SCOTT-MACON HEALTHCARE REVIEW: FIRST QUARTER 2017
First 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 January 1—March 31, 2017
Analysis of Selected 21 Publicly-Traded Healthcare, Medical and Pharmaceutical Companies
Scott-Macon Professionals’ 32 Representative Closed Transactions
Scott-Macon Contact Information 33 CONTENTS
2 FIRST QUARTER 2017 HEALTHCARE REVIEW
Dear Clients and Friends,
Scott-Macon is pleased to present our Health- over of Jiff in the social networking digital health care Review covering the first quarter 2017. If you space for $153 million. MediWare traded from one pri- haven’t done so already, please email me at ncor- vate equity group to another for an undisclosed pur- [email protected] to automatically continue re- chase price. Turning to Outsourcing Services, the larg- ceiving our publications in the future as we are transi- est transaction by disclosed valuation involved the go- tioning to digital publishing with email distribution. ing-private transaction for Team Health at a cool $6 billion, representing 1.4X revenues and 15.0X Pages four and five represent a visual snapshot EBITDA. In another going-private transaction, Con- of the average multiples for all of the healthcare, medi- stellation Healthcare Technologies was acquired for cal and pharmaceutical transactions that either closed $273 million, or 2.7X revenues and 7.7X EBITDA. In or were announced during the first quarter, along with the healthcare technology consulting area, Tech the average multiples for the major publicly-traded Mahindra of India announced its $220 million takeover healthcare, medical and pharmaceutical companies. of HCI Group for $220 million, which represents 1.9X In the Insurance Services space, Kaiser Perma- revenues. Publicly-traded HMS Holdings announced nente's combination with Group Health Cooperative its $170 million acquisition of Eliza Corporation in the finally closed in the first quarter, having been origi- health engagement management solutions arena. In ad- nally announced over a year before. In addition, both dition, HealthSmart, HUB International, PARAXEL, Molina and WellCare closed acquisitions in the first WNS and Zelis Healthcare closed or announced trans- quarter. The Technology Services area had a very busy actions during the first quarter. quarter; the largest transaction by announced valuation Moving next to the Provider sections, the pub- involved McKesson's purchase of CoverMyMeds for licly-traded Spanish biotechnology company Grifols $1.4 billion in a logical expansion play involving elec- closed on the nucleic acid testing donor screening busi- tronic prior authorization solutions for hospitals, pre- ness of Hologic for $1.9 billion. Also in the laboratory scribers, and pharmacists. In addition, the giant French space, both LabCorp and Quest announced transactions information technology player Atos picked up in the first quarter. In the home healthcare sector, Anthelio Healthcare Solutions for $275 million, or Amedisys announced two transactions, and Banner 1.4X revenues. Castlight Health announced its take- 3
Health announced its takeover of SunLife Home 3.4X revenues. Lastly, in the Pharmaceuticals Products Health. The Non-Acute Healthcare Providers area saw sector, there were several notable transactions: Ipsen/ one of its busiest quarters ever; the largest transaction Merrimack’s global oncology assets for $1.0 billion; by disclosed valuation involved yet another going- Eli Lilly/CoLucid for $860 million; Sanpower/ private transaction involving Air Methods Corporation Dendreon for $819 million; and IBA/Mallinckrodt Nu- in a transaction valued at $2.5 billion, representing clear Medicine for $690 million. 2.1X revenues and 8.7X EBITDA. In addition, GEO Following the mergers and acquisitions analy- Group announced its $360 million deal for Community sis, we present an analysis of publicly-traded Services, Education Centers, and publicly-traded Global Partner Providers, and Products companies by sector. Mean Acquisition Corporation announced its $317 million EBITDA multiples for Services companies ended the deal for Sequel Youth and Family Services, represent- first quarter at 13.7X (up from 12.7X in Q4 2016); ing 10.1X EBITDA. Lastly, in the Acute Providers Providers at 12.1X (up from 11.2X in Q4 2016); and segment, UnitedHealthcare’s Optum business closed Products at 14.3X (up from 14.1X in Q4 2016). Tech- on Surgical Care Affiliates for $4.2 billion, dramati- nology services companies ended the first quarter at cally expanding its provider footprint with a national 20.2X, while Outsourcing services companies were network of ambulatory surgery centers and surgical 15.5X. The Insurance segment EBITDA multiple came hospitals; the price represents 3.3X revenues and in at 9.6X (down from 10.0X in Q4 2016). 12.3X EBITDA. Finally, contact information for the Scott-Macon In the Products segments, Clinical Devices wit- Healthcare Investment Banking Group Professionals nessed four multibillion-dollar transactions: Abbott appears on the back cover. We welcome your call or Laboratories/St. Jude Medical for $30 billion; Johnson email to discuss your thoughts on this article. & Johnson/Abbott Medical Optics for $4.3 billion; Al- lergan/LifeCell for $2.9 billion; and Allergan/ZELTIQ Sincerely yours, Aesthetics for $2.4 million. In the Non-Clinical De- vices area, Ametek closed on Rauland-Borg for $370 million, representing 2.3X revenues. In addition, the German healthcare equipment company Sartorius an- Nathan D. Cortright nounced its $320 million deal for Essen BioScience. In Managing Director the Disposables sector, Ecolab closed on a French ac- Group Head – Healthcare Investment Banking quisition of Laboratoires Anios for $833 million, or 4 HEALTHCARE OVERVIEW MEAN REVENUE MULTIPLES
OVERALL: Revenue Multiple
2.9x 2.5x 2.0x 1.5x 1.7x 1.7x
Services Providers Products
SERVICES: Revenue Multiple
2.9x 2.9x 2.1x 1.9x 1.1x 1.4x 1.5x 1.4x NA NA Insurance Technology Outsourcing India-Based Outsourcing Information
PROVIDERS: Revenue Multiple
2.5x 1.8x 1.7x 1.4x 1.8x 1.3x 1.1x NA NA NA Labs Home Health & Hospice Non-Acute Long-Term Care Acute
PRODUCTS: Revenue Multiple
3.2x 3.4x 3.3x 2.8x 2.8x 2.3x 2.7x 0.7x
Clinical Devices Non-Clinical Devices Disposables Commercial
4.0x 3.1x 2.4x 2.2x 0.7x 0.7x
Consumer Pharmaceuticals Distribution
Public Companies M&A Transactions 5 HEALTHCARE OVERVIEW MEAN EBITDA MULTIPLES
OVERALL: EBITDA Multiple
13.7x 14.3x 12.9x 11.4x 12.1x 10.4x
Services Providers Products
SERVICES: EBITDA Multiple
20.2x 15.5x 12.7x 9.6x 11.4x 10.1x
NA NA NA NA Insurance Technology Outsourcing India-Based Outsourcing Information
PROVIDERS: EBITDA Multiple
17.0x 13.4x 10.9x 13.0x 12.3x 9.4x 8.3x
NA NA NA Labs Home Health & Hospice Non-Acute Long-Term Care Acute
PRODUCTS: EBITDA Multiple
17.2x 15.6x 15.0x 16.3x 15.7x 8.3x
NA NA Clinical Non-Clinical Disposables Commercial
15.6x 12.9x 10.4x 6.7x NA NA Consumer Pharmaceuticals Distribution
Public Companies M&A Transactions 6 ANALYSIS OF SELECTED HEALTHCARE, MEDICAL AND PHARMACEUTICAL SERVICES AND PRODUCTS MERGER & ACQUISITION TRANSACTIONS1 (CLOSED OR ANNOUNCED BETWEEN JANUARY 1—MARCH 31, 2017) ($ Millions Except Per Share Data)
Target Target Price/ Price/ Date Acquirer / Target Price Revenue EBITDA2 Revenue EBITDA2 Target Description
SERVICES - INSURANCE 1/3/2017 BETA Healthcare Group / NA NA NA NA NA Provides self-insured worker's compensation Alpha Fund Inc. coverages to healthcare communities. Announced Capital BlueCross Inc. / NA NA NA NA NA Provides health insurance plans. Vibra Health Plan, Inc. 2/2/2017 Gravie, Inc. / NA NA NA NA NA Offers Medicare health plans, prescription drug Dennis Breitenfeldt Health Insurance, Inc. plans, dental coverages, and individual/family health insurance plans; and customer support services. 2/1/2017 Kaiser Foundation Health Plan Inc., Endowment Arm / NA NA NA NA NA Provides medical coverage and care. Group Health Cooperative 2/14/2017 Molina Healthcare, Inc. (NYSE:MOH) / $76.0 NA NA NA NA Comprises managed healthcare services. Aetna Inc., Certain Medicare Advantage Assets 1/3/2017 WellCare Health Plans, Inc. (NYSE:WCG) / $157.5 NA NA NA NA Offer managed healthcare plans and services. Care1st Health Plan Arizona, Inc.; ONECare by Care1st Health Plan Arizona, Inc.
MEAN (INSURANCE) NA NA MEDIAN (INSURANCE) NA NA
SERVICES - TECHNOLOGY 1/24/2017 ADURO, Inc. / NA NA NA NA NA Develops a population engagement platform that Chrysallis Health, Inc. puts hospitals into direct, lifelong relationship with the residents of their region through a full- spectrum mobile health and wellness application. 1/13/2017 Advanced Inhalation Therapies (AIT) Ltd. / NA NA NA NA NA Focuses on developing and selling health care AIT Therapeutics, Inc. (OTCPK:KKIC.D) enterprise software to hospitals, medical centers, and health care facilities. 1/18/2017 Aprima Medical Software, Inc. / NA NA NA NA NA Provides healthcare IT services and solutions. Healthcare Data Solutions, LLC 1/19/2017 AssistRx, Inc. / NA NA NA NA NA Develops healthcare software solutions. Physician Resource Management, Inc. 2/16/2017 Atos SE (ENXTPA:ATO) / $275.0 $200.0 NA 1.4x NA Provides healthcare technology solutions to Anthelio Healthcare Solutions Inc. hospitals, physician practice groups, and other healthcare providers. 2/1/2017 Career Step, LLC / NA NA NA NA NA Comprises coding, revenue capture, and Panacea Healthcare Solutions, Inc., Revenue Capture and Coding documentation for the healthcare industry. and Documentation Divisions Announced Castlight Health, Inc. (NYSE:CSLT) / $153.5 NA NA NA NA Provides HIPAA-compliant social network and Jiff, Inc. digital health apps platform for the healthcare industry. 1/31/2017 Cv Enterprises, Inc. / NA NA NA NA NA Designs and implements solutions that provide a Sagewood Systems, Inc. scalable architecture for distributed, secure, enterprise-quality systems for the healthcare industry. 2/14/2017 Development Alternatives, Inc. / NA NA NA NA NA Comprises a point-of-care clinical assessment tool THINKMD, Inc. that enables a minimally skilled user to gather patient information, assess severity of illness, and provide established and approved triage and treatment recommendations. 2/26/2017 Digital Pharmacist Inc. / NA NA NA NA NA Comprises mobile applications development Praeses, LLC, PocketRx App business operations. 3/6/2017 DRB Financial Solutions, LLC / NA NA NA NA NA Comprises a medical receivables liquidity Echelon Group platform. 2/17/2017 ELLKAY, LLC / NA NA NA NA NA Provides Internet-based order entry and results CareEvolve.com, Inc. reporting solutions for laboratory, pathology, and radiology outreach businesses. 3/21/2017 Empire Medical Training, Inc. / NA NA NA NA NA Engages in building websites and creating Rx Medical Web, LLC marketing plans for physicians and other healthcare professionals. 3/15/2017 EMR Technology Solutions, Inc. / $1.0 NA NA NA NA Develops management software, medical record Digital Medical Solutions, Inc. systems and healthcare accounting applications for healthcare industry. 1/16/2017 EMR Technology Solutions, Inc. / $0.5 NA NA NA NA Develops and markets medical information Empower Technologies, Inc. management systems to the healthcare sector. Announced Envision Healthcare Corporation (NYSE:EVHC) / NA NA NA NA NA Develops and provides a cloud based technology Imaging Advantage LLC platform for health care facilities and radiologists. 3/16/2017 First Databank, Inc. / NA NA NA NA NA Develops software solutions to improve patient Polyglot Systems, Inc. understanding. 1/12/2017 Formativ Health / NA NA NA NA NA Creates and deploys integrated software, service, Etransmedia Technology, Inc. and connectivity solutions to simplify critical functions in the healthcare community. 3/28/2017 Genstar Capital, LLC / NA NA NA NA NA Provides clinical services and clinical technology Bracket Global LLC solutions for various clinical trials. 7
Target Target Price/ Price/ Date Acquirer / Target Price Revenue EBITDA2 Revenue EBITDA2 Target Description
1/19/2017 GetWellNetwork, Inc. / NA NA NA NA NA Designs and delivers cloud-based software and Seamless Medical Systems, LLC services that help physician practices to streamline their front office operations and facilitate enhanced communication with patients. 3/8/2017 GlobalMedia Group, LLC / NA NA NA NA NA Provides an on-demand healthcare platform that TreatMD, Inc. enables patients to interact with healthcare providers and healthcare organizations. 3/29/2017 higi SH llc / NA NA NA NA NA Provides engagement solutions for employers and EveryMove, Inc. health plans utilizing fitness tracking data and app information to provide financial incentives for members and employees. 2/1/2017 i3 Verticals, LLC / NA NA NA NA NA Provides payment solutions and methodologies CSC Links, LLC centered for the healthcare and non-profit verticals. 1/31/2017 InTouch Technologies, Inc. / NA NA NA NA NA Provides telemedicine program design and C30 Medical Corporation support services. 1/6/2017 Invitae Corporation (NYSE:NVTA) / $15.0 NA NA NA NA Provides patient-centered data solutions for PatientCrossroads, Inc. patients and families. 1/17/2017 Jelleyvision Lab Inc. / NA NA NA NA NA Aggregates an individual’s healthcare information Flexminder, Inc. from multiple sources and automates the reimbursement process for their healthcare flexible spending account claims. 1/5/2017 Kaufman, Hall & Associates, Inc, Investment Arm / NA NA NA NA NA Provides healthcare decision support systems to KREG Information Systems healthcare organizations and professionals. 1/25/2017 MassRoots, Inc. (OTCPK:MSRT) / $2.5 NA NA NA NA Provides a cloud-based platform that enables CannaBuild , LLC dispensary operations to serve their customers on specific questions related to symptoms and strains that occur from intake of cannabis. 3/8/2017 McKesson Corporation (NYSE:MCK) / $1,400.0 NA NA NA NA Provides electronic prior authorization solutions CoverMyMeds LLC for hospitals, prescribers, and pharmacists. Announced Medfusion, Inc. / NA NA NA NA NA Owns and operates an online platform for patient NexSched, LLC self-scheduling. Announced National General Holdings Corp. (NasdaqGM:NGHC) / NA NA NA NA NA Provides Internet application services for the HealthCompare Insurance Services, Inc.; Quotit Corporation health insurance and employee benefits industry. 1/26/2017 Niniva, LLC / NA NA NA NA NA Provides blockchain applications to address the kreateIoT Inc. interoperability challenges for healthcare industry. Announced Ocean Thermal Energy Corporation / NA NA NA NA NA Provides business information technology TetriDyn Solutions, Inc. (OTCPK:TDYS) solutions primarily for the healthcare industry. 3/7/2017 Omega Healthcare Management Services Private Limited / NA NA NA NA NA Provides data analytics and cloud healthcare WhiteSpace Health, Inc. intelligence solutions for healthcare providers. 1/23/2017 Omicia, Inc. / NA NA NA NA NA Develops analysis software for the detection of Spiral Genetics, Inc. genomic structural variants from next-generation sequencing data. 3/1/2017 OmniSYS, LLC / NA NA NA NA NA Develops patient communication and adherence voiceTech Inc. solutions for the pharmacy industry. 2/23/2017 One Call Care Management, Inc. / NA NA NA NA NA Operates a value-based analytics and data High Line Health visualization platform that facilitates the measurement and tracking of healthcare quality and efficiency. 1/5/2017 Primus Capital / NA NA NA NA NA Provides healthcare reimbursement solutions to Payspan, Inc. healthcare payers and providers, members, and banks. 1/10/2017 Proactive MD, LLC / NA NA NA NA NA Partners with workplace health centers to provide Verimoov LLC patient engagement solutions. 2/9/2017 ProSites, Inc. / NA NA NA NA NA Provides software solutions for patient retention to Eirene, Inc. dental practices. 1/9/2017 QIAGEN N.V. (NasdaqGS:QGEN) / NA NA NA NA NA Designs and develops bioinformatics, next OmicSoft Corporation generation sequencing, and cancer genomics software for biomarker data management, visualization, and analysis. 3/1/2017 Quatris, LLC / NA NA NA NA NA Develops and offers software solutions and Corporate Computer Solutions, LLC services that help physicians streamline office processes, manage EMR, and practice medicine. 1/23/2017 Samepage Inc. / NA NA NA NA NA An online individualized guide for users to improve Health 123, Inc. health. Announced Sarah Cannon Research Institute, LLC / NA NA NA NA NA Provides decision support and reporting tools to GenoSpace, LLC clinical labs and health care providers. 1/31/2017 TeleManager Technologies, Inc. / NA NA NA NA NA Provides a platform that distributes and maintains RxWiki, Inc. 'white-label' apps for digital pharmacists and enables consumers to find, ask, rate, and share medicines, health news, and financial assistance programs. 2/9/2017 TPG Capital, L.P. / NA NA NA NA NA Designs, develops, markets, licenses, Mediware Information Systems, Inc. implements, and supports clinical and performance management information software systems used by hospitals, long-term and alternative care facilities, behavioral health facilities, and blood and blood plasma centers. 3/15/2017 Traffk, LLC / NA NA NA NA NA Develops personalized mobile applications and Capsci Health, Inc. benefit engagement platforms for health plan members, carriers, large employers, captives, and other health care purchasers. 8
Target Target Price/ Price/ Date Acquirer / Target Price Revenue EBITDA2 Revenue EBITDA2 Target Description
3/27/2017 Trapp Technology, Inc. / NA NA NA NA NA Provides cloud-based medical software hosting Velocity Managed Services, Inc., Medical Cloud Hosting Division services. 1/11/2017 Triose, Inc. / NA NA NA NA NA Provides analytics that help in identifying variation Predicata and the steps required to make improvements to the healthcare industry. 2/28/2017 TruClinic LLC / NA NA NA NA NA Provides a flexible interoperability solution for Overl.ai, Inc. healthcare entities. 1/12/2017 Unknown Buyer / NA NA NA NA NA Develops a cloud application that allows EasyRx LLC orthodontists, dentists, and labs the ability to digitally design, manage, and share their patient’s appliance prescriptions and supporting digital files. 1/5/2017 Unknown Buyer / $8.5 NA NA NA NA Provides technology solutions for post acute care Virtual Care Provider, Inc. services providers.
