.3 - -

5/3/2016 Healthcare Associates of Texas LLC Webster Capital Provider Services - - -

5/3/2016 LifeNexus, Inc., Certain Assets Spring Grove Finance, S.A. Practice Management - - -

5/3/2016 IZI Medical Products, Inc. Shore Capital Partners, LLC Medical Devices & Products 12.0 - 1.21x

5/3/2016 Marina I. Peredo, M.D., P.C. Schweiger Dermatology Group LLC Provider Services - - -

5/3/2016 Avia Health Innovation Rush University Medical Center; FroedtertHealth, Inc.; Providence Health & Services, Endowment Arm; OSF Ventures


5/3/2016 IMS Health Holdings, Inc. (NYSE:IMS) Quintiles Transnational Holdings Inc. (NYSE:Q)

Practice Management 13548.5 17.73x 4.30x

5/3/2016 Avatar Solutions Inc. Press Ganey Holdings, Inc. (NYSE:PGND) Practice Management 17.1 - -

5/3/2016 Child And Adolescent Treatment Services, Inc. Lake Shore Behavioral Health, Inc. Long Term & Behavioral Care - - -


20








TEV/Rev

TEV/EBITDA

5/3/2016 Amendia, Inc. Kohlberg & Company, L.L.C. Medical Devices & Products - - -

5/3/2016 Ionis Pharmaceuticals, Inc., Global Rights to Develop and Commercialize KYNAMRO

Kastle Therapeutics, LLC Pharma Services - - -

5/3/2016 Flowonix Medical Incorporated Hercules Capital, Inc. (NYSE:HTGC); Clarus Ventures, LLC


5/3/2016 inHEALTH, LLC Envera Health, Inc. Medical Devices & Products - - -

5/3/2016 Expressions Chiropractic & Rehab, PA Dig-It Underground, Inc. (OTCPK:DIGX) Specialty Providers - - -

5/3/2016 Valeritas Holdings, Inc. CRG; Montrose Capital Partners Medical Devices & Products 25.2 - -

5/3/2016 IDEAYA Biosciences, Inc. Canaan Partners; Celgene Corporation (NasdaqGS:CELG); Alexandria Real Estate Equities, Inc. (NYSE:ARE); 5AM Venture Management LLC; Novartis Institutes for BioMedical Research, Inc.; Wuxi Healthcare Ventures


5/3/2016 The Jackson Group, Inc. Bivarus, Inc. Practice Management - - -

5/3/2016 CuraSeal, Inc. Ascent Biomedical Ventures; Windham Venture Partners


5/3/2016 Roam Analytics, Inc. - Practice Management 12.0 - -

5/2/2016 Polymer Technology Systems, Inc. Sinocare Inc. (SZSE:300298) Medical Devices & Products 200.0 - -

5/2/2016 Symmetry Surgical Inc. RoundTable Healthcare Management, LLC Medical Devices & Products 153.4 15.64x 1.69x

5/2/2016 WeCounsel Solutions, LLC Point Judith Capital; Longmeadow Capital Partners, LLC


5/2/2016 Duet Health LLC MedData, Inc. Medical Devices & Products - - -

5/2/2016 Vericare Management Inc. Med Options, Inc. Specialty Providers - - -

5/2/2016 Jackson Key Practice Solutions, EHR and Practice Management Business

DAS Health Practice Management - - -

5/2/2016 B-MoGen Biotechnologies, Inc. Bio-Techne Corp. (NasdaqGS:TECH) Medical Devices & Products 1.3 - -

5/2/2016 Montgomery Dermatology Associates, LLC AAD Dermatology Management, LLC Specialty Providers - - -

