Healthcare Report Q2 2017 - SDR Ventures · Birner Dental Management Services, Inc. BDMS $ 23 $...

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Strategic90%

Financial10%

2 3

39

9 22 16 4 5 21 24

-

10

20

30

40

50

Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA6/28/2017 The Spectranetics Corp. Royal Philips NV Medical Devices &

Products

1,956.35 7.05x NM

6/23/2017 Spectrum, Inc. Repligen Corp. Medical Devices &

Products

366.71 9.12x -

6/20/2017 PAREXEL International Corporation Pamplona Capital Management Pharma Services 5,000.00 - -

6/19/2017 Best Doctors, Inc. Teladoc, Inc. Provider Services 440.00 - -

5/18/2017 IASIS Healthcare Corp. Cerberus Capital Management LP;

Steward Health Care System LLC

General Providers 3,420.11 1.03x 20.27x

5/10/2017 inVentiv Health Inc INC Research Holdings Inc Provider Services 4,600.00 - -

5/10/2017 Surgery Partners, Inc. Bain Capital Private Equity LP General Providers 2,340.73 2.01x 9.53x

5/5/2017 VWR Corp. New Mountain Capital LLC; Avantor

Performance Materials, Inc.

Provider Services 6,421.80 1.41x 14.36x

4/23/2017 C.R. Bard, Inc. Becton, Dickinson & Co. Medical Devices &

Products

23,701.02 6.27x 19.97x

4/18/2017 Medtronic Plc (Medical Supplies Business) Cardinal Health, Inc. Medical Product

Distribution

6,100.00 - -


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Financial Buyer Inv. Date Select Corporate Investments3/21/2017 ▪ Oakland Dermatology Associates PC3/8/2017 ▪ Addus Homecare Corp. (3 Home Centers)1/23/2017 ▪ Dermatology Associates of Colorado1/3/2017 ▪ Castle Dermatology & Laser Center

10/4/2016 ▪ Eagle Vision, Inc.

5/18/2017 ▪ Cranial Technologies, Inc.1/12/2016 ▪ Absolute Dental Management, LLC5/4/2016 ▪ Aptinyx Inc.11/4/2015 ▪ Examination Management Services, Inc.9/1/2015 ▪ Medical Solutions L.L.C.▪6/20/2017 ▪ Dermatology Associates of Oklahoma LLC3/22/2017 ▪ Procare Physical Therapy, Inc.3/14/2017 ▪ Dermatology Center PC3/14/2017 ▪ Dermatology Consultants of Albuquerque PC2/15/2017 ▪ Physiohealth, Inc.

5/22/2017 ▪ EyeCare Services Partners Holdings LLC3/21/2017 ▪ Oakland Dermatology Associates PC1/23/2017 ▪ Dermatology Associates of Colorado1/3/2017 ▪ Castle Dermatology & Laser Center5/18/2016 ▪ Advanced Dermatology & Cosmetic Surgery Inc.

4/18/2017 ▪ CityMD2/2/2017 ▪ NeuroCall, Inc.9/29/2016 ▪ Intelligent Medical Objects, Inc.5/4/2016 ▪ DocuTAP, Inc.10/13/2015 ▪ Silk Road Medical, Inc.

Harvest Partners LP

Beecken Petty O'Keefe & Co. LP

CI Capital Partners

Warburg Pincus LLC

Audax Private Equity

Strategic Buyer Inv. Date Select Corporate Acquisitions1/17/2017 ▪ Pediatric Services of America, Inc.11/8/2016 ▪ Liberty Healthcare Services, Inc.8/4/2016 ▪ Jed Adam Enterprises, LLC8/1/2016 ▪ Pediatric Special Care, Inc.

5/10/2016 ▪ Rehabilitation Associates, PC.

6/20/2017 ▪ Greater Nashville Perinatology Plc3/23/2017 ▪ Bruce E. Snyder, M.D., PLLC3/13/2017 ▪ Midwest Perinatal Associates, P.A.2/6/2017 ▪ Newborn Intensive Care Specialists P.A.1/30/2017 ▪ Radiology Alliance, P.C

5/1/2017 ▪ Synergy Emergency Physicians, Inc.10/3/2016 ▪ Florida Emergency Physicians, Kang & Associates, M.D, Inc.9/15/2016 ▪ EmMed, P.C.8/18/2016 ▪ Anesthesia Associates of Cincinnati Inc.7/5/2016 ▪ Lake County Anesthesia Associates, P.A.

6/29/2017 ▪ Anesthesia Associates of New London PC3/7/2017 ▪ Imaging Advantage LLC1/6/2017 ▪ Emergency Professional Services PC1/4/2017 ▪ Sunshine Radiology LLC12/13/2016 ▪ Desert Mountain Consultants In Anesthesia, Inc.