MEAN (TECHNOLOGY) 1.4x NA MEDIAN (TECHNOLOGY) 1.4x NA
SERVICES - OUTSOURCING 1/3/2017 Altarum Institute / NA NA NA NA NA Designs and develops reward programs for Health Care Incentives Improvement Institute, Inc. clinicians, hospitals, and employers. 3/13/2017 Ardent Health Services / NA NA NA NA NA Provides hospital capital and expertise to not-for- LHP Hospital Group, Inc. profit hospitals and hospital systems by forming joint ventures to own, operate, and manage acute care hospitals. 1/3/2017 Aviacode Incorporated / NA NA NA NA NA Provides business intelligence products and Revant Solutions Inc. consulting services for healthcare organizations and hospitals. 2/1/2017 BelHealth Investment Partners, LLC / NA NA NA NA NA Provides vendor management solutions to American HealthCare Staffing Association, LLC member hospitals. 2/6/2017 Blackstone Group L.P. (NYSE:BX) / $6,020.1 $4,379.3 $401.7 1.4x 15.0x Provides outsourced healthcare professional Team Health Holdings, Inc. (NYSE:TMH) staffing and administrative services to hospitals and other healthcare providers. 1/11/2017 Bolder Healthcare Solutions LLC / NA NA NA NA NA Comprises a health care management consulting Business Dynamics Limited firm. 1/1/2017 Bonadio Receivable Solutions, LLC / NA NA NA NA NA Provides operations and revenue management IM Solutions, Inc. solutions to the healthcare industry. 2/20/2017 CareCredit, LLC / NA NA NA NA NA Comprises a portfolio of Citi Health Card Citibank, N.A., Citi Health Card Portfolio consumer accounts and a network of healthcare providers and health-focused retail locations. 1/30/2017 CC Capital Management, LLC / $273.0 $100.9 $35.4 2.7x 7.7x Provides outsourced revenue cycle management, Constellation Healthcare Technologies, Inc. (AIM:CHT) practice management, and group purchasing services to physicians. 2/7/2017 Centauri Health Solutions, Inc. / NA NA NA NA NA Provides eligibility and various reimbursement Human Arc Corporation recovery solutions for hospitals and health plans. 1/30/2017 Concept Plus, LLC / NA NA NA NA NA Offers healthcare information technology THAOINC management and services. 1/23/2017 Continuum Health Alliance, LLC / NA NA NA NA NA Provides health and care management services Partners In Care Corporation for Medicare fee-for-service beneficiaries. Announced DirectPath, LLC / NA NA NA NA NA Operates as an advocacy company which helps Labyrinth Health Care Group, Inc. members to navigate the health care systems. 1/31/2017 DrFirst.com, Inc. / NA NA NA NA NA Provides clinical trial recruitment services to life VisibilityRx sciences, clinical research organizations and pharmacies. 3/6/2017 DXE Medical, Inc. / NA NA NA NA NA Provides first aid, cardiopulmonary resuscitation, Cardio Partner Resources, LLC and automated external defibrillator training services. 1/31/2017 Genex Services, LLC / NA NA NA NA NA Provides medical examination and expert medical ECI Holdings, LLC review services. 3/2/2017 GuideWell Mutual Holding Corporation / NA NA NA NA NA Provides data analytics solutions for the PopHealthCare L.L.C. healthcare industry to improve care for high-risk patients. Announced Healics Inc. / NA NA NA NA NA Provides workplace wellness programs and Interra Health, Inc. operates onsite clinics. 1/1/2017 Health Carousel, LLC / NA NA NA NA NA Provides short term and permanent placement Medical Staffing Options Inc. opportunities for nurses and allied healthcare professionals. Announced HealthcareSource HR, Inc. / NA NA NA NA NA Provides workforce management solutions for the Centricity Contingent Staffing healthcare industry. 1/6/2017 HealthSmart Preferred Care II, LP / $4.1 NA NA NA NA Comprises ancillary network business which American CareSource Holdings, Certain Assets And Contracts includes clients and medical providers of the Related To Ancillary Network Business network. 1/1/2017 HM Health Solutions, Inc. / NA NA NA NA NA Provides staffing and managed services. Incepture Inc. Announced HMS Holdings Corp. (NasdaqGS:HMSY) / $170.0 NA NA NA NA Provides health engagement management Eliza Corporation solutions. Announced Hooper Holmes, Inc. (AMEX:HH) / $7.4 $36.7 NA 0.2x NA Provides remote and onsite workplace wellness Provant Health Solutions Inc. solutions for employees. 1/6/2017 HUB International Limited / NA NA NA NA NA Operates as a employee benefits consulting Hubbard-Bert, Inc. company. 9
Target Target Price/ Price/ Date Acquirer / Target Price Revenue EBITDA2 Revenue EBITDA2 Target Description
3/29/2017 iHealth Innovations, LLC / NA NA NA NA NA Provides medical billing and collections to AllDocuments, Inc. practices and providers. 1/31/2017 InTouch Technologies, Inc. / NA NA NA NA NA Provides emergent neurology consulting services. C30 Medical Corporation 2/17/2017 Jackson Healthcare, LLC / NA NA NA NA NA Provides nursing executive retained search, Kirby Bates Associates, Inc. interim management, and coaching/consulting services to healthcare organizations and nursing executives. 1/16/2017 Linde Gas North America LLC / NA NA NA NA NA Provides medical oxygen and equipment repair Service Center LLC services for healthcare providers. 1/25/2017 MES Group, Inc. / NA NA NA NA NA Provides independent medical evaluation and EvaluMed, Inc. medicolegal services. 1/10/2017 Morneau Shepell Inc. (TSX:MSI) / NA NA NA NA NA Provides an employee assistance program which Les Consultants Longpré & Associés inc. offers services that cover wellness, management support, post-trauma, and psychological health. Announced Novation Companies, Inc. (OTCPK:NOVC.Q) / $24.0 NA NA NA NA Provides healthcare staffing services. Healthcare Staffing, Inc. Announced PAREXEL International Corporation (NasdaqGS:PRXL) / NA NA NA NA NA Provides medical and scientific affairs solutions to Medical Affairs Company LLC pharmaceutical, biotechnology, and medical device industries. Announced Payment Data Systems, Inc. (NasdaqCM:PYDS) / NA NA NA NA NA Provides payment processing services for Singular Payments, LLC healthcare and utilities industries. 1/10/2017 Pharmaron, Inc. / NA NA NA NA NA Provides clinical research services for AMS Sciences Limited pharmaceutical and biotechnology companies. 1/20/2017 PlanSource Benefits Administration, Inc. / NA NA NA NA NA Provides benefits administration services. Next Generation Enrollment, Inc. Announced Porton USA, L.L.C. / $26.0 NA NA NA NA Operates as a contract research organization for J-STAR Research, Inc. pharmaceutical and biotechnology companies. 3/2/2017 Predictive Compliance LLC / NA NA NA NA NA Develops and offers online tests for assessing Bowles-Langley Technology, Inc. human mental performance in the healthcare industry. 2/9/2017 Quad-C Management, Inc. / NA NA NA NA NA Operates as a contract research organization. Pharm-Olam International, Ltd. 2/10/2017 Quotient Clinical Ltd. / $75.0 NA NA NA NA Provides contract development/research and QS Pharma, LLC clinical/commercial manufacturing services for the pharmaceutical and biopharmaceutical companies. 2/6/2017 Quotient Clinical Ltd. / NA NA NA NA NA Operates as a clinical research organization that Seaview Research, Inc. provides clinical pharmacology testing and laboratory services to the pharmaceutical industry. 3/1/2017 Revenue Cycle, Inc. / NA NA NA NA NA Provides auditing, education, reference tools, and Coding Strategies, Inc. consulting services for the healthcare industry. Announced Risk Authority Stanford / NA NA NA NA NA Provides a variety of risk management services to PHT Services South Carolina’s healthcare industry. 2/14/2017 Riverside Partners LLC / NA NA NA NA NA Provides specialty insurance reimbursement Medical Reimbursements of America, Inc. brokerage solutions for hospitals and health systems. Announced Tech Mahindra (Americas), Inc. / $220.0 $114.0 NA 1.9x NA Offers healthcare technology consulting services. HCI Group 1/12/2017 Travel Nurse Across America, LLC / NA NA NA NA NA Provides contingent healthcare workforce service Trinity Healthcare Staffing Group, Inc. to hospitals. 3/15/2017 WNS (Holdings) Ltd. (NYSE:WNS) / $95.0 NA NA NA NA Operates as a specialty benefits management HealthHelp Inc. company. 2/28/2017 Zelis Healthcare Corp / NA NA NA NA NA Operates a network of dentists for use by Maverest Dental Network, LLC insurance companies, employers, and third-party administrators. 2/13/2017 Zenith American Solutions, Inc. / NA NA NA NA NA Engages in assisting businesses in carrier Pacific Federal, LLC negotiations and administration of employee benefit coverages.
MEAN (OUTSOURCING) 1.5x 11.4x MEDIAN (OUTSOURCING) 1.6x 11.4x
SERVICES - INFORMATION 3/14/2017 9g Enterprises, Inc. / NA NA NA NA NA Services include CAHPS hospice surveys, patient Novaetus, Inc. center medical home surveys, home health care surveys, ICH surveys and home care marketing services. 2/1/2017 Advice Media, LLC / NA NA NA NA NA Provides patient education videos, tools and Patient Education Concepts, Inc., Certain Assets materials for the ophthalmic industry. 3/16/2017 Aprimo LLC / NA NA NA NA NA Offers consumer health information and benefits A.D.A.M., Inc. technology solutions to health care organizations, hospitals, benefits brokers, employers, consumers, and educational institutions. 1/31/2017 Cello Health / $9.5 $6.6 NA 1.4x NA Provides scientific strategic advisory services to Defined Health Inc. biotechnology and healthcare companies. 2/17/2017 HMP Communications Holdings, LLC / NA NA NA NA NA Organizes medical trade shows. Southcomm Business Media, Inc. Announced Inland Empire Health Information Exchange / NA NA NA NA NA Comprises next-generation health information Cal INDEX exchange which allows physicians, nurses and hospitals throughout the state to share patients’ health information. 10
Target Target Price/ Price/ Date Acquirer / Target Price Revenue EBITDA2 Revenue EBITDA2 Target Description
2/16/2017 Innomar Strategies Inc. / NA NA NA NA NA Provides information on CDR submissions, Wyatt Health Management Inc. including summaries of drug advisory committee recommendations, listing dates on public drug plans, and times to listing; and custom research reports on managed care plans and international product or product category access.
MEAN (INFORMATION) 1.4x NA MEDIAN (INFORMATION) 1.4x NA
MEAN (SERVICES) 1.5x 11.4x MEDIAN (SERVICES) 1.4x 11.4x
PROVIDERS - LABS 3/7/2017 1315 Capital LLC; Ampersand Capital Partners / NA NA NA NA NA Provides specialized oncology diagnostics Genoptix, Inc. services. 3/9/2017 BioreclamationIVT / NA NA NA NA NA Operates as a laboratory contract research Translational Cell Science LLC organization. 3/1/2017 Genesis Biotechnology Group, LLC / NA NA NA NA NA Provides consulting and laboratory services. PharmOptima, LLC 1/31/2017 Grifols Diagnostic Solutions Inc. / $1,850.0 NA NA NA NA Comprises a donor screening unit. Hologic, Inc., Nucleic Acid Testing Donor Screening Business 1/31/2017 Kentucky Lions Eye Bank / NA NA NA NA NA Procures and places human eye tissue for Lions Eye Bank of Lexington transplantation. Announced Laboratory Corporation of America Holdings (NYSE:LH) / NA NA NA NA NA Comprises provision of laboratory services to Mount Sinai Health System, Inc., Clinical Outreach Laboratories physicians and patients. Announced Laboratory Corporation of America Holdings (NYSE:LH) / NA NA NA NA NA Operates as a medical/clinical reference Pathology Associates Medical Laboratories, LLC laboratory. Announced Poplar Healthcare / $6.4 NA NA NA NA Provides laboratory services to hospitals. Bostwick Laboratories, Inc. Announced Public Sector Pension Investment Board / $1.9 NA NA NA NA Operates a network of medical biology Cerba HealthCare SAS laboratories. Announced Quest Diagnostics Incorporated (NYSE:DGX) / NA NA NA NA NA Comprises a medical laboratory center that PeaceHealth Laboratories, Outreach Laboratory Services provides laboratory diagnostic services. Operations Announced Vinergy Resources Ltd. (CNSX:VIN) / $0.5 NA NA NA NA Offers drug testing services. Biolennia Laboratories Inc. 3/22/2017 VWR Corporation (NasdaqGS:VWR) / NA NA NA NA NA Provides biorepository solutions including secure EPL Archives, Inc. preservation for test materials, pre-clinical specimens, clinical trial samples, manufacturing materials, and finished products.
MEAN (LABS) NA NA MEDIAN (LABS) NA NA
PROVIDERS - HOME HEALTH & HOSPICE Announced Amedisys, Inc. (NasdaqGS:AMED) / NA NA NA NA NA Offers personal home care services. East Tennessee Personal Care Service, LLC Announced Amedisys, Inc. (NasdaqGS:AMED) / NA NA NA NA NA Comprises home health and hospice operations. Tenet Healthcare, home health and hospice operations in Arizona, Illinois, Massachusetts,Texas 2/2/2017 Associated Home Care Inc. / NA NA NA NA NA Operates as a home healthcare agency. Home Staff, LLC 2/2/2017 Athyrium Capital Management, LP; Comvest Partners / NA NA NA NA NA Provides in-house medical and preventive care Interamerican Medical Center Group, LLC services for Medicare and Medicaid dual-eligible customers. 3/16/2017 Bain Capital Private Equity, LP / NA NA NA NA NA Provides home healthcare services for medically Epic Health Services, Inc. fragile children and adults. Announced Bain Capital Private Equity, LP / NA NA NA NA NA Provides pediatric home care services for Pediatric Services of America, Inc. medically fragile children and adults. Announced Banner Health / NA NA NA NA NA Provides care management and home health care SunLife Home Health, LLC services for chronic medical and cognitive conditions. 1/4/2017 BelHealth Investment Partners, LLC / NA NA NA NA NA Provides home healthcare nursing services. Care Advantage, Inc. 3/1/2017 Cornerstone Healthcare, Inc. / NA NA NA NA NA Offers hospice care services. Hospice of the Pines, LLC 1/23/2017 Guardian Home Care Holdings, Inc. / NA NA NA NA NA Provide personal healthcare services. Padre Home Health, Inc.; Royalty Personal Assistance Service LLC 1/12/2017 Help at Home, Inc. (OTCPK:HAHI) / NA NA NA NA NA Offers home care services. Excel Companion Care Inc. 1/10/2017 Jet Health, Inc. / NA NA NA NA NA Provides home health care services. Home Health Investments, LLC 3/22/2017 JPB Capital Partners / NA NA NA NA NA Operates as a homecare and hospice care Hometown Hospice & Homecare, Inc. agency.