5/2/2016 Mach7 Technologies Limited (ASX:M7T) - Practice Management 1.9 - -

5/2/2016 Employers Health Network Holdings, LLC - Provider Services 6.3 - -


5/2/2016 THINKmd, Inc. - Specialty Providers 0.4 - -

5/2/2016 Qvidity, LLC - Practice Management 0.5 - -

5/2/2016 DexCom, Inc. (NasdaqGS:DXCM) - Medical Devices & Products 7.2 - -

5/2/2016 Turnpoint Medical Devices, Inc. - Medical Devices & Products 6.3 - -

5/2/2016 BioPhotas, Inc. - Specialty Providers 0.8 - -

5/1/2016 Mindshare Medical, Inc. Westway Capital, LLC Practice Management 2.0 - -

5/1/2016 Continuum Health Alliance, LLC Juggernaut Management, LLC Practice Management - - -

4/30/2016 Akonni Biosystems, Inc. - Medical Devices & Products 5.0 - -

4/29/2016 BiaCare Corporation Inc Sigvaris Management AG Medical Devices & Products - - -

4/29/2016 Graybug Vision, Inc. OrbiMed Advisors, L.L.C.; Deerfield Management Company, L.P.; Hatteras Venture Partners; Clarus Ventures, LLC


4/29/2016 Muse Biotechnology, Inc. NanoDimension Management Limited; Spruce Capital Partners LLC


4/29/2016 OrthoSensor, Inc. Highbridge Principal Strategies Growth Equity; Tullis Health Investors Inc.; Dignity Health; Contemporary Healthcare Capital, LLC


4/29/2016 Skin Pathology Associates, Inc. Advanced Dermatology & Cosmetic Surgery Inc.

Provider Services - - -

4/29/2016 Neuron Shield 9, LLC - Specialty Providers 120.0 - -

4/29/2016 PharmRight Corp. - Medical Devices & Products 1.3 - -

4/29/2016 Rochester Medical Management, LLC - Practice Management 1.6 - -


21








TEV/Rev

TEV/EBITDA

4/28/2016 FMC-Deep East Texas, LLC And FMC Hospice-Conroe, LLC And Hospice of Central Virginia, LLC

Hospice Partners of America LLC Long Term & Behavioral Care - - -

4/28/2016 Hospice of New Jersey, LLC And Embracing Hospice Care, LLC And Frontier Hospice, LLC

Hospice of New Jersey, LLC; Peaceful Harbor Hospice, LLC; Hospice of Central Oklahoma, LLC


4/28/2016 Caradigm USA LLC GE Healthcare Limited Practice Management - - -

4/28/2016 Brush 32, Inc. Deca Dental Group, LLC Dental Providers - - -

4/28/2016 St. Jude Medical Inc. (NYSE:STJ) Abbott Laboratories (NYSE:ABT) Medical Devices & Products 30174.8 18.65x 5.29x

4/28/2016 Akadeum Life Sciences, Inc. - Pharma Services 0.8 - -

4/28/2016 FTI Consulting Inc., TFC Business - Practice Management - - -


4/28/2016 ConnectRN, Inc. - Practice Management 0.5 - -

4/27/2016 PositiveID Corporation (OTCPK:PSID.D) Union Capital, LLC Provider Services 0.2 - -

4/27/2016 Nextrials, Inc. PRA Health Sciences, Inc. (NasdaqGS:PRAH)


4/27/2016 Cytrellis Biosystems, Inc. Merz Pharma GmbH & Co. KGaA Medical Devices & Products - - -

4/27/2016 ExamWorks Group, Inc. (NYSE:EXAM) Leonard Green & Partners, L.P. Practice Management 2021.3 16.68x 2.36x

4/27/2016 Relypsa, Inc. (NasdaqGS:RLYP) HealthCare Royalty Partners; Athyrium Capital Management, LLC


4/27/2016 G1 Therapeutics, Inc. Franklin Resources, Inc. (NYSE:BEN); Lumira Capital Corp.; Tavistock Life Sciences; MedImmune Ventures, Inc.; Hatteras Venture Partners; RA Capital Management, LLC; AJU IB INVESTMENT Co., Ltd.; Mountain Group Capital, LLC; Cormorant Asset Management, LLC; Rock Springs Capital; Eshelman Ventures, LLC; Cowen Structured Credit Group Llc