10/3/2016 ▪ Fidere Anesthesia Consultants, Inc.9/8/2016 ▪ Ambulatory Anesthesia Associates, Inc. and Genesis Anesthesia Services, Inc.7/5/2016 ▪ AllegiantMD, Inc.7/5/2016 ▪ Resolute Anesthesia and Pain Solutions, LLC And South Lake Anesthesia Services, P.A.5/24/2016 ▪ Jandee Anesthesiology Partners, PLLC and Karadan Anesthesiology and Pain

Epic Health Services, Inc.

MEDNAX, Inc.

Team Health Holdings, Inc.

Envision Healthcare Corp.

Sheridan Healthcare, Inc.


-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

Dental Products Dental Providers Medical Devices & Products

Medical Product Distribution Specialty Providers Pharma Services

Practice Management Provider Services Long Term & Behavioral Care

General Providers S&P 500

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Zimmer Biomet Holdings, Inc. ZBH 25,837$ 128.40$ 5.8% 24.4% 96.4% 3.4% 32.1% 4.7x 14.2x 85.0x 4.6x 11.6x

DENTSPLY SIRONA, Inc. XRAY 14,863 64.84 3.5% 12.3% 98.7% 8.9% 21.8% 4.1x 20.4x 33.4x 4.0x 16.1x

Henry Schein, Inc. HSIC 14,519 183.02 7.1% 20.6% 97.9% 5.5% 8.8% 1.4x 16.5x 29.6x 1.3x 15.3x

Align Technology, Inc. ALGN 12,059 150.12 31.7% 56.2% 96.9% 25.9% 25.8% 10.0x 40.5x 64.4x 7.8x 30.0x

Patterson Cos., Inc. PDCO 4,523 46.95 3.7% 14.4% 93.8% 1.8% 7.4% 1.0x 11.0x 25.9x 0.9x 12.6x

Cantel Medical Corp. CMN 3,250 77.91 -1.9% -1.1% 87.7% 14.7% 19.8% 4.5x 24.4x 48.4x 3.9x 19.8x

BIOLASE, Inc. BIOL 66 0.97 -27.1% -30.7% 49.0% 6.7% (27.9%) 1.2x NM (3.3x) 1.1x (6.6x)

Milestone Scientific, Inc. MLSS 46 1.50 11.1% 7.1% 49.3% 31.3% (118.6%) 4.0x NM (6.8x) 3.1x NM

Pro-Dex, Inc. PDEX 25 6.15 35.2% 30.9% 92.1% 3.2% 8.8% 0.9x 7.5x 6.2x 0.9x 10.7x

Segment Average $8,354 7.7% 14.9% 84.6% 11.3% (2.5%) 3.5x 19.2x 31.4x 3.1x 13.7xSegment Median $4,523 5.8% 14.4% 93.8% 6.7% 8.8% 4.0x 16.5x 29.6x 3.1x 13.9x

Market Stats Operating Stats LTM Multiples NTM Multiples


($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Birner Dental Management Services, Inc. BDMS 23$ 12.55$ 2.4% -21.6% 63.1% NM 2.0% 0.5x 15.4x NM NM NM

Union Dental Holdings, Inc. UDHI 0 0.00 75.0% 150.0% 24.3% NM NM NM NM NM NM NM




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Medtronic Plc MDT 120,614$ 88.75$ 9.6% 24.6% 98.9% 4.6% 29.6% 4.7x 15.7x 31.4x 4.6x 14.3x

Abbott Laboratories ABT 84,352 48.61 9.1% 26.6% 98.0% 26.9% 24.1% 4.5x 22.6x 52.4x 3.7x 12.9x

Stryker Corp. SYK 51,871 138.78 5.2% 15.8% 95.3% 9.1% 27.7% 4.7x 17.3x 31.9x 4.5x 15.7x

Becton, Dickinson & Co. BDX 44,359 195.11 6.2% 17.9% 99.2% (0.8%) 28.2% 4.4x 16.6x 32.5x 4.1x 13.5x

Boston Scientific Corp. BSX 37,960 27.72 13.4% 28.2% 97.2% 6.4% 24.3% 5.0x 20.6x NM 4.8x 16.8x

Baxter International, Inc. BAX 32,810 60.54 15.9% 36.5% 98.4% 1.3% 16.2% 3.2x 15.7x 6.7x 3.1x 13.5x

Intuitive Surgical, Inc. ISRG 34,460 935.37 22.1% 47.5% 97.1% 12.1% 37.7% 11.9x 31.0x 49.9x 11.0x 25.4x

Zimmer Biomet Holdings, Inc. ZBH 25,837 128.40 5.8% 24.4% 96.4% 3.4% 32.1% 4.7x 14.2x 85.0x 4.6x 11.6x