MEAN (HOME HEALTH & HOSPICE) NA NA MEDIAN (HOME HEALTH & HOSPICE) NA NA
PROVIDERS - NON-ACUTE 3/16/2017 AAD Dermatology Management, LLC / NA NA NA NA NA Offers dermatology services. Drs. Jaffe, O'Neill and Lindgren, P.A. 11
Target Target Price/ Price/ Date Acquirer / Target Price Revenue EBITDA2 Revenue EBITDA2 Target Description
3/31/2017 Acuity Eyecare Holdings LLC / NA NA NA NA NA Own and operate optical stores and also provides Crown Vision Center; Eyetique Corporation; International Eyecare eye care services. Center, Inc. 3/27/2017 Advanced Dermatology & Cosmetic Surgery Inc. / NA NA NA NA NA Provides dermatology services. Dermatology Associates, Inc. 3/21/2017 Advanced Dermatology & Cosmetic Surgery Inc. / NA NA NA NA NA Offers dermatology services. Oakland Dermatology Associates PC 1/4/2017 Advanced Dermatology & Cosmetic Surgery Inc. / NA NA NA NA NA Provides dermatology and skin surgery services. Stephen P. Castle D.O., P.C. 1/23/2017 Advanced Dermatology & Cosmetic Surgery Inc. / NA NA NA NA NA Provide dermatology services. Cara Mia Medical Spa; Dermatology Associates of Colorado 1/24/2017 Advanced Dermatology & Cosmetic Surgery Inc. / NA NA NA NA NA Provide clinical dermatology services. Scottsdale Dermatology Ltd. 2/7/2017 Advanced Orthopedics of Oklahoma, PLLC / NA NA NA NA NA Orthopedic and sports medicine practice. Eastern Oklahoma Orthopedic Center, Inc. 3/10/2017 Agility Health, Inc. (TSXV:AHI) / $2.0 NA NA NA NA Operates foot care clinics, manufactures, and Medic Holdings Corp. distributes custom orthotics. Announced Aier Eye Hospital Group Co., Ltd. (SZSE:300015) / $24.0 NA NA NA NA Owns and operates an ophthalmology center. AW Healthcare Management LLC 3/6/2017 AirMed International, LLC / NA NA NA NA NA Provides emergency air transport. Air Medical, LLC Announced American Securities / $2,486.5 $1,170.5 $286.2 2.1x 8.7x Provides air medical transportation services to the Air Methods Corporation (NasdaqGS:AIRM) general population as an independent service, as well as to hospitals and other institutions under operating agreements. 1/23/2017 Atwell Care Management, LLC / NA NA NA NA NA Provides a residential and extended care program Gray Wolf Ranch, Inc. that teaches young men how to live sober lives. Announced Baptist Hospitals of Southeast Texas, Inc. / NA NA NA NA NA Operate cancer centers. Altus Cancer Center; Cancer Center of Southeast Texas 1/20/2017 BayMark Health Services Inc. / NA NA NA NA NA Operates a chain of outpatient addiction recovery AppleGate Recovery LLC clinics. 1/23/2017 BayMark Health Services Inc. / NA NA NA NA NA Offers outpatient detoxification programs for Coleman Institute, LLC addiction treatment. 2/3/2017 Behavioral Health Group, Inc. / NA NA NA NA NA Own and operate clinics that treat opiate addicted Private Clinic Albany; TLC Clinic Of Tifton patients. 2/14/2017 Canadian Addiction Residential Treatment LP / $8.8 NA NA NA NA Comprises a rehabilitation clinic. Greenestone Healthcare Corporation, Substantially All Of The Assets Of The Canadian Rehab Clinic Announced Cardinal Innovations Healthcare Solutions / NA NA NA NA NA Manages mental health, developmental Eastpointe disabilities, and substance abuse services. 1/1/2017 CareMount Medical, P.C. / NA NA NA NA NA Provides anesthesiology services. Bedford Anesthesia, PLLC 2/6/2017 Cascade Medical Imaging, LLC / NA NA NA NA NA Comprises an imaging center. Sectra AB, Sectra Enterprise Imaging for Radiology 3/31/2017 China Environmental Technology Holdings Limited (SEHK:646) / $45.3 NA NA NA NA Provides fertility medical treatment services. Pacific Fertility Institutes Inc. 3/1/2017 CHRISTUS Santa Rosa Health Care Corporation / NA NA NA NA NA Comprises healthcare facilities. Elite Care Emergency Medical Centers 1/20/2017 Clayton Sleep Institute, L.L.C. / NA NA NA NA NA Offers resolutions for sleep disorders. Midwest Health Group, LLC, Midwest Sleep Lab 3/7/2017 Constellation Behavioral Health, LLC / NA NA NA NA NA Operates psychological and rehabilitation facilities Hanbleceya Treatment Center, A Psychological Corporation that provides mental illness treatments. 2/1/2017 CRH Medical Corporation (TSX:CRH) / NA NA NA NA NA Provides anesthesia services to an ambulatory A Gastroenterology Anesthesia Practice in Decatur Georgia surgical center. 3/15/2017 CRH Medical Corporation (TSX:CRH) / NA NA NA NA NA Comprises gastroenterology anesthesia practice. Gastroenterology Anesthesia Practice in Kissimmee Florida 2/1/2017 Davita Healthcare Partners Plan, Inc. / NA NA NA NA NA Operates as a multiple-physician medical practice Mountain View Medical Group, P.C. group. 1/9/2017 Dermatology Associates of DFW / NA NA NA NA NA Provide dermatology services. Advanced Dermatologic Surgery; Bryan Townsend; Dermatology and Laser Center 2/28/2017 DGAT Partners, LLC / NA NA NA NA NA Operates surgical centers. Centers for Special Surgery, LLC 3/6/2017 Dynamic Dental Partners Group / NA NA NA NA NA Provides routine, cosmetic, and specialized dental Dental Partners Inc. health services. Announced Eastgate Biotech Corp. (OTCPK:ETBI) / NA NA NA NA NA Offers plastic, orthopedic, and general surgical OMNI Surgery + Anti-Aging Centre procedures. 1/3/2017 Envision Healthcare Corporation (NYSE:EVHC) / NA NA NA NA NA Provides patient care. Oro Valley Anesthesia, PLLC 1/4/2017 Envision Healthcare Corporation (NYSE:EVHC) / NA NA NA NA NA Provides diagnostic imaging services. Sunshine Radiology, LLC 1/6/2017 Envision Healthcare Corporation, Physician Services Business / NA NA NA NA NA Provides patient care and emergency medical Emergency Professional Services, P.C. services. 3/3/2017 Epiphany Dermatology PA / NA NA NA NA NA Provides clinical and cosmetic dermatology Dallas Dermatology, LLC services. 3/14/2017 Epiphany Dermatology PA / NA NA NA NA NA Offer dermatology services. Dermatology Consultants Of Albuquerque PC and Dermatology Center, PC Announced Everett Clinic, Inc. / NA NA NA NA NA Operates medical clinics that provide general and Totem Lake Family Medicine PLLC mental healthcare services. 12
Target Target Price/ Price/ Date Acquirer / Target Price Revenue EBITDA2 Revenue EBITDA2 Target Description
Announced Gala Global Inc. (OTCPK:GLAG) / NA NA NA NA NA Provides cryotherapy services. Cryo Health USA, LLC 2/3/2017 Gastro Health, PL / NA NA NA NA NA Provides gastroenterology services. Douglas M. Weissman, M.D., P.A. 3/8/2017 Gastro Health, PL / NA NA NA NA NA Provides gastroenterology services. South Palm GI, P.A. Announced GEO Group, Inc. (NYSE:GEO) / $360.0 NA NA NA NA Provides a range of care services, such as in- Community Education Centers, Inc. prison treatment programs, drug/alcohol testing services, correctional facility operations and management. 2/9/2017 Global Guardian LLC / NA NA NA NA NA Provides aeromedical transportation and Air Ambulance Card, LLC repatriation services. 3/27/2017 Global Medical REIT, Inc. (NYSE:GMRE) / $9.7 NA NA NA NA Comprises a healthcare facility. 12,000 Square-Foot Clinic in Prescott And South Lake Heart & Vascular Institute in Clermont 3/27/2017 Global Medical REIT, Inc. (NYSE:GMRE) / $4.9 NA NA NA NA Provides orthopedic services. Las Cruces Orthopaedic Associates, PC Announced Global Partner Acquisition Corp. (NasdaqCM:GPAC) / $317.1 NA $31.3 NA 10.1x Develops and operates programs for people with Sequel Youth and Family Services, LLC behavioral, emotional, or physical challenges. 1/18/2017 Grand Healthcare System / NA NA NA NA NA Operates as healthcare facility and offers Grand Rehabilitation and Nursing at River Valley healthcare services. 2/13/2017 Greenestone Healthcare Corporation (OTCPK:GRST) / $4.7 NA NA NA NA Operates a drug rehabilitation and alcohol Seastone of Delray, LLC treatment center for men. 3/2/2017 HealthSource Chiropractic, Inc. / NA NA NA NA NA Provides chiropractic care services. HealthSource Chiropractic Clinic 1/12/2017 HealthSource Chiropractic, Inc. / NA NA NA NA NA Provides chiropractic care services. MDR Advanced Medical Associates, Inc. 1/30/2017 Holy Redeemer Health System, Inc. / NA NA NA NA NA Operates a health treatment center to help Philmont Guidance Center, PC children, adolescents, families, adults, and couples. 1/17/2017 HonorHealth / NA NA NA NA NA Comprises a business division offering Arizona Center for Cancer Care, Gynecological Operations gynecological services. Announced Indiana University Health, Inc. / NA NA NA NA NA Provides primary and specialty health care Premier HealthCare, Inc. services. 1/19/2017 Inland Imaging, LLC / NA NA NA NA NA Provides diagnostic services for hospitals and Missoula Radiology, PC clinics. 1/13/2017 Innovation Institute LLC / NA NA NA NA NA Comprises a healthcare facility. Austin VA Outpatient Clinic 1/31/2017 Innovations Health Systems, LLC / NA NA NA NA NA Comprises three pediatric facilities. Three Bay Area pediatric facilities Announced Instituto Valenciano De Infertilidad SA / NA NA NA NA NA Provides in vitro fertilization treatments and other Reproductive Medicine Associates of New Jersey, LLC assisted reproductive technologies. 2/15/2017 Integrated Dermatology LLC / NA NA NA NA NA Provides dermatology services. Virginia Beach Dermatology Associates, PLLC 3/30/2017 Kindred Family Focus / NA NA NA NA NA Provides treatment foster care, intensive treatment PATH MN foster care, adoption, whole family placement, emergency shelter foster family care, Children’s Therapeutic Services and Supports and outcomes, evaluation and research. 2/2/2017 LifeNet Health, Inc. / NA NA NA NA NA Operates as a tissue bank. AlloTiss Gemeinnützige Gewebebank GmbH Announced Lions Eye Institute for Transplant and Research, Inc. / NA NA NA NA NA Owns and operates an eye bank. International Sight Restoration, Inc. Announced Lovelace Rehabilitation Hospital / NA NA NA NA NA Operates as a healthcare center. UNM Medical Group, Inc. 3/15/2017 MAB-Mackay Rehabilitation Centre / NA NA NA NA NA Provides specialized and ultra-specialized nature Centre De Réadaptation Constance Lethbridge rehabilitation services for adults with motor, and speech and language disabilities. 3/1/2017 Maryland Adult Day Health, Inc. / NA NA NA NA NA Operates adult day health care centers. Rainbow ADHC, LLC 3/23/2017 MEDNAX, Inc. (NYSE:MD) / NA NA NA NA NA Provides pediatric ophthalmology services. Bruce E. Snyder, M.D., PLLC. 3/13/2017 MEDNAX, Inc. (NYSE:MD) / NA NA NA NA NA Provides maternal-fetal medicine services. Midwest Perinatal Associates, P.A. 2/6/2017 MEDNAX, Inc. (NYSE:MD) / NA NA NA NA NA Provides hospitals with 24/7 Level II and Level III Newborn Intensive Care Specialists, P.A. newborn intensive care units and pediatric hospitalist programs. 1/30/2017 MEDNAX, Inc. (NYSE:MD) / NA NA NA NA NA Provides diagnostic radiology, interventionao Radiology Alliance radiology, women's imaging and nuclear medicine services. 1/25/2017 MEDNAX, Inc. (NYSE:MD) / NA NA NA NA NA Provides neonatal, delivery, newborn nursery, Western Newborn Specialists, Inc. pediatric and consultative services. 1/10/2017 Mettrum Health Corp. (TSXV:MT) / $10.8 NA NA NA NA Operates a network of medical cannabis clinics. 2344823 Ontario Inc. 2/13/2017 miRagen Therapeutics, Inc. / NA NA NM NA NM Focuses on providing diagnostic services that Signal Genetics, Inc. (NasdaqCM:SGNL) assist physicians in decision making for the care of patients suffering from cancer. 3/22/2017 New Vista Behavioral Health / NA NA NA NA NA Operates a residential addiction treatment center Avalon By The Sea, Inc. that provides treatment to adults experiencing substance abuse disorders, as well as psychiatric and mental health issues. 13
Target Target Price/ Price/ Date Acquirer / Target Price Revenue EBITDA2 Revenue EBITDA2 Target Description
Announced Newton Healthcare Corporation / NA NA NA NA NA Owns and operates a rehabilitation center. Pinnacle Rehabilitation and Sports Performance 3/13/2017 Northstar Healthcare Acquisitions, LLC / $13.3 NA NA NA NA Vein clinic which diagnoses vein disease and Hamilton Vein Inc. treats veins disorders on an outpatient basis. Announced Northwest Colorado Health / NA NA NA NA NA Provides dental services to low-income children Northwest Colorado Dental Coalition and adults. 2/21/2017 Northwest Eye Clinic / NA NA NA NA NA Comprises ophthalmology practices and clinics. Edina Eye Physicians; North Suburban Eye Specialists 1/10/2017 Ochsner Health System / NA NA NA NA NA Engages in opening, acquiring, and managing Millennium Healthcare Management, Inc. accredited urgent care and occupational medicine centers that provide extended-hour care for acute illness and injury. Announced PDAUnknown BuyerGMF Holdco, LLC / NA NA NA NA NA Comprises health care facilities. Ownership Interest in Seven Clinics 3/20/2017 Premier Health Partners, Inc. / NA NA NA NA NA Provides a range of general family medicine Studebaker Family Practice, Inc. services. 2/6/2017 Premier Health Specialists, Inc. / NA NA NA NA NA Offers diagnosis, treatment, and care for Middletown Cardiovascular Associates, Inc. cardiovascular disease, echocardiography, electrophysiology, and vascular disease. 2/12/2017 Premier MRI/CT / NA NA NA NA NA Own and operate diagnostic centers, and offer BioMagnetic Open MRI; Imaging Center magnetic resonance imaging services. 1/21/2017 Progressive Vision Center LTD / NA NA NA NA NA Comprises patient records and continuity of care. Spoon River Optical 2/15/2017 PT Network, LLC / NA NA NA NA NA Provides a variety of physical therapy solutions. Dynamic Therapy Services LLC 3/22/2017 PT Network, LLC / NA NA NA NA NA Owns and operates outpatient physical therapy ProCare Physical Therapy, Inc. clinics that provide outpatient physical therapy services. 1/1/2017 Regional Gastroenterology Associates Of Lancaster Limited / NA NA NA NA NA Operates as an ambulatory surgical center. Lancaster PA Endoscopy ASC, L.P. 3/14/2017 Ridgeview Medical Center, Inc. / NA NA NA NA NA Offers healthcare services including outpatient Minnesota Valley Health Center Inc. specialty and urgent care services. 3/31/2017 Riverchase Dermatology and Cosmetic Surgery / NA NA NA NA NA Provides dermatology services. Tampa Palms Dermatology 1/3/2017 Riverside Company / NA NA NA NA NA Operates a chain of residential eating disorder Castlewood Treatment Center, LLC treatment centers that provide eating disorder treatment services. 1/5/2017 Schweiger Dermatology Group LLC / NA NA NA NA NA Provides dermatologic care thorough its medical, Great Neck Dermatology, P.C. surgical, and cosmetic services. 3/8/2017 Schweiger Dermatology Group LLC / NA NA NA NA NA Offers dermatology services. Lower Manhattan Medical Associates, PC 3/8/2017 Senior Care Centers of America, Inc. / NA NA NA NA NA Comprises senior care healthcare facilities. Addus HomeCare Corporation, Three Health Centers in Illinois 2/13/2017 Smile Brands Group Inc. / NA NA NA NA NA Operate dental care facilities. A+ Dental Care and Three Dental Practices in Mountain View and Los Gatos 2/6/2017 Sonendo, Inc. / NA NA NA NA NA Offers dental and medical treatment services. PIPSTEK, LLC 2/2/2017 Specialists On Call Inc. / NA NA NA NA NA Provides remote, neurological, telestroke, and NeuroCall Inc. teleneurology services for facilities requiring coverage. 2/1/2017 SpecialtyCare, Inc. / NA NA NA NA NA Offers perfusion services through its clinics. Trident Health Resources, Inc. 1/31/2017 St. Joseph Regional Health Network / NA NA NA NA NA Provides physician care services. Commonwealth Primary Care, Inc. Announced Steward Health Care System, LLC / NA NA NA NA NA Comprises hospital facilities. Community Health Systems, Inc., Eight Hospitals 1/25/2017 Texas Dermatology Associates, P.A. / NA NA NA NA NA Provides dermatology services. Austin DermCare MSO, PLLC 2/6/2017 Texas Dermatology Associates, P.A. / NA NA NA NA NA Provides evaluation and treatments for various Texoma Dermatology Clinic, P.A. conditions involving the skin, hair, and nails. Announced Turbine Truck Engines, Inc. (OTCPK:TTEG) / NA NA NA NA NA Owns and operates rehabilitation clinics. Novo Healthnet Limited 3/6/2017 U.S. Healthworks, Inc. / NA NA NA NA NA Provides occupational medicine services. Comprehensive Occupational Medicine Partners Medical Group, Inc. 1/3/2017 U.S. Physical Therapy, Inc. (NYSE:USPH) / $16.3 $11.0 NA 1.5x NA Comprises a physical therapy practice that owns 17 Clinics Physical Therapy Practice and operates 17 clinics and manages an additional 8 clinics. 3/15/2017 University Of Michigan Health System / NA NA NA NA NA Offers services in the areas of children's health, Metropolitan Hospital express care, heart and vascular, neurosciences, senior health, spine, stroke, surgery, trauma center, women's health, and more. Announced Unknown Buyer / NA NA NA NA NA Offers dental care services. West Coast Dental Services, Inc. 1/6/2017 US HealthVest, LLC / NA NA NA NA NA Operates a hospital that provides psychiatric and Ridgeview Institute, Inc. addiction treatment services. 3/23/2017 Velociti, Inc. / NA NA NA NA NA Provides health and wellness programs to Rolling Strong, LLC transportation companies and their drivers. 1/4/2017 Vision Group Holdings, LLC / NA NA NA NA NA Comprises a refractive vision center that performs New York Eye Specialists LASIK laser vision correction procedures. 14
