SCOTT-MACON HEALTHCARE REVIEW: THIRD …...EagleDream Health, Inc. $26.0 NA NA NA NA Operates as a...
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SCOTT-MACON HEALTHCARE REVIEW:
THIRD QUARTER 2017
Third Quarter 2017 Healthcare Review 2
Healthcare Overview, Mean Revenue Multiples 4
Healthcare Overview, Mean EBITDA Multiples 5
Analysis of Selected Healthcare, Medical and 6
Pharmaceutical Merger and Acquisition Transactions
July 1—September 30, 2017
Analysis of Selected 19
Publicly-Traded Healthcare, Medical and
Pharmaceutical Companies
Scott-Macon Professionals’ 30
Representative Closed Transactions
Scott-Macon Contact Information 31 CO
NT
EN
TS
2
T H I R D Q U A R T E R 2 0 1 7
H E A L T H C A R E R E V I E W
Dear Clients and Friends,
Scott-Macon is pleased to present our
Healthcare Review covering the third quarter of
2017. If you haven’t done so already, please email
me at [email protected] to automati-
cally continue receiving our publications in the fu-
ture as we are transitioning to digital publishing
with email distribution.
Pages four and five represent a visual snap-
shot of the average multiples for all of the health-
care, medical and pharmaceutical transactions that
either closed or were announced during the third
quarter, along with the average multiples for the
major publicly-traded healthcare, medical and
pharmaceutical companies.
In the Insurance Services segment, both An-
them and Magellan announced deals in the third
quarter, Anthem for Healthsun Health Plans and
Magellan for Senior Whole Health. In the Technol-
ogy Services sector, there was a surprising dearth
of blockbuster deals in the quarter, but lots of mid-
market activity. Japan’s Konica Minolta announced
its deal for inviCRO in the medical imaging analy-
sis arena for $285 million; Allscripts announced its
deal for McKesson’s healthcare technology busi-
ness for $185 million; and Japan’s Murata an-
nounced its deal for Vios Medical in the wireless
monitoring space for $101 million. In addition, Al-
phabet, Johnson & Johnson, and NextGen/Quality
Systems all closed healthcare technology deals in
the quarter. The Outsourcing Services sector had a
burst of activity in the quarter, including some
mega deals: PARAXEL in the Contract Research
space announced its going-private transaction for a
cool $5 billion, or 2.4X revenues and 14.6X
EBITDA; and also in the Contract Research sector
INC Research closed its InVentiv deal for $4.2 bil-
lion, or 2.0X revenues and 13.7X EBITDA. In ad-
dition, Fortive announced its $740 million deal for
Landauer; Pharmaceutical Research Associates
closed on Symphony Health for $530 million; and
Teladoc picked up Best Doctors for $440 million.
Turning next to the Providers areas, the
Laboratory segment saw the announced sale of
Ambry Genetics to a consortium for $1 billion.
Quest Diagnostics had a big quarter, closing on two
deals and announcing a third. In Home Health and
Hospice, Addus, HealthSouth, and LHC all closed
deals in the third quarter. The Non-Acute Providers
sector had an explosion of activity, including two
billion plus deals: Surgery Partners going-private
3
deal for $2.8 billion, or 2.5X revenues and 11.1X
EBITDA; and Air Medical’s deal for American
Medical Response for $2.4 billion. In Long-Term
Care, CommuniCare, Diversicare, Ensign Group,
MedEquities Realty Trust, Omega Healthcare and
Sienna Senior Living all closed or announced deals
last quarter. Once again, we also saw lots of Acute
Care activity. Surgery Partners closed on National
Specialty Hospitals for $760 million; HCA picked
up 4 hospitals in Houston for $750 million; and
Medical Properties Trust acquired a group of 9 fa-
cilities for $700 million.
Clinical Devices in the Products area had its
usual smattering of mega deals, including Fresen-
ius/Nxstage Medical for $2 billion, CooperSurgical
announcing its $1.1 billion deal for a division of
Teva, and Teleflex’s announced $1.1 billion deal
for NeoTract. In Non-Clinical Devices, Stryker
closed on Novadaq for $644 million. In Dispos-
ables Products, Philips closed on Spectranetics for
$2.1 billion. In Commercial Products, four multi-
billion deals closed: Cardinal Health’s deal for a
Medtronic division for $6.1 billion; Lonza/
Capsugel for $5.5 billion; Sabra Health Care REIT/
Care Capital Properties for $4.1 billion; and the go-
ing-private deal for Albany Molecular for $1.6 bil-
lion. The Pharmaceuticals area was of course busy
as always, with the largest deal being Thermo
Fisher’s $7.2 billion deal for Patheon. Lastly, the
Distribution area also saw a going-private deal for
PharMerica worth $1.4 billion, or 10.3X EBITDA.
Following the mergers and acquisitions
analysis, we present an analysis of publicly-traded
Services, Providers, and Products companies by
sector. Mean EBITDA multiples for Services com-
panies ended the third quarter at 15.5X (up from
14.1X in Q2 2017); Providers at 12.6X (up from
12.5X in Q2 2017); and Products at 15.6X (up
from 15.5X in Q2 2017). Technology services
companies ended the third quarter at 23.3X, while
Outsourcing services companies were 16.2X. The
Insurance segment EBITDA multiple came in at
12.9X (up from 10.4X in Q2 2017).
Finally, contact information for the Scott-
Macon Healthcare Investment Banking Group Pro-
fessionals appears on the back cover. We welcome
your call or email to discuss your thoughts on this
article.
Sincerely yours,
Nathan D. Cortright
Managing Director
Group Head – Healthcare Investment Banking
4
2.1x 1.7x2.9x
2.0x 1.8x2.5x
Services Providers Products
OVERALL: Revenue Multiple
H E A L T H C A R E O V E R V I E W M E A N R E V E N U E M U L T I P L E S
2.8x1.4x 1.7x 1.3x 1.0x
1.9x0.9x
2.8x
NA1.3x
Labs Home Health & Hospice Non-Acute Long-Term Care Acute
PROVIDERS: Revenue Multiple
3.2x 2.8x 2.7x 3.1x1.9x
NA NA
2.9x
Clinical Devices Non-Clinical Devices Disposables Commercial
PRODUCTS: Revenue Multiple
2.6x3.4x
0.7xNA
3.2x
0.6x
Consumer Pharmaceuticals Distribution
Public Companies M&A Transactions
1.3x
3.4x2.2x 1.8x 2.0x
NA1.0x
2.5x
NA1.0x
Insurance Technology Outsourcing India-Based Outsourcing Information
SERVICES: Revenue Multiple
5
15.5x12.6x
15.6x13.5x
10.3x
16.3x
Services Providers Products
OVERALL: EBITDA Multiple
H E A L T H C A R E O V E R V I E W M E A N E B I T D A M U L T I P L E S
17.5x 17.0x 17.9x 19.6x
12.5x
NA NA
17.0x
Clinical Non-Clinical Disposables Commercial
PRODUCTS: EBITDA Multiple
12.9x
23.3x
16.2x
9.6x
25.5x
NA NA
13.5x
NA NA
Insurance Technology Outsourcing India-Based Outsourcing Information
SERVICES: EBITDA Multiple
13.0x16.7x
11.5x14.9x
8.2x
NA NA
11.1x
NA
9.4x
Labs Home Health & Hospice Non-Acute Long-Term Care Acute
PROVIDERS: EBITDA Multiple
18.0x13.6x
10.5x
NA
18.2x
10.3x
Consumer Pharmaceuticals Distribution
Public Companies M&A Transactions
6
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
Announced Anthem, Inc. (NYSE:ANTM) /
Healthsun Health Plans, Inc.
NA NA NA NA NA Provides managed healthcare plans.
Announced Magellan Healthcare, Inc. /
Senior Whole Health, LLC
$400.0 NA NA NA NA Operates as a health maintenance organization.
Announced Paramount Care, Inc. /
Health Resources, Inc.
NA NA NA NA NA Provides group dental plans to employer groups.
7/12/2017 Unknown Buyer /
DentalPlans.com, Inc.
NA NA NA NA NA Provides dental insurance and savings plans for
individuals and families and other discount plans.
MEAN (INSURANCE) NA NA
MEDIAN (INSURANCE) NA NA
8/1/2017 340B Holdings, LLC /
eAudit Solutions Inc.
NA NA NA NA NA Develops virtual inventory management software
for healthcare industry.
7/18/2017 ABILITY Network Inc. /
Secure Bill Pay, LLC
NA NA NA NA NA Develops healthcare payment software.
Announced Allscripts Healthcare Solutions, Inc. (NasdaqGS:MDRX) /
McKesson Corporation, Hospital and Health System Business
$185.0 NA NA NA NA Comprises healthcare information technology
solutions.
8/14/2017 Alphabet Inc. (NasdaqGS:GOOGL) /
Senosis Health Inc.
NA NA NA NA NA Develops mobile health monitoring applications.
8/17/2017 American Imaging Management, Inc. /
Applied Pathways LLC
NA NA NA NA NA Develops cloud-based technology that allows
healthcare organizations to address issues
associated with managing the lifecycle of
evidence-based and knowledge-based processes
and workflows.
9/1/2017 American Medical Alert Corp. /
Providence St. Joseph Health, Providence Lifeline Medical Alert
Service
NA NA NA NA NA Comprises business operations that offer
healthcare monitoring services.
7/31/2017 Anju Software, Inc. /
DZS Software Solutions, Inc., Assets of ClinPlus
NA NA NA NA NA Comprises clinical solutions.
7/12/2017 Battery Ventures /
WebPT, Inc.
NA NA NA NA NA Develops electronic medical record and practice
management solutions for physical therapists,
occupational therapists, and speech-language
pathologists.
Announced Cannabis Sativa, Inc. (OTCPK:CBDS) /
PrestoCorp
$6.6 NA NA NA NA Operates an online telemedicine service that
allows patients to use secure and confidential
video conference technology to speak with a
licensed physician for medical marijuana
evaluation.
7/26/2017 CardioWise, Inc. /
Johns Hopkins Technology Ventures, Worldwide Rights To
SQuEEZ
NA NA NA NA NA Comprises heart function analysis software.
8/15/2017 Decision Resources, Inc. /
Context Matters, Inc.
NA NA NA NA NA Offers health economics data and technology
solutions.
9/25/2017 Generali Global Assistance /
CareLinx Incorporated
NA NA NA NA NA Operates an online platform that enables families
to find and manage caregivers.
9/21/2017 GTCR, LLC /
GreatCall, Inc.
NA NA NA NA NA Provides mobile health and safety solutions for
older adults and their family caregivers.
Announced InnerScope Advertising Agency, Inc. (OTCPK:INND) /
AUDServ, Inc.
$1.0 $1.0 NA 1.0x NA Provides marketing tools to clinic owners.
9/18/2017 Johnson & Johnson Vision Care, Inc. /
Sightbox, Inc.
NA NA NA NA NA Operates an online platform to provide
subscription based delivery service for daily
disposable contact lens wearers.
Announced Konica Minolta, Inc. (TSE:4902) /
inviCRO, LLC
$285.0 NA NA NA NA Provides a suite of services and software for
medical imaging analysis.
Announced Murata Electronics North America, Inc. /
Vios Medical, Inc.
$101.7 NA NA NA NA Develops wireless monitoring platform for
intensive healthcare applications.
9/5/2017 N. Harris Computer Corporation /
Amazing Charts, LLC
NA NA NA NA NA Provides electronic health/medical record software
and services to healthcare providers in solo and
small sized medical practices.
9/28/2017 N. Harris Computer Corporation /
MorCare, LLC
NA NA NA NA NA Develops enterprise software solutions for the
healthcare industry.
Announced Navicure, Inc. /
ZirMed, Inc.
NA NA NA NA NA Provides cloud-based claims management
solutions to healthcare providers and
organizations.
7/19/2017 Netsmart Technologies Inc. /
DeVero, Inc.
NA NA NA NA NA Develops SaaS based home healthcare and
hospice solutions.
8/16/2017 NextGen Healthcare Information Systems, LLC /
EagleDream Health, Inc.
$26.0 NA NA NA NA Operates as a healthcare analytics software and
services company.
Announced Paradigm Management Services, LLC /
ForeSight Medical, LLC
NA NA NA NA NA Designs and develops cost containment software
that provides suite of surgical management
solutions in the workers' compensation
marketplace.
SERVICES - INSURANCE
SERVICES - TECHNOLOGY
ANALYSIS OF SELECTED HEALTHCARE, MEDICAL AND PHARMACEUTICAL
SERVICES AND PRODUCTS MERGER & ACQUISITION TRANSACTIONS1
(CLOSED OR ANNOUNCED BETWEEN JULY 1—SEPTEMBER 30, 2017)
($ Millions Except Per Share Data)
7
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
9/15/2017 Pivot Pharmaceuticals Inc. (OTCPK:PVOT.F) /
Altum Pharmaceuticals Inc., Worldwide Rights to BiPhasix
Transdermal Drug Delivery Technology
$4.5 NA NA NA NA Comprises drug delivery technology rights.
9/21/2017 Premier Diversified Holdings Inc. (OTCPK:PRDG.F) /
MyCare MedTech Inc.
NA NA NA NA NA Provides electronic healthcare solutions for
accessing virtual care through mobile health and
virtual health.
8/22/2017 SilverVue, Inc. /
Ergo Sum Healthcare, Inc.
NA NA NA NA NA Developing an online platform that includes
Medicare Access and Chip Reauthorization Act
ancillary products that help physicians practice
personalized medicine.
9/6/2017 SinglePoint, Inc. (OTCPK:SING) /
Dr. FeelGood
NA NA NA NA NA Focuses on developing proprietary delivery and
ordering technology for medical marijuana.
Announced Strathspey Crown LLC /
ALPHAEON Corporation, ShoutMD
NA NA NA NA NA Comprises a social media platform for medical
professionals.
9/11/2017 TeleHealthCare, Inc. /
TeleHealthCare, Inc., Prior to Reverse Merger with Head Trainer,
Inc. (OTCPK:TLLT)
NA NA NA NA NA Develops software platforms for the telehealth
industry.
8/25/2017 TheraManager, LLC /
DocuTrac, Inc.
NA NA NA NA NA Develops and markets behavior health software.
7/11/2017 TractManager, Inc. /
MedApproved, LLC
NA NA NA NA NA Develops software as a service-based product
approval workflow solution to review products and
services for hospital vendors.
8/8/2017 TransLogic Corporation /
Talyst Systems, LLC
NA NA NA NA NA Develops and provides enterprise solutions for
pharmacies, hospitals, and long term care
facilities.
8/22/2017 Vestar Capital Partners, Inc. /
Quest Analytics, L.L.C.
NA NA NA NA NA Designs and develops health plan provider
network management software for desktop,
server, and developer platforms.
9/19/2017 Viverae, Inc. /
SimplyWell LLC
NA NA NA NA NA Provides clinically-based integrated health
solutions.
7/10/2017 Waud Capital Partners, L.L.C. /
Integrated Practice Solutions, Inc.
NA NA NA NA NA Designs and develops chiropractic software
technology solutions for the chiropractic industry.
MEAN (TECHNOLOGY) 1.0x NA
MEDIAN (TECHNOLOGY) 1.0x NA
Announced 3i Group plc (LSE:III) /
Cirtec Medical Systems, LLC
NA NA NA NA NA Medical device consulting company that provides
outsourced engineering, design, and contract
manufacturing services for the medical device
industry.
9/14/2017 Adecco Group AG (SWX:ADEN) /
BioBridges, LLC
NA NA NA NA NA Operates as a clinical consulting which represents
and manages the careers of professionals
servicing the pharma, biotech, and medical device
industries.
8/15/2017 Ares Management, L.P. (NYSE:ARES) /
DMG Practice Management Solutions, LLC
NA NA NA NA NA Provides management services to affiliated
physician practices.
Announced Avista Healthcare Public Acquisition Corp. (NasdaqCM:AHPA) /
Envigo, Inc.
NA NA NA NA NA Provides essential products and research services
for pharmaceutical, crop protection, and chemical
companies.
8/8/2017 Aya Healthcare, Inc. /
RN & Allied Specialties, Inc.
NA NA NA NA NA Provides nurse and allied staffing services.
7/5/2017 Brightree LLC /
AllCall Connect LLC
NA NA NA NA NA Provides live call center services for continuous
positive airway pressure patient resupply.
7/10/2017 Camden Group /
Novia Strategies, Inc.
NA NA NA NA NA Provides consulting services to healthcare
organizations.
8/2/2017 Collidion Inc. /
CalAsia Pharmaceuticals, Inc.
NA NA NA NA NA Offers pharmaceutical drug discovery and
development services.
9/18/2017 Comprehensive Pharmacy Services, Inc. /
Pharmacy Systems, Inc.
NA NA NA NA NA Provides hospital pharmacy management and
clinical consulting services.
9/5/2017 Covance Laboratories, Inc. /
Analytical Testing Services Business
$8.5 NA NA NA NA Comprises contaminant testing, raw material
testing, and finished product testing services for
pharmaceutical markets.
7/5/2017 Cross Country Healthcare, Inc. (NasdaqGS:CCRN) /
Advantage RN, LLC
$86.8 $100.0 $10.0 0.9x 8.7x Provides nurses and healthcare professionals for
travel assignments for hospitals and medical
facilities.
9/14/2017 Eastridge Workforce Solutions /
Metropolitan Employment Corporation of America, Inc.
NA NA NA NA NA Provides temporary labor and workforce solutions
for healthcare product manufacturers.