Edwards Lifesciences Corp. EW 24,807 118.24 26.0% 26.2% 97.1% 12.7% 29.3% 7.9x 24.5x 45.3x 7.3x 22.1x

C.R. Bard, Inc. (New Jersey) BCR 22,892 316.11 27.2% 40.7% 99.7% 6.2% 32.6% 6.2x 19.9x 45.0x 6.0x 18.0x

ABIOMED, Inc. ABMD 6,314 143.30 14.6% 27.2% 97.2% 38.7% 23.9% 13.7x NM 133.9x 10.1x 37.5x

Integra LifeSciences Holdings Corp. IART 4,122 54.51 28.8% 27.1% 99.6% 16.6% 26.0% 4.8x 20.5x 58.0x 4.2x 17.8x

Wright Medical Group NV WMGI 2,867 27.49 -11.7% 19.6% 87.2% 13.8% 1.5% 4.7x NM (6.5x) 4.1x 31.7x

Johnson & Johnson JNJ 356,367 132.29 6.1% 14.8% 96.6% 4.7% 31.6% 4.8x 13.8x 22.3x 4.6x 12.7x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Danaher Corp. DHR 58,577$ 84.39$ -1.6% 8.4% 82.1% 6.9% 22.6% 3.7x 18.1x 23.1x 3.9x 16.1x

Stryker Corp. SYK 51,871 138.78 5.2% 15.8% 95.3% 9.1% 27.7% 4.7x 17.3x 31.9x 4.5x 15.7x

McKesson Corp. MCK 34,793 164.54 10.1% 17.2% 82.5% 2.0% 2.2% 0.2x NM 18.4x 0.2x 9.9x

Cardinal Health, Inc. CAH 24,614 77.92 -4.6% 8.3% 91.1% 7.6% 2.3% 0.2x 9.2x 18.8x 0.2x 8.6x

AmerisourceBergen Corp. ABC 20,641 94.53 6.0% 20.9% 96.6% 10.7% 1.4% 0.2x 9.9x 15.8x 0.1x 9.4x

Henry Schein, Inc. HSIC 14,519 183.02 7.1% 20.6% 97.9% 5.5% 8.8% 1.4x 16.5x 29.6x 1.3x 15.3x

Patterson Cos., Inc. PDCO 4,523 46.95 3.7% 14.4% 93.8% 1.8% 7.4% 1.0x 11.0x 25.9x 0.9x 12.6x

Owens & Minor, Inc. OMI 1,970 32.19 -6.2% -8.8% 84.1% (0.3%) 2.7% 0.3x 9.3x 18.3x 0.2x 8.9x

PharMerica Corp. PMC 816 26.25 12.7% 4.4% 91.4% 14.9% 6.6% 0.6x 9.7x 38.0x 0.5x 8.7x

Aceto Corp. ACET 465 15.45 -3.0% -29.7% 59.5% 34.6% 10.1% 1.3x 12.0x 21.8x 1.1x 7.8x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Fresenius Medical Care AG & Co. KGaA FMS 29,530$ 48.33$ 14.9% 14.5% 96.2% 10.6% 21.0% 2.1x 10.8x 23.8x 1.8x 9.6x

DaVita, Inc. DVA 12,602 64.76 -5.5% 0.9% 82.2% 4.7% 16.3% 1.4x 8.6x 15.1x 1.4x 8.5x

MEDNAX, Inc. MD 5,615 60.37 -13.1% -9.4% 78.4% 13.3% 20.2% 2.3x 11.2x 17.3x 2.1x 11.5x

Envision Healthcare Corp. AMSG 7,361 62.67 2.1% -1.0% 77.0% 191.0% 17.7% 2.8x 15.6x NM 1.7x 12.5x

HealthSouth Corp. HLS 4,335 48.40 13.7% 17.4% 97.4% 9.2% 21.8% 2.0x 9.1x 18.7x 2.0x 9.5x

American Renal Associates Holdings, Inc. ARA 578 18.55 10.1% -12.8% 63.9% 7.1% 18.7% 1.8x 9.1x NM 1.7x 12.6x

Adeptus Health, Inc. ADPT 28 1.71 0.0% -77.6% 2.9% NM NM 0.7x 7.3x NM NM NM

LHC Group, Inc. LHCG 1,241 67.89 25.5% 48.6% 97.9% 12.2% 9.5% 1.4x 15.5x 32.8x 1.2x 14.3x

AAC Holdings, Inc. AAC 167 6.93 -18.4% -4.3% 28.4% 9.2% 5.7% 1.2x 16.5x NM 1.1x 6.1x