Target Target Price/ Price/ Date Acquirer / Target Price Revenue EBITDA2 Revenue EBITDA2 Target Description
2/6/2017 Walden Behavioral Care, LLC / NA NA NA NA NA Operates intensive outpatient facilities for Atlanta Center for Eating Disorders, LLC individuals with eating disorders. 2/7/2017 Waud Capital Partners, L.L.C. / NA NA $4.0 NA NA Operates a chain of ophthalmology centers. Minnesota Eye Consultants, PA 3/13/2017 Western Dental Services, Inc. / NA NA NA NA NA Provide dental and oral health care services. Smile Wide Enterprises, LLC, 14 Practices in Southern California
MEAN (NON-ACUTE) 1.8x 9.4x MEDIAN (NON-ACUTE) 1.8x 9.4x
PROVIDERS - LONG-TERM CARE Announced AdCare Health Systems, Inc. (AMEX:ADK) / $5.5 NA NA NA NA Comprises an assisted living facility. An Assisted Living Facility With 106 Operational Beds Located in Alabama Announced American Senior Housing REIT, LLC / $10.5 NA NA NA NA Comprises a memory care community. Glen Carr House Announced American Senior Housing REIT, LLC / $16.5 NA NA NA NA Comprises an assisted living and memory care Oxford Grand McKinney community. 3/13/2017 Blackstone Group L.P. (NYSE:BX) / $17.1 NA NA NA NA Owns and operates an assisted living community. HCRIX Royal LLC 1/9/2017 Care Investment Trust LLC; Greenfield Senior Living Inc. / NA NA NA NA NA Operates as a senior living retirement community. Greenfield Senior Living of Lansdale 2/1/2017 CareTrust REIT, Inc. (NasdaqGS:CTRE) / $26.1 NA NA NA NA Comprises senior care assisted living Applewood of Brookfield; Applewood of New Berlin communities. 3/2/2017 CareTrust REIT, Inc. (NasdaqGS:CTRE) / $29.2 NA NA NA NA Comprises skilled nursing facilities. Illinois Skilled Nursing Portfolio 1/6/2017 Cascadia Healthcare LLC / NA NA NA NA NA Comprises a 101-bed skilled nursing facility and a Three Skilled Nursing Facilities in the Northwest 117-bed skilled nursing facility and a 60-bed skilled nursing facility. 1/6/2017 Cascadia Healthcare LLC / NA NA NA NA NA Comprises three skilled nursing facilities. Three Skilled Nursing Facility Operations in the Northwest Announced Chartwell Retirement Residences (TSX:CSH.UN) / $22.0 NA NA NA NA Offers independent living, enhanced care, respite Orchards Retirement Residence care, and dining and cuisine services. 3/15/2017 Civitas Senior Healthcare, LLC / NA NA NA NA NA Comprises cottage-style residences, memory care Hampton's Senior Living Community suites, and assisted living apartments. 3/31/2017 CNL Healthcare Properties II, Inc. / $21.5 NA NA NA NA Comprises an assisted living facility. Summer Vista Assisted Living Community 1/3/2017 Elder Care Alliance / NA NA NA NA NA Comprises real estate residential property for an Villa at San Mateo independent living community. 3/2/2017 Health Care Management Group Llc / NA NA NA NA NA Offers long-term nursing, rehabilitation and Ohio Valley Manor, Inc. therapeutic services. 2/16/2017 Inspirit Senior Living LLC / NA NA NA NA NA Provides independent living, assisted living, and Wesleyan Homes of Tennessee, Inc. memory care services. 2/1/2017 Keystone Healthcare LLC / NA NA NA NA NA Operates as an assisted living facility. Parklane West Healthcare Center Announced Mainstreet Health Investments Inc. (TSX:HLP.U) / $38.0 NA NA NA NA Comprises assisted residential accommodation Ensign Group, Inc., Two Skilled Nursing Facilities and One facilities. Assisted Living Facility 3/3/2017 National Health Investors Inc. (NYSE:NHI) / $13.9 NA NA NA NA Comprises a nursing facility. 126-Bed Skilled Nursing Facility in New Braunfels, Texas 3/15/2017 National Health Investors Inc. (NYSE:NHI) / $26.2 NA NA NA NA Comprises an assisted living/memory care facility. Assisted Living/Memory Care Facility in Portland, Oregon 3/20/2017 National Health Investors Inc. (NYSE:NHI) / $61.8 NA NA NA NA Provide assisted living and skilled nursing that Five Memory Care Facilities in Texas and Illinois specifically caters to patients with memory problems. 2/22/2017 National Health Investors Inc. (NYSE:NHI) / $16.1 NA NA NA NA Comprises assisted living facilities. Two Assisted Living/Memory Care Facilities in Hendersonville, North Carolina 2/2/2017 Premier Healthcare Management / $15.2 NA NA NA NA Owns and operates a 160 bed skilled nursing Genesee County Nursing Home facility. 1/25/2017 Shepherd Health, LLC / NA NA NA NA NA Operates a senior living community offering Countryside Lakes, Inc. independent and assisted living options. 2/6/2017 Silverado Senior Living, Inc. / NA NA NA NA NA Comprises assisted living communities. Hermann Park Memory Care & Rehabilitation
MEAN (LONG-TERM CARE) NA NA MEDIAN (LONG-TERM CARE) NA NA
PROVIDERS - ACUTE Announced Allen Health Systems, Inc. / NA NA NA NA NA Comprises healthcare facilities, including acute Central Iowa Healthcare, Substantially all Assets care hospital, emergency department, four primary care clinics, and an outpatient center. Announced Americore Health, LLC / NA NA NA NA NA Operates as a hospital. Ellwood City Hospital Announced Americore Health, LLC / NA NA NA NA NA Owns and operates a health care center. Sonoma West Medical Center 1/3/2017 Fairview Health Services, Endowment Arm / NA NA NA NA NA Operates as a multi specialty hospital. Grand Itasca Clinic and Hospital Announced Fairview Health Services, Inc. / NA NA NA NA NA Operates primary care clinics and hospitals. HealthEast Care System LLC 15
Target Target Price/ Price/ Date Acquirer / Target Price Revenue EBITDA2 Revenue EBITDA2 Target Description
1/1/2017 General Hospital Corporation / NA NA NA NA NA Operates as an acute care hospital. Wentworth-Douglass Hospital Announced Mercy Health / NA NA NA NA NA Offers medical treatment and healthcare services. St. Anthony's Medical Center 3/24/2017 Optum, Inc. / $4,162.9 $1,259.1 $339.6 3.3x 12.3x Owns and operates a network of multi-specialty Surgical Care Affiliates, Inc. (NasdaqGS:SCAI) ambulatory surgery centers and surgical hospitals. Announced PinnacleHealth System Inc. / NA NA NA NA NA Comprises hospital facilities. Community Health Systems, Inc., Four Hospitals In Pennsylvania Announced Prime Healthcare Services, Inc. / NA NA NA NA NA Operates as a non-profit community hospital. Mission Regional Medical Center Announced Regional Medical Center Anniston / $25.0 NA NA NA NA Owns and operates an acute care hospital. Anniston HMA, LLC 1/13/2017 Rennova Health, Inc. (NasdaqCM:RNVA) / $1.0 $12.0 NA 0.1x NA Operates hospitals. Pioneer Health Services of Oneida LLC 1/17/2017 Rennova Health, Inc. (NasdaqCM:RNVA) / NA NA NA NA NA Operates a critical access hospital. Scott County HMA, LLC Announced Richmond County Hospital Authority / NA NA NA NA NA Owns and operates an acute care hospital. Augusta Hospital, LLC Announced Saint Francis Health System, Inc. / NA NA NA NA NA Comprises healthcare facilities. EASTAR Health System, LLC, Two Hospitals in Muskogee and Affiliated Entities 1/20/2017 Trinity Medical WNY P.C. / NA NA NA NA NA Own and operates hospitals. Trinity Medical Cardiology 3/31/2017 Unknown Buyer / NA NA NA NA NA Comprises a medical center. Centre Hospital Corporation 1/31/2017 Vizion Health LLC / NA NA NA NA NA Owns and operates facilities that provide acute Willow Crest Hospital, Inc. and sub-acute treatment for children and adolescents experiencing emotional, psychiatric, behavioral, and substance abuse issues.
MEAN (ACUTE) 1.7x 12.3x MEDIAN (ACUTE) 1.7x 12.3x
MEAN (PROVIDERS) 1.7x 10.4x MEDIAN (PROVIDERS) 1.8x 10.1x
PRODUCTS - CLINICAL DEVICES 1/4/2017 Abbott Laboratories (NYSE:ABT) / $29,840.8 NM $1,600.0 NM 18.7x Develops, manufactures, and distributes St. Jude Medical Inc. (NYSE:STJ) cardiovascular medical devices for cardiac rhythm management, cardiovascular, and atrial fibrillation therapy areas worldwide. 3/21/2017 ABCI Investment Management Limited; Cathay Venture Inc.; NA NA NA NA NA Develops, manufactures, and markets medical China Orient Asset Management (International) Holding Limited; device products and technologies primarily in the Fung Shing Investment Limited; GSO Capital Partners LP; Nan areas of interventional oncology, wound closure, Fung Group Holdings Ltd.; Vivo Capital, LLC; Zhongzhi Capital and ophthalmology. Group; ZQ Capital Limited / Angiotech Pharmaceuticals Inc. 2/22/2017 Aetrex Worldwide, Inc. / NA NA NA NA NA Provides orthotic insoles for foot support. Sols, Inc. 2/1/2017 Allergan plc (NYSE:AGN) / $2,900.0 NA NA NA NA Develops and markets tissue repair products for LifeCell Corporation use in reconstructive, urogynecologic, and orthopedic surgical procedures. Announced Allergan plc (NYSE:AGN) / $2,420.2 NM NM NM NM Engages in developing and commercializing non- ZELTIQ Aesthetics, Inc. (NasdaqGS:ZLTQ) invasive products for the selective reduction of fat. 3/17/2017 Aquarius Surgical Technologies Inc. / $4.7 NA NA NA NA Manufacturers, services, and supports integrated Surgical Lasers Inc. laser based solutions across multiple medical disciplines. Announced Boston Scientific Corporation (NYSE:BSX) / NA NA NA NA NA Engages in the development, manufacturing, and Symetis SA (ENXTPA:SYMS) marketing of transcatheter aortic valve implantation devices for minimally invasive heart valve replacement. 1/31/2017 ChoiceSpine, LP / NA NA NA NA NA Comprises a business manufacturing spine Exactech, Inc., Spine Products Business implant devices. Announced Coltene/Whaledent, Inc. / NA NA NA NA NA Manufactures products for the dental industry. Diatech, Inc. 2/17/2017 Datrix, LLC / NA NA NA NA NA Comprises cardiac diagnostic monitoring IntriCon Corporation, Cardiac Diagnostic Monitoring Business equipment manufacturing business operations. 1/20/2017 Ethicon Endo-Surgery, Inc. / NA NA NA NA NA Develops, manufactures, and supplies Megadyne Medical Products, Inc. electrosurgical devices and accessories for healthcare professionals. 3/23/2017 Ethicon, Inc. / NA NA NA NA NA Develops and markets products/devices to restore Torax Medical, Inc. the barrier function of sphincters. 3/13/2017 GE Healthcare Inc. / NA NA NA NA NA Develops and manufactures fetal monitoring Monica Healthcare Ltd devices for use during labor and delivery. Announced Guardion Health Sciences, Inc. / NA NA NA NA NA Develops medical equipment for use by eye VectorVision, Inc. doctors and researchers. 3/21/2017 Hologic, Inc. (NasdaqGS:HOLX) / $1,479.4 $433.5 $57.2 3.4x 25.9x develops, manufactures, and markets aesthetic Cynosure, Inc. (NasdaqGS:CYNO) treatment systems for plastic surgeons, dermatologists, and other medical practitioners. 16
Target Target Price/ Price/ Date Acquirer / Target Price Revenue EBITDA2 Revenue EBITDA2 Target Description
2/6/2017 ICU Medical, Inc. (NasdaqGS:ICUI) / $1,050.0 $1,200.0 $158.0 0.9x 6.7x Comprises infusion pumps, solutions, and Hospira Inc., Infusion Systems Business devices. 2/14/2017 Innoveas International Ltd. / NA NA NA NA NA Develops and markets laser-based devices for NuvoLase, Inc. treating infections. 1/19/2017 Instrumentation Laboratory Company; Werfen Life Group, S.A. / $378.5 NA NA NA NA Develops healthcare diagnostic products. Accriva Diagnostics Holdings, Inc. Announced Integra LifeSciences Holdings Corporation (NasdaqGS:IART) / $1,045.0 $370.0 $114.7 2.8x 9.1x Offers research, development, manufacture, DePuy Synthes, Inc., Codman Neurosurgery Business marketing, distribution, and sale of healthcare equipment for neurosurgery procedures. 2/22/2017 Integra LifeSciences Holdings Corporation (NasdaqGS:IART) / $160.4 $88.6 NM 1.8x NM Operates as a medical device company in the Derma Sciences, Inc. (NasdaqCM:DSCI) wound care market. 2/27/2017 Johnson & Johnson / $4,325.0 $1,100.0 NA 3.9x NA Offers laser vision correction technologies for Abbott Medical Optics Inc. patients with myopia, hyperopia and astigmatism, presbyopia, cataract, spherical aberration, and corneal health problems. 2/22/2017 Kernel / NA NA NA NA NA Develops and offers hardware instrumentation Kendall Research Systems, LLC and software solutions for in vivo neuroscience research. 3/9/2017 Laborie Medical Technologies, Inc. / NA NA NA NA NA Develops, produces, and markets surgical and Andromeda Medizinische Systeme GmbH medical instruments. 3/9/2017 Lombart Brothers, Inc. / NA NA NA NA NA Manufactures ophthalmic instruments. INNOVA Medical Ophthalmics Inc. 3/31/2017 MedPlast Inc. / NA NA NA NA NA Manufactures medical devices. Vention Medical, Inc., Device Manufacturing Services Business 2/6/2017 Merit Medical Systems, Inc. (NasdaqGS:MMSI) / NA NA NA NA NA Comprises medical devices manufacturing Argon Medical Devices, Inc., Critical Care Business business operations. 2/6/2017 Merit Medical Systems, Inc. (NasdaqGS:MMSI) / NA NA NA NA NA Comprises vascular access products Catheter Connections, Inc., A Product Line manufacturing business operations to protect patients from infections. 1/3/2017 Natus Medical Inc. (NasdaqGS:BABY) / $145.0 $110.0 NA 1.3x NA Develops, manufactures, and markets hearing GN Otometrics A/S and balance instrumentation and software to healthcare professionals. 1/6/2017 Nexeon MedSystems, Inc. / NA NA NA NA NA Develops and commercializes neurostimulation MicroTransponder, Inc. device platforms to treat neurological diseases, including tinnitus, chronic pain, and stroke. Announced Nordson Corporation (NasdaqGS:NDSN) / $705.0 $150.0 $48.0 4.7x 14.7x Comprises interventional delivery device and Vention Medical, Inc., Advanced Technologies Business component manufacturing business. 3/28/2017 Organogenesis Inc. / NA NA NA NA NA Offers anterior cervical plate systems, allograft Nutech Medical, Inc. interbody spacers, and thoracolumbar pedicle screw systems. 3/8/2017 Otto Bock HealthCare GmbH / NA NA NA NA NA Manufactures prosthetic devices. BionX Medical Technologies, Inc. 1/10/2017 PENTAX Medical Company / NA NA NA NA NA Develops and commercializes Coldplay C2 Therapeutics, Inc. CryoBalloon, a focal ablation system for the endoscopic ablation of Barrett’s esophagus. 3/31/2017 QIAGEN N.V. (NasdaqGS:QGEN) / NA NA NA NA NA Comprises prostate cancer testing tool and Johns Hopkins University, AR-V7 Test License technology. 1/10/2017 Roche Holdings, Inc. / NA NA NA NA NA Manufactures eye care devices. ForSight VISION4, Inc. 1/6/2017 Spartan Micro, Inc. / NA NA NA NA NA Manufactures catheter exchange wires for Anchor Endovascular, Inc. techniques in neurovascular, peripheral vascular, and cardiovascular procedures. 3/20/2017 Sussex Wire, Inc. / NA NA NA NA NA Manufactures bone plates and screws, spinal Marox Corporation implants, hip implants, knee-implants, and surgical instruments for various medical specialties, such as spine, joint replacement, fracture management, hand and extremity, dental, and endoscopy. 2/14/2017 Symetis SA / NA NA NA NA NA Develops implants for treatment of mitral valve Middle Peak Medical Inc. disease. 2/17/2017 Teleflex Incorporated (NYSE:TFX) / $992.0 NM NM NM NM Provides clinical solutions for treating coronary Vascular Solutions, Inc. (NasdaqGS:VASC) and peripheral vascular disease. Announced Teleflex Medical Canada Inc. / $16.7 $4.6 NM 3.5x NM Develops, engineers, and markets trauma and Pyng Medical Corp. (TSXV:PYT) resuscitation products for front-line critical care personnel. Announced Terumo Corporation (TSE:4543) / NA NA NA NA NA Provides endovascular solutions for aortic Bolton Medical, Inc. disease. 1/25/2017 Vention Medical, Inc. / NA NA NA NA NA Produces, develops, and sells invasive medical Lithotech Medical, Ltd. devices based on Nitinol alloy and applications of Nano-Pulse technology for lithotripsy and other medical usage. 2/1/2017 Viscardia, Inc. / NA NA NA NA NA Manufactures medical equipment. Inovise Medical, Inc. 2/14/2017 Welch Allyn, Inc. / $330.0 $115.0 NA 2.9x NA Designs and manufactures diagnostic Mortara Instrument, Inc. electrocardiography products. 1/23/2017 Zeppelin Zox Ltd. / $690.0 NA NA NA NA Develops and manufactures cardiovascular Valtech Cardio Ltd. devices for mitral regurgitation and tricuspid valve repair and replacement.