7/17/2017 eMids Technologies Inc. /
Encore Health Resources, LLC
NA NA NA NA NA Provides information technology consulting
services for the healthcare market.
7/5/2017 Envision Healthcare Corporation (NYSE:EVHC) /
Infinity HealthCare, Inc.
NA NA NA NA NA Provides emergency department management
and other healthcare management services to
clinicians, hospitals, and regional medical centers.
Announced EpiSource, LLC /
Peak Payer Solutions Inc.
NA NA NA NA NA Provides health assessments and chart retrieval
and reviews to healthcare industry.
8/17/2017 EQT Partners AB /
Certara, L.P.
$850.0 NA NA NA NA Operates as a biosimulation and regulatory writing
consultancy company for pharmaceutical and
related industries.
SERVICES - OUTSOURCING
8
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
8/16/2017 eSolutions, Inc. /
RemitDATA Inc.
NA NA NA NA NA Provides comparative analytics solutions with
multiple ways to access application programming
interfaces, benchmarking, and peer comparison
tools for payers, providers, billing companies, and
other healthcare services companies.
8/9/2017 Evolution Research Group, LLC /
Endeavor Clinical Trials, LLC
NA NA NA NA NA Offers clinical trials.
Announced Fidelity National Financial Ventures (NYSE:FNFV) /
T-System Inc.
$200.0 NA NA NA NA Provides clinical, financial, operational, and
regulatory solutions for hospitals and urgent care
clinics.
7/6/2017 Fishawack Communications Ltd. /
Carling Group of Companies
NA NA NA NA NA Provides healthcare marketing and medical
education services.
Announced Fortive Corporation (NYSE:FTV) /
Landauer, Inc. (NYSE:LDR)
$740.7 $153.4 $43.7 4.8x 17.0x Provides technical and analytical services, and
outsourced medical physics services.
8/31/2017 Genex Services, LLC /
TJ Holdings, Inc.
NA NA NA NA NA Workers’ compensation utilization management
company.
7/13/2017 Genoa, a QoL Healthcare Company, LLC /
Medication Management Systems, Inc.
NA NA NA NA NA Engages in designing, delivering, and
implementing medication therapy management
programs.
8/1/2017 INC Research Holdings, Inc. (NasdaqGS:INCR) /
inVentiv Health Inc.
$4,195.8 $2,156.2 $306.0 2.0x 13.7x Provides outsourced services to pharmaceutical,
biotechnology, medical device and diagnostics,
and healthcare industries.
9/1/2017 Innovatus Imaging Corporation /
Bayer Corporation, Multi-Vendor Service Business
NA NA NA NA NA Comprises third-party medical device service
business.
8/11/2017 Insight Imaging, Inc. /
LG Medical Technologies, Inc.
NA NA NA NA NA Engages in the rental of diagnostic imaging
technologies to hospitals and medical centers.
8/22/2017 ISG Group, LLC /
AIA Credentialing & Consulting Services LLC
NA NA NA NA NA Offers credentials verification and provider
enrollment services to the healthcare industry.
Announced JustKapital Limited (ASX:JKL) /
National Health Finance, DM, LLC
$97.1 NA NM NA NM Facilitates health services to accident victims on a
lien basis.
9/20/2017 Knack Global, LLC /
Compliance Specialists, Inc., Revenue Cycle Management and
Compliance Services Business
NA NA NA NA NA Provides revenue cycle management and
compliance services business to healthcare
providers.
7/5/2017 McKesson Specialty Health /
intraFUSION, Inc.
NA NA NA NA NA Provides infusion center management services.
Announced Medica Health Plans, Inc. /
Mayo Clinic Health Solutions
NA NA NA NA NA Provides medical care, research, and education
solutions for people to improve individual and
population health.
7/24/2017 Medicine Man Technologies, Inc. (OTCPK:MDCL) /
Denver Consulting Group LLC
$3.4 NA NA NA NA Provides medical cannabis and marijuana
business consulting services that include
cannabis compliance audits, dispensary
employee handbooks, compassionate care
program, dispensary branding, nutrient
management plan and other services.
Announced Mitsui & Co., Ltd. (TSE:8031) /
Accountable Healthcare Holdings Corp.
NA NA NA NA NA Provides healthcare staffing services.
9/6/2017 MModal IP LLC /
Landmark Transcription, Inc.
NA NA NA NA NA Provides medical transcription services to
hospitals, clinics, and physicians practices.
9/12/2017 Moss Adams LLP /
Rona Consulting Group LLC
NA NA NA NA NA Offers management consulting services to
integrated health care systems, hospitals and
clinics, and medical suppliers.
7/28/2017 MTS Health Investors, LLC /
Medical Knowledge Group, LLC
NA NA NA NA NA Provides medical communications, healthcare
consulting, and data analytic services.
7/13/2017 New Wave Holdings, Inc. (OTCPK:NWAV) /
PAO Group, Inc.
$251.0 NA NA NA NA Offers physician management services.
7/27/2017 Novation Companies, Inc. (OTCPK:NOVC) /
Healthcare Staffing, Inc.
$24.0 NA NA NA NA Provides healthcare staffing services.
9/29/2017 Pamplona Capital Management LLP /
PAREXEL International Corporation (NasdaqGS:PRXL)
$5,007.4 $2,097.0 $342.8 2.4x 14.6x Provides clinical research and logistics, medical
communications, consulting, commercialization,
and advanced technology products and services
for pharmaceutical, biotechnology, and medical
device industries.
7/11/2017 Pan-American Life Insurance Group, Inc. /
HolaDoctor, Inc.
NA NA NA NA NA Develops and operates bilingual health and
wellness portals for Hispanic consumers and
businesses.
9/1/2017 Payment Data Systems, Inc. (NasdaqCM:PYDS) /
Singular Payments, LLC
$3.7 NA NA NA NA Provides payment processing services for
healthcare and utilities industries.
9/6/2017 Pharmaceutical Research Associates, Inc. /
Symphony Health Solutions
$530.0 NA NA NA NA Provides data, applications, analytics, and
consulting services to life sciences companies.
8/9/2017 Pinnacle Group, LLC /
Clinical Benchmarking, LLC
NA NA NA NA NA Provides healthcare consulting services.
9/6/2017 Precision for Medicine, Inc. /
Agility Clinical, Inc.
NA NA NA NA NA Contract research organization which provides
clinical trial services.
7/10/2017 Press Ganey Holdings, Inc. /
Soyring Consulting, Inc.
NA NA NA NA NA Provides clinical and operational consulting
assistance to hospitals and healthcare facilities.
Announced Pro-Claim Plus, Inc. /
Physicians Health Plan of Northern Indiana, Inc.
NA NA NA NA NA Offers various health insurance products for
individuals, families, and businesses.
9/1/2017 Resource Optimization & Innovation, LLC /
Healthcare Purchasing Alliance, LLC
NA NA NA NA NA Provides healthcare supplies sourcing solutions.
8/9/2017 Sverica Capital Management, LLC /
Women's Health USA, Inc.
NA NA NA NA NA Provides back room business support solutions
and services to physician practices.
9
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
9/6/2017 Tabula Rasa Healthcare, Inc. (NasdaqGM:TRHC) /
SinfoníaRx, Inc.
NA NA NA NA NA Provides medication management services.
7/14/2017 Teladoc, Inc. (NYSE:TDOC) /
Best Doctors, Inc.
$440.0 NA NM NA NM Provides access to the medical experts and
treating physicians to have a better diagnosis and
treatment plan.
7/17/2017 UDG Healthcare plc (LSE:UDG) /
Cambridge BioMarketing Group, LLC
$35.0 NA NA NA NA Operates as a health care marketing
communications agency that provides traditional
and digital marketing communications services to
the healthcare industry.
8/17/2017 United Claim Solutions, LLC /
INETICO, Inc.
NA NA NA NA NA Provides healthcare claims and care management
services to customers in the insurance industry.
8/28/2017 Unknown Buyer /
Key Health Medical Solutions, Inc.
NA NA NA NA NA Provides medical lien funding services to
healthcare facilities, medical providers, and
attorneys.
7/5/2017 VRI, Inc. /
Healthcom Inc.
NA NA NA NA NA Provides medical alert services, medication
management, telehealth and online patient
monitoring services.
8/14/2017 Xtend Healthcare LLC /
ELIPSe, Inc.
NA NA NA NA NA Provides health information management and
revenue cycle consulting services to healthcare
providers.
MEAN (OUTSOURCING) 2.5x 13.5x
MEDIAN (OUTSOURCING) 2.2x 14.2x
9/1/2017 CareCapital Advisors; Clayton, Dubilier & Rice, Inc.; Hillhouse
Capital Management, Ltd. /
Carestream Dental LLC
NA NA NA NA NA Offers orthodontists new patient education
software.
7/18/2017 Cello Group Plc (AIM:CLL) /
Advantage Healthcare Inc.
$4.5 $4.5 NA 1.0x NA Provides market research services for healthcare
sector.
Announced General Atlantic LLC; Silver Lake /
A Place for Mom, Inc.
NA NA NA NA NA Offers information and selected options based
upon individual and personal needs and helps
families in finding nursing homes, respite care
facilities, and assisted living communities.
9/5/2017 Levine Leichtman Capital Partners /
Therapeutic Research Center
NA NA NA NA NA Provides medication learning solutions for
healthcare providers and professionals.
8/3/2017 PatientPoint, LLC /
Patient Education Network
NA NA NA NA NA Provides Oncology-specific and healthy living
content using an LED screen in the patients'
waiting rooms.
7/15/2017 Provia Laboratories, LLC /
Vault Dental Stem Cell Client Base and Distribution Rights
NA NA NA NA NA Comprises dental stem cell bank client base and
distribution rights.
MEAN (INFORMATION) 1.0x NA
MEDIAN (INFORMATION) 1.0x NA
MEAN (SERVICES) 2.0x 13.5x
MEDIAN (SERVICES) 1.5x 14.2x
9/5/2017 Ancor Capital Partners /
Alliance Family of Companies, Inc.; APF Furniture
NA NA NA NA NA Comprises medical diagnostic testing facilities and
engineered wood components manufacturing
operations for the furniture and upholstery
industry.
Announced Avista Capital Holdings, L.P. /
Miraca Life Sciences, Inc.
NA NA NA NA NA Operates clinical pathology laboratories that
provide diagnostic services in the fields of
dermatology, gastroenterology, hematology, and
urology.
8/1/2017 EVIO Inc. /
Viridis Analytics, Inc.
$1.0 NA NA NA NA Operates a cannabis and marijuana testing
laboratory.
8/3/2017 Genesis Biotechnology Group, LLC /
4path, Ltd.
NA NA NA NA NA Provides pathology laboratory services.
9/29/2017 Health-Right Discoveries, Inc. /
Common Compounds, Inc.; EXpharmaRX, LLC
NA NA NA NA NA Provides dispensing, billing, management of
claims, and urine toxicology services to physicians
and also offers in-office ancillary opportunities
and third party billing services to physicians and
clinics.
Announced Innovation Network Corporation of Japan; Konica Minolta
Healthcare Americas, Inc. /
Ambry Genetics Corp.
$1,000.0 NA NA NA NA Provides clinical diagnostics testing services for
genetic diseases.
Announced Invitae Corporation (NYSE:NVTA) /
CombiMatrix Corporation (NasdaqCM:CBMX)
$30.0 $14.8 NM 2.0x NM Provides clinical molecular diagnostic laboratory
services.
Announced Invitae Corporation (NYSE:NVTA) /
Good Start Genetics, Inc.
$40.0 $22.5 NA 1.8x NA Provides genetic screening of inherited diseases.
Announced Pragmin Prognosis Inc. /
CYNOGEN Inc.
$2.9 NA NA NA NA Provides lab services and solutions for diagnosis
of cancer.
7/18/2017 Quest Diagnostics Incorporated (NYSE:DGX) /
ClearPoint Diagnostic Laboratories, LLC
NA NA NA NA NA Provides routine, anatomic, and reference test
services to physicians.
7/18/2017 Quest Diagnostics Incorporated (NYSE:DGX) /
Med Fusion LLC
NA NA NA NA NA Provides clinical laboratory services for hospitals
and their admitting staff.
SERVICES - INFORMATION
PROVIDERS - LABS
10
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
Announced Quest Diagnostics Incorporated (NYSE:DGX) /
Shiel Medical Laboratory, Inc.
NA NA NA NA NA Engages in the operation of clinical laboratories.
MEAN (LABS) 1.9x NA
MEDIAN (LABS) 1.9x NA
8/1/2017 Addus HomeCare Corporation (NasdaqGS:ADUS) /
Options Services, Inc.
$23.2 $20.0 NA 1.2x NA Provides in-home care services.
Announced Associated Home Care LLC /
Intercity Home Care Inc.
NA NA NA NA NA Provides home health care services for the elderly
and disabled.
9/14/2017 Authority Brands, LLC /
Homewatch International, Inc.
NA NA NA NA NA Provides home elderly care services.
8/22/2017 FootPrints Home Care Inc. /
A Nurse in the Family, LLC
NA NA NA NA NA Provides in-home care services to aging seniors.
8/1/2017 Freedom Home Care, LLC /
Elder Care Services, Inc.
NA NA NA NA NA Offers home healthcare services for aging adults
or disabled individuals.
7/31/2017 HealthSouth Corporation (NYSE:HLS) /
Two Home Health Locations in Texas
NA NA NA NA NA Comprises two healthcare facilities.
9/6/2017 Hearts at Home, LLC /
Cornerstone Assisted Home Care, Inc.
NA NA NA NA NA Offers home elder care services.
9/6/2017 Holdings CL, Inc. /
Beyond Faith Homecare & Rehab LLC Hospice LLC
NA NA NA NA NA Offers nursing, physical, occupational and speech
therapies, home health aides, social workers, and
hospice care services for the elderly.
9/1/2017 LHC Group, Inc. (NasdaqGS:LHCG) /
CHRISTUS Health, Inc., Home Care And Hospice Services And
LTACH Facilities
NA NA NA NA NA Offer home health, hospice, community-based,
and long-term acute-care services.
8/9/2017 Multicultural Homecare Inc. /
Independence Healthcare Corporation
NA NA NA NA NA Provides personal care, nursing services, and
home healthcare services.
Announced Northern Family Home Care LLC /
AME, LLC
$1.0 NA NA NA NA Provides in-home care and services to seniors.
9/22/2017 Nova Leap Health RI, LLC /
All About Home Care, LLC
$1.2 $2.1 NA 0.6x NA Home health care agency which provides
personal care, homemaking, and companionship
services.
8/10/2017 SAILS Group, Inc. /
Special Care Agency, Inc.
NA NA NA NA NA Provides home care and support services for
seniors and individuals with developmental
disabilities.
8/11/2017 SH Franchising, LLC /
Handle With Care In-Home Care & Assistance, LLC
NA NA NA NA NA Provides home healthcare services for elderly
people or those recovering from illness or injury.
8/17/2017 Thrive Skilled Pediatric Care, LLC /
Health & Home Services, Inc.
NA NA NA NA NA Offers home healthcare and nursing services.
8/16/2017 Unknown Buyer /
BrightStar Group Holdings, Inc., Plano Franchise
NA NA NA NA NA Comprises home care and medical staffing
franchisee.
MEAN (HOME HEALTH & HOSPICE) 0.9x NA
MEDIAN (HOME HEALTH & HOSPICE) 0.9x NA
9/5/2017 A+ Dental Care /
Folsom Dental Group
NA NA NA NA NA Provides general dentistry, orthodontics, and
implant services.
7/5/2017 Addiction & Mental Health Services, Inc. /
Red Oak Recovery, LLC
NA NA NA NA NA Operates a healthcare facility for trauma-informed
substance abuse and dual diagnosis treatment for
young adults.
Announced Air Medical Group Holdings, Inc. /
American Medical Response, Inc.
$2,400.0 NA NA NA NA Provides ground and air-based emergency
medical transportation services.
Announced AMITA Health /
Presence Health Network
NA NA NA NA NA Offers addiction and behavioral health, cancer
care, emergency care, heart and vascular care,
imaging, immediate care, maternity, neurology
and stroke, orthopedics, rehabilitation, robotic
surgery, senior care, and weight loss surgery
services.
Announced Anne Carlsen Center For Children /
Dakota Orofacial Myology, Ltd.
NA NA NA NA NA Offers speech therapy, myology, and other
healthcare services.
8/3/2017 Arkansas Urology, P.A. /
Conway Urology, PA
NA NA NA NA NA Provides urological care services through a
network of physicians.
9/15/2017 AthletiCo Ltd. /
Work Center, Inc.
NA NA NA NA NA Provides rehabilitation and services to injured
workers.
9/26/2017 Autism Learning Partners /
Aspire Autism, LLC
NA NA NA NA NA Provides behavioral therapy and supports
services.
7/18/2017 Autism Spectrum Therapies, Inc. /
Autism Family Center, Inc.
NA NA NA NA NA Provides autism therapy programs.
8/31/2017 Bain Capital Private Equity, LP /
Surgery Partners, Inc. (NasdaqGS:SGRY)
$2,787.1 $1,138.5 $250.9 2.5x 11.1x Comprises ambulatory surgery centers and
surgical hospitals that offer non-emergency
surgical procedures in various specialties,
including gastrointestinal, general surgery,
ophthalmology, orthopedics, and pain
management.
7/19/2017 BayMark Health Services Inc. /
Valley Alliance Treatment Services, Inc.
NA NA NA NA NA Provides medication-assisted treatment and
counseling services for opioid addiction and
dependency.