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Universal Health Services, Inc. UHS 10,918$ 122.08$ -2.8% 14.8% 88.0% 19.2% 16.8% 1.6x 9.3x 17.1x 1.3x 8.5x

HCA Holdings, Inc. HCA 31,994 87.20 -2.3% 17.8% 95.8% 5.4% 20.6% 1.5x 7.9x 11.9x 1.5x 7.5x

Community Health Systems, Inc. CYH 1,142 9.96 11.7% 78.2% 73.3% (14.1%) 12.3% 0.9x 8.3x (0.6x) 1.1x 8.4x

LifePoint Health, Inc. LPNT 2,711 67.15 1.5% 18.2% 94.6% 4.2% 11.8% 0.9x 7.7x 23.8x 0.9x 7.0x

Tenet Healthcare Corp. THC 1,944 19.34 6.4% 30.3% 60.7% 2.1% 11.5% 1.0x 9.2x (10.0x) 1.0x 7.6x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

WellCare Health Plans, Inc. WCG 7,989$ 179.56$ 28.8% 31.0% 97.1% 14.5% NM 0.3x NM 33.1x 0.3x 5.8x

HealthEquity, Inc. HQY 2,989 49.83 22.0% 23.0% 90.7% 29.5% 21.0% 14.7x NM NM 11.7x 31.6x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Cerner Corp. CERN 21,957$ 66.47$ 12.3% 40.3% 95.9% 10.2% 30.3% 4.5x 14.7x 35.9x 4.1x 12.4x

Healthcare Services Group, Inc. HCSG 3,418 46.83 8.8% 19.6% 93.7% 12.0% 8.1% 2.1x 26.1x 44.6x 1.8x 22.2x

HMS Holdings Corp. HMSY 1,552 18.50 -8.0% 1.9% 77.1% 14.1% 25.3% 3.2x 15.3x 43.0x 2.7x 11.1x

The Advisory Board Co. ABCO 2,090 51.50 10.3% 54.9% 94.5% 1.2% 22.1% 3.2x 18.1x 23.1x 3.1x 12.3x

Omnicell, Inc. OMCL 1,602 43.10 6.9% 27.1% 96.6% 10.9% 8.3% 2.6x 33.2x NM 2.3x 15.8x

Evolent Health, Inc. EVH 1,570 25.35 17.4% 71.3% 92.2% 76.4% (33.5%) 5.4x NM (7.1x) 3.0x NM

Providence Service Corp. PRSC 683 50.61 14.3% 33.0% 99.1% (1.5%) 5.8% 0.4x 12.4x (7.9x) 0.4x 10.2x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

CVS Health Corp. CVS 81,972$ 80.46$ 2.0% 2.0% 81.6% 5.4% 8.1% 0.6x 8.3x 16.4x 0.6x 8.4x

Express Scripts Holding Co. ESRX 37,891 63.84 -4.1% -7.2% 79.8% 2.7% 8.1% 0.5x 6.9x 11.8x 0.5x 6.8x

Perrigo Co. Plc PRGO 10,828 75.52 12.8% -9.3% 76.2% (5.1%) 18.7% 2.6x 12.5x (2.7x) 2.8x 12.8x

Allscripts Healthcare Solutions, Inc. MDRX 2,315 12.76 0.7% 25.0% 84.1% 12.8% 15.1% 2.5x 15.9x NM 2.2x 10.9x

Magellan Health, Inc. MGLN 1,729 72.90 5.3% -3.1% 86.1% 24.7% 7.2% 0.3x 6.5x 22.6x 0.3x 5.2x




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

National HealthCare Corp. NHC 1,066$ 70.14$ -2.1% -7.5% 88.8% NM 12.1% 1.1x 9.8x 21.1x NM NM

The Ensign Group, Inc. ENSG 1,104 21.77 16.4% -2.0% 93.9% 9.5% 6.6% 0.8x 11.1x 22.7x 0.8x 4.6x

Civitas Solutions, Inc. CIVI 653 17.50 -2.5% -12.1% 75.4% 8.0% 9.5% 0.9x 8.6x 34.3x 0.8x 7.4x

Acadia Healthcare Co., Inc. ACHC 4,337 49.38 12.8% 49.2% 86.2% 4.5% 20.2% 2.6x 13.0x NM 2.5x 11.4x

SunLink Health Systems, Inc. SSY 15 1.66 7.8% 37.7% 87.4% NM 3.5% 0.2x NM (3.7x) NM NM

AAC Holdings, Inc. AAC 167 6.93 -18.4% -4.3% 28.4% 9.2% 5.7% 1.2x 16.5x NM 1.1x 6.1x



Healthcare Report Q2 2017 - SDR Ventures · Birner Dental Management Services, Inc. BDMS $ 23 $...

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