MEAN (CLINICAL DEVICES) 2.8x 15.0x MEDIAN (CLINICAL DEVICES) 2.9x 14.7x 17
Target Target Price/ Price/ Date Acquirer / Target Price Revenue EBITDA2 Revenue EBITDA2 Target Description
PRODUCTS - NON-CLINICAL DEVICES 2/7/2017 AMETEK, Inc. (NYSE:AME) / $370.0 $160.0 NA 2.3x NA Designs, manufactures, sells, and services Rauland-Borg Corporation communication and life-safety equipment for healthcare and education industries. 2/23/2017 Bio-Rad Laboratories, Inc. (NYSE:BIO) / $87.0 NA NA NA NA Develops genomic tools for non-invasive liquid RainDance Technologies, Inc. biopsy applications for the research, early detection, and treatment of cancer, and other inherited and infectious diseases. 1/3/2017 Liberty Biopharma Inc. (TSXV:LTY) / $8.9 NA NM NA NM Manufactures and sells stem cell bioprocessing Avapecia Life Sciences Corp. (CNSX:VVS) systems. Announced Sartorius Aktiengesellschaft (DB:SRT) / $320.0 NA NA NA NA Develops and manufactures instruments, Essen BioScience Inc. software, reagents, and consumables for researchers to remotely image and quantitate cellular processes. 2/2/2017 Sunflower Health LLC / NA NA NA NA NA Comprises a business developing and producing ZYTO Corp., Health and Wellness Business software and integrated hardware products to provide insight into personal health and wellness decisions by using scanning products. 2/28/2017 Takara Bio USA Holdings, Inc. / NA NA NA NA NA Develops, manufactures, and sells systems for WaferGen Bio-systems, Inc. (NasdaqCM:WGBS) single-cell analysis and clinical research. 1/5/2017 Trividia Health, Inc. / NA NA NA NA NA Develops and markets non-invasive ophthalmic Freedom Meditech, Inc. medical devices.
MEAN (NON-CLINICAL DEVICES) 2.3x NA MEDIAN (NON-CLINICAL DEVICES) 2.3x NA
PRODUCTS - DISPOSABLES 2/1/2017 Ecolab Inc. (NYSE:ECL) / $833.5 $238.9 NA 3.4x NA Offers cleaning and disinfection products for Laboratoires Anios S.A. hospitals and clinics, healthcare professionals, industries, institutional and professionals, and dental professionals. 3/15/2017 Semperit Technische Produkte Gesellschaft mbH / $26.0 NA NA NA NA Provides medical exam, surgical/sterile, and Sempermed USA, Inc. industrial gloves.
MEAN (DISPOSABLES) 3.4x NA MEDIAN (DISPOSABLES) 3.4x NA
PRODUCTS - COMMERCIAL Announced AB Ventures Inc. / $1.3 NA NA NA NA Comprises land intended to be used for 100 Acres in Hamilton cultivating medicinal cannabis. Announced ABRY Partners, LLC / $130.0 NA NA NA NA Develops and distributes medical alert systems Integrity Tracking, LLC that provide emergency assistance to users while in their homes or away. 3/3/2017 Cardinal Health, Inc. (NYSE:CAH) / $310.0 NA NA NA NA Comprises manufacturing, marketing, and selling Navidea Biopharmaceuticals, Inc., All Rights, Title and Interest to division of Lymphoseek, a radioactive diagnostic Lymphoseek product agent. 2/16/2017 Catalent Pharma Solutions, Inc. / NA NA NA NA NA Engages in the contract manufacturing of Accucaps Industries Limited pharmaceutical and nutritional products for healthcare and consumer product marketers. 1/9/2017 Chembio Diagnostics, Inc. (NasdaqCM:CEMI) / $3.3 NA NA NA NA Manufactures and markets POC diagnostic tests RVR Diagnostics Sdn. Bhd. for infectious diseases. 1/24/2017 Connect America LLC / NA NA NA NA NA Manufactures personal emergency response Be Safer At Home, Inc. systems for elderly. Announced Dynatronics Corporation (NasdaqCM:DYNT) / $10.0 $14.8 $1.2 0.7x 8.3x Designs and manufactures medical, therapy, and Hausmann Industries, Inc. athletic training equipment. 1/1/2017 Global Medical REIT LP / $24.5 NA NA NA NA Comprises a hospital property. Great Bend Regional Hospital Property Located in Great Bend, Kansas 3/10/2017 Griffin-American Healthcare REIT IV, Inc. / $7.3 NA NA NA NA Comprises a medical office building. Battle Creek Medical Office Building 1/3/2017 High Ridge Brands Co. / NA NA NA NA NA Offers a range of oral care products for dental Dr. Fresh LLC professionals and families. Announced Hitachi Chemical Co. America, Ltd. / $97.5 NA NA NA NA Provides contract cell therapy development and PCT, LLC, a Caladrius Company manufacturing services. 1/3/2017 HOYA Vision Care, North America, Inc. / NA NA NA NA NA Comprises business of manufacturing spectacle 3M Company, Safety Prescription Eyewear Business frames and prescription lenses. 1/13/2017 Hu-Friedy Mfg. Co., LLC / NA NA NA NA NA Offers a range of infection control products from J. Palmero Sales Company, Inc. hospital used disinfectants and cleaning products. 3/1/2017 Hygiena, LLC / NA NA NA NA NA Provides science-based microbial diagnostics DuPont Qualicon, Inc. products for food, pharmaceutical, and personal care companies. 1/26/2017 J.H. Whitney & Co., LLC / NA NA NA NA NA Manufactures and markets anatomical and 3B Scientific GmbH biological teaching aids for science, training, and patient education applications to educational and medical sectors. 1/9/2017 Medical Depot, Inc. / NA NA NA NA NA Designs, manufactures, and supplies furniture Sidhil Ltd. and accessories to private and public hospitals, communities, nursing homes, GPs, and other healthcare markets. Announced Modere, Inc. / NA NA NA NA NA Develops nutraceutical ingredients for joint and Jusuru International, Inc. skin health. 18
Target Target Price/ Price/ Date Acquirer / Target Price Revenue EBITDA2 Revenue EBITDA2 Target Description
Announced Permira Advisers Ltd. / $80.0 NA NA NA NA A contract manufacturer which specializes in the Lyophilization Services Of New England, Inc. aseptic fill finish and lyophilization of drug and medical device products. 2/7/2017 Quality Packaging Specialists International, LLC / NA NA NA NA NA Provides packaging for pharmaceutical and International Labs, Inc. nutraceutical products. 3/28/2017 StarFish Product Engineering Inc. / NA NA NA NA NA Conceptualizes, designs, and builds medical Kangaroo Group, Inc. devices for emerging technology startups. 2/28/2017 TIDI Products, LLC / NA NA NA NA NA Manufactures healthcare equipment and J.T. Posey Company, Inc. products. 1/3/2017 Unknown Buyer / NA NA NA NA NA Manufactures and distributes medical equipment. Medical Depot, Inc. 1/26/2017 WrapMail, Inc. (OTCPK:WRAP) / NA NA NA NA NA Provides white-label products to pharmaceutical Health Max group, Inc. companies, biotech and drug discovery companies, research institutions, naturopathic clinics, sports physicians, and nutritional supplement distributors.
MEAN (COMMERCIAL) 0.7x 8.3x MEDIAN (COMMERCIAL) 0.7x 8.3x
PRODUCTS - CONSUMER 2/24/2017 CB Scientific, Inc. (OTCPK:CBSC) / $15.7 NA NA NA NA Manufactures and sells cannabinoid delivery Marutronics LLC devices. 2/28/2017 Handspring Rehabilitation, LLC / NA NA NA NA NA Provides prosthetic solutions. Ability Prosthetic Systems, Inc. 1/5/2017 Leone Asset Management, Inc. (OTCPK:LEON) / NA NA NA NA NA Manufactures and markets nasal spray products Sinol USA, Inc. for the treatment of allergies, sinus congestion, and headaches. 3/3/2017 L'Oréal S.A. (ENXTPA:OR) / $1,300.0 NA NA NA NA Comprises skincare products such as cleansers, Valeant Pharmaceuticals International, Inc., Skincare Brands moisturizers, sunscreens, healing ointments, and CeraVe, AcneFree and Ambi baby line products. 2/17/2017 M Pharmaceutical Inc. (DB:T3F2) / $3.6 NA NA NA NA Operates as a medical product development 40 J's, LLC company. 3/29/2017 Meda Consumer Healthcare Inc. / $50.0 NA NA NA NA Comprises a pharmaceutical product brand ProPhase Labs, Inc., Global Rights To Cold-EEZE Brand including zinc-based lozenges, gummies, oral sprays, capsules, and oral liquid dose forms. 1/26/2017 Medtech Products, Inc. / $825.0 $205.0 NA 4.0x NA Manufactures and markets consumer health C.B. Fleet Company, Inc. products. 1/19/2017 OP2 Labs, LLC / NA NA NA NA NA Manufactures medical nutrition products. Provide Nutrition LLC 1/3/2017 Permobil AB / NA NA NA NA NA Manufactures and sells custom contoured Prairie Seating Corporation cushions for wheelchair bound individuals.