4/27/2016 MedVirginia Solution Envera Health, Inc. Practice Management - - -

4/27/2016 Gyrus Labs, Inc. CloudMedx Inc. Provider Services - - -

4/27/2016 MUrgency Inc. Axilor Ventures Provider Services - - -

4/27/2016 Arizona Counseling & Treatment Services, LLC Assurance Health and Wellness Center, Inc. Long Term & Behavioral Care - - -

4/27/2016 Benchmark Biolabs, Inc. AgriLabs, LLC Provider Services - - -

4/27/2016 NemaMetrix, Inc. - Provider Services 0.3 - -

4/26/2016 NeuSpera Medical Inc. Windham Venture Partners Medical Devices & Products 8.9 - -

4/26/2016 Conversa Health, Inc. Ross School of Business, University of Michigan, Endowment Arm


4/26/2016 ECA Medical Instruments, Inc. LongueVue Capital, LLC Medical Devices & Products - - -

4/26/2016 ExThera Medical Corporation Fresenius Medical Care Ventures GmbH Medical Devices & Products 15.5 - -

4/26/2016 MIGSLLC DNA2.0, Inc. Specialty Providers - - -

4/26/2016 SynGen Inc. Bay City Capital LLC; GE Equity Medical Devices & Products 1.6 - -

4/26/2016 Lifeguard Medical Solutions, LLC Allied 100, LLC Medical Product Distribution - - -

4/26/2016 Tiny Kicks, LLC - Medical Devices & Products 0.6 - -

4/26/2016 Insulete, Inc. - Specialty Providers 0.3 - -

4/26/2016 ProtoStar, Inc. - Medical Devices & Products - - -

4/25/2016 Cayenne Medical, Inc. Zimmer Biomet Holdings, Inc. (NYSE:ZBH) Specialty Providers - - -

4/25/2016 Verisk Health, Inc. and MediConnect Global, Inc.

Veritas Capital Practice Management 820.0 - -

4/25/2016 Augmedix, Inc. DCM; Catholic Health Initiatives; Dignity Health; Sutter Health Network; Emergence Capital Partners; Trihealth, Inc.; RedmileGroup, LLC


4/25/2016 ENDEVR, STRENGTHTAPE Brand & Assets Compass Health Brands Corporation Specialty Providers - - -


22








TEV/Rev

TEV/EBITDA

4/25/2016 Lifespeed, Inc. - Practice Management 15.0 - -


4/25/2016 WiserTogether, Inc. - Provider Services 2.5 - -

4/22/2016 ECI Healthcare Partners, Inc. Schumacher Clinical Partners Provider Services 140.0 - -

4/22/2016 MetaModix, Inc. Antipodean Advisors LLC Specialty Providers 1.0 - -

4/22/2016 Providence Medical Technology, Inc. - Medical Devices & Products 3.5 - -

4/22/2016 Eye Machine, LLC - Medical Devices & Products 7.0 - -

4/22/2016 Perfect Search Corp. - Practice Management 2.0 - -

4/22/2016 Hinge Health, Inc. - Specialty Providers 1.3 - -

4/21/2016 Clear Guide Medical, LLC Wildermuth Advisory, LLC Medical Devices & Products 3.0 - -

4/21/2016 Stat Read, LLC Teleradiology Specialists, PLLC Specialty Providers - - -

4/21/2016 CareFusion Corporation, CareFusion Vertebral Compression Fracture Portfolio of Products

Stryker Corporation (NYSE:SYK) Medical Devices & Products - - -

4/21/2016 Mazzitti & Sullivan Counseling Services, Inc. Pyramid Healthcare, Inc. Provider Services - - -