PROVIDERS - HOME HEALTH & HOSPICE
PROVIDERS - NON-ACUTE
11
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
9/5/2017 Bellin Health Systems, Inc. /
Gastroenterology Associates
NA NA NA NA NA Owns and operates a medical practice clinic.
8/21/2017 Bentall Kennedy Management (U.S.) Limited Partnership /
Oregon Clinic Gateway Medical Office Building LLC
NA NA NA NA NA Operates a medical and day surgery practice
facility.
Announced Berks Community Health Center /
All About Children Pediatric Partners, P.C.
NA NA NA NA NA Owns and operates healthcare facility providing
health and preventive care services to children.
Announced CCMP Capital Advisors, LP /
Eating Recovery Center LLC
NA NA NA NA NA Provides eating disorder treatment services for
men, women, children, and adolescents.
Announced Centerbridge Partners, L.P.; Superior Vision Services, Inc. /
100% stake in Davis Vision Incorporated And Minority Stake in
Visionworks, Inc.
NA NA NA NA NA Provide eye care services.
9/5/2017 Centers Health Care, LLC /
Capital Living and Rehabilitation Centres
$85.0 NA NA NA NA Owns and operates a hospital which provides
nursing, medical, rehabilitation, educational, and
nutrition services.
7/24/2017 Centre Partners Management LLC /
Chesapeake Eye Care Company, LLC
NA NA NA NA NA Owns and operates an eye care center.
7/5/2017 Civitas Solutions, Inc. (NYSE:CIVI) /
Country Life Care Center
NA $9.0 NA NA NA Owns and operates a rehabilitation and post-
acute care facility.
8/18/2017 Commonwealth Pain Associates, PLLC /
Advanced Pain Medicine, PSC
NA NA NA NA NA Provides medical consultations, treatment, and
recommendations for pain and spinal disorders.
8/14/2017 CORDENTAL Group /
Forest Park Dental
NA NA NA NA NA Provides dental care services.
8/1/2017 CORDENTAL Group /
Konikoff Dental Associates, Inc.
NA NA NA NA NA Provides dental health services.
8/1/2017 CRH Medical Corporation (TSX:CRH) /
Gastroenterology Anesthesia Practice In West Florida
NA NA NA NA NA Provides anesthesia services to an ambulatory
surgical center.
8/8/2017 Crossroads Holding, LLC /
Center of HOPE of Myrtle Beach, LLC
NA NA NA NA NA An abuse treatment center which provides
outpatient medication-assisted treatment services.
7/1/2017 DaVita Medical Group Talbert California, P.C. /
Park Avenue Medical, Inc.; Winter Park Health Center, Inc.
NA NA NA NA NA Operate as family medicine group practices.
Announced Employee Health Systems Medical Group, Inc. /
MultiCultural Medical Group, Inc.
NA NA NA NA NA Provides healthcare services.
9/5/2017 Ensign Group, Inc. (NasdaqGS:ENSG) /
Desert Blossom Health and Rehabilitation Center; Pueblo Springs
Rehabilitation Center
NA NA NA NA NA Operates healthcare facilities.
9/8/2017 eResearchTechnology, Inc. /
Biomedical Systems Corporation
NA NA NA NA NA Provides non-invasive diagnostic services, clinical
trials, and products.
8/25/2017 Exos Partners, LLC /
EXOS Physical Therapy and Sports Medicine, LLC
NA NA NA NA NA Provides physical therapy and athletic training
services.
8/3/2017 Gastro Health, PL /
Gastrointestinal Center of Hialeah, LLC
NA NA NA NA NA Operates an ambulatory surgery services.
9/25/2017 Global Medical REIT, Inc. (NYSE:GMRE) /
Norvin Austin Rehab LLC
$40.7 NA NA NA NA Operates an inpatient rehabilitation facility.
8/28/2017 Go Eco Group (OTCPK:LIBE) /
Integro Health Services, Inc.
$0.1 NA NA NA NA Owns and operates a behavioral health hospital.
9/27/2017 Groupe Ergo Ressources /
Centre Regional d'Ergotherapie pour le Developpement de
I'Enfant
NA NA NA NA NA Offers rehabilitation services.
8/3/2017 Gryphon Investors Inc. /
Ob Hospitalist Group, Inc.
NA NA NA NA NA Provides on-site board certified obstetrics and
gynecology physician support services to its
hospital partners.
7/11/2017 Harborview Medical Services Pc /
Regenerative Sciences, Inc.
NA NA NA NA NA Provides stem cell and blood platelet procedures
for treating orthopedic injuries, arthritis, and other
degenerative conditions.
Announced Healthcare Realty Trust Incorporated (NYSE:HR) /
Portfolio of 15 Medical Office Buildings in the Atlanta, Georgia
$703.3 NA NA NA NA Comprises medical facilities.
7/25/2017 JourneyPure LLC /
Center for Professional Excellence Inc.
NA NA NA NA NA Owns and operates a treatment center for
professionals with addiction and other behavioral
impairments.
Announced KKR & Co. L.P. (NYSE:KKR) /
Covenant Surgical Partners, Inc.
NA NA NA NA NA Owns and operates ambulatory surgery centers.
9/5/2017 Kohlberg & Company, L.L.C. /
SpecialtyCare, Inc.
NA NA NA NA NA Provides outsourced clinical services for hospitals
and other healthcare providers.
Announced MedEquities Realty Trust, Inc. (NYSE:MRT) /
Behavioral Facilities In Las Vegas And Dallas
$25.0 NA NA NA NA Comprises four behavioral health and substance
abuse treatment facilities.
9/28/2017 MEDNAX, Inc. (NYSE:MD) /
Jefferson Radiology, P.C.
NA NA NA NA NA Provides diagnostic and therapeutic radiology
services.
8/23/2017 MEDNAX, Inc. (NYSE:MD) /
Radiology Associates of South Florida, PA
NA NA NA NA NA Provides radiological services to patients in
hospitals and outpatient centers.
Announced Meridian Behavioral Health Systems, LLC /
Highland Hospital Association Inc.
NA NA NA NA NA Operates a psychiatric hospital for adults, children
and adolescents.
9/6/2017 MMC Health Services, Inc.; Petra Capital Partners, LLC; /
Alternative Behavior Strategies, Inc.
NA NA NA NA NA Provides health care services.
7/31/2017 Mount Carmel Health System, Inc. /
Mount Carmel Medical Group Grove City Family Health
NA NA NA NA NA Operates a heath care facility for pediatric,
geriatric, and men's and women's health services.
7/6/2017 ncgCARE Inc. /
Appalachian Community Services, Inc.
NA NA NA NA NA Offers mental health care, substance abuse
treatment, and social services for individuals.
8/29/2017 ncgCARE Inc. /
Starlight Behavioral Health Services, Inc.
NA NA NA NA NA Offers nursing services, home healthcare,
assessments, behavioral support planning, and
person-centered support for individuals and
families.
12
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
8/4/2017 Nephrology Associates, P.C. /
Signature Nephrology Group, PC
NA NA NA NA NA Owns and operates clinics and offers treatment
for chronic kidney disease, kidney transplant,
kidney stones, dialysis, hypertension, diabetic
nephropathy, lupus nephritis, proteinuria,
polycystic kidney disease, and pregnancy related
renal issues.
Announced New Look Vision Group Inc. (TSX:BCI) /
IRIS The Visual Group Inc.
$92.9 NA NA NA NA Provides eye care services for patients.
Announced New MainStream Capital /
Essex Specialized Surgical Institute, LLC
NA NA NA NA NA Operates as an ophthalmologic and ambulatory
surgery center.
9/14/2017 Nobilis Health Corp. (AMEX:HLTH) /
DeRosa Medical, P.C.
$0.9 NA NA NA NA Operates a healthcare practice that offers health
and wellness, medically supervised weight loss,
and chronic health condition management
services.
7/19/2017 North Memorial Health Care, Inc. /
Multicare Associates, Inc.
NA NA NA NA NA Owns and operates clinics that offer primary care,
chronic care, specialty care, and occupational
health services.
8/10/2017 Platinum Dermatology Partners, LLC /
Pediatric Dermatology of North Texas, P.A.
NA NA NA NA NA Offers dermatology-focused physician services.
7/1/2017 Pyramid Healthcare, Inc. /
Meadow Haven Recovery Services, LLC
NA NA NA NA NA Offers residential care for eating disorders.
8/8/2017 RadNet, Inc. (NasdaqGM:RDNT) /
Diagnostic Imaging Associates, P.A.
NA NA NA NA NA Owns and operates imaging centers.
7/19/2017 Redwood Dental Group /
Affordable Dental Care PLLC; Holly Dental Care; Signature Smiles
NA NA NA NA NA Provide dentistry services.
7/8/2017 Regional Women's Health Group, LLC /
OB/GYN of East Brunswick
NA NA NA NA NA Provides obstetrical care and gynecological
procedures and treatments for women.
Announced Rothman Institute /
Trenton Orthopaedic Group, P.A.
NA NA NA NA NA Provides orthopedic care services.
9/12/2017 Schweiger Dermatology Group LLC /
Island Dermatology, P.C.
NA NA NA NA NA Provides dermatology services.
7/17/2017 SGF Atlanta /
Georgia Reproductive Specialists, LLC
NA NA NA NA NA Provides fertility treatment services.
7/19/2017 Silver Oak Services Partners, LLC /
Redwood Dental Group
NA NA NA NA NA Provides dental care services.
Announced Skyline Healthcare, LLC /
Whitehall OpCo, LLC
$26.0 NA NA NA NA Provides nursing and rehabilitation services.
Announced SSM Health /
Agnesian Healthcare, Inc.; Monroe Clinic, Inc.
NA NA NA NA NA Provides healthcare services.
8/30/2017 SuperCare Health Inc. /
Founders Healthcare, LLC, Respiratory Assets of California
NA NA NA NA NA Offers respiratory care services.
9/5/2017 TorQuest Partners, Inc. /
Amenity Health Care LP
NA NA NA NA NA Offers pharmacy and medical services.
9/7/2017 U.S. Anesthesia Partners, Inc. /
Florida Anesthesia Associates P.A.; Jacksonville Anesthesia
Corporation, Inc.
NA NA NA NA NA Provide anesthesia services.
8/29/2017 U.S. Dermatology Partners /
Skin Spectrum; Southwest Skin Specialists
NA NA NA NA NA Provide cosmetic dermatology services.
7/17/2017 U.S. Healthworks, Inc. /
DeKalb Medical Center, Inc., WorksWell Clinic at 1045 Sycamore
Drive, Decatur
NA NA NA NA NA Comprises a medical clinic.
7/5/2017 U.S. Healthworks, Inc. /
Mosaic Life Care, Occupational Medicine Clinic In St. Joseph,
Missouri
NA NA NA NA NA Comprises a health care facility.
7/5/2017 U.S. Physical Therapy, Inc. (NYSE:USPH) /
Nine Clinic Physical Therapy Practice
$27.2 $8.6 NA 3.2x NA Comprises nine clinics that provide physical
therapy services.
9/14/2017 UDG Healthcare plc (LSE:UDG) /
MicroMass Communications, Inc.
$75.8 NA NA NA NA Provides behavior change and communications
services.
8/17/2017 University Clinical Health, Inc. /
Podiatry Centers of Memphis P.C.
NA NA NA NA NA Offers podiatry medical services.
8/28/2017 Unknown Buyer /
David Chiropractic Limited Liability Company
NA NA NA NA NA Owns and operates healthcare centers that
provide alternative treatment for musculoskeletal
pains and injuries.
Announced Unknown Buyer /
Integrated Care Alliance, LLC
NA NA NA NA NA Provides disability therapy services.
8/24/2017 Unknown Buyer /
Somers Smiles
NA NA NA NA NA Offers dental care services.
7/12/2017 Vision Care Specialists, Inc. /
Accent Optics Inc.
NA NA NA NA NA Offers optometry services.
8/25/2017 Western Dental Services, Inc. /
Children's Dental Group, Eight Offices Across California
NA NA NA NA NA Comprises eight dental care facilities.
9/7/2017 Western Dental Services, Inc. /
Pediatric Management Service Corporation
NA NA NA NA NA Offers pediatric care services.
MEAN (NON-ACUTE) 2.8x 11.1x
MEDIAN (NON-ACUTE) 2.8x 11.1x
9/13/2017 Bridge Investment Group, LLC /
SHI Carlisle Palm Beach
$77.2 NA NA NA NA Provides assisted living and memory care
facilities.
PROVIDERS - LONG-TERM CARE
13
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
Announced Capital Senior Living Corporation (NYSE:CSU) /
A Community In New York
$20.0 NA NA NA NA Comprises a senior living facility.
8/1/2017 CareTrust REIT, Inc. (NasdaqGS:CTRE) /
Memory Care Cottages In White Bear Lake
$7.8 NA NA NA NA Comprises a 30 unit memory care healthcare
community.
Announced CareTrust REIT, Inc. (NasdaqGS:CTRE) /
Seven Skilled Nursing Facilities in Idaho
$65.5 NA NA NA NA Comprises seven skilled nursing facilities.
9/5/2017 CareTrust REIT, Inc. (NasdaqGS:CTRE) /
Three Skilled Nursing Facilities In Greater Dallas-Fort Worth Area
$20.2 NA NA NA NA Comprises nursing facilities.
9/6/2017 CommuniCare Health Services, Inc. /
Kindred Healthcare Inc., 16 Skilled Nursing Centers
NA NA NA NA NA Comprises skilled nursing facilities.
7/5/2017 Diversicare Healthcare Services, Inc. (NasdaqCM:DVCR) /
103 Bed Skilled Nursing Center in Selma, Alabama
$8.8 NA NA NA NA Comprises a healthcare facility, including certain
land, improvements, furniture, fixtures and
equipment, personal property, and intangible
property.
7/10/2017 Ensign Group, Inc. (NasdaqGS:ENSG) /
Medallion Post Acute Rehabilitation; Villas at Sunny Acres
NA NA NA NA NA Operate post-acute care, skilled nursing and
assisted living facilities.
8/1/2017 Ensign Group, Inc. (NasdaqGS:ENSG) /
Parkside Senior Living
NA NA NA NA NA Owns and operates senior living facility.
8/8/2017 EvoLve Senior Living; National Health Investors Inc. (NYSE:NHI) /
40-Unit Memory Care Community in Rye, New Hamspshire
$10.0 NA NA NA NA Comprises memory care community.
8/10/2017 Fantasia Investment III LLC; Summit Healthcare Operating
Partnership, L.P. /
Nine Skilled Nursing Facilities In The Northeast
NA NA NA NA NA Comprises nine skilled nursing facilities.
7/6/2017 Griffin-American Healthcare REIT III, Inc. /
Fox Grape Skilled Nursing Facility Portfolio
$65.5 NA NA NA NA Comprises five skilled nursing properties.
7/5/2017 Harbert Management Corporation /
Two Senior Living Facilities In Albuquerque, New Mexico and
Wheat Ridge, Colorado
NA NA NA NA NA Comprises senior living facilities.
7/31/2017 MedEquities Realty Trust, Inc. (NYSE:MRT) /
Magnolia Health Systems Inc., Two Skilled Nursing Facilities in
Indiana
$15.0 NA NA NA NA Comprises two skilled nursing facilities totaling
160 licensed beds.
7/5/2017 MedEquities Realty Trust, Inc. (NYSE:MRT) /
Woodlake at Tolland Nursing and Rehabilitation Center
$10.0 NA NA NA NA Owns and operates a nursing center.
8/31/2017 Omega Healthcare Investors, Inc. (NYSE:OHI) /
15 Skilled Nursing Facilities in Indiana
$190.0 NA NA NA NA Comprises 15 skilled nursing facilities.
Announced Premier Healthcare Management /
Washington County Health Center Auxiliary, Inc.
$29.6 NA NA NA NA Operates a 288-bed nursing home.
7/2/2017 Premier Healthcare Management, LLC /
Armstrong County Health Center
$5.9 NA NA NA NA Operates as a skilled nursing facility.
9/21/2017 Sagora Senior Living, Inc. /
Isle at Kingwood
NA NA NA NA NA Comprises assisted living community.
7/5/2017 Sienna Senior Living Inc. (TSX:SIA) /
Kawartha Lakes Retirement Residence
$15.6 NA NA NA NA Owns and operates retirement residence and
independent and assisted living suites.
7/5/2017 Sienna Senior Living Inc. (TSX:SIA) /
Retirement Suites of Kawartha Lakes
$15.6 NA NA NA NA Owns and operates retirement residence and
independent and assisted living suites.
7/18/2017 Windward Life Care /
Lifeline Healthcare
NA NA NA NA NA Offers assisted living and senior nursing services.
MEAN (LONG-TERM CARE) NA NA
MEDIAN (LONG-TERM CARE) NA NA
Announced Appalachian Regional Healthcare, Inc. /
Highlands Regional Medical Center in Prestonsburg, Kentucky
NA NA NA NA NA Comprises medical facilities.
Announced Ardent Health Services /
East Texas Medical Center Regional Healthcare System
NA NA NA NA NA A not-for-profit organization which operates
primary, secondary, and tertiary healthcare
facilities.
9/13/2017 Ardent Health Services; Board of Regents of The University of
Texas System /
East Texas Medical Center Regional Healthcare System, East
Texas Medical Center Athens
NA NA NA NA NA Comprises a hospital.
7/3/2017 Baptist Health, Inc. /
Fishermen's Hospital, Inc.
NA NA NA NA NA Operates as a community healthcare hospital.
Announced Carolinas HealthCare System Cleveland /
UNC Health Care System
NA NA NA NA NA Operates a network of hospitals and community
clinics.