MEAN (CONSUMER PRODUCTS) 4.0x NA MEDIAN (CONSUMER PRODUCTS) 4.0x NA
PRODUCTS - PHARMACEUTICALS 1/13/2017 Alfasigma S.p.A. / NA NA NA NA NA Engages in the research and development, and Pamlab, L.L.C. production of drugs and dietary supplements, and prescription medical food products. Announced AMAG Pharmaceuticals, Inc. (NasdaqGS:AMAG) / NA NA NA NA NA Comprises exclusive and non-exclusive licenses Palatin Technologies, Inc., exclusive and non-exclusive licences for research, development, and commercialization related to bremelanotide of products containing bremelanotide. 3/13/2017 American Housing Income Trust, Inc. (OTCPK:AHIT) / $7.5 NA NA NA NA Produces cannabidiol that is used for various IX Biotechnology Inc. medicinal purposes. 3/1/2017 Amring Pharmaceuticals Inc. / NA NA NA NA NA Comprises abbreviated new drug applications. Six ANDAs Announced Amygdala Neurosciences Inc. / NA NA NA NA NA Comprises development of Phase-2 ready Gilead Sciences, Inc., GS-6637 compound that utilizes a novel pathway for the treatment of addiction. 2/23/2017 ANI Pharmaceuticals, Inc. (NasdaqGM:ANIP) / $20.0 NA NA NA NA Comprises pharmaceutical drugs used for the Cranford Pharmaceuticals, LLC, Inderal XL treatment of migraine and hypertrophic subaortic stenosis. 2/23/2017 ANI Pharmaceuticals, Inc. (NasdaqGM:ANIP) / $31.0 NA NA NA NA Comprises a pharmaceutical drug used for Holmdel Pharmaceuticals LP, InnoPran XL treatment of hypertension. 1/9/2017 Arius Pharmaceuticals, Inc.; BioDelivery Sciences International, NA NA NA NA NA Comprises the business of manufacturing buccal Inc. (NasdaqCM:BDSI) / film for pharmaceutical industry. Endo International plc., Worldwide Rights for BELBUCA Announced BC Holdings II, LLC / NA NA NA NA NA Manufactures, markets, and distributes S2 Therapeutics, Inc. pharmaceutical products. 1/19/2017 Cadila Healthcare Limited (BSE:532321) / NA NA NA NA NA Develops sublingual tablets product. Sentynl Therapeutics Inc. 2/7/2017 CaliPharms, Inc. (OTCPK:KGET) / $3.4 NA NA NA NA Cultivates medical marijuana. Country Junction Farms, Inc. 3/28/2017 CaliPharms, Inc. (OTCPK:KGET) / NA NA NA NA NA Produces medicinal cannabis. Pacific Cannabis Growers, Inc. 1/31/2017 Canopy Growth Corporation (TSX:CGC) / $303.2 NM NM NM NM Engages in the research, development, Mettrum Health Corp. (TSXV:MT) production, and distribution of medical cannabis and cannabis products. 19
Target Target Price/ Price/ Date Acquirer / Target Price Revenue EBITDA2 Revenue EBITDA2 Target Description
3/7/2017 Capnia, Inc. (NasdaqCM:CAPN) / NA NA NA NA NA Engages in the development of medicines for the Essentialis, Inc. treatment of cardiovascular and metabolic diseases. 2/15/2017 Cytori Therapeutics, Inc. (NasdaqCM:CYTX) / $20.2 NA NA NA NA Researches, develops, and formulates therapies Azaya Therapeutics Incorporated for cancer and other medical conditions as well as provides contract development and manufacturing services, such as chemical testing and liposomal manufacturing services to pharmaceuticals, medical device, and drug-device combination product industries. Announced Eisai Inc. / NA NA NA NA NA Comprises lorcaserin manufacturing rights. 356 Royalty Inc, All Global Development and Marketing Rights For Lorcaserin 2/28/2017 Eli Lilly and Company (NYSE:LLY) / $860.6 NA NA NA NA Developed lasmiditan oral tablets for the acute CoLucid Pharmaceuticals, Inc. treatment of migraine headaches. Announced Espero Pharmaceuticals, Inc. / NA NA NA NA NA A specialty pharmaceutical company which Armetheon, Inc. develops and commercializes medicines for thrombosis and cardiac arrhythmias. 2/7/2017 Espero Pharmaceuticals, Inc. / NA NA NA NA NA Comprises global rights to develop a low dose Global Rights to DURLAZA® (aspirin) Extended Release aspirin drug. Announced GenerexCapsules Biotechnology Corporation (OTCPK:GNBT) / $452.6 NA NM NA NM Engages in the discovery, development, and Emmaus Life Sciences, Inc. commercialization of treatments and therapies primarily for rare and orphan diseases. Announced Golden Leaf Holdings Ltd. (DB:9GL) / NA NA NA NA NA Produces and distributes medical cannabis. Chalice Farms, LLC 1/27/2017 IBA Molecular France, SA / $690.2 NA NA NA NA Develops, manufactures, distributes, markets, and Mallinckrodt Nuclear Medicine LLC sells radiopharmaceutical products for use in diagnostic imaging and therapeutic procedures in nuclear medicine. Announced Invictus MD Strategies Corp. (OTCPK:IVIT.F) / $6.6 NA NA NA NA Produces and processes medicinal cannabis. PlanC BioPharm Inc. Announced Ipsen S.A. (ENXTPA:IPN) / $1,025.0 NA NA NA NA Comprises ONIVYDE for the treatment of patients Merrimack Pharmaceuticals, Global Oncology Assets with metastatic adenocarcinoma of the pancreas, in combination with fluorouracil and leucovorin. 2/16/2017 Kalytera Therapeutics, Inc. (TSXV:KALY) / $51.9 NA NA NA NA Researches and develops cannabidiol Talent Biotechs Ltd. therapeutics to prevent and treat Graft versus Host Disease. 3/7/2017 Kasten, Inc. (OTCPK:KAST) / NA NA NA NA NA Manufactures wound care and dermatology Thru Pharma LLC products. Announced Kitrinor Metals Inc. (TSXV:KIT) / NA NA NA NA NA Produces and sells medical marijuana. Scythian Biosciences Inc. 2/13/2017 Livernois & London, LLC / $0.1 NA NA NA NA Manufactures and distributes compounded drugs. ImprimisRx TX, Inc. 3/1/2017 Medicenna Therapeutics Corp. (TSXV:MDNA) / NA NA NA NA NA Develops and commercializes therapeutics for the A2 Acquisition Corp. treatment of central nervous system and urological cancers. 1/9/2017 MMMG LLC, Investment Arm; Wicklow Capital, Inc. / NA NA NA NA NA Engages in the cultivation, extraction, and Bloomfield Industries, Inc. manufacture of pharmaceutical-grade cannabis- based medicines for patients with serious medical conditions. Announced MYM Nutraceuticals Inc. (DB:0MY) / $0.7 NA NA NA NA Produces and supplies cannabidiol oil and CBD HempMeds PX, LLC hemp oil products. 2/22/2017 MYM Nutraceuticals Inc. (DB:0MY) / $0.2 NA NA NA NA Produces cannabis for medical purposes. Sublime Culture Inc. 1/25/2017 Novartis AG (SWX:NOVN) / NA NA NA NA NA Develops and manufactures ophthalmic Encore Vision, Inc. pharmaceuticals for the treatment of presbyopia. Announced Nutritional High International Inc. (OTCPK:SPLI.F) / $1.0 NA NA NA NA Comprises the licenses and related property for Provisional Producer and Processor Licences in Henderson producing medical marijuana. 3/10/2017 OncBioMune Pharmaceuticals, Inc. (OTCPK:OBMP) / NA NA NA NA NA Engages in the research, development, purchase, Vitel Laboratorios S.A. de C.V. distribution, co-marketing, and co-promotion of pharmaceutical products. Announced Otsuka America, Inc. / $250.0 NA NA NA NA Focuses on the development and Neurovance, Inc. commercialization of therapies for adults and children with attention deficit hyperactivity disorders. 2/1/2017 Patheon Holdings Coöperatief U.A. (NYSE:PTHN) / $5.4 NA NA NA NA Discovers, develops, and manufactures Roche Carolina Inc. pharmaceutical products. 2/1/2017 Patheon Holdings I, B.V. / $5.4 NA NA NA NA Discovers, develops, and manufactures Patheon API Inc. pharmaceutical products. 3/20/2017 Piramal Critical Care Limited / $203.0 $44.6 NA 4.6x NA Comprises pain management drugs. Mallinckrodt LLC, Intrathecal Therapy Business 3/27/2017 ProText Mobility, Inc. (OTCPK:TXTM) / $0.1 NA NA NA NA Develops and tests botanical extract derived from Cannabis Biosciences Inc. cannabis plant for medical purposes. Announced PTC Therapeutics, Inc. (NasdaqGS:PTCT) / $190.0 NA NA NA NA Comprises the commercialization rights and Marathon Pharmaceuticals, LLC, Emflaza Rights business operations that manufacture a drug called Emflaza for the treatment of patients suffering from Duchenne muscular dystrophy. Announced PuraPharm Corporation Limited (SEHK:1498) / $5.4 $5.0 NA 1.1x NA Manufactures and sells Chinese medicinal herbal Kan Herb Company, Inc. products. Announced Sanpower Group Co., Ltd. / $819.9 NA NA NA NA Discovers, develops, manufactures, and sells Dendreon Pharmaceuticals, Inc. novel therapeutics products. 20
Target Target Price/ Price/ Date Acquirer / Target Price Revenue EBITDA2 Revenue EBITDA2 Target Description
3/13/2017 Scientus Pharma Inc. / NA NA NA NA NA Provides research and product development for CannScience Innovations Inc. formulations and extracts related to medical cannabis and its derivatives. 1/31/2017 SND Auto Group Inc. (OTCPK:POTN) / NA NA NA NA NA Produces cannabidiol oil. First Capital Venture Co. 3/16/2017 Taro Pharmaceuticals Inc. / $2.0 $2.3 NA 0.9x NA Engages in the development of pharmaceutical Thallion Pharmaceuticals, Inc. products in the areas of infectious diseases and oncology. 3/30/2017 Unknown Buyer / NA NA NA NA NA Comprises the business of manufacturing medical Category One Botanicals, LLC, Seven Different Strains Lots cannabis strains. Announced Vertex Pharmaceuticals (Europe) Limited / $250.0 NA NA NA NA Comprises a pharmaceutical drug used in the Concert Pharmaceuticals, Inc., CTP- 656 treatment of cystic fibrosis. 2/24/2017 Xynomic Pharmaceuticals, Inc. / NA NA NA NA NA Comprises worldwide rights to develop, Pharmacyclics LLC, Worldwide Rights of Abexinostat manufacture, and commercialize Abexinostat, a HDAC inhibitor targeting hematological and solid tumors.
MEAN (PHARMACEUTICALS) 2.2x NA MEDIAN (PHARMACEUTICALS) 1.1x NA
PRODUCTS - DISTRIBUTION Announced ACE Surgical Supply Co., Inc. / NA NA NA NA NA Distributes anesthesia supplies and Southern Anesthesia & Surgical, Inc. pharmaceuticals. Announced AEM Medical Group LLC / NA NA NA NA NA Distributes and sells pharmaceuticals and medical PIMD International LLC devices for healthcare establishments and medical clinics. Announced Align Technology, Inc. (NasdaqGS:ALGN) / NA NA NA NA NA Distributes invisalign products and services. G.L. Dental Couture Limited 1/27/2017 Amax Medical Dental Supply Limited / NA NA NA NA NA Distributes medical and dental products. Denesco Dentaires 1/27/2017 Amax Medical Dental Supply Limited / NA NA NA NA NA Operates as an online and catalog distributor of MARS Dental Supply dental equipment and supplies. Announced Cantel Medical Corp. (NYSE:CMD) / NA NA NA NA NA Comprises the distribution operations of Cantel's CR Kennedy & Company Pty Ltd, Endoscopy Business Assets Medivators-branded automated endoscope reprocessors, chemistries, procedure room products, and other consumables. Announced Concordance Healthcare Solutions LLC / NA NA NA NA NA Distributes medical supplies and equipment. Rockwell Medical Supply, Inc. 2/1/2017 Diplomat Pharmacy, Inc. (NYSE:DPLO) / $20.0 $27.0 $3.0 0.7x 6.7x Operates as a specialty pharmacy that provides Affinity Biotech, Inc. health care and nursing services to patients with chronic conditions. 1/1/2017 Factor One Source Pharmacy LLC / NA NA NA NA NA Operates a pharmacy. Fast Access Specialty Therapeutics, L.L.C. 1/4/2017 Genoa, a QoL Healthcare Company, LLC / NA NA NA NA NA Operates drug retail pharmacies and also Advanced Pharmacy Solutions, LLC distributes drugs. 2/9/2017 Guardian Pharmacy, LLC / NA NA NA NA NA Operates a pharmacy that specializes in nursing Pharmacy Concepts, Ltd homes, skilled nursing facilities, assisted living, and alternate site facilities. 1/17/2017 Henry Schein, Inc. (NasdaqGS:HSIC) / NA NA NA NA NA Engaged in marketing and distributing dental Dental Cremer Produtos Odontológicos S.A. products. 1/19/2017 IntriCon Corporation (NasdaqGM:IIN) / $0.8 NA NA NA NA Provides hearing aids, personal sound amplifiers, Hearing Help Express, Inc. hearing protection products and instruments, batteries, and accessories. Announced Namaste Technologies Inc. (OTCPK:NXTT.F) / NA NA NA NA NA Engages in distribution of medical cannabis. CannMart Inc. 2/23/2017 National HME, Inc. / NA NA NA NA NA Distributes hospital and medical equipment. Genesis Healthcare Services, Inc. 2/1/2017 Schauenburg Service GmbH / NA NA NA NA NA Provides equipment and services to health care OHD USA, Inc. providers of occupational medicine. 1/20/2017 Stille Surgical, Inc. / $0.9 NA NA NA NA Distributes digital radiographic systems. Arcoma North America, Inc. 3/23/2017 Unknown Buyer / NA NA NA NA NA Provides home-based specialty respiratory and PromptCare, Inc. infusion therapy services. 2/7/2017 Weihai Weigao Equity Investment Management Company Limited / NA NA NA NA NA Provides radiation replacements for self-shielded RAD Source Technologies, Inc. gamma irradiators. 2/6/2017 Woodhaven Pharmacy Services, Inc. / NA NA NA NA NA Operates drug retail stores and pharmacies. Frontier Pharmacy LLC