4/21/2016 NeuroTek Medical Inc., A Portfolio of Neuromodulation Patents

Nexeon MedSystems, Inc. Medical Devices & Products - - -

4/21/2016 Medical Office Building and Eye Surgery Center in Wyomissing, PA

Global Medical REIT, Inc. (NYSE:GMRE) Provider Services 9.2 - -

4/21/2016 ChartSpan Medical Technologies, Inc. - Practice Management 3.2 - -

4/21/2016 Aradigm Corporation (NasdaqCM:ARDM) - Specialty Providers 23.0 - -

4/21/2016 Wearable Health Solutions, Inc. (OTCPK:WHSI)


4/20/2016 Lumicell, Inc. Kodiak Venture Partners; National Institutes of Health; The National Science Foundation


4/20/2016 SteriPack Ltd, Packaging Operations Bemis Company, Inc. (NYSE:BMS) Medical Product Distribution - - -

4/20/2016 Hansen Medical, Inc. (NasdaqGM:HNSN) Auris Surgical Robotics, Inc. Medical Devices & Products 113.9 - 7.61x

4/20/2016 QualDerm Partners, LLC Apple Tree Partners; Cressey & Company, LP


4/20/2016 CareGeneral, LLC - Practice Management 1.5 - -

4/20/2016 Accelerated Pharma, Inc. - Pharma Services 0.3 - -

4/20/2016 Recovery Health Initiatives Inc. - Long Term & Behavioral Care 2.0 - -

4/19/2016 Prospective Payment Specialists, Inc. Receivables Outsourcing, Inc. Practice Management - - -

4/19/2016 Avadyne Health, Inc. MTS Health Investors, LLC Practice Management - - -

4/19/2016 Today's Options of New York, Inc. Molina Healthcare, Inc. (NYSE:MOH) Provider Services 41.3 - -

4/19/2016 PositiveID Corporation (OTCPK:PSID.D) LG Capital Funding, LLC Provider Services 0.1 - -

4/19/2016 Geissler Companies, LLC, Worldwide Rights For Whisper Veterinary Stethoscope System

Intervet Inc. Medical Devices & Products - - -

4/19/2016 SpeechVive Inc. BioCrossroads; Purdue Foundry Investment Fund


4/19/2016 CareCloud Corporation Adams Street Partners, LLC; Norwest Venture Partners; Intel Capital; Hercules Capital, Inc. (NYSE:HTGC); Tenaya Capital; Dot Capital Corp


4/19/2016 Everly Well, Inc. - Medical Devices & Products 2.5 - -

4/19/2016 U.S. Mobile Dermatology LLC - Provider Services 2.5 - -

4/19/2016 Medovex Corp. (NasdaqCM:MDVX) - Medical Devices & Products 1.4 - -

4/19/2016 Wicab, Inc. - Specialty Providers 10.0 - -

4/18/2016 PositiveID Corporation (OTCPK:PSID.D) Toledo Advisors LLC Provider Services 0.1 - -

4/18/2016 Iosoft Inc. RJD Green, Inc. (OTCPK:RJDG) Practice Management - - -

4/18/2016 Cirrus Pharmaceuticals, Inc. Recipharm AB (publ) (OM:RECI B) Pharma Services - - -

4/18/2016 Prometheon Pharma, LLC - Pharma Services 2.0 - -

4/18/2016 Rapamycin Holdings, Inc. - Pharma Services 2.0 - -


23








TEV/Rev

TEV/EBITDA

4/18/2016 Helius Medical Technologies, Inc. (OTCPK:HSDT)


4/18/2016 CrossBay Medical, Inc. - Medical Devices & Products 2.0 - -

4/18/2016 Vital Metrix Inc. - Medical Devices & Products 0.1 - -

4/18/2016 Health LX, Inc. - Practice Management 1.0 - -

4/18/2016 Neuroptics Inc. - Medical Devices & Products 0.5 - -

4/15/2016 Metamason, Inc. Tsing Capital; 3P Equity Partners LLC Medical Devices & Products 3.8 - -

4/15/2016 LAT Pharma LLC NanoAntibiotics Inc. (OTCPK:NNAB) Pharma Services 2.4 - -