Announced Cooper University Health Care /
Lourdes Medical Centre; Our Lady Of Lourdes Healthcare
Services; St Francis Medical Center
NA NA NA NA NA Companies operate hospitals.
Announced HCA Healthcare, Inc. (NYSE:HCA) /
Sebring Hospital Management Associates, LLC
NA NA NA NA NA Operates as a hospital.
Announced HCA Healthcare, Inc. (NYSE:HCA) /
Weatherford Texas Hospital Company, LLC
NA NA NA NA NA Operates a hospital.
7/31/2017 HCA Holdings, Inc. /
Four Hospitals in Houston
$750.0 $575.0 $80.0 1.3x 9.4x Comprises four hospitals.
Announced HealthPartners, Inc. /
Hutchinson Health Care
NA NA NA NA NA Provides health care services.
Announced Iron Stone Strategic Capital Partners /
North Philadelphia Health System
$8.5 NA NA NA NA Operates hospitals.
9/14/2017 Jefferson Health System, Inc. /
Kennedy Health System, Inc.
NA NA NA NA NA Provides healthcare services through its acute-
care hospital and ambulatory campuses.
Announced Marshfield Clinic, Inc. /
Rusk County Memorial Hospital
NA NA NA NA NA Operates as a general medical and surgical
hospital.
PROVIDERS - ACUTE
14
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
9/29/2017 Medical Properties Trust, Inc. (NYSE:MPW) /
8 Acute Care Hospitals and One Behavioral Health Facility
$700.0 NA NA NA NA Comprises 10 acute care hospitals and one
behavioral health facility.
Announced Premier Healthcare Management /
Wexford Care Center, Inc.
NA NA NA NA NA Owns and operates a hospital.
7/3/2017 Prime Healthcare Services, Inc. /
Mission Regional Medical Center
NA NA NA NA NA Operates as a non-profit community hospital.
8/31/2017 Regional Health /
Providence Toppenish Hospital; Yakima HMA, LLC
$45.0 NA NA NA NA Operate healthcare facilities.
9/29/2017 Steward Health Care System, LLC /
IASIS Healthcare LLC
NA NA NA NA NA Owns and operates acute care hospitals in urban
and suburban markets.
8/1/2017 Stony Brook University Hospital /
Stony Brook Southampton Hospital
NA NA NA NA NA Operates a hospital offering various inpatient and
outpatient services.
8/31/2017 Surgery Partners, Inc. (NasdaqGS:SGRY) /
National Specialty Hospitals, Inc.
$760.0 NA NA NA NA Owns and operates a chain of surgical hospitals
and ambulatory surgery centers.
9/29/2017 Tower Health /
Community Health Systems, Inc., Five Pennsylvania Hospitals
NA NA NA NA NA Comprises five healthcare facilities.
9/1/2017 University of Pittsburgh Medical Center /
PinnacleHealth System Inc.
NA NA NA NA NA Operates a not-for-profit hospital and healthcare
system.
Announced Unknown Buyer /
LTAC Hospital of Louisiana - Denham Springs, L.L.C.
NA NA NA NA NA Owns and operates a hospital.
Announced US HealthVest, LLC /
Waukegan Illinois Hospital Company, LLC, Vista Medical Center
West in Waukegan, Illinois
NA NA NA NA NA Comprises business operation that operates a
hospital.
MEAN (ACUTE) 1.3x 9.4x
MEDIAN (ACUTE) 1.3x 9.4x
MEAN (PROVIDERS) 1.8x 10.3x
MEDIAN (PROVIDERS) 1.8x 10.3x
8/3/2017 A&E Medical Corporation /
RTI Surgical, Inc., Cardiothoracic Closure Business
$60.0 NA NA NA NA Comprises a business that manufactures
cardiothoracic sternal metal cable and plating
systems.
9/14/2017 Altaris Capital Partners, LLC /
G&H Wire Company, Inc.
NA NA NA NA NA Manufactures and supplies clinical solutions for
the orthodontic community.
8/31/2017 Argentum Medical, LLC /
Alliqua BioMedical, Inc., TheraBond Assets
$3.8 NA NA NA NA Comprises contact dressings and wraps for burn
care, surgical site care, and wound care.
8/21/2017 Cagan McAfee Capital Partners, Investment Arm /
Minimally Invasive Devices, Inc.
NA NA NA NA NA Develops laparoscopic visualization systems.
Announced Centinel Spine, Inc. /
DePuy Synthes, Inc., Prodisc Assets
NA NA NA NA NA Comprises prodisc manufacturing business
operations.
7/3/2017 CONMED Corporation (NasdaqGS:CNMD) /
MedShape, Inc., ExoShape® ACL Product Line
NA NA NA NA NA Comprises fasteners that are used to fixate soft
tissue grafts in anterior cruciate ligament
reconstruction surgery.
Announced CooperSurgical Inc. /
Teva Women's Health, Inc., Global Rights and Business of
PARAGARD Intrauterine Device
$1,100.0 NM NA NM NA Comprises global rights and business of
PARAGARD intrauterine device.
Announced Dynatronics Corporation (NasdaqCM:DYNT) /
Bird and Cronin, Inc.
$15.5 $24.0 NA 0.6x NA Manufactures orthopedic soft goods, sports
medicine related items, and specialty patient care
products for healthcare professionals and their
patients.
7/31/2017 Ebner Medical, LLC /
Wiggins Medical
NA NA NA NA NA Manufactures surgical instruments.
7/13/2017 Entellus Medical, Inc. (NasdaqGM:ENTL) /
Spirox, Inc.
$81.3 NA NA NA NA Developed a medical device to treat nasal valve
collapse.
7/18/2017 Flexicare Medical Ltd. /
NeoForce, Inc.
$0.7 NA NA NA NA Develops and distributes various pulmonary
resuscitation solutions for the inpatient and
ambulatory neonatal markets.
Announced Fresenius Medical Care Holdings, Inc. /
Nxstage Medical, Inc. (NasdaqGS:NXTM)
$2,013.3 NM NM NM NM Develops, manufactures, and markets products
and services for patients suffering from chronic or
acute kidney failure.
7/11/2017 Galen Partners /
CDx Diagnostics, Inc.
NA NA NA NA NA Develops and delivers instruments for detection
and prevention of cancers of the esophagus, oral
cavity, pharynx, and larynx.
9/11/2017 Herbert Dental Group /
WandDental, Inc.
NA NA NA NA NA Manufactures computer-assisted anesthesia
equipment.
Announced JANA Partners LLC /
Zimmer Biomet Holdings, Inc. (NYSE:ZBH)
NA NA NA NA NA Designs, manufactures, and markets
musculoskeletal healthcare products and
solutions.
7/25/2017 LongueVue Capital, LLC /
Zavation Medical Products, LLC
NA NA NA NA NA Designs, develops, manufactures, and distributes
spinal implants, instruments, and biologics.
7/24/2017 Modular Medical, Inc. /
Quasuras Inc.
NA NA NA NA NA Manufactures a device which delivers daily insulin
to people with diabetes.
Announced Natus Medical Incorporated (NasdaqGS:BABY) /
Integra LifeSciences Holdings Corporation, Neurosurgery Business
Assets
$47.5 $50.0 NA 1.0x NA Comprises neurosurgery medical instruments
manufacturing business.
Announced Neuro Spinal Hospital /
Accuray Incorporated, CyberKnife and Radixact Systems
NA NA NA NA NA Comprises healthcare equipment.
PRODUCTS - CLINICAL DEVICES
15
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
7/20/2017 NeuroOne Medical Technologies Corporation (OTCPK:OSOK) /
NeuroOne Medical Technologies Corporation, Prior to Reverse
Merger with NeuroOne, Inc.
NA NA NA NA NA Focuses on development and commercialization
of thin film electrode technologies used for
continuous electroencephalogram and stereo-
electroencephalography recording and treatment
through brain stimulation and ablation for patients
suffering from brain related disorders.
9/7/2017 NuVasive, Inc. (NasdaqGS:NUVA) /
Vertera Inc.
NA NA NA NA NA Develops, manufactures, and commercializes
spine implants, using patented porous PEEK
technology.
7/21/2017 Philips Holding USA Inc. /
Electrical Geodesics, Inc. (AIM:EGI)
$37.4 $16.3 NM 2.3x NM Designs, develops, and commercializes a range of
non-invasive neurodiagnostic products used to
monitor and interpret brain activity.
8/23/2017 Salter Labs Inc. /
InnoMed Technologies Inc.; IntuBrite LLC; Parker Medical Inc.
NA NA NA NA NA Develop and manufacture airway management
products.
Announced Siemens Healthineers, Inc. /
Epocal Inc.
NA NA NA NA NA Offers a wireless bedside blood testing solution
that provides lab results directly to a hand-held
mobile computer.
7/25/2017 Sientra, Inc. (NasdaqGS:SIEN) /
Miramar Labs, Inc. (OTCPK:MRLB)
$34.0 $20.0 NM 1.7x NM Focuses on developing and commercializing
products utilizing its proprietary microwave
technology platform.
7/25/2017 SunTech Medical, Inc. /
CAS Medical Systems, Inc., Non-invasive Blood Pressure
Monitoring Product Line
$6.5 $3.6 NA 1.8x NA Comprises non-invasive blood pressure
monitoring product line.
8/31/2017 Team Youn Bio Medicine International Corp. Limited /
Eternity Healthcare, Inc. (OTCPK:ETAH)
$1.1 NA NA NA NA Manufactures and sells medical devices.
Announced Teleflex Urology Limited /
NeoTract, Inc.
$1,100.0 NM NA NM NA Develops and manufactures minimally invasive
medical devices that address unmet needs in the
field of urology.
7/13/2017 Temasek Capital Management Pte Ltd /
Global Healthcare Exchange, LLC
NA NA NA NA NA Provides supply chain solutions for healthcare
providers/suppliers, group purchasing
organizations, healthcare manufacturers, and
distributors worldwide.
Announced Weigao International Medical Hong Kong Limited /
Argon Medical Devices, Inc.
$850.0 $225.4 $68.0 3.8x 12.5x Manufactures and sells medical devices for
interventional radiology, vascular surgery,
interventional cardiology, and critical care
procedures.
MEAN (CLINICAL DEVICES) 1.9x 12.5x
MEDIAN (CLINICAL DEVICES) 1.8x 12.5x
9/5/2017 Bio-Techne Corporation (NasdaqGS:TECH) /
Trevigen, Inc.
NA NA NA NA NA Manufactures and develops products and
technologies for cancer research, drug discovery,
genetic toxicology, regenerative medicine, and
stem cell work.
7/11/2017 Inmar, Inc. /
Aethon Inc., MedEx Product Line
NA NA NA NA NA Comprises pharmacy logistics management
solutions through software and connected
hardware device.
7/12/2017 Med Tech Solutions /
Constellation, Inc., Health Information Technology Business
NA NA NA NA NA Offers HIPAA compliance services and health
information technology solutions.
Announced Skyline Medical Inc. (NasdaqCM:SKLN) /
CytoBioScience, Inc.
NA NA NA NA NA Manufactures devices that allow researchers,
medical institutions, and pharmaceutical
companies to understand how human cells react
to medicine.
9/1/2017 Stryker Corporation (NYSE:SYK) /
Novadaq Technologies Inc. (TSX:NDQ)
$644.5 $83.4 NM NM NM Develops, manufactures, and markets
fluorescence imaging products for use by
surgeons in the operating room and other clinical
settings.
7/7/2017 ThermoGenesis Corp. /
SynGen Inc.
NA NA NA NA NA Develops, designs, and manufactures cell
separation tools and accessories that focus on the
recovery of target cells and depletion of
contaminating cells.
8/14/2017 Vision Technologies Systems, Inc. /
Aethon Inc.
$36.0 NA NA NA NA Develops autonomous mobile delivery robot
systems that transport medications, meals, and
materials through hospitals.
MEAN (NON-CLINICAL DEVICES) NA NA
MEDIAN (NON-CLINICAL DEVICES) NA NA
7/13/2017 MedPlast Inc. /
Coastal Life Technologies, Inc.
NA NA NA NA NA Manufactures sterile and single-use disposable
surgical devices.
7/11/2017 Nexcore Technology, Inc. /
Phase 2 Medical Manufacturing, Inc.
NA NA NA NA NA Focuses on manufacturing and packaging single
use disposable medical devices.
8/9/2017 Philips Holding USA Inc. /
Spectranetics Corporation (NasdaqGS:SPNC)
$2,073.4 NM NM NM NM Develops, manufactures, markets, and distributes
single-use medical devices used in minimally
invasive procedures in the cardiovascular system.
MEAN (DISPOSABLES) NA NA
MEDIAN (DISPOSABLES) NA NA
PRODUCTS - DISPOSABLES
PRODUCTS - NON-CLINICAL DEVICES
16
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
Announced 3SBio Inc. (SEHK:1530); CITIC Private Equity Funds Management
Co., Ltd.; CPEChina Fund IIA, L.P.; CT Biomanufacturing Limited;
Thunderpure International Limited /
Therapure Biopharma Inc., Contract Development and
Manufacturing Business
$297.9 $68.3 $18.6 4.4x 16.0x Comprises contract development and
manufacturing business operations.
7/30/2017 Cardinal Health, Inc. (NYSE:CAH) /
Medtronic plc, Patient Care, Deep Vein Thrombosis and Nutritional
Insufficiency Businesses
$6,059.1 $2,400.0 NA 2.5x NA Comprises the business operations of
manufacturing compression systems and anti-
embolism stockings to reduce the incidence of
Deep Vein Thrombosis and Pulmonary Embolism.
8/31/2017 Carlyle Group LP (NasdaqGS:CG); GTCR, LLC /
Albany Molecular Research, Inc. (NasdaqGS:AMRI)
$1,593.5 $628.7 $71.8 2.5x 22.2x A contract research and manufacturing company
which provides integrated drug discovery,
development, and manufacturing services.
Announced Catalent Pharma Solutions, Inc. /
Cook Pharmica LLC
$950.0 NM NA NM NA Provides contract development and
manufacturing services to pharmaceutical and
biopharmaceutical companies.
7/19/2017 Diaxonhit (ENXTPA:ALEHT) /
Innominata, Inc.
$2.0 NA NA NA NA Develops, manufactures, and markets infectious
disease and autoimmunity diagnostic products for
laboratory use.
7/24/2017 Hikma Pharmaceuticals LLC /
Unilife Medical Solutions, Inc., Assets Related to Unifill Nexus
Product Line
NA NA NA NA NA Comprises medical supplies manufacturing
facility.
8/2/2017 Hoya Corp. (TSE:7741) /
Performance Optics, LLC
$476.0 NA $29.8 NA 16.0x Manufactures optical lenses.
9/18/2017 J.H. Whitney & Co., LLC /
Accupac, Inc.
NA NA NA NA NA Manufactures, fills, and packages a range of
consumer commodity, over-the-counter, and
prescription products for pharmaceutical and
consumer products companies.
8/31/2017 KAREP Master JV, LLC /
Sentio Healthcare Properties, Inc.
$745.4 NM $40.7 NM 18.3x Comprises a real estate investment trust.
7/5/2017 Katena Products, Inc. /
NuPak Medical Ltd.
NA NA NA NA NA Provides medical device contract manufacturing
services.
7/6/2017 Lonza Group Ltd (SWX:LONN) /
Capsugel Inc.
$5,500.0 NA $344.0 NA 16.0x Develops dosage forms and solutions for the
healthcare industry.
9/7/2017 National Seating & Mobility, Inc. /
Rehab division of Dynamic Healthcare Services
NA NA NA NA NA Manufactures rehabilitation medical equipment.
8/2/2017 National Seating & Mobility, Inc. /
Wright & Filippis, Inc., Mobility Division
NA NA NA NA NA Comprises custom mobility products
manufacturing division.
9/12/2017 QPharma, Inc. /
MedStart Connect
NA NA NA NA NA Comprises business operation that operates a
platform which enables pharmaceutical samples
to be conveniently and securely stored for
distribution by physician.
Announced Quidel Corporation (NasdaqGS:QDEL) /
Alere Inc., Triage MeterPro Assets and B-type Naturietic Peptide
Assay Business
$440.0 $197.0 NA 2.2x NA Comprises diagnostic tests for infectious
diseases.
8/31/2017 Resilience Capital Partners LLC /
MD MedTech, LLC; Wetsco, Inc.
NA NA NA NA NA Offers medical device repair services and also
designs and manufactures specialty medical
ultrasound products for the original equipment
manufacturers, third-party repair, and research
markets.
8/28/2017 Resonetics, LLC /
Aduro Laser
NA NA NA NA NA Manufactures laser micro-machined medical
grade components.
8/17/2017 Sabra Health Care REIT, Inc. (NasdaqGS:SBRA) /
Care Capital Properties, Inc. (NYSE:CCP)
$4,076.2 NM $308.2 NM 13.2x Focuses on owning, acquiring, and leasing skilled
nursing facilities and other healthcare assets
operated by private regional and local care
providers.
7/19/2017 StoneCalibre, LLC /
Alpha-Tec Systems, Inc.
NA NA NA NA NA Develops products for mycobacteriology and
parasitology laboratories.
8/21/2017 Unknown Buyer /
RadQual, LLC
NA NA NA NA NA Develops, manufactures, and distributes quality
control products for the nuclear medicine and
PET imaging communities.
MEAN (COMMERCIAL) 2.9x 17.0x
MEDIAN (COMMERCIAL) 2.5x 16.0x
Announced CNRP Mining Inc. (CNSX:CND) /
1127466 B.C. Ltd.
$11.1 NA NA NA NA Develops health care and nutraceutical products
focused on enhancing pain relief, awareness,
sleep, libido, energy, and recovery.