MEAN (DISTRIBUTION) 0.7x 6.7x MEDIAN (DISTRIBUTION) 0.7x 6.7x
MEAN (PRODUCTS) 2.5x 12.9x MEDIAN (PRODUCTS) 2.8x 9.1x
1) Source: Financial Information from SEC filings and other publicly-available sources 2) EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization 3) NA: Not Available 4) NM: Not Meaningful 21 ANALYSIS OF SELECTED PUBLICLY-TRADED HEALTHCARE, MEDICAL AND PHARMACEUTICAL SERVICES AND PRODUCTS COMPANIES1 (MARCH 31, 2017) ($ Millions Except Per Share Data)
LTM4 P/ Diluted 4 3 Stock LTM4 LTM Diluted EPS TEV3/ TEV / EPS Before Company Name (Ticker Symbol) Price Market Cap2 TEV3 Revenue EBITDA5 Before Extra Revenue EBITDA5 Extra SERVICES - INSURANCE
Aetna Inc. (NYSE:AET) 127.55 44,859.34 47,586.34 63,155.00 6,197.00 6.41 0.8x 7.7x 19.9x
Amerisafe, Inc. (NasdaqGS:AMSF) 64.90 1,248.04 1,189.28 396.66 114.00 4.05 3.0x 10.4x 16.0x
Anthem, Inc. (NYSE:ANTM) 165.38 43,722.93 56,453.43 84,862.80 5,778.20 9.21 0.7x 9.8x 18.0x
Centene Corporation (NYSE:CNC) 71.26 12,270.97 13,216.97 37,688.00 1,965.00 3.41 0.4x 6.7x 20.9x
Cigna Corporation (NYSE:CI) 146.49 37,599.54 39,508.54 39,668.00 3,847.00 7.19 1.0x 10.3x 20.4x
CNO Financial Group, Inc. (NYSE:CNO) 20.50 3,559.94 7,304.14 3,985.10 820.00 2.01 1.8x 8.9x 10.2x
Humana Inc. (NYSE:HUM) 206.14 29,742.81 30,169.81 54,379.00 2,055.00 4.07 0.6x 14.7x NM
Independence Holding Company (NYSE:IHC) 18.60 317.46 279.48 353.60 32.93 0.63 0.8x 8.5x 29.3x
Molina Healthcare, Inc. (NYSE:MOH) 45.60 2,600.50 1,426.50 17,314.00 383.00 0.92 0.1x 3.7x NM
ProAssurance Corporation (NYSE:PRA) 60.25 3,208.82 3,539.67 870.21 225.02 2.83 4.1x 15.7x 21.3x
Triple-S Management Corporation (NYSE:GTS) 17.57 426.46 357.44 2,984.81 32.84 0.71 0.1x 10.9x 24.7x
Trupanion, Inc. (NasdaqGM:TRUP) 14.22 419.63 400.76 188.23 (2.85) (0.24) 2.1x NM NM
UnitedHealth Group Incorporated (NYSE:UNH) 164.01 158,245.76 182,700.76 184,840.00 14,510.00 7.25 1.0x 12.6x 22.6x
Universal American Corp. (NYSE:UAM) 9.97 592.50 620.87 1,379.65 9.38 (0.09) 0.5x NM NM
WellCare Health Plans, Inc. (NYSE:WCG) 140.21 6,211.30 3,247.50 14,237.10 642.50 5.43 0.2x 5.1x 25.8x
MEAN (INSURANCE) 1.1x 9.6x 20.8x MEDIAN (INSURANCE) 0.8x 9.8x 20.9x
SERVICES - TECHNOLOGY
Allscripts Healthcare Solutions, Inc. (NasdaqNM:MDRX) 12.68 2,288.87 3,952.06 1,549.90 152.28 (0.14) 2.5x 26.0x NM
Castlight Health, Inc. (NYSE:CSLT) 3.65 384.69 270.08 101.70 (53.81) (0.58) 2.7x NM NM
Cerner Corporation (NasdaqNM:CERN) 58.85 19,403.99 19,611.29 4,707.93 1,315.02 1.85 4.2x 14.9x NM
CompuGroup Medical Societas Europaea (DB:COP) 44.53 2,214.17 2,584.90 602.70 114.20 0.95 4.3x 22.6x NM
Computer Programs and Systems, Inc. (NasdaqNM:CPSI) 28.00 378.93 529.52 267.27 32.87 0.29 2.0x 16.1x NM
Craneware plc (AIM:CRW) 15.37 414.40 368.66 53.52 16.32 0.42 NM 22.6x NM
Evolent Health, Inc. (NYSE:EVH) 22.30 1,515.73 1,666.70 254.19 (50.43) (3.55) NM NM NM
HealthEquity, Inc. (NasdaqGS:HQY) 42.45 2,531.22 2,350.86 178.37 54.40 0.44 NM NM NM
Inovalon Holdings, Inc. (NasdaqGS:INOV) 12.60 1,864.96 1,558.54 427.59 74.18 0.18 3.6x 21.0x NM
Medidata Solutions, Inc. (NasdaqGS:MDSO) 57.69 3,330.62 3,219.21 463.38 65.56 0.51 NM NM NM
Model N, Inc. (NYSE:MODN) 10.45 294.42 241.97 110.55 (27.34) (1.19) 2.2x NM NM
Quality Systems, Inc. (NasdaqGS:QSII) 15.24 951.54 952.55 505.15 61.21 (0.05) 1.9x 15.6x NM
RaySearch Laboratories AB (publ) (OM:RAY B) 26.31 901.86 892.04 58.55 23.20 0.49 NM NM NM
Simulations Plus, Inc. (NasdaqCM:SLP) 11.75 202.46 193.62 20.55 8.52 0.30 NM 22.7x NM
Veeva Systems Inc. (NYSE:VEEV) 51.28 7,112.59 6,593.72 544.04 121.79 0.47 NM NM NM
MEAN (TECHNOLOGY) 2.9x 20.2x NM MEDIAN (TECHNOLOGY) 2.6x 21.8x NM 22
LTM4 P/ Diluted 4 3 Stock LTM4 LTM Diluted EPS TEV3/ TEV / EPS Before Company Name (Ticker Symbol) Price Market Cap2 TEV3 Revenue EBITDA5 Before Extra Revenue EBITDA5 Extra SERVICES - OUTSOURCING
Advisory Board Company (NasdaqGS:ABCO) 46.80 1,883.04 2,377.34 803.42 124.00 2.23 3.0x 19.2x 21.0x
Air Methods Corporation (NasdaqNM:AIRM) 43.00 1,571.80 2,472.61 1,170.46 286.22 2.57 2.1x 8.6x 16.7x
Albany Molecular Research, Inc. (NasdaqGS:AMRI) 14.03 584.85 1,173.76 570.45 44.08 (1.83) 2.1x 26.6x NM
AMN Healthcare Services, Inc. (NYSE:AMN) 40.60 1,943.02 2,295.34 1,902.23 221.25 2.15 1.2x 10.4x 18.9x athenahealth, Inc. (NasdaqGS:ATHN) 112.69 4,453.34 4,597.04 1,082.90 107.10 0.52 4.2x NM NM
BioScrip, Inc. (NasdaqNM:BIOS) 1.70 205.67 720.04 935.59 26.69 (0.46) 0.8x 27.0x NM
Cegedim SA (ENXTPA:CGM) 28.34 395.96 640.65 465.37 29.07 (1.94) 1.4x 22.0x NM
CorVel Corporation (NasdaqNM:CRVL) 43.50 832.07 793.26 513.38 66.13 1.43 1.5x 12.0x NM
Cross Country Healthcare, Inc. (NasdaqNM:CCRN) 14.36 473.65 540.60 833.54 41.32 0.15 0.6x 13.1x NM eHealth, Inc. (NasdaqGS:EHTH) 12.04 221.02 159.24 186.96 (0.32) (0.27) 0.9x NM NM
Envision Healthcare Corporation (NYSE:EVHC) 61.32 7,203.75 13,550.55 3,696.00 795.50 (0.47) 3.7x 17.0x NM
EPS Holdings, Inc. (TSE:4282) 14.03 646.18 548.80 476.80 65.20 0.71 1.2x 8.4x 19.7x
Express Scripts Holding Company (NasdaqNM:ESRX) 65.91 39,566.62 52,065.52 100,287.50 7,102.10 5.39 0.5x 7.3x 12.2x
Healthcare Services Group, Inc. (NasdaqNM:HCSG) 43.09 3,137.47 3,045.89 1,562.66 125.25 1.05 1.9x 24.3x NM
HMS Holdings Corp. (NasdaqNM:HMSY) 20.33 1,698.63 1,720.42 496.01 94.85 0.43 3.5x 18.1x NM
ICON Public Limited Company (NasdaqGS:ICLR) 79.72 4,347.20 4,435.12 1,666.49 379.43 4.65 2.7x 11.7x 17.1x
INC Research Holdings, Inc. (NasdaqGS:INCR) 45.85 2,475.95 2,870.74 1,030.34 231.51 2.03 2.8x 12.4x 22.6x
Magellan Health, Inc. (NasdaqNM:MGLN) 69.05 1,629.54 1,960.26 4,836.88 237.42 3.22 0.4x 8.3x 21.4x
On Assignment, Inc. (NYSE:ASGN) 48.53 2,555.28 3,168.59 2,440.41 252.59 1.81 1.3x 12.5x 26.8x
PAREXEL International Corporation (NasdaqNM:PRXL) 63.11 3,215.74 3,741.04 2,094.80 350.70 2.82 1.8x 10.7x 22.4x
PRA Health Sciences, Inc. (NasdaqGS:PRAH) 65.23 4,021.76 4,705.44 1,580.02 235.28 1.06 3.0x 20.0x NM
Quintiles IMS Holdings, Inc. (NYSE:Q) 80.53 18,999.02 25,188.02 5,364.00 1,073.00 0.76 4.7x 23.5x NM
Stericycle, Inc. (NasdaqGS:SRCL) 82.89 7,066.14 9,982.68 3,562.34 813.20 2.08 2.8x 12.3x NM
Teladoc, Inc. (NYSE:TDOC) 25.00 1,357.61 1,336.23 123.16 (44.28) (1.75) NM NM NM
MEAN (OUTSOURCING) 2.1x 15.5x 19.9x MEDIAN (OUTSOURCING) 1.9x 12.5x 20.4x
SERVICES - INDIA-BASED OUTSOURCING
Firstsource Solutions Limited (BSE:532809) 0.64 438.99 518.78 517.37 65.40 0.06 1.0x 7.9x 10.1x
HCL Technologies Limited (NSEI:HCLTECH) 13.50 19,261.96 17,636.26 6,774.07 1,500.70 0.85 2.6x 11.8x 15.9x
Hexaware Technologies Limited (BSE:532129) 3.31 1,172.00 1,115.00 520.78 83.69 0.20 2.1x 13.3x 16.4x
Infosys Limited (NSEI:INFY) 15.78 36,060.05 31,356.99 10,085.00 2,787.00 0.93 3.1x 11.3x 16.9x
KPIT Technologies Limited (BSE:532400) 2.00 375.83 363.76 486.37 47.59 0.20 0.7x 7.6x 9.8x
MphasiS Limited (BSE:526299) 8.92 1,876.53 1,414.52 897.22 142.12 0.57 1.6x 10.0x 15.6x
NIIT Technologies Limited (BSE:532541) 6.74 413.28 345.42 403.76 61.17 0.55 0.9x 5.6x 12.3x
Tata Consultancy Services Limited (NSEI:TCS) 37.53 73,951.49 68,046.71 17,194.02 4,710.49 1.95 4.0x 14.4x 19.3x
Tech Mahindra Limited (NSEI:TECHM) 7.09 6,902.63 5,924.87 4,200.77 641.06 0.48 1.4x 9.2x 14.7x
Wipro Limited (BSE:507685) 7.95 19,224.34 16,558.06 8,051.99 1,606.63 0.51 2.1x 10.3x 15.6x
MEAN (INDIA-BASED OUTSOURCING) 1.9x 10.1x 14.7x MEDIAN (INDIA-BASED OUTSOURCING) 1.8x 10.1x 15.6x 23
LTM4 P/ Diluted 4 3 Stock LTM4 LTM Diluted EPS TEV3/ TEV / EPS Before Company Name (Ticker Symbol) Price Market Cap2 TEV3 Revenue EBITDA5 Before Extra Revenue EBITDA5 Extra SERVICES - INFORMATION
Connecture, Inc. (NasdaqGM:CNXR) 1.07 24.17 102.37 81.89 (14.47) (1.31) 1.3x NM NM
HealthStream, Inc. (NasdaqNM:HSTM) 24.23 769.96 666.79 225.97 21.03 0.12 3.0x NM NM
National Research Corporation (NasdaqGS:NRCI.B) 39.25 550.50 521.10 109.38 35.42 0.83 4.8x 14.7x NM
WebMD Health Corp. (NasdaqNM:WBMD) 52.68 1,941.39 1,995.15 705.05 188.27 1.97 2.8x 10.6x 26.8x
MEAN (INFORMATION) 2.9x 12.7x 26.8x MEDIAN (INFORMATION) 2.9x 12.7x 26.8x
MEAN (SERVICES) 2.0x 13.7x 18.8x MEDIAN (SERVICES) 1.9x 12.1x 19.1x
PROVIDERS - LABS
Charles River Laboratories International, Inc. (NYSE:CRL) 89.95 4,283.86 5,414.48 1,681.43 402.15 3.22 3.2x 13.5x 27.9x
China Cord Blood Corporation (NYSE:CO) 6.66 486.20 156.85 102.94 42.93 0.19 1.5x 3.7x NM
Foundation Medicine, Inc. (NasdaqGS:FMI) 32.25 1,142.25 999.23 116.87 (98.08) (3.25) NM NM NM
Genomic Health, Inc. (NasdaqGS:GHDX) 31.49 1,072.76 975.77 327.87 (6.40) (0.42) 3.0x NM NM
Invitae Corporation (NYSE:NVTA) 11.06 467.27 388.32 25.05 (93.93) (3.02) NM NM NM
Laboratory Corporation of America Holdings (NYSE:LH) 143.47 14,676.98 20,108.08 9,437.20 1,830.70 7.02 2.1x 11.0x 20.4x
NeoGenomics, Inc. (NasdaqCM:NEO) 7.89 621.91 738.43 244.08 29.25 (0.39) 3.0x 25.2x NM
Quest Diagnostics Incorporated (NYSE:DGX) 98.19 13,500.66 17,072.66 7,515.00 1,406.00 4.51 2.3x 12.1x 21.8x
Sonic Healthcare Limited (ASX:SHL) 16.90 7,051.65 8,947.99 3,644.85 594.99 0.80 2.5x 15.0x 21.2x
MEAN (LABS) 2.5x 13.4x 22.8x MEDIAN (LABS) 2.5x 12.8x 21.5x
PROVIDERS - HOME HEALTH & HOSPICE
Addus HomeCare Corporation (NasdaqGS:ADUS) 32.00 365.57 382.57 400.69 31.20 1.05 1.0x 12.3x NM
Almost Family, Inc. (NasdaqNM:AFAM) 48.60 674.58 940.82 623.54 39.38 1.71 1.5x 23.9x 28.4x
Amedisys, Inc. (NasdaqNM:AMED) 51.09 1,717.00 1,780.77 1,417.94 81.45 1.10 1.3x 21.9x NM
Chemed Corporation (NYSE:CHE) 182.69 2,980.25 3,073.69 1,576.88 219.14 6.48 1.9x 14.0x 28.2x
LHC Group, Inc. (NasdaqNM:LHCG) 53.90 978.47 1,082.00 900.03 83.92 2.07 1.2x 12.9x 26.0x
MEAN (HOME HEALTH) 1.4x 17.0x 27.6x MEDIAN (HOME HEALTH) 1.3x 14.0x 28.2x
PROVIDERS - NON-ACUTE
AAC Holdings, Inc. (NYSE:AAC) 8.53 202.08 377.19 258.29 28.43 (0.03) 1.5x 13.3x NM
Acadia Healthcare Company, Inc. (NasdaqGS:ACHC) 43.60 3,829.35 7,077.85 2,810.91 580.25 0.07 2.5x 12.2x NM
Adeptus Health Inc. (NYSE:ADPT) 1.80 29.51 269.27 403.74 37.54 5.64 0.7x 7.2x 0.3x
Alliance Healthcare Services, Inc. (NasdaqGM:AIQ) 10.25 110.83 767.40 505.55 124.31 0.04 1.5x 6.2x NM
Civitas Solutions, Inc. (NYSE:CIVI) 18.35 683.84 1,266.72 1,421.23 154.86 0.51 0.9x 8.2x NM
Concord Medical Services Holdings Limited (NYSE:CCM) 4.72 207.24 435.16 82.12 13.86 (0.65) NM NM NM
CoreCivic, Inc. (NYSE:CXW) 31.42 3,708.56 5,146.63 1,849.79 471.67 1.87 2.8x 10.9x 16.8x
DaVita Inc. (NYSE:DVA) 67.97 13,226.96 22,290.90 14,733.43 2,493.07 4.29 1.5x 8.9x 15.8x
The GEO Group, Inc. (NYSE: GEO) 46.37 3,765.38 6,135.73 2,179.49 380.50 2.00 2.8x 16.1x 23.2x
Hanger, Inc. (OTCPK:HNGR) 13.34 464.61 - 1,060.75 158.86 1.65 NM NM 8.1x
HealthSouth Corporation (NYSE:HLS) 42.81 3,812.33 7,119.33 3,646.00 820.00 2.59 2.0x 8.7x 16.6x 24
LTM4 P/ Diluted 4 3 Stock LTM4 LTM Diluted EPS TEV3/ TEV / EPS Before Company Name (Ticker Symbol) Price Market Cap2 TEV3 Revenue EBITDA5 Before Extra Revenue EBITDA5 Extra MEDNAX, Inc. (NYSE:MD) 69.38 6,378.76 8,017.46 3,183.16 660.95 3.49 2.5x 12.1x 19.9x
The Providence Service Corporation (NasdaqGS:PRSC) 44.44 599.96 606.45 1,578.89 74.22 (2.35) 0.4x 8.2x NM
RadNet, Inc. (NasdaqNM:RDNT) 5.90 278.47 899.31 884.54 107.45 0.15 1.0x 8.4x NM
Select Medical Holdings Corporation (NYSE:SEM) 13.35 1,771.75 4,923.41 4,216.93 448.39 0.87 1.2x 11.0x 15.3x
U.S. Physical Therapy, Inc. (NYSE:USPH) 65.30 817.68 892.49 348.39 59.84 1.93 2.6x 14.9x NM
VCA Inc. (NasdaqGS:WOOF) 91.50 7,433.10 8,818.90 2,516.86 492.43 2.56 3.5x 17.9x NM
MEAN (NON-ACUTE) 1.8x 10.9x 14.5x MEDIAN (NON-ACUTE) 1.5x 10.9x 16.2x
PROVIDERS - LONG-TERM CARE
Brookdale Senior Living Inc. (NYSE:BKD) 13.43 2,490.57 8,319.09 4,239.38 796.28 (2.18) 2.0x 10.4x NM
Capital Senior Living Corporation (NYSE:CSU) 14.06 422.29 1,327.44 445.72 75.89 (0.97) 3.0x 17.5x NM
Ensign Group, Inc. (NasdaqNM:ENSG) 18.80 956.89 1,175.29 1,654.86 119.30 0.96 0.7x 9.9x 19.6x