4/15/2016 InfusAID, LLC, Infusion Pump Assets InfuSystem, Inc. Medical Product Distribution - - -

4/15/2016 Gideon Pharmaceuticals, Inc. Elorac, Inc. Pharma Services - - -

4/15/2016 Proteus Digital Health, Inc. - Medical Devices & Products 50.0 - -

4/15/2016 Bergen Medical Products, Inc. - Medical Devices & Products 0.7 - -

4/15/2016 Swift Biosciences Inc. - Medical Devices & Products 5.0 - -

4/15/2016 Ionetix Corporation - Medical Devices & Products 21.1 - -

4/15/2016 Gila Therapeutics, Inc. - Provider Services 3.2 - -

4/14/2016 Xtant Medical Holdings, Inc. (AMEX:XTNT) OrbiMed Advisors, L.L.C. Medical Devices & Products 2.2 - -

4/14/2016 regroup therapy LLC OCA Venture Partners, LLC; Hyde Park Angels; Impact Engine; New Stack Ventures; Wasson Enterprise, LLC


4/14/2016 Curaspan Health Group, Inc. naviHealth, Inc. Practice Management - - -

4/14/2016 PFO Global, Inc. (OTCPK:PFGB) Hillair Capital Management LLC Medical Devices & Products 0.7 - -

4/14/2016 Genesee BioMedical, Inc., PhotoFix Bovine Pericardium Patch

CryoLife Inc. (NYSE:CRY) Medical Devices & Products 2.3 - 1.64x

4/14/2016 Arsenal Health athenahealth, Inc. (NasdaqGS:ATHN) Practice Management - - -

4/14/2016 Neurochaos Solutions, Inc. - Specialty Providers 0.4 - -

4/14/2016 AliveUSA LLC - Medical Devices & Products - - -

4/13/2016 CareDox Inc. Western Technology Investment; Prolog Ventures; TEXO Ventures


4/13/2016 Familia Dental, LLC The Halifax Group Dental Providers - - -

4/13/2016 Nervanix, LLC SS&C Technologies Holdings, Inc. (NasdaqGS:SSNC)


4/13/2016 Imara, Inc. Bay City Capital LLC; New Enterprise Associates; Pfizer Venture Investments; Lundbeckfond Invest A/S; Alexandria Venture Investments


4/13/2016 Maize Analytics, LLC - Practice Management - - -

4/13/2016 Innoblative Designs, Inc. - Medical Devices & Products 1.2 - -

4/13/2016 Cardiac Insight Inc. - Medical Devices & Products 5.0 - -

4/12/2016 Denver Nephrologists, P.C. Colorado Kidney Care P.C. Specialty Providers - - -


4/12/2016 Shape Memory Therapeutics, Inc. - Specialty Providers 4.0 - -

4/11/2016 Lake Pointe Radiology Associates PLLC Radiology Partners, Inc. Specialty Providers - - -

4/11/2016 Alcoa Remmele Medical Operations Lisi Medical SAS Medical Devices & Products 102.0 - 1.46x

4/11/2016 Medsystems Holdings, Inc. Halyard Health, Inc. (NYSE:HYH) Medical Devices & Products 174.0 - -

4/11/2016 Wunderlich, M.D., S.C. DuPage Medical Group, Ltd. Provider Services - - -

4/11/2016 Sequence Therapy, LLC Advantis Corp. (OTCPK:ADVT) Specialty Providers - - -

4/11/2016 PathogenDx, Inc. - Medical Devices & Products 1.2 - -

4/11/2016 Avisa Pharma Inc. - Specialty Providers 2.0 - -

4/11/2016 Ascus Bioscience, Inc. - Specialty Providers 14.3 - -

4/11/2016 Medical 21, Inc. - Medical Devices & Products 2.0 - -

4/11/2016 Ichor Vascular, Inc. - Medical Devices & Products 0.2 - -


24








TEV/Rev

TEV/EBITDA

4/9/2016 Dictum Health, Inc. TDG Holding Co., Ltd. (SHSE:600330) Practice Management 1.5 - -