Announced MeriCal, Inc. /
Pro Pac Labs, Inc.
NA NA NA NA NA Contract manufacturer that engages in the
research, development, formulation, manufacture,
microbial testing, and packaging of dietary
supplements and herbal products.
Announced Mondias Natural Products Inc. /
Laboratoire Holizen Inc.
NA NA NA NA NA Manufactures and distributes homeopathic and
natural products.
MEAN (CONSUMER PRODUCTS) NA NA
MEDIAN (CONSUMER PRODUCTS) NA NA
PRODUCTS - COMMERCIAL
PRODUCTS - CONSUMER
17
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
8/3/2017 Aclaris Life Sciences, Inc. /
Confluence Life Sciences, Inc.
$109.4 NA NA NA NA Operates as a KINect technology based company
that focuses on drug design to identify
mechanistically novel drugs.
9/13/2017 AGIC Capital; Hubei Province Yangtze River Economic Belt
Industry Fund Management Co.,Ltd.; Humanwell Healthcare
(Group) Co.,Ltd. (SHSE:600079) /
Ritedose Corporation
$605.0 NA NA NA NA Provides blow-fill-seal contract manufacturing
services for small fill volume pharmaceutical unit
dose sterile and non-sterile liquids.
Announced Alchemist Mining Inc. (CNSX:AMS) /
Better Cannabis Genetics Corporation
NA NA NA NA NA Engages in research and development of
cannabis strains.
7/24/2017 Alpine Immune Sciences, Inc. (NasdaqGM:ALPN) /
Nivalis Therapeutics, Inc.
NA NA NA NA NA Focuses on the discovery and development of
product candidates for patients with cystic
fibrosis.
9/25/2017 Audax Group, Inc. /
WellSpring Pharmaceutical Corporation
NA NA NA NA NA Manufactures, markets, and distributes
prescription and over-the-counter medicines.
Announced Avara Pharmaceutical Services, Inc. /
GlaxoSmithKline plc, Consumer Healthcare Manufacturing Facility
in Aiken, South Carolina
NA NA NA NA NA Comprises a consumer healthcare manufacturing
facility.
Announced Betta Pharmaceuticals Co.,Ltd (SZSE:300558) /
Equinox Science, LLC
$40.0 NA NA NA NA Engages in development of X-82 compound for
tumor indications.
9/14/2017 Cannabis Care Canada Inc. /
Mettrum (Bennett North) Ltd.
$5.3 NA NA NA NA Produces dried cannabis and cannabis extracts
for medical purposes.
8/28/2017 Canopy Growth Corporation (TSX:WEED) /
Spot Therapeutics Inc.
$1.8 NA NA NA NA Produces and sells medical marijuana.
7/17/2017 Creative Pharmacy Solutions Central, LLC /
Imprimis Pharmaceuticals, Inc., Sinus Related Business and
Pennsylvania Based Pharmacy
$0.9 NA NA NA NA Comprises certain intellectual property rights,
trademarks, copyrights, inventories, equipment,
customer lists, databases, permits, licenses, and
assignment of lease obligation for a Pennsylvania
based pharmacy.
Announced Creso Pharma Limited (ASX:CPH) /
Mernova Medicinal Inc.
$8.1 NA NA NA NA Produces medicinal cannabis.
Announced Emergent BioSolutions Inc. (NYSE:EBS) /
ACAM2000
$125.0 NA NA NA NA Comprises the business of manufacturing and
distributing vaccine to cure smallpox.
8/16/2017 Evotec AG (XTRA:EVT) /
Aptuit LLC
$300.0 $92.9 $11.6 3.2x 25.8x Provides drug discovery and development
services.
Announced Foundation Consumer Healthcare, LLC /
Teva Pharmaceutical Industries Limited, Four Product Lines
$675.0 $140.0 NA 4.8x NA Comprises contraception products.
7/10/2017 Golden Leaf Holdings Ltd. (DB:9GL) /
Chalice Farms, LLC
$37.0 $28.5 NA 1.3x NA Produces and distributes medical cannabis.
Announced Haitong International ZhongHua Finance Acquisition Fund I /
Obagi Medical Products, Inc.
$190.0 NA NA NA NA Specialty pharmaceutical company, develops,
markets, and sells topical aesthetic and
therapeutic prescription skin care systems.
7/11/2017 Harvest Inc. /
Modern Flower
NA NA NA NA NA Produces and distributes marijuana and cannabis
products for patients.
Announced iAnthus Capital Holdings, Inc. (OTCPK:ITHU.F) /
100% in Citiva LLC; 100% in Citiva Medical, LLC
$18.0 NA NA NA NA Develop and manufacture cannabinoid products.
8/23/2017 Indoor Harvest Corp (OTCPK:INQD) /
Alamo CBD, LLC
$3.3 NA NA NA NA Produces medical grade cannabidiol oil.
7/31/2017 Inspyr Therapeutics, Inc. (OTCPK:NSPX) /
Lewis and Clark Pharmaceuticals LLC
$3.7 NA NA NA NA Focuses on early stage pharmaceutical
development for addressing the areas of arthritis,
diabetes, glaucoma, and atherosclerosis.
8/14/2017 Janssen Pharmaceuticals, Inc. /
Cerecor Inc., CERC-501
$45.0 NA NA NA NA Comprises an oral kappa opioid receptor for
treatment of major depressive disorder.
8/1/2017 Kitrinor Metals Inc. (TSXV:KIT) /
Scythian Biosciences Inc.
NA NA NA NA NA Produces and sells medical marijuana.
9/25/2017 Mallinckrodt Public Limited Company (NYSE:MNK) /
InfaCare Pharmaceutical Corporation
$425.0 NA NA NA NA Engages in the development and
commercialization of pharmaceuticals for the
neonatal and pediatric patient population.
Announced Melinta Therapeutics, Inc. /
Cempra, Inc. (NasdaqGS:CEMP)
NA NA NA NA NA Focuses on developing anti-infectives for the
acute care and community settings to meet critical
medical needs in the treatment of infectious
diseases.
7/31/2017 Napo Pharmaceuticals, Inc. /
Jaguar Animal Health, Inc.
NA NA NA NA NA Focuses on developing and commercializing
gastrointestinal products for human and animal
prescription use.
7/17/2017 Norgine B.V. /
Merus Labs International Inc. (TSX:MSL)
$247.8 $78.2 $31.1 3.3x 8.2x Specialty pharmaceutical company which owns,
markets, and distributes pharmaceutical products.
9/1/2017 OXIS International, Inc. (OTCPK:OXIS) /
Georgetown Translational Pharmaceuticals, Inc.
$0.2 NA NA NA NA Manufactures treatment products for central
nervous system disorders, including neuropathic
pain, refractory epilepsies, myasthenia gravis, and
motion sickness.
9/7/2017 Prasco, LLC /
Aprecia Pharmaceuticals Company
NA NA NA NA NA Develops and manufactures pharmaceutical
products.
9/29/2017 Ravencrest Resources Inc. (CNSX:RVT) /
Alberta Green Biotech Inc.
$0.3 NA NA NA NA Engages in producing medical marijuana.
Announced Recro Pharma, Inc. (NasdaqCM:REPH) /
Cornell University, Novel Neuromuscular Blocking Agents
$8.4 NA NA NA NA Comprises two novel neuromuscular blocking
agents and a proprietary chemical reversal agent
which provides rapid induction of neuromuscular
blockade at the onset of use and the novel
reversal agent will provide for more rapid reversal
of the neuromuscular blockade.
PRODUCTS - PHARMACEUTICALS
18
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
Announced Regenxbio Inc. (NasdaqGS:RGNX) /
Dimension Therapeutics, Inc. (NasdaqGS:DMTX)
$43.8 $14.9 NM 2.9x NM Focuses on discovering and developing
therapeutic products for people living with rare
and metabolic diseases associated with the liver.
8/27/2017 Sanofi Pasteur Inc. /
Protein Sciences Corporation
$750.0 NA NA NA NA Develops, manufactures, and commercializes
vaccines and biopharmaceuticals for the
prevention and treatment of various diseases.
Announced Seattle Genetics, Inc. (NasdaqGS:SGEN) /
Bristol-Myers Squibb Company, Manufacturing Facility in Bothell
NA NA NA NA NA Comprises pharmaceutical manufacturing
business operations.
7/31/2017 Silver State Trading Inc. /
Trokie Collective Inc.
NA NA NA NA NA Comprises a pharmaceutical lozenge that allows
the delivery of medicinal cannabis that is
consistent, controllable, and repeatable.
9/27/2017 Sofie Biosciences, Inc. /
Zevacor Pharma, Inc.
NA NA NA NA NA Develops, manufactures, and distributes PET and
SPECT radiopharmaceuticals and provides
associated educational services used in nuclear
medicine and molecular imaging.
Announced Terra Tech Corp. (OTCPK:TRTC) /
50% of NuLeaf Reno Production LLC; 50% of NuLeaf Sparks
Cultivation LLC
NA NA NA NA NA Produce medical cannabis products.
8/28/2017 Thermo Fisher (CN) Luxembourg S.à r.l. /
Patheon N.V. (NYSE:PTHN)
$7,205.3 $1,933.0 $351.2 3.7x 20.5x Provides outsourced pharmaceutical development
and manufacturing services.
9/11/2017 Unknown Buyer /
IndUS Pharmaceuticals, Inc.
$0.7 NA NA NA NA Discovers and develops novel small molecule
drugs for the treatment of cancer, diabetes, and
infectious diseases.
7/25/2017 Vertex Pharmaceuticals (Europe) Limited /
Concert Pharmaceuticals Inc., CT-656 Drug & Related Assets
$250.0 NA NA NA NA Comprises drugs and related assets for the
treatment of cystic fibrosis.
MEAN (PHARMACEUTICALS) 3.2x 18.2x
MEDIAN (PHARMACEUTICALS) 3.3x 20.5x
9/5/2017 Alpha Imaging, LLC /
Medical Imaging Systems, Inc.
NA NA NA NA NA Distributes healthcare equipment.
7/31/2017 Atlas Medical and Scientific Gases /
Medgas LLC
NA NA NA NA NA Supplies medical and scientific gases.
Announced Dealmed Medical Supplies LLC. /
Vantage Medical Supplies, Inc.
NA NA NA NA NA Distributes medical and surgical equipment.
9/11/2017 Diplomat Pharmacy, Inc. (NYSE:DPLO) /
Focus Rx Pharmacy Services Inc.
NA NA NA NA NA Provides home infusion and specialty prescription
management services.
8/28/2017 Hammond, Kennedy, Whitney & Company Inc. /
Allied Vision Group, Inc.
NA NA NA NA NA Distributes contact lenses, optical products, and
pet medication products.
Announced KKR & Co. L.P. (NYSE:KKR); Walgreens Boots Alliance, Inc.
(NasdaqGS:WBA) /
PharMerica Corporation (NYSE:PMC)
$1,363.5 $2,205.8 $133.0 0.6x 10.3x Operates as an institutional pharmacy services
company.
9/6/2017 McKesson Canada Corporation /
Uniprix Inc.
NA NA NA NA NA Owns and operates a retail pharmacy chain.
8/1/2017 Owens & Minor, Inc. (NYSE:OMI) /
Byram Healthcare Centers, Inc.
$380.0 NA NA NA NA Supplies disposable medical devices to patients
with chronic diseases.
7/20/2017 Ridgemont Equity Partners /
HemaSource, Inc.
NA NA NA NA NA Distributes medical disposable products and
capital items used in the blood therapies markets.
MEAN (DISTRIBUTION) 0.6x 10.3x
MEDIAN (DISTRIBUTION) 0.6x 10.3x
MEAN (PRODUCTS) 2.5x 16.3x
MEDIAN (PRODUCTS) 2.5x 16.0x
1) Source: Financial Information from SEC filings and other publicly-available sources
2) EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization
3) NA: Not Available
4) NM: Not Meaningful
PRODUCTS - DISTRIBUTION
19 ANALYSIS OF SELECTED PUBLICLY-TRADED
HEALTHCARE, MEDICAL AND PHARMACEUTICAL
SERVICES AND PRODUCTS COMPANIES1
(SEPTEMBER 30, 2017)
($ Millions Except Per Share Data)
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Aetna Inc. (NYSE:AET) 159.01 52,743.62 58,512.62 62,197.00 6,056.00 4.51 0.9x 9.7x NM
Amerisafe, Inc. (NasdaqGS:AMSF) 58.20 1,119.77 1,065.80 384.23 95.81 3.43 2.8x 11.1x 17.0x
Anthem, Inc. (NYSE:ANTM) 189.88 49,859.58 62,804.48 88,026.30 5,754.20 10.58 0.7x 10.9x 18.0x
Centene Corporation (NYSE:CNC) 96.77 16,690.47 17,188.47 43,646.00 2,186.00 4.53 0.4x 7.9x 21.4x
Cigna Corporation (NYSE:CI) 186.94 47,067.40 48,278.40 40,527.00 4,212.00 8.67 1.2x 11.5x 21.6x
CNO Financial Group, Inc. (NYSE:CNO) 23.34 3,944.96 7,489.66 4,148.60 935.40 2.29 1.8x 8.0x 10.2x
Humana Inc. (NYSE:HUM) 243.63 35,208.73 32,166.73 53,868.00 2,661.00 12.16 0.6x 12.1x 20.0x
Independence Holding Company (NYSE:IHC) 25.25 377.09 359.74 310.93 28.93 1.82 1.2x 12.4x 13.8x
Molina Healthcare, Inc. (NYSE:MOH) 68.76 3,927.43 2,936.43 18,508.00 106.00 (2.86) 0.2x 27.7x NM
ProAssurance Corporation (NYSE:PRA) 54.65 2,919.04 3,227.95 890.60 212.38 2.80 3.6x 15.2x 19.5x
Triple-S Management Corporation (NYSE:GTS) 23.68 574.76 435.22 2,943.74 21.98 0.75 0.1x 19.8x NM
Trupanion, Inc. (NasdaqGM:TRUP) 26.41 792.18 773.89 213.74 0.34 (0.15) 3.6x NM NM
UnitedHealth Group Incorporated (NYSE:UNH) 195.85 189,359.52 210,545.52 192,604.00 15,567.00 8.32 1.1x 13.5x 23.5x
WellCare Health Plans, Inc. (NYSE:WCG) 171.74 7,643.91 4,793.41 15,361.40 623.20 5.69 0.3x 7.7x NM