4/9/2016 Test Appropriate LLC - Practice Management 0.5 - -

4/8/2016 Advanced Medical Group, LLC Wilmington Medical Supply, Inc. Medical Devices & Products - - -

4/8/2016 Smart Choice MRI, LLC ThedaCare, Inc. Specialty Providers 1.0 - -

4/8/2016 Jet Health, Inc. SV Life Sciences Advisers, LLC; Health Enterprise Partners


4/8/2016 Versus Technology, Inc. Midmark Corporation Practice Management - - -

4/8/2016 Autoclave Testing Supplies, Inc. and Autoclave Testing Services, Inc.

Mesa Laboratories Inc. (NasdaqGS:MLAB) Medical Devices & Products - - -

4/8/2016 Aging Family Services, Inc. LifeLinks,LLC Long Term & Behavioral Care - - -

4/8/2016 Lumiata Inc. Intel Capital; Khosla Ventures; Sandbox Industries Inc.; Blue Cross and Blue Shield Association, Endowment Arm


4/8/2016 Youth and Families First Devereux Advanced Behavioral Health Arizona

Long Term & Behavioral Care - - -

4/8/2016 Mountain View Medical Group, P.C. DaVita HealthCare Partners Inc. (NYSE:DVA)

Long Term & Behavioral Care - - -

4/8/2016 Mainspring Healthcare Solutions, Inc. Accruent, LLC Practice Management - - -

4/8/2016 Savii, Inc. - Practice Management 1.5 - -

4/8/2016 SafeOp Surgical, Inc. - Medical Devices & Products 1.8 - -


4/8/2016 UV Partners, Inc. - Medical Devices & Products 1.0 - -

4/7/2016 vMEDEX, Inc. Transaction Data Systems, Inc. Practice Management - - -

4/7/2016 Pulse Therapeutics, Inc. OSF Ventures Medical Devices & Products - - -

4/7/2016 HealthVerity, Inc. Flare Capital Partners; Greycroft Partners LLC


4/7/2016 Livongo Health, Inc. Draper Fisher Jurvetson; Humana Venture Capital; Kleiner Perkins Caufield & Byers; Sapphire Ventures LLC; General Catalyst Partners; Wanxiang America Corporation; Merck Global Health Innovation Fund, LLC; 7wire Ventures; Zaffre Investments, LLC; Cowen Structured Credit Group Llc


4/7/2016 Achelios Therapeutics, Inc. - Pharma Services 2.0 - -

4/7/2016 Capture Vascular, Inc. - Provider Services 3.4 - -

4/7/2016 TripleCare - Provider Services 4.0 - -

4/7/2016 Dominion Aesthetic Technologies, LLC - Medical Devices & Products 8.0 - -

4/6/2016 Adavium Medical, Inc. Venrock; Aberdare Ventures; Arboretum Ventures LLC; CVF, LLC


4/6/2016 Genome Compiler Corporation Twist Bioscience Corporation Provider Services - - -

4/6/2016 Senaptec LLC Stadia Ventures Medical Devices & Products - - -

4/6/2016 CrossChx, Inc. NCT Ventures, LLC; Khosla Ventures; SVB Silicon Valley Bank, Investment Arm; Drive Capital, LLC


4/6/2016 Douglas Scientific LLC LGC Limited Medical Devices & Products - - -

4/6/2016 EnsoData HealthX Ventures Practice Management 0.6 - -

4/6/2016 Evergreen Rehabilitation, LLC Encore Rehabilitation Services, LLC Long Term & Behavioral Care - - -

4/6/2016 MedPilot Inc. Blueprint Health; Hudson River Capital Partners


4/6/2016 Univfy Inc. - Provider Services 6.0 - -

4/6/2016 Aces Health Inc. - Medical Devices & Products 0.1 - -

4/6/2016 MD Interconnect, Inc. - Practice Management 0.3 - -

4/6/2016 Axon Therapies Inc. - Medical Devices & Products 2.0 - -

4/6/2016 OrthoGrid Systems, Inc. - Provider Services 1.0 - -


25








TEV/Rev

TEV/EBITDA

4/6/2016 Sisu Global Health - Medical Devices & Products 1.0 - -

4/6/2016 SafeShot Technologies LLC - Medical Devices & Products 17.8 - -

4/5/2016 Computer Technology Corporation Vendor Credentialing Service LLC Medical Devices & Products - - -

4/5/2016 Symbiosis Health Inc. SwervePay, LLC Practice Management - - -

4/5/2016 Symbiosis Health Inc. SwervePay, LLC Practice Management - - -

4/5/2016 RefleXion Medical Inc. Sofinnova Partners; Venrock; Pfizer Venture Investments; KCK Group


4/5/2016 Southern Cord, Inc. California Cryobank Stem Cell Services LLC Provider Services - - -

4/5/2016 Thrive Agrobiotics, Inc. - Pharma Services 6.7 - -

4/5/2016 Click Therapeutics, Inc. - Specialty Providers 1.5 - -

4/5/2016 Advantagene, Inc. - Pharma Services 35.0 - -

4/4/2016 Children's Emergency Services, Inc. Team Health Holdings, Inc. (NYSE:TMH) Specialty Providers - - -

4/4/2016 Nelson Laboratories, Inc. Sterigenics International, Inc. Provider Services - - -

4/4/2016 North Florida Anesthesia Consultants, Inc. Sheridan Healthcare, Inc. Provider Services - - -

4/4/2016 SHR Associates, Inc. Rosen, Sapperstein & Friedlander Provider Services - - -

4/4/2016 Upper Valley ENT Premier Health Specialists, Inc. Provider Services - - -

4/4/2016 Intelemage, LLC Medidata Solutions, Inc. (NasdaqGS:MDSO)


4/4/2016 Northern Arizona Healthcare, Home Health Agencies in Flagstaff and Cottonwood and One Hospice Agency

LHC Group, Inc. (NasdaqGS:LHCG) Long Term & Behavioral Care - - -

4/4/2016 Novarus Healthcare, Inc. Dioko Ventures Practice Management 0.8 - -

4/4/2016 Oleen Pinnacle Healthcare Consulting LLC Cumberland Consulting Group, LLC Provider Services - - -

4/4/2016 MediQuire Inc. Clayton Associates, LLC; Volcano Capital; Blueprint Health


4/4/2016 eHealth Data Solutions LLC ABILITY Network Inc. Practice Management - - -

4/4/2016 Sage Science, Inc. - Medical Devices & Products 2.0 - -

4/4/2016 Callie Solutions Inc. - Practice Management 0.1 - -

4/3/2016 GeneInsight LLC Sunquest Information Systems, Inc. Practice Management - - -

4/1/2016 Integrity Compounding Pharmacy, LLC True Nature Holding, Inc. (OTCPK:TNTY) Pharma Services 1.0 - -

4/1/2016 Sojourner Recovery Services, Inc. Transitional Living Inc Long Term & Behavioral Care - - -

4/1/2016 CryoGen Management Signet Interactive LLC Provider Services - - -

4/1/2016 Medical and Dental Commerce Corporation Benchmark; Mayfield Fund; General Catalyst Partners; Tenaya Capital; DAG Ventures, LLC


4/1/2016 Pacific Pathology Associates, Inc. Aurora Diagnostics, LLC Provider Services - - -

4/1/2016 Oliver Street Dermatology Holdings LLC - Provider Services 0.6 - -

4/1/2016 InnAVasc Medical, Inc. - Medical Devices & Products 1.0 - -

4/1/2016 Intelligent Digital Avatars, Inc. - Provider Services 1.3 - -


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Healthcare Report Q2 2016 · HEALTHCARE REPORT Q2 2016 | VOL 4 | ISSUE 2 3 The information...

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