MEAN (INSURANCE) 1.3x 12.9x 18.3x
MEDIAN (INSURANCE) 1.0x 11.5x 19.5x
Allscripts Healthcare Solutions, Inc. (NasdaqNM:MDRX) 14.23 2,570.11 4,284.46 1,657.39 160.09 (1.05) 2.6x 26.8x NM
Castlight Health, Inc. (NYSE:CSLT) 4.30 566.26 475.81 115.24 (48.77) (0.44) 4.1x NM NM
Cerner Corporation (NasdaqNM:CERN) 71.32 23,648.47 23,554.89 4,898.40 1,371.45 1.98 4.8x 17.2x NM
CompuGroup Medical Societas Europaea (DB:COP) 56.35 2,802.08 3,198.06 665.40 125.89 1.05 4.8x 25.4x NM
Computer Programs and Systems, Inc. (NasdaqNM:CPSI) 29.55 406.48 548.14 260.97 28.51 0.39 2.1x 19.2x NM
Craneware plc (AIM:CRW) 17.76 478.97 424.08 57.80 17.31 0.49 NM 24.5x NM
Evolent Health, Inc. (NYSE:EVH) 17.80 1,171.63 1,203.25 361.53 (51.15) (1.22) 3.3x NM NM
HealthEquity, Inc. (NasdaqGS:HQY) 50.58 3,059.52 2,849.22 202.47 61.84 0.67 NM NM NM
Inovalon Holdings, Inc. (NasdaqGS:INOV) 17.05 2,486.09 2,206.06 419.99 67.35 0.12 NM NM NM
Medidata Solutions, Inc. (NasdaqGS:MDSO) 78.06 4,566.74 4,470.28 508.77 76.83 0.62 NM NM NM
Model N, Inc. (NYSE:MODN) 14.95 434.94 440.13 124.07 (29.98) (1.35) 3.5x NM NM
Quality Systems, Inc. (NasdaqGS:QSII) 15.73 996.78 1,018.44 518.34 61.27 0.36 2.0x 16.6x NM
RaySearch Laboratories AB (publ) (OM:RAY B) 21.28 729.42 722.10 69.36 25.26 0.52 NM 28.6x NM
Simulations Plus, Inc. (NasdaqCM:SLP) 15.50 267.30 259.05 21.83 9.15 0.32 NM 28.3x NM
Veeva Systems Inc. (NYSE:VEEV) 56.41 7,932.18 7,207.53 617.44 154.55 0.78 NM NM NM
MEAN (TECHNOLOGY) 3.4x 23.3x NM
MEDIAN (TECHNOLOGY) 3.4x 25.0x NM
SERVICES - TECHNOLOGY
SERVICES - INSURANCE
20
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Advisory Board Company (NasdaqGS:ABCO) 53.63 2,186.31 2,644.46 799.15 120.83 2.63 3.3x 21.9x 20.4x
AMN Healthcare Services, Inc. (NYSE:AMN) 45.70 2,191.17 2,505.82 1,945.47 236.01 2.37 1.3x 10.6x 19.3x
athenahealth, Inc. (NasdaqGS:ATHN) 124.36 4,965.68 5,174.48 1,151.40 127.70 0.79 4.5x NM NM
BioScrip, Inc. (NasdaqNM:BIOS) 2.75 350.56 864.30 900.58 25.07 (0.62) 1.0x NM NM
Cegedim SA (ENXTPA:CGM) 38.18 532.32 814.79 520.20 38.26 (0.85) 1.6x 21.3x NM
CorVel Corporation (NasdaqNM:CRVL) 54.40 1,020.31 985.30 527.84 70.78 1.59 1.9x 13.9x NM
Cross Country Healthcare, Inc. (NasdaqNM:CCRN) 14.23 519.31 521.42 854.40 38.83 0.27 0.6x 13.4x NM
eHealth, Inc. (NasdaqGS:EHTH) 23.89 442.81 376.73 182.74 (4.31) (0.35) 2.1x NM NM
Envision Healthcare Corporation (NYSE:EVHC) 44.95 5,360.93 12,117.93 6,038.40 982.60 (0.26) 2.0x 12.3x NM
EPS Holdings, Inc. (TSE:4282) 19.18 884.36 756.65 526.58 82.39 0.84 1.4x 9.2x 22.7x
Express Scripts Holding Company (NasdaqNM:ESRX) 63.32 36,570.40 49,209.90 100,275.80 7,159.50 5.76 0.5x 6.9x 11.0x
Healthcare Services Group, Inc. (NasdaqNM:HCSG) 53.97 3,949.79 3,888.84 1,666.67 129.75 1.14 2.3x 30.0x NM
HMS Holdings Corp. (NasdaqNM:HMSY) 19.86 1,669.18 1,857.81 495.50 92.81 0.35 3.7x 20.0x NM
ICON Public Limited Company (NasdaqGS:ICLR) 113.88 6,154.24 6,188.02 1,718.31 393.57 4.93 3.6x 15.7x 23.1x
INC Research Holdings, Inc. (NasdaqGS:INCR) 52.30 5,414.42 5,716.94 1,032.70 226.74 1.63 NM 25.2x NM
Magellan Health, Inc. (NasdaqNM:MGLN) 86.30 2,042.60 2,403.20 5,280.28 242.58 3.51 0.5x 9.9x 24.6x
On Assignment, Inc. (NYSE:ASGN) 53.68 2,834.57 3,395.39 2,530.13 263.01 2.04 1.3x 12.9x 26.3x
PRA Health Sciences, Inc. (NasdaqGS:PRAH) 76.17 4,772.17 5,497.50 1,698.48 250.95 1.55 3.2x 21.9x NM
Quintiles IMS Holdings, Inc. (NYSE:Q) 95.07 20,450.09 28,706.09 6,969.00 1,507.00 0.35 4.1x 19.0x NM
Stericycle, Inc. (NasdaqGS:SRCL) 71.62 6,111.96 8,939.87 3,606.67 777.58 (0.25) 2.5x 11.5x NM
Teladoc, Inc. (NYSE:TDOC) 33.15 1,878.09 1,681.63 157.27 (40.34) (1.51) NM NM NM
MEAN (OUTSOURCING) 2.2x 16.2x 21.0x
MEDIAN (OUTSOURCING) 2.0x 13.9x 22.7x
Firstsource Solutions Limited (BSE:532809) 0.64 435.50 512.70 547.75 64.06 0.06 0.9x 8.0x 10.4x
HCL Technologies Limited (NSEI:HCLTECH) 13.39 19,112.96 17,819.84 7,168.74 1,607.54 0.90 2.5x 11.1x 14.9x
Hexaware Technologies Limited (BSE:532129) 4.13 1,172.00 1,115.00 586.61 98.13 0.24 1.9x 11.4x 17.1x
Infosys Limited (NSEI:INFY) 13.78 31,492.98 26,359.79 10,358.00 2,811.00 0.95 2.5x 9.4x 14.5x
KPIT Technologies Limited (BSE:532400) 1.84 347.05 322.61 523.88 46.17 0.19 0.6x 7.0x 10.0x
MphasiS Limited (BSE:526299) 9.46 1,827.11 1,481.25 943.23 147.59 0.59 1.6x 10.0x 16.1x
NIIT Technologies Limited (BSE:532541) 8.29 509.43 419.75 439.50 67.97 0.69 1.0x 6.2x 12.1x
Tata Consultancy Services Limited (NSEI:TCS) 37.30 71,394.15 66,627.40 18,297.10 4,936.63 2.04 3.6x 13.5x 18.3x
Tech Mahindra Limited (NSEI:TECHM) 7.01 6,844.11 5,760.60 4,573.46 634.80 0.50 1.3x 9.1x 14.1x
Wipro Limited (BSE:507685) 4.30 20,816.64 17,398.16 8,521.02 1,690.91 0.27 2.0x 10.3x 15.8x
MEAN (INDIA-BASED OUTSOURCING) 1.8x 9.6x 14.3x
MEDIAN (INDIA-BASED OUTSOURCING) 1.7x 9.7x 14.7x
Connecture, Inc. (NasdaqGM:CNXR) 0.67 15.33 109.81 82.18 (8.20) (1.02) 1.3x NM NM
SERVICES - OUTSOURCING
SERVICES - INDIA-BASED OUTSOURCING
SERVICES - INFORMATION
21
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
HealthStream, Inc. (NasdaqNM:HSTM) 23.37 745.19 629.50 238.45 23.61 0.14 2.6x 26.7x NM
National Research Corporation (NasdaqGS:NRCI.B) 53.41 977.17 947.75 114.11 39.02 0.91 NM 24.3x NM
MEAN (INFORMATION) 2.0x 25.5x NM
MEDIAN (INFORMATION) 2.0x 25.5x NM
MEAN (SERVICES) 2.1x 15.5x 17.5x
MEDIAN (SERVICES) 1.9x 13.2x 17.5x
Charles River Laboratories International, Inc. (NYSE:CRL) 108.02 5,141.08 6,162.86 1,807.40 435.90 3.79 3.4x 14.1x 28.5x
China Cord Blood Corporation (NYSE:CO) 11.12 1,262.40 713.82 119.66 51.07 0.30 NM 14.0x NM
Foundation Medicine, Inc. (NasdaqGS:FMI) 40.20 1,448.07 1,376.56 119.58 (140.79) (4.47) NM NM NM
Genomic Health, Inc. (NasdaqGS:GHDX) 32.09 1,111.78 1,001.98 334.47 2.61 (0.15) 3.0x NM NM
Invitae Corporation (NYSE:NVTA) 9.37 457.36 424.96 40.19 (99.29) (2.73) NM NM NM
Laboratory Corporation of America Holdings (NYSE:LH) 150.97 15,368.75 21,212.65 9,666.50 1,858.80 7.14 2.2x 11.4x 21.1x
NeoGenomics, Inc. (NasdaqCM:NEO) 11.13 883.59 1,009.64 249.02 26.72 (0.33) 4.1x NM NM
Quest Diagnostics Incorporated (NYSE:DGX) 93.64 12,773.01 16,389.01 7,588.00 1,444.00 4.96 2.2x 11.3x 18.9x
Sonic Healthcare Limited (ASX:SHL) 16.40 6,888.64 8,875.37 3,930.74 637.02 0.78 2.3x 13.9x 20.9x
MEAN (LABS) 2.8x 13.0x 22.4x
MEDIAN (LABS) 2.6x 13.9x 21.0x
Addus HomeCare Corporation (NasdaqGS:ADUS) 35.30 405.97 434.13 411.40 33.42 1.39 1.1x 13.0x 25.3x
Almost Family, Inc. (NasdaqNM:AFAM) 53.70 749.87 898.65 715.89 40.38 1.47 1.3x 22.3x NM
Amedisys, Inc. (NasdaqNM:AMED) 55.96 1,894.92 1,928.04 1,454.85 105.65 1.17 1.3x 18.2x NM
Chemed Corporation (NYSE:CHE) 202.05 3,231.16 3,342.41 1,617.01 226.52 4.03 2.1x 14.8x NM
LHC Group, Inc. (NasdaqNM:LHCG) 70.92 1,296.56 1,416.19 961.62 92.03 2.26 1.5x 15.4x NM
MEAN (HOME HEALTH) 1.4x 16.7x 25.3x
MEDIAN (HOME HEALTH) 1.3x 15.4x 25.3x
AAC Holdings, Inc. (NYSE:AAC) 9.93 238.92 428.76 266.82 30.06 (0.20) 1.6x 14.3x NM
Acadia Healthcare Company, Inc. (NasdaqGS:ACHC) 47.76 4,197.20 7,410.62 2,832.64 574.61 0.09 2.6x 12.9x NM
Civitas Solutions, Inc. (NYSE:CIVI) 18.45 689.35 1,296.82 1,456.33 150.24 0.52 0.9x 8.6x NM
Concord Medical Services Holdings Limited (NYSE:CCM) 3.51 153.30 388.90 59.98 (7.98) (1.06) NM NM NM
CoreCivic, Inc. (NYSE:CXW) 26.77 3,163.65 4,534.27 1,821.15 452.80 1.80 2.5x 10.0x 14.9x
DaVita Inc. (NYSE:DVA) 59.39 11,355.38 20,722.37 15,014.18 2,448.28 6.57 1.4x 8.5x 9.0x
The GEO Group, Inc. (NYSE: GEO) 26.90 3,286.32 5,891.12 2,248.64 390.97 1.43 2.6x 15.1x 18.9x
Hanger, Inc. (OTCPK:HNGR) 10.99 387.31 904.60 1,012.10 69.52 (0.09) 0.9x 13.0x NM
HealthSouth Corporation (NYSE:HLS) 46.35 4,576.35 7,603.95 3,773.40 817.10 2.74 2.0x 9.3x 16.9x
MEDNAX, Inc. (NYSE:MD) 43.12 3,993.75 5,715.34 3,337.32 628.40 3.14 1.7x 9.1x 13.7x
The Providence Service Corporation (NasdaqGS:PRSC) 54.08 730.17 751.87 1,606.21 68.15 (2.32) 0.5x 11.0x NM
RadNet, Inc. (NasdaqNM:RDNT) 11.55 545.93 1,168.92 908.61 118.35 0.19 1.3x 9.9x NM
Select Medical Holdings Corporation (NYSE:SEM) 19.20 2,552.39 5,837.61 4,258.12 474.80 0.63 1.4x 12.3x NM
PROVIDERS - LABS
PROVIDERS - HOME HEALTH & HOSPICE
PROVIDERS - NON-ACUTE
22
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
U.S. Physical Therapy, Inc. (NYSE:USPH) 61.45 773.12 925.34 377.24 60.41 1.58 2.5x 15.3x NM
MEAN (NON-ACUTE) 1.7x 11.5x 14.7x
MEDIAN (NON-ACUTE) 1.6x 11.0x 14.9x
Brookdale Senior Living Inc. (NYSE:BKD) 10.60 1,974.55 6,981.96 4,078.03 758.50 (2.65) 1.7x 9.2x NM
Capital Senior Living Corporation (NYSE:CSU) 12.55 380.85 1,374.81 458.22 77.74 (1.62) 3.0x 17.7x NM
Ensign Group, Inc. (NasdaqNM:ENSG) 22.59 1,149.12 1,401.26 1,751.13 121.76 0.86 0.8x 11.5x 26.3x
Five Star Senior Living Inc. (NasdaqCM:FVE) 1.55 77.59 118.13 1,129.71 13.10 (0.51) 0.1x 9.0x NM
Welltower Inc. (NYSE:HCN) 70.28 25,924.79 38,454.77 4,187.94 2,047.78 3.21 NM 18.8x 21.9x
Sabra Health Care REIT, Inc. (NasdaqGS:SBRA) 21.94 3,857.72 5,055.10 251.10 210.73 1.19 NM 24.0x 18.5x
Genesis Healthcare, Inc. (NYSE:GEN) 1.16 109.88 4,794.70 5,453.11 450.30 (1.91) 0.9x 10.6x NM
Ventas, Inc. (NYSE:VTR) 65.13 23,196.06 35,250.95 3,523.62 1,884.58 1.98 NM 18.7x NM
MEAN (LONG-TERM CARE) 1.3x 14.9x 22.2x
MEDIAN (LONG-TERM CARE) 0.9x 14.6x 21.9x
Community Health Systems, Inc. (NYSE:CYH) 7.68 859.67 15,522.67 17,478.00 1,780.00 (5.55) 0.9x 8.7x NM
HCA Healthcare, Inc. (NYSE:HCA) 79.59 28,751.86 61,376.86 42,267.00 8,203.00 7.46 1.5x 7.5x 10.7x
Kindred Healthcare, Inc. (NYSE:KND) 6.80 591.73 3,914.23 7,081.40 470.57 (9.46) 0.6x 8.3x NM
LifePoint Health, Inc. (NasdaqNM:LPNT) 57.90 2,322.72 5,262.02 6,415.90 760.40 4.47 0.8x 6.9x 13.0x
Tenet Healthcare Corp. (NYSE:THC) 16.43 1,656.48 18,799.48 19,324.00 2,074.00 (1.96) 1.0x 9.1x NM
Universal Health Services, Inc. (NYSE:UHS) 110.94 10,612.51 14,733.03 10,110.77 1,710.98 7.36 1.5x 8.6x 15.1x
MEAN (ACUTE) 1.0x 8.2x 12.9x
MEDIAN (ACUTE) 0.9x 8.5x 13.0x
MEAN (PROVIDERS) 1.7x 12.6x 18.4x
MEDIAN (PROVIDERS) 1.5x 11.5x 18.7x
ABIOMED, Inc. (NasdaqNM:ABMD) 168.60 7,435.63 7,200.37 474.78 110.92 1.71 NM NM NM
Accelerate Diagnostics, Inc. (NasdaqCM:AXDX) 22.45 1,241.45 1,106.23 1.29 (61.92) (1.23) NM NM NM
Accuray Incorporated (NasdaqNM:ARAY) 4.00 334.99 403.56 383.41 0.64 (0.36) 1.1x NM NM
Agilent Technologies, Inc. (NYSE:A) 64.20 20,661.36 20,182.36 4,394.00 1,021.00 1.94 4.6x 19.8x NM
Align Technology, Inc. (NasdaqNM:ALGN) 186.27 14,929.65 14,327.68 1,238.62 306.55 2.92 NM NM NM
Alliqua BioMedical, Inc. (NasdaqCM:ALQA) 0.37 18.29 27.96 19.93 (16.79) (1.12) 1.4x NM NM
Alphatec Holdings, Inc. (NasdaqNM:ATEC) 2.26 24.54 69.55 106.16 (2.79) (3.01) 0.7x NM NM
Analogic Corporation (NasdaqGS:ALOG) 83.75 1,043.17 895.07 486.37 42.01 (5.96) 1.8x 21.3x NM
AngioDynamics, Inc. (NasdaqNM:ANGO) 17.09 627.47 673.20 346.96 47.67 0.10 1.9x 14.1x NM
Anika Therapeutics, Inc. (NasdaqGS:ANIK) 58.00 850.19 707.32 111.36 56.02 2.25 NM 12.6x 25.8x
AtriCure, Inc. (NasdaqNM:ATRC) 22.37 768.06 771.84 166.00 (19.62) (1.02) 4.6x NM NM
Avinger, Inc. (NasdaqGM:AVGR) 0.38 9.10 37.62 15.95 (46.30) (2.46) 2.4x NM NM
Baxter International Inc. (NYSE:BAX) 62.75 34,190.65 33,820.65 10,283.00 2,227.00 1.64 3.3x 15.2x NM
Bio-Techne Corporation (NasdaqGS:TECH) 120.89 4,520.46 4,706.52 563.00 186.35 2.03 NM 25.3x NM
BioTelemetry, Inc. (NasdaqGS:BEAT) 33.00 1,067.88 1,065.79 211.19 41.34 1.49 NM 25.8x 22.1x
PROVIDERS - LONG-TERM CARE
PROVIDERS - ACUTE
PRODUCTS - CLINICAL DEVICES
23
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Boston Scientific Corporation (NYSE:BSX) 29.17 40,024.95 45,664.95 8,714.00 2,312.00 0.56 NM 19.8x NM
Bruker Corporation (NasdaqNM:BRKR) 29.75 4,726.05 4,723.95 1,664.00 275.00 1.00 2.8x 17.2x 29.7x
Cardiovascular Systems, Inc. (NasdaqGS:CSII) 28.15 928.72 841.20 204.91 5.43 (0.06) 4.1x NM NM
Catalent, Inc. (NYSE:CTLT) 39.92 5,264.66 7,037.46 2,075.40 407.50 0.87 3.4x 17.3x NM
ConforMIS, Inc. (NasdaqGS:CFMS) 3.52 157.82 119.01 79.26 (54.78) (1.36) 1.5x NM NM
CONMED Corporation (NasdaqNM:CNMD) 52.47 1,465.18 1,921.52 772.61 123.91 0.56 2.5x 15.5x NM
Corindus Vascular Robotics, Inc. (AMEX:CVRS) 1.52 284.69 250.92 4.26 (34.71) (0.26) NM NM NM
C. R. Bard, Inc. (NYSE:BCR) 320.50 23,291.23 23,971.63 3,827.50 1,184.70 7.62 NM 20.2x NM
CryoLife, Inc. (NYSE:CRY) 22.70 759.23 775.58 183.16 23.56 0.33 4.2x NM NM
Cutera, Inc. (NasdaqGS:CUTR) 41.35 579.11 528.16 133.84 7.29 0.47 3.9x NM NM
Cytosorbents Corporation (NasdaqCM:CTSO) 6.20 174.43 167.97 12.18 (10.41) (0.37) NM NM NM
DexCom, Inc. (NasdaqNM:DXCM) 48.93 4,234.99 4,065.59 632.70 (63.30) (0.76) NM NM NM
Edwards Lifesciences Corporation (NYSE:EW) 109.31 23,081.68 22,966.68 3,232.40 1,045.50 3.30 NM 22.0x NM
Ekso Bionics Holdings, Inc. (OTCBB:EKSO) - 31.20 27.49 7.49 (27.14) (1.59) 3.7x NM NM
Endologix, Inc. (NasdaqNM:ELGX) 4.46 372.12 525.29 190.75 (54.38) (0.94) 2.8x NM NM
Entellus Medical, Inc. (NasdaqGM:ENTL) 18.46 469.49 427.92 80.80 (26.99) (1.65) NM NM NM
Enzo Biochem, Inc. (NYSE:ENZ) 10.47 487.36 424.09 107.80 0.53 (0.05) 3.9x NM NM
Exactech, Inc. (NasdaqNM:EXAC) 32.95 472.77 477.85 262.96 43.51 0.05 1.8x 11.0x NM
Fresenius SE & Co. KGaA (DB:FRE) 80.95 44,872.03 76,173.29 36,233.88 6,764.40 3.64 2.1x 11.3x 22.2x
GenMark Diagnostics, Inc. (NasdaqGM:GNMK) 9.63 526.45 454.11 50.59 (49.93) (1.22) NM NM NM
Genomic Health, Inc. (NasdaqGS:GHDX) 32.09 1,111.78 1,001.98 334.47 2.61 (0.15) 3.0x NM NM
Glaukos Corporation (NYSE:GKOS) 33.00 1,136.32 1,032.53 139.94 8.15 (0.04) NM NM NM
Globus Medical, Inc. (NYSE:GMED) 29.72 2,861.79 2,549.61 595.44 207.13 1.11 4.3x 12.3x 26.8x
Hologic, Inc. (NasdaqNM:HOLX) 36.69 10,290.57 12,945.27 2,982.80 1,005.70 2.68 4.3x 12.9x 13.7x
Illumina, Inc. (NasdaqNM:ILMN) 199.20 29,083.20 28,444.20 2,487.37 666.78 4.98 NM NM NM
Inogen, Inc. (NasdaqGS:INGN) 95.10 1,971.08 1,826.87 221.89 36.52 1.15 NM NM NM
Integer Holdings Corporation (NYSE:ITGR) 51.15 1,615.86 3,234.61 1,414.29 275.57 0.58 2.3x 11.7x NM
Integra LifeSciences Holdings Corporation
(NasdaqNM:IART) 50.48 3,941.39 4,667.15 1,046.80 240.98 0.82 4.5x 19.4x NM
Intersect ENT, Inc. (NasdaqGM:XENT) 31.15 909.25 809.22 87.16 (19.71) (0.70) NM NM NM
Intuitive Surgical, Inc. (NasdaqNM:ISRG) 1,045.88 38,994.39 37,170.99 2,870.20 1,081.90 20.88 NM NM NM
Invuity, Inc. (NasdaqGM:IVTY) 8.90 151.75 148.36 36.63 (35.61) (2.52) 4.1x NM NM
IRadimed Corporation (NasdaqCM:IRMD) 9.60 101.59 77.76 24.35 4.51 0.24 3.2x 17.2x NM
K2M Group Holdings, Inc. (NasdaqGS:KTWO) 21.21 918.37 955.27 248.68 (2.00) (0.96) 3.8x NM NM
Landauer, Inc. (NYSE:LDR) 67.30 660.22 741.21 153.36 39.95 1.93 4.8x 18.6x NM
LeMaitre Vascular, Inc. (NasdaqGM:LMAT) 37.42 711.84 681.72 96.40 23.12 0.70 NM 29.5x NM
LivaNova PLC (NasdaqGS:LIVN) 70.06 3,375.62 3,460.34 1,212.40 191.69 0.56 2.9x 18.1x NM
Masimo Corporation (NasdaqNM:MASI) 86.56 4,495.94 4,164.49 730.06 182.11 6.10 NM 22.9x 14.2x
Medtronic plc (NYSE:MDT) 77.77 105,346.58 126,394.58 29,934.00 9,193.00 2.97 4.2x 13.7x 26.2x
Meridian Bioscience, Inc. (NasdaqNM:VIVO) 14.30 603.50 604.01 198.07 52.80 0.50 3.0x 11.4x 28.6x
24
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
NanoString Technologies, Inc. (NasdaqGM:NSTG) 16.16 407.31 356.11 101.82 (35.93) (2.12) 3.5x NM NM
Natus Medical Incorporated (NasdaqNM:BABY) 37.50 1,224.14 1,253.33 445.49 48.00 0.58 2.8x 26.1x NM
Nevro Corp. (NYSE:NVRO) 90.88 2,675.79 2,554.02 277.91 (22.57) (1.37) NM NM NM
NuVasive, Inc. (NasdaqNM:NUVA) 55.46 2,817.58 3,348.19 1,021.20 225.78 0.64 3.3x 14.8x NM
Nxstage Medical, Inc. (NasdaqNM:NXTM) 27.60 1,827.06 1,778.13 378.01 14.26 (0.08) 4.7x NM NM
Orthofix International N.V. (NasdaqNM:OFIX) 47.25 858.58 814.25 418.71 45.74 0.42 1.9x 17.8x NM
Össur hf. (ICSE:OSSRU) 4.44 1,900.27 2,043.55 543.50 92.59 0.12 3.8x 22.1x NM
pSivida Corp. (NasdaqGM:PSDV) 1.20 47.25 30.35 7.54 (15.70) (0.52) 4.0x NM NM
Quidel Corporation (NasdaqNM:QDEL) 43.86 1,466.69 1,442.76 214.11 39.38 (0.00) NM NM NM
ResMed Inc. (NYSE:RMD) 76.96 10,951.44 11,208.12 2,066.74 568.89 2.40 NM 19.7x NM
REVA Medical, Inc. (ASX:RVA) 0.58 240.98 330.56 NM (22.12) (0.05) NM NM NM
ReWalk Robotics Ltd. (NasdaqCM:RWLK) 1.45 31.53 31.26 7.50 (24.63) (1.89) 4.2x NM NM
SeaSpine Holdings Corporation (NasdaqGS:SPNE) 11.22 140.83 132.54 130.35 (21.74) (3.17) 1.0x NM NM
Second Sight Medical Products, Inc. (NasdaqCM:EYES) 1.20 68.15 50.02 5.14 (32.85) (0.71) NM NM NM
Sientra, Inc. (NasdaqGS:SIEN) 15.40 297.33 246.83 28.68 (35.42) (2.67) NM NM NM
Smith & Nephew plc (LSE:SN.) 18.07 15,783.87 17,434.58 4,677.00 1,315.00 0.98 3.7x 13.3x 18.4x
Sonova Holding AG (SWX:SOON) 169.56 11,077.26 11,497.58 2,395.19 522.13 5.34 4.8x 22.0x NM
STAAR Surgical Company (NasdaqNM:STAA) 12.45 511.80 505.21 84.48 (0.67) (0.13) NM NM NM
Stryker Corporation (NYSE:SYK) 142.02 53,124.47 56,702.47 11,957.00 3,285.00 4.48 4.7x 17.3x NM
T2 Biosystems, Inc. (NasdaqGM:TTOO) 4.20 150.34 145.48 3.89 (49.26) (1.97) NM NM NM
Tandem Diabetes Care, Inc. (NasdaqGM:TNDM) 0.73 36.67 83.55 81.51 (76.17) (2.51) 1.0x NM NM
TransEnterix, Inc. (AMEX:TRXC) 1.43 212.41 195.56 5.05 (47.82) (0.47) NM NM NM
Unilife Corporation (OTCPK:UNIS.Q) 0.08 1.35 118.15 11.21 (56.71) (5.07) NM NM NM
Utah Medical Products, Inc. (NasdaqNM:UTMD) 73.55 273.53 239.72 39.60 20.09 3.49 NM 11.9x 21.1x
Varian Medical Systems, Inc. (NYSE:VAR) 100.06 9,185.60 8,895.70 3,273.10 643.00 3.69 2.7x 13.8x 27.1x
Wright Medical Group N.V. (NasdaqNM:WMGI) 25.87 2,663.25 3,265.78 707.24 58.57 (1.35) 4.6x NM NM
Zimmer Biomet Holdings, Inc. (NYSE:ZBH) 117.09 23,675.12 33,909.42 7,777.60 2,805.00 3.51 4.4x 12.1x NM
MEAN (CLINICAL) 3.2x 17.5x 23.0x
MEDIAN (CLINICAL) 3.4x 17.3x 24.0x
Abaxis, Inc. (NasdaqNM:ABAX) 44.65 1,013.14 875.83 227.78 49.81 1.42 3.8x 17.6x NM
Cerus Corporation (NasdaqNM:CERS) 2.73 297.95 264.50 36.83 (61.75) (0.61) NM NM NM
Getinge AB (OM:GETI B) 18.73 5,100.33 7,542.77 3,596.34 692.09 0.56 2.1x 10.9x NM
Haemonetics Corporation (NYSE:HAE) 44.87 2,360.45 2,491.73 887.11 164.54 0.08 2.8x 15.1x NM
Harvard Bioscience, Inc. (NasdaqGM:HBIO) 3.75 130.63 139.17 100.79 3.21 (0.13) 1.4x NM NM
IDEXX Laboratories, Inc. (NasdaqNM:IDXX) 155.49 13,570.52 14,452.74 1,862.27 467.99 2.91 NM NM NM
Invacare Corporation (NYSE:IVC) 15.75 517.71 595.53 980.13 (13.64) (1.93) 0.6x NM NM
Omnicell, Inc. (NasdaqGS:OMCL) 51.05 1,912.01 2,079.51 680.15 42.68 (0.21) 3.1x NM NM
Pacific Biosciences of California, Inc. (NasdaqGS:PACB) 5.25 606.86 517.34 95.83 (75.40) (0.92) NM NM NM
PRODUCTS - NON-CLINICAL DEVICES
25
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
PerkinElmer, Inc. (NYSE:PKI) 68.97 7,601.50 8,076.81 2,142.34 416.05 1.95 3.8x 19.4x NM
Steris Plc (NYSE:STE) 73.64 6,474.90 7,143.30 2,582.34 521.33 1.40 2.8x 13.7x NM
Surmodics, Inc. (NasdaqGS:SRDX) 31.00 406.41 362.70 71.21 15.58 0.46 NM 23.3x NM
Thermo Fisher Scientific Inc. (NYSE:TMO) 189.20 75,719.21 92,004.21 19,199.10 4,812.10 5.75 4.8x 19.1x NM
Waters Corporation (NYSE:WAT) 179.52 14,329.93 13,116.45 2,211.84 766.04 6.63 NM 17.1x 27.1x
MEAN (NON-CLINICAL) 2.8x 17.0x 27.1x
MEDIAN (NON-CLINICAL) 2.8x 17.4x 27.1x
Atrion Corporation (NasdaqNM:ATRI) 672.00 1,244.44 1,197.14 145.80 48.82 17.85 NM 24.5x NM
Becton, Dickinson and Company (NYSE:BDX) 195.95 44,591.36 49,732.36 12,158.00 3,190.00 3.45 4.1x 15.6x NM
Halyard Health, Inc. (NYSE:HYH) 45.03 2,107.03 2,532.13 1,602.30 182.00 1.04 1.6x 13.9x NM
ICU Medical, Inc. (NasdaqNM:ICUI) 185.85 3,679.79 3,513.87 772.05 92.48 2.50 4.6x NM NM
Merit Medical Systems, Inc. (NasdaqNM:MMSI) 42.35 2,122.98 2,327.04 672.31 101.84 0.70 3.5x 22.8x NM
Nipro Corporation (TSE:8086) 13.76 2,287.75 5,473.16 3,241.44 532.13 0.74 1.7x 10.3x 18.5x
Retractable Technologies, Inc. (AMEX:RVP) 0.67 21.11 10.13 30.90 (3.18) (0.17) 0.3x NM NM
Teleflex Incorporated (NYSE:TFX) 241.97 10,897.70 12,221.25 1,986.08 521.06 5.23 NM 23.5x NM
Terumo Corporation (TSE:4543) 39.30 13,831.59 15,984.31 4,708.75 1,105.27 1.40 3.4x 14.5x 28.1x
MEAN (DISPOSABLES) 2.7x 17.9x 23.3x
MEDIAN (DISPOSABLES) 3.4x 15.6x 23.3x
Bio-Rad Laboratories, Inc. (NYSE:BIO) 222.22 6,615.74 6,337.78 2,084.92 233.59 0.51 3.0x 27.1x NM
Cambrex Corporation (NYSE:CBM) 55.00 1,800.13 1,705.95 515.45 167.23 2.94 3.3x 10.2x 18.7x
Cantel Medical Corp. (NYSE:CMD) 94.17 3,929.61 4,019.03 770.16 149.59 1.71 NM 26.9x NM
ChromaDex Corporation (NasdaqCM:CDXC) 4.30 206.66 193.21 20.41 (6.27) (0.20) NM NM NM
DENTSPLY SIRONA Inc. (NasdaqNM:XRAY) 59.81 13,726.51 15,079.11 3,843.90 823.80 (3.43) 3.9x 18.3x NM
Exact Sciences Corporation (NasdaqCM:EXAS) 47.12 5,611.82 5,133.79 169.37 (129.74) (1.29) NM NM NM
Fluidigm Corporation (NasdaqGS:FLDM) 5.04 148.25 301.31 96.72 (62.62) (2.45) 3.1x NM NM
Hill-Rom Holdings, Inc. (NYSE:HRC) 74.00 4,875.17 6,978.57 2,711.40 465.30 1.72 2.6x 15.0x NM
Ion Beam Applications SA (ENXTBR:IBAB) 33.97 992.05 967.03 382.50 30.14 0.45 2.5x NM NM
Luminex Corporation (NasdaqNM:LMNX) 20.33 895.97 792.26 297.73 49.82 0.32 2.7x 15.9x NM
Mettler-Toledo International Inc. (NYSE:MTD) 626.16 16,072.31 16,895.36 2,608.52 631.04 16.26 NM 26.8x NM
Natera, Inc. (NasdaqGS:NTRA) 12.89 686.04 633.94 203.71 (118.85) (2.43) 3.1x NM NM
Neogen Corporation (NasdaqGS:NEOG) 77.46 2,961.55 2,801.79 373.21 81.84 1.19 NM NM NM
OraSure Technologies, Inc. (NasdaqNM:OSUR) 22.50 1,337.84 1,177.61 135.07 23.92 0.54 NM NM NM
Oxford Immunotec Global PLC (NasdaqGM:OXFD) 16.80 428.64 421.68 97.44 (23.66) (1.50) 4.3x NM NM
QIAGEN N.V. (NasdaqGS:QGEN) 31.50 7,172.61 7,960.09 1,361.90 443.36 0.33 NM 18.0x NM
Quotient Limited (NasdaqGM:QTNT) 4.93 185.70 246.32 23.34 (64.95) (2.87) NM NM NM
Rockwell Medical, Inc. (NasdaqGM:RMTI) 8.56 442.89 399.65 54.04 (21.07) (0.42) NM NM NM
Trinity Biotech plc (NasdaqGS:TRIB) 5.61 129.62 160.88 98.79 7.39 (1.66) 1.6x 21.8x NM
TrovaGene, Inc. (NasdaqCM:TROV) 0.73 27.23 21.09 0.35 (29.35) (1.25) NM NM NM
PRODUCTS - DISPOSABLES
PRODUCTS - COMMERCIAL
26
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Veracyte, Inc. (NasdaqGM:VCYT) 8.77 297.25 276.21 71.70 (20.10) (0.80) 3.9x NM NM
VWR Corporation (NasdaqGS:VWR) 33.11 4,365.06 6,481.66 4,580.80 492.10 1.08 1.4x 13.2x NM
West Pharmaceutical Services, Inc. (NYSE:WST) 96.26 7,123.48 7,126.38 1,544.30 317.90 2.33 4.6x 22.4x NM
MEAN (COMMERCIAL) 3.1x 19.6x 18.7x
MEDIAN (COMMERCIAL) 3.1x 18.3x 18.7x
Alere Inc. (NYSE:ALR) 50.99 4,465.57 7,492.73 2,324.98 261.20 (3.18) 3.2x 28.7x NM
Cooper Companies Inc. (NYSE:COO) 237.11 11,606.35 12,773.85 2,096.11 641.95 6.97 NM 19.9x NM
Essilor International Société Anonyme (ENXTPA:EI) 123.80 26,485.42 29,649.35 8,489.45 1,973.76 4.06 3.5x 15.0x NM
Insulet Corporation (NasdaqNM:PODD) 55.08 3,197.92 3,280.15 409.92 9.31 (0.52) NM NM NM
Nutrisystem, Inc. (NasdaqGS:NTRI) 55.90 1,663.92 1,582.81 641.09 86.26 1.61 2.5x 18.3x NM
USANA Health Sciences, Inc. (NYSE:USNA) 57.70 1,410.50 1,181.13 1,019.51 147.32 3.85 1.2x 8.0x 15.0x
MEAN (CONSUMER) 2.6x 18.0x 15.0x
MEDIAN (CONSUMER) 2.8x 18.3x 15.0x
Abbott Laboratories (NYSE:ABT) 53.36 92,709.97 107,150.97 23,607.00 5,140.00 0.65 4.5x 20.8x NM
AbbVie Inc. (NYSE:ABBV) 88.86 141,651.25 171,989.25 26,710.00 11,565.00 4.07 NM 14.9x 21.9x
AcelRx Pharmaceuticals, Inc. (NasdaqGM:ACRX) 4.60 208.75 168.62 15.57 (35.16) (1.10) NM NM NM
Achillion Pharmaceuticals, Inc. (NasdaqGS:ACHN) 4.49 614.06 264.07 15.00 (70.51) (0.50) NM NM NM
Acorda Therapeutics, Inc. (NasdaqNM:ACOR) 23.65 1,103.29 1,290.87 535.06 49.45 (0.94) 2.4x 26.1x NM
Adamas Pharmaceuticals, Inc. (NasdaqGM:ADMS) 21.17 476.62 382.05 0.18 (66.61) (2.99) NM NM NM
Akorn, Inc. (NasdaqGS:AKRX) 33.19 4,145.98 4,635.83 1,020.32 372.04 0.99 4.5x 12.5x NM
Alexion Pharmaceuticals, Inc. (NasdaqGS:ALXN) 140.29 31,310.66 33,114.66 3,412.00 1,343.00 2.31 NM 24.7x NM
Alimera Sciences, Inc. (NasdaqGM:ALIM) 1.35 93.22 169.09 35.96 (16.78) (0.39) 4.7x NM NM
Allergan plc (NYSE:AGN) 204.95 68,516.05 97,870.55 15,066.80 6,147.70 (11.22) NM 15.9x NM
Amphastar Pharmaceuticals, Inc. (NasdaqGS:AMPH) 17.87 825.52 788.56 249.62 17.41 0.08 3.2x NM NM
Ampio Pharmaceuticals, Inc. (AMEX:AMPE) 0.61 41.69 36.69 - (12.77) (0.21) NM NM NM
ANI Pharmaceuticals, Inc. (NasdaqGM:ANIP) 52.49 610.90 756.91 158.12 59.01 0.46 4.8x 12.8x NM
Antares Pharma, Inc. (NasdaqCM:ATRS) 3.24 506.76 488.11 53.10 (15.90) (0.12) NM NM NM
Aradigm Corporation (NasdaqCM:ARDM) 4.20 60.61 62.66 9.54 (15.00) (1.27) NM NM NM
Array BioPharma Inc. (NasdaqNM:ARRY) 12.30 2,403.14 2,302.73 43.66 (100.01) (0.72) NM NM NM
Arrowhead Pharmaceuticals, Inc. (NasdaqGS:ARWR) 4.33 323.76 250.65 22.73 (47.97) (0.64) NM NM NM
Astellas Pharma Inc. (TSE:4503) 12.71 25,902.55 23,143.80 11,541.23 2,565.89 0.83 2.0x 9.0x 15.4x
AstraZeneca PLC (LSE:AZN) 66.43 84,097.82 99,847.18 21,740.00 5,913.00 3.05 4.6x 16.9x 21.8x
BioDelivery Sciences International, Inc. (NasdaqCM:BDSI) 2.95 163.65 171.40 44.33 (31.81) 0.03 3.9x NM NM
Bristol-Myers Squibb Company (NYSE:BMY) 63.74 104,528.91 106,362.91 20,238.00 6,014.00 2.74 NM 17.7x 23.3x
Cempra, Inc. (NasdaqGS:CEMP) 3.25 170.66 (4.34) 17.65 (90.86) (1.89) NM 0.0x NM
Clovis Oncology, Inc. (NasdaqGS:CLVS) 82.40 4,027.66 3,637.89 21.74 (242.16) (8.90) NM NM NM
Compugen Ltd. (NasdaqGM:CGEN) 3.80 194.35 149.28 0.12 (33.14) (0.67) NM NM NM
Corcept Therapeutics Incorporated (NasdaqCM:CORT) 19.30 2,188.58 2,126.99 108.69 25.67 0.20 NM NM NM
PRODUCTS - PHARMACEUTICALS
PRODUCTS - CONSUMER
27
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Curis, Inc. (NasdaqGM:CRIS) 1.49 244.18 237.02 8.31 (48.51) (0.50) NM NM NM
Depomed, Inc. (NasdaqGS:DEPO) 5.79 364.71 877.46 425.34 112.64 (1.79) 2.1x 7.8x NM
DURECT Corporation (NasdaqGM:DRRX) 1.77 260.19 246.61 16.15 (33.05) (0.26) NM NM NM
Egalet Corporation (NasdaqGM:EGLT) 1.28 54.35 92.16 22.53 (79.77) (4.03) 4.1x NM NM
Egalet Corporation (NasdaqGM:EGLT) 1.28 54.35 92.16 22.53 (79.77) (4.03) 4.1x NM NM
Eli Lilly and Company (NYSE:LLY) 85.54 89,567.89 96,540.49 22,004.80 5,994.70 2.31 4.4x 16.1x NM
Elite Pharmaceuticals, Inc. (OTCPK:ELTP) 0.10 78.96 87.17 8.07 (7.64) (0.01) NM NM NM
Endo International plc (NasdaqNM:ENDP) 8.57 1,912.50 9,581.40 4,039.18 313.33 (19.67) 2.4x NM NM
Foamix Pharmaceuticals Ltd. (NasdaqGM:FOMX) 5.55 207.72 109.84 5.76 (47.96) (1.33) NM NM NM
GlaxoSmithKline plc (LSE:GSK) 19.96 96,898.83 121,516.05 38,743.86 10,591.18 0.51 3.1x 11.5x NM
Heska Corporation (NasdaqCM:HSKA) 88.09 636.54 636.85 137.69 22.94 1.96 4.6x 27.8x NM
ImmunoGen, Inc. (NasdaqGS:IMGN) 7.65 883.57 830.53 83.41 (69.45) (1.22) NM NM NM
Impax Laboratories, Inc. (NasdaqGS:IPXL) 20.30 1,508.49 2,121.38 812.82 144.42 (8.08) 2.6x 14.7x NM
Infinity Pharmaceuticals, Inc. (NasdaqGS:INFI) 1.33 67.42 1.22 - (55.73) (1.39) NM NM NM
Innoviva, Inc. (NasdaqGS:INVA) 14.12 1,525.57 2,043.83 175.98 142.91 0.79 NM 14.3x 17.8x
INSYS Therapeutics, Inc. (NasdaqGM:INSY) 8.88 645.55 503.93 191.17 (8.73) (0.21) 2.6x NM NM
Ironwood Pharmaceuticals, Inc. (NasdaqGS:IRWD) 15.77 2,359.06 2,479.13 270.81 (84.77) (0.98) NM NM NM
Jazz Pharmaceuticals PLC (NasdaqGS:JAZZ) 146.25 8,788.30 10,140.98 1,541.24 758.97 6.49 NM 13.4x 22.5x
Johnson & Johnson (NYSE:JNJ) 130.01 348,946.80 342,310.80 72,531.00 25,146.00 5.91 4.7x 13.6x 22.0x
Juniper Pharmaceuticals, Inc. (NasdaqGS:JNP) 4.55 49.34 31.79 57.69 9.49 0.77 0.6x 3.3x 5.9x
Karyopharm Therapeutics Inc. (NasdaqGS:KPTI) 10.98 517.58 374.13 0.17 (112.22) (2.69) NM NM NM
Lannett Company, Inc. (NYSE:LCI) 18.45 687.90 1,446.71 637.34 245.00 (0.02) 2.3x 5.9x NM
Mallinckrodt Public Limited Company (NYSE:MNK) 37.37 3,631.57 9,154.27 3,272.60 666.60 (8.72) 2.8x 13.7x NM
Merck & Co., Inc. (NYSE:MRK) 64.03 174,632.50 187,824.50 40,016.00 15,449.00 1.85 4.7x 12.2x NM
Mylan N.V. (NasdaqGS:MYL) 31.37 16,823.13 31,044.63 12,006.60 3,924.10 1.24 2.6x 7.9x 25.4x
Neos Therapeutics, Inc. (NasdaqGM:NEOS) 9.15 256.94 244.34 15.62 (69.70) (4.30) NM NM NM
Novartis AG (SWX:NOVN) 85.55 200,439.22 222,388.35 49,176.00 14,458.00 2.74 4.5x 15.4x NM
Novo Nordisk A/S (CPSE:NOVO B) 47.81 117,577.56 114,457.11 17,523.35 8,255.23 2.36 NM 13.9x 20.2x
Opko Health, Inc. (NasdaqGS:OPK) 6.86 3,837.52 3,839.45 1,183.83 (17.02) (0.15) 3.2x NM NM
Osiris Therapeutics, Inc. (OTCPK:OSIR) 4.60 158.82 - 86.60 4.41 0.05 NM NM NM
Pacira Pharmaceuticals, Inc. (NasdaqGS:PCRX) 37.55 1,514.83 1,402.03 281.47 (34.94) (1.72) 5.0x NM NM
Pernix Therapeutics Holdings, Inc. (NasdaqGM:PTX) 3.15 36.33 315.47 135.70 8.63 (16.97) 2.3x NM NM
Perrigo Company plc (NYSE:PRGO) 84.65 12,072.03 14,972.43 5,024.70 1,103.10 (20.57) 3.0x 13.6x NM
Pfizer Inc. (NYSE:PFE) 35.70 212,320.36 242,101.36 52,347.00 20,244.00 1.36 4.6x 12.0x 26.2x
Phibro Animal Health Corporation (NasdaqGM:PAHC) 37.05 1,488.32 1,745.38 764.28 117.92 1.61 2.3x 14.8x 23.0x
Progenics Pharmaceuticals, Inc. (NasdaqGS:PGNX) 7.36 517.19 452.79 63.62 (0.96) (0.06) NM NM NM
Recro Pharma, Inc. (NasdaqCM:REPH) 8.98 171.16 145.62 69.99 (13.04) (2.12) 2.1x NM NM
Rigel Pharmaceuticals, Inc. (NasdaqNM:RIGL) 2.54 315.96 233.66 10.34 (67.71) (0.68) NM NM NM
Roche Holding AG (SWX:ROG) 255.11 217,558.94 234,734.38 56,548.20 22,346.43 11.76 4.2x 10.5x 21.7x
28
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Sanofi (ENXTPA:SAN) 99.29 122,166.23 131,279.81 41,417.00 12,428.98 4.22 3.2x 10.6x 23.5x
Sarepta Therapeutics, Inc. (NasdaqGS:SRPT) 45.36 2,918.11 2,628.38 56.77 (229.47) (2.34) NM NM NM
SciClone Pharmaceuticals, Inc. (NasdaqGS:SCLN) 11.20 584.55 427.22 172.02 45.42 0.81 2.5x 9.4x 13.8x
Sucampo Pharmaceuticals, Inc. (NasdaqNM:SCMP) 11.80 546.64 754.95 247.08 107.68 (3.49) 3.1x 7.0x NM
Supernus Pharmaceuticals, Inc. (NasdaqGM:SUPN) 40.00 2,027.96 1,936.47 252.59 82.36 1.98 NM 23.5x 20.2x
Takeda Pharmaceutical Company Limited (TSE:4502) 55.18 43,270.09 49,795.18 15,545.34 3,024.85 1.81 3.2x 16.5x NM
Taro Pharmaceutical Industries Ltd. (NYSE:TARO) 112.69 4,565.43 3,126.82 806.92 465.05 9.83 3.9x 6.7x 11.5x
Teligent, Inc. (NasdaqGS:TLGT) 6.71 358.26 424.07 72.39 6.48 (0.16) NM NM NM
Teva Pharmaceutical Industries Limited (NYSE:TEVA) 17.60 17,867.71 57,554.71 23,371.00 7,424.00 (6.11) 2.5x 7.8x NM
TherapeuticsMD, Inc. (AMEX:TXMD) 5.29 1,144.90 1,048.42 18.26 (88.99) (0.45) NM NM NM
Valeant Pharmaceuticals International, Inc. (TSX:VRX) 14.31 27,899.20 57,468.90 9,224.00 3,754.00 (3.27) NM 15.3x NM
Zoetis Inc. (NYSE:ZTS) 63.76 31,185.76 35,066.76 5,018.00 1,726.00 1.77 NM 20.3x NM
Zogenix, Inc. (NasdaqGM:ZGNX) 35.05 870.68 827.52 27.38 (72.48) (3.38) NM NM NM
MEAN (PHARMACEUTICALS) 3.4x 13.6x 19.8x
MEDIAN (PHARMACEUTICALS) 3.2x 13.6x 21.8x
AmerisourceBergen Corporation (NYSE:ABC) 82.75 18,131.48 20,605.93 151,584.41 2,426.03 3.84 0.1x 8.5x 21.6x
Aceto Corporation (NasdaqGS:ACET) 11.23 338.13 634.65 638.32 68.18 0.35 1.0x 9.3x NM
Cardinal Health, Inc. (NYSE:CAH) 66.92 21,094.25 24,769.25 129,976.00 3,069.00 4.03 0.2x 8.1x 16.6x
CVS Health Corporation (NYSE:CVS) 81.32 82,667.04 107,267.04 180,785.00 12,647.00 5.03 0.6x 8.5x 16.2x
Diplomat Pharmacy, Inc. (NYSE:DPLO) 20.71 1,407.95 1,532.62 4,531.22 70.47 0.18 0.3x 21.7x NM
Henry Schein, Inc. (NasdaqNM:HSIC) 81.99 12,963.60 15,046.69 11,968.49 1,019.70 3.42 1.3x 14.8x 24.0x
McKesson Corporation (NYSE:MCK) 153.61 32,298.12 39,537.12 199,851.00 3,943.00 22.08 0.2x 10.0x 7.0x
Medicines Company (NasdaqGS:MDCO) 37.04 2,671.94 2,974.13 105.76 (300.67) (10.03) NM NM NM
Owens & Minor, Inc. (NYSE:OMI) 29.20 1,787.81 2,309.86 9,378.44 229.96 1.57 0.2x 10.0x 18.6x
Patterson Companies, Inc. (NasdaqNM:PDCO) 38.65 3,617.13 4,694.28 5,564.81 400.22 1.75 0.8x 11.7x 22.1x
PetMed Express, Inc. (NasdaqGS:PETS) 33.15 675.20 606.68 256.35 43.21 1.30 2.4x 14.0x 25.5x
PharMerica Corporation (NYSE:PMC) 29.30 911.78 1,331.18 2,205.80 133.00 0.74 0.6x 10.0x NM
Premier, Inc. (NasdaqGS:PINC) 32.57 1,733.28 1,810.82 1,454.67 440.72 1.51 1.2x 4.1x 21.6x
Prestige Brands Holdings, Inc. (NYSE:PBH) 50.09 2,654.78 4,756.05 929.06 317.46 2.02 NM 15.0x 24.7x
Rite Aid Corporation (NYSE:RAD) 1.96 2,065.19 8,969.14 32,091.44 904.09 0.08 0.3x 9.9x 23.3x
Vitamin Shoppe, Inc. (NYSE:VSI) 5.35 127.28 251.89 1,241.49 99.96 (6.39) 0.2x 2.5x NM
MEAN (DISTRIBUTION) 0.7x 10.5x 20.1x
MEDIAN (DISTRIBUTION) 0.5x 10.0x 21.6x
MEAN (PRODUCTS) 2.9x 15.6x 20.9x
MEDIAN (PRODUCTS) 3.1x 14.8x 21.9x
1) Source: Financial Information from SEC filings and other publicly-available sources
2) Market Cap: Total Value of Company's Stock; Equal to the Number of Shares Outstanding Times the Price per Share
3) TEV (Total Enterprise Value): Market Capitalization Plus Debt Less Cash
4) LTM: Latest Twelve Months
5) EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization
6) NA: Not Available
7) NM: Not Meaningful
PRODUCTS - DISTRIBUTION
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In the preparation of the information contained in this document, Scott-Macon, Ltd. has endeavored to present information that is as accurate and cur-
rent as possible from sources believed to be reliable. However, inadvertent errors can occur. Therefore, the information is provided “as is”, without any
representation or warranty of any kind, expressed or implied. Any reproduction, retransmission, republication, or other use of all or part of this docu-
ment is expressly prohibited, unless written permission has been granted by Scott-Macon, Ltd. All other rights are reserved.
Copyright 2017 © Scott-Macon, Ltd.
30
ABOUT SCOTT-MACON
Scott-Macon is an investment banking firm providing corporate advisory services to a broad range of industries, including a spe-
cific focus on the healthcare, medical and pharmaceutical services and products industries. Founded in 1973, Scott-Macon has
20 senior professionals with an average of 20 years’ experience in investment banking.
SERVICES AND CAPABILITIES
Corporate Sales — Assisting privately-held and publicly-traded companies to arrange sale, divestiture and merger transac-
tions as well as corporate valuations for board or management use.
Acquisition Advisory — Providing assistance in identifying acquisition prospects, contacting companies, and negotiating ac-
quisition transactions.
Capital Raising — Arranging for the private placement of equity and debt securities.
Strategic Planning — Planning overall corporate objectives, reviewing strategic alternatives, and creating plans for maximiz-
ing value.
HEALTHCARE INVESTMENT BANKING GROUP
PROFESSIONALS
Robert B. Dimmitt
Senior Managing Director
Spencer R. Berg
Vice President
Leslie S. Lau
Vice President
Merritt Piro
Analyst
Nathan D. Cortright
Group Head
Jeffrey M. Tepper
Managing Director
Joshua H. Keatts
Vice President
George B. James
Senior Associate
CONTACT INFORMATION
Telephone: 212-755-8200
Facsimile: 212-755-8255
www.scott-macon.com