Five Star Senior Living Inc. (NasdaqCM:FVE) 2.15 107.49 136.86 1,127.90 22.58 (0.45) 0.1x 6.1x NM
Welltower Inc. (NYSE:HCN) 70.82 25,676.39 39,495.02 4,183.20 2,106.99 2.81 NM 18.7x 25.2x
Sabra Health Care REIT, Inc. (NasdaqGS:SBRA) 27.93 1,823.43 2,998.00 260.53 227.86 0.92 NM 13.2x NM
Genesis Healthcare, Inc. (NYSE:GEN) 2.64 243.76 4,992.00 5,624.62 517.06 (0.82) 0.9x 9.7x NM
Ventas, Inc. (NYSE:VTR) 65.04 23,064.68 34,174.54 3,447.00 1,832.88 1.86 NM 18.6x NM
MEAN (LONG-TERM CARE) 1.3x 13.0x 22.4x MEDIAN (LONG-TERM CARE) 0.9x 11.8x 22.4x
PROVIDERS - ACUTE
Community Health Systems, Inc. (NYSE:CYH) 8.87 983.51 16,705.51 18,438.00 1,985.00 (15.41) 0.9x 8.4x NM
HCA Holdings, Inc. (NYSE:HCA) 88.99 32,965.53 65,327.53 41,490.00 8,164.00 7.30 1.6x 8.0x 12.2x
Kindred Healthcare, Inc. (NYSE:KND) 8.35 710.82 3,936.80 7,219.52 546.34 (7.73) 0.5x 7.2x NM
LifePoint Health, Inc. (NasdaqNM:LPNT) 65.50 2,616.33 5,596.23 6,364.00 701.80 2.82 0.9x 8.0x 23.2x
Tenet Healthcare Corp. (NYSE:THC) 17.71 1,776.97 19,373.97 19,621.00 2,282.00 (1.88) 1.0x 8.5x NM
Universal Health Services, Inc. (NYSE:UHS) 124.45 12,021.64 16,197.71 9,766.21 1,698.02 7.14 1.7x 9.5x 17.4x
MEAN (ACUTE) 1.1x 8.3x 17.6x MEDIAN (ACUTE) 0.9x 8.2x 17.4x
MEAN (PROVIDERS) 1.7x 12.1x 19.4x MEDIAN (PROVIDERS) 1.5x 11.0x 20.2x
PRODUCTS - CLINICAL DEVICES
ABIOMED, Inc. (NasdaqNM:ABMD) 125.20 5,283.98 5,059.79 414.58 89.59 1.07 NM NM NM
Accelerate Diagnostics, Inc. (NasdaqCM:AXDX) 24.20 1,255.86 1,178.10 0.25 (64.15) (1.29) NM NM NM
Accuray Incorporated (NasdaqNM:ARAY) 4.75 393.76 455.55 374.27 1.63 (0.32) 1.2x NM NM
Agilent Technologies, Inc. (NYSE:A) 52.87 17,040.05 16,794.05 4,241.00 942.00 1.56 4.0x 17.8x NM
Align Technology, Inc. (NasdaqNM:ALGN) 114.71 9,208.47 8,568.22 1,079.87 272.92 2.33 NM NM NM
Alliqua BioMedical, Inc. (NasdaqCM:ALQA) 0.50 23.71 29.67 18.24 (23.27) (1.16) 1.6x NM NM
Alphatec Holdings, Inc. (NasdaqNM:ATEC) 2.33 24.90 75.12 120.25 (2.32) (3.06) 0.6x NM NM
Analogic Corporation (NasdaqGS:ALOG) 75.90 947.93 794.94 518.69 65.44 1.86 1.5x 12.1x NM
AngioDynamics, Inc. (NasdaqNM:ANGO) 17.35 633.41 694.15 356.15 48.09 (0.70) 1.9x 14.4x NM
Anika Therapeutics, Inc. (NasdaqGS:ANIK) 43.44 635.96 511.20 103.38 54.34 2.15 4.9x 9.4x 20.2x 25
LTM4 P/ Diluted 4 3 Stock LTM4 LTM Diluted EPS TEV3/ TEV / EPS Before Company Name (Ticker Symbol) Price Market Cap2 TEV3 Revenue EBITDA5 Before Extra Revenue EBITDA5 Extra AtriCure, Inc. (NasdaqNM:ATRC) 19.15 638.44 633.32 155.11 (20.87) (1.05) 4.1x NM NM
Avinger, Inc. (NasdaqGM:AVGR) 1.90 45.44 50.63 19.21 (49.21) (3.39) 2.6x NM NM
Baxter International Inc. (NYSE:BAX) 51.86 28,105.91 28,076.91 10,163.00 1,972.00 9.01 2.8x 14.2x 5.8x
Bio-Techne Corporation (NasdaqGS:TECH) 101.65 3,792.75 4,024.50 528.12 202.44 2.10 NM 19.9x NM
BioTelemetry, Inc. (NasdaqGS:BEAT) 28.95 813.11 815.51 198.40 40.92 1.75 4.1x 19.9x 16.5x
Boston Scientific Corporation (NYSE:BSX) 24.87 34,046.32 39,334.32 8,386.00 2,201.00 0.25 4.7x 17.9x NM
Bruker Corporation (NasdaqNM:BRKR) 23.33 3,729.41 3,647.51 1,611.30 262.10 0.95 2.3x 13.9x 24.6x
Cardiovascular Systems, Inc. (NasdaqGS:CSII) 28.28 921.85 842.57 191.49 (13.39) (0.88) 4.4x NM NM
Catalent, Inc. (NYSE:CTLT) 28.32 3,533.66 5,302.26 1,896.10 357.90 0.72 2.8x 14.8x NM
ConforMIS, Inc. (NasdaqGS:CFMS) 5.22 228.74 163.24 79.90 (52.99) (1.39) 2.0x NM NM
CONMED Corporation (NasdaqNM:CNMD) 44.41 1,236.22 1,707.28 763.52 126.83 0.52 2.2x 13.5x NM
Corindus Vascular Robotics, Inc. (AMEX:CVRS) 1.31 155.92 150.50 2.84 (31.23) (0.28) NM NM NM
C. R. Bard, Inc. (NYSE:BCR) 248.54 17,972.55 18,709.25 3,714.00 1,149.20 7.03 NM 16.3x NM
CryoLife, Inc. (NYSE:CRY) 16.65 553.37 568.30 180.38 25.29 0.32 3.2x 22.5x NM
Cutera, Inc. (NasdaqGS:CUTR) 20.70 287.04 232.96 118.06 3.38 0.19 2.0x NM NM
Cytosorbents Corporation (NasdaqCM:CTSO) 4.50 114.99 114.65 9.53 (11.33) (0.47) NM NM NM
DexCom, Inc. (NasdaqNM:DXCM) 84.73 7,308.73 7,191.03 573.30 (48.90) (0.78) NM NM NM
Edwards Lifesciences Corporation (NYSE:EW) 94.07 19,989.48 19,540.68 2,963.70 894.70 2.61 NM 21.8x NM
Ekso Bionics Holdings, Inc. (OTCBB:EKSO) - 89.80 79.89 14.22 (23.94) (2.05) NM NM NM
Endologix, Inc. (NasdaqNM:ELGX) 7.24 600.38 730.45 192.93 (67.53) (1.91) 3.8x NM NM
Entellus Medical, Inc. (NasdaqGM:ENTL) 13.80 301.91 290.33 75.18 (24.33) (1.53) 3.9x NM NM
Enzo Biochem, Inc. (NYSE:ENZ) 8.37 387.47 326.19 105.58 (2.38) 0.68 3.1x NM 12.3x
Exactech, Inc. (NasdaqNM:EXAC) 25.20 360.38 367.33 257.57 42.51 0.01 1.4x 8.6x NM
Fresenius SE & Co. KGaA (DB:FRE) 80.64 44,628.87 68,196.03 30,700.94 5,755.30 3.06 2.2x 11.8x 26.3x
GenMark Diagnostics, Inc. (NasdaqGM:GNMK) 12.82 603.20 581.45 49.27 (45.07) (1.15) NM NM NM
Genomic Health, Inc. (NasdaqGS:GHDX) 31.49 1,072.76 975.77 327.87 (6.40) (0.42) 3.0x NM NM
Glaukos Corporation (NYSE:GKOS) 51.30 1,756.15 1,660.38 114.40 8.96 0.12 NM NM NM
Globus Medical, Inc. (NYSE:GMED) 29.62 2,842.71 2,552.40 563.99 201.89 1.08 4.5x 12.6x 27.4x
Hologic, Inc. (NasdaqNM:HOLX) 42.55 11,884.06 14,558.46 2,871.90 1,044.70 1.17 NM 13.9x NM
Illumina, Inc. (NasdaqNM:ILMN) 170.64 24,911.31 24,518.58 2,398.37 718.78 3.07 NM NM NM
Inogen, Inc. (NasdaqGS:INGN) 77.56 1,594.53 1,480.65 202.83 34.30 0.97 NM NM NM
Integer Holdings Corporation (NYSE:ITGR) 40.20 1,246.16 2,923.94 1,386.78 263.57 0.19 2.1x 11.1x NM Integra LifeSciences Holdings Corporation 42.13 3,152.01 3,714.71 992.08 231.93 0.94 3.7x 16.0x NM (NasdaqNM:IART) Intersect ENT, Inc. (NasdaqGM:XENT) 17.15 491.83 387.88 78.71 (24.95) (0.89) 4.9x NM NM
Intuitive Surgical, Inc. (NasdaqNM:ISRG) 766.47 28,148.99 25,594.39 2,704.40 1,046.20 18.73 NM 24.5x NM
Invuity, Inc. (NasdaqGM:IVTY) 7.95 134.91 110.49 32.46 (36.69) (2.73) 3.4x NM NM
IRadimed Corporation (NasdaqCM:IRMD) 8.90 95.58 69.90 32.50 11.17 0.60 2.2x 6.3x 14.8x
K2M Group Holdings, Inc. (NasdaqGS:KTWO) 20.51 870.96 898.24 236.63 (5.52) (1.00) 3.8x NM NM
Landauer, Inc. (NYSE:LDR) 48.75 469.08 565.43 150.28 38.78 1.93 3.8x 14.6x 25.3x 26
LTM4 P/ Diluted 4 3 Stock LTM4 LTM Diluted EPS TEV3/ TEV / EPS Before Company Name (Ticker Symbol) Price Market Cap2 TEV3 Revenue EBITDA5 Before Extra Revenue EBITDA5 Extra LeMaitre Vascular, Inc. (NasdaqGM:LMAT) 24.63 459.86 435.57 89.15 19.93 0.55 4.9x 21.9x NM
LivaNova PLC (NasdaqGS:LIVN) 49.01 2,361.24 2,446.65 1,213.93 187.77 (1.29) 2.0x 13.0x NM
Masimo Corporation (NasdaqNM:MASI) 93.26 4,702.08 4,396.18 694.63 164.49 5.65 NM 26.7x 16.5x
Medtronic plc (NYSE:MDT) 80.56 110,277.37 131,110.37 29,361.00 9,088.00 2.83 4.5x 14.4x 28.4x
Meridian Bioscience, Inc. (NasdaqNM:VIVO) 13.80 582.39 590.74 194.73 57.42 0.70 3.0x 10.3x 19.7x
NanoString Technologies, Inc. (NasdaqGM:NSTG) 19.87 430.20 403.59 86.49 (38.20) (2.34) 4.7x NM NM
Natus Medical Incorporated (NasdaqNM:BABY) 39.25 1,270.27 1,162.70 381.89 73.11 1.29 3.0x 15.9x NM
Nevro Corp. (NYSE:NVRO) 93.70 2,734.47 2,596.25 228.50 (21.36) (1.12) NM NM NM
NuVasive, Inc. (NasdaqNM:NUVA) 74.68 3,778.76 4,256.82 962.07 208.37 0.69 4.4x 20.4x NM
Nxstage Medical, Inc. (NasdaqNM:NXTM) 26.83 1,749.76 1,704.26 366.38 14.65 (0.07) 4.7x NM NM
Orthofix International N.V. (NasdaqNM:OFIX) 38.15 684.66 645.09 409.79 48.85 0.19 1.6x 13.2x NM
Össur hf. (ICSE:OSSRU) 3.49 1,503.36 1,623.26 520.75 91.43 0.12 3.1x 17.8x NM pSivida Corp. (NasdaqGM:PSDV) 1.72 58.78 41.25 6.88 (17.97) (0.55) NM NM NM
Quidel Corporation (NasdaqNM:QDEL) 22.64 746.00 724.91 191.60 17.48 (0.42) 3.8x NM NM
ResMed Inc. (NYSE:RMD) 71.97 10,195.05 10,575.41 1,968.37 539.41 2.31 NM 19.6x NM
REVA Medical, Inc. (ASX:RVA) 0.73 310.94 400.71 NM (25.64) (0.13) NM NM NM
ReWalk Robotics Ltd. (NasdaqGM:RWLK) 2.10 34.34 28.67 5.87 (29.75) (2.47) 4.9x NM NM
SeaSpine Holdings Corporation (NasdaqGS:SPNE) 7.85 91.12 80.83 128.86 (27.92) (3.85) 0.6x NM NM
Second Sight Medical Products, Inc. (NasdaqCM:EYES) 1.21 68.20 57.33 3.99 (32.78) (0.84) NM NM NM
Sientra, Inc. (NasdaqGS:SIEN) 8.42 158.58 91.37 20.73 (36.92) (2.20) 4.4x NM NM
Smith & Nephew plc (LSE:SN.) 15.23 13,326.47 14,898.56 4,669.00 1,292.00 0.88 3.2x 11.5x 17.3x
Sonova Holding AG (SWX:SOON) 138.87 9,071.25 8,912.46 2,205.77 498.41 5.24 4.0x 17.9x 26.5x
The Spectranetics Corporation (NasdaqNM:SPNC) 29.13 1,264.94 1,517.17 270.82 (14.98) (1.35) NM NM NM
STAAR Surgical Company (NasdaqNM:STAA) 9.80 399.33 392.15 82.43 (9.76) (0.30) 4.8x NM NM
Stryker Corporation (NYSE:SYK) 131.65 49,089.43 52,619.43 11,325.00 3,107.00 4.35 4.6x 16.9x NM
Syneron Medical Ltd. (NasdaqGS:ELOS) 10.55 369.44 301.55 298.10 16.66 0.01 1.0x 18.1x NM
T2 Biosystems, Inc. (NasdaqGM:TTOO) 5.26 160.83 128.12 4.08 (48.60) (2.11) NM NM NM
Tandem Diabetes Care, Inc. (NasdaqGM:TNDM) 1.20 59.51 84.94 84.25 (72.56) (2.73) 1.0x NM NM
TransEnterix, Inc. (AMEX:TRXC) 1.21 148.50 137.32 1.52 (46.85) (1.07) NM NM NM
Unilife Corporation (ASX:UNS) 0.03 28.93 145.73 11.21 (56.71) (5.07) NM NM NM
Utah Medical Products, Inc. (NasdaqNM:UTMD) 62.30 231.44 205.08 39.30 19.07 3.22 NM 10.8x 19.3x
Varian Medical Systems, Inc. (NYSE:VAR) 91.13 8,517.63 8,324.63 3,224.00 633.40 3.51 2.6x 13.1x 26.0x
Wright Medical Group N.V. (NasdaqNM:WMGI) 31.12 3,176.29 3,728.38 690.36 32.59 (1.60) NM NM NM
Zimmer Biomet Holdings, Inc. (NYSE:ZBH) 122.11 24,571.40 35,179.70 7,683.90 2,800.30 1.51 4.6x 12.6x NM
MEAN (CLINICAL) 3.2x 15.6x 20.4x MEDIAN (CLINICAL) 3.2x 14.5x 20.0x
PRODUCTS - NON-CLINICAL DEVICES
Abaxis, Inc. (NasdaqNM:ABAX) 48.50 1,093.19 955.65 225.98 52.47 1.47 4.2x 18.2x NM
Cerus Corporation (NasdaqNM:CERS) 4.45 460.46 408.21 37.18 (59.48) (0.62) NM NM NM 27
LTM4 P/ Diluted 4 3 Stock LTM4 LTM Diluted EPS TEV3/ TEV / EPS Before Company Name (Ticker Symbol) Price Market Cap2 TEV3 Revenue EBITDA5 Before Extra Revenue EBITDA5 Extra Getinge AB (OM:GETI B) 17.60 4,194.55 6,481.80 3,278.12 611.43 0.55 2.0x 10.6x NM
Haemonetics Corporation (NYSE:HAE) 40.57 2,109.81 2,316.37 900.39 134.60 0.31 2.6x 17.2x NM
Harvard Bioscience, Inc. (NasdaqGM:HBIO) 2.60 89.91 98.06 104.52 3.12 (0.13) 0.9x NM NM
IDEXX Laboratories, Inc. (NasdaqNM:IDXX) 154.61 13,593.74 14,406.14 1,775.42 430.69 2.44 NM NM NM
Invacare Corporation (NYSE:IVC) 11.90 385.67 422.79 1,047.47 (5.71) (1.32) 0.4x NM NM
Omnicell, Inc. (NasdaqGS:OMCL) 40.65 1,502.16 1,701.82 692.62 62.94 0.02 2.5x 27.0x NM
Pacific Biosciences of California, Inc. (NasdaqGS:PACB) 5.17 479.39 425.20 90.71 (67.37) (0.83) 4.7x NM NM
PerkinElmer, Inc. (NYSE:PKI) 58.06 6,374.23 7,061.39 2,115.52 405.94 1.96 3.3x 17.4x 29.6x
Steris Plc (NYSE:STE) 73.64 6,474.90 7,143.30 2,616.04 598.30 1.64 2.7x 11.9x NM
Surmodics, Inc. (NasdaqGS:SRDX) 24.05 319.06 273.93 72.59 23.95 0.73 3.8x 11.4x NM
Thermo Fisher Scientific Inc. (NYSE:TMO) 153.60 59,964.07 75,915.27 18,274.10 4,533.30 5.10 4.2x 16.7x NM
Waters Corporation (NYSE:WAT) 156.31 12,516.60 11,530.83 2,167.42 727.31 6.41 NM 15.9x 24.4x
ZELTIQ Aesthetics, Inc. (NasdaqGS:ZLTQ) 55.61 2,254.70 2,198.42 354.20 16.85 0.02 NM NM NM
MEAN (NON-CLINICAL) 2.8x 16.3x 27.0x MEDIAN (NON-CLINICAL) 2.7x 16.7x 27.0x
PRODUCTS - DISPOSABLES
Atrion Corporation (NasdaqNM:ATRI) 468.20 858.62 814.52 143.49 48.08 14.85 NM 16.9x NM
Becton, Dickinson and Company (NYSE:BDX) 183.44 39,040.63 49,090.63 12,419.00 3,262.00 6.01 4.0x 15.0x NM
Halyard Health, Inc. (NYSE:HYH) 38.09 1,778.11 2,243.41 1,592.30 172.60 0.85 1.4x 13.0x NM
ICU Medical, Inc. (NasdaqNM:ICUI) 152.70 2,983.44 2,538.36 379.37 118.07 3.66 NM 21.5x NM
Merit Medical Systems, Inc. (NasdaqNM:MMSI) 28.90 1,440.80 1,746.00 603.84 93.95 0.45 2.9x 18.6x NM
Nipro Corporation (TSE:8086) 14.08 2,339.04 5,384.00 3,107.29 569.15 0.92 1.7x 9.5x 15.3x
Retractable Technologies, Inc. (AMEX:RVP) 1.11 32.92 21.43 29.83 (2.18) (0.15) 0.7x NM NM
Teleflex Incorporated (NYSE:TFX) 193.73 8,699.47 9,189.01 1,868.03 486.92 4.98 4.9x 18.9x NM
Terumo Corporation (TSE:4543) 34.66 12,581.84 13,386.16 4,312.03 1,063.41 0.86 3.1x 12.6x NM
MEAN (DISPOSABLES) 2.7x 15.7x 15.3x MEDIAN (DISPOSABLES) 2.9x 16.0x 15.3x
PRODUCTS - COMMERCIAL
Bio-Rad Laboratories, Inc. (NYSE:BIO) 199.34 5,898.91 5,493.99 2,068.17 270.50 0.95 2.7x 20.3x NM
Cambrex Corporation (NYSE:CBM) 55.05 1,783.40 1,709.26 490.34 154.71 2.65 3.5x 11.0x 20.8x
Cantel Medical Corp. (NYSE:CMD) 80.10 3,342.10 3,467.07 723.21 136.08 1.61 4.8x 25.5x NM
ChromaDex Corporation (NasdaqCM:CDXC) 2.69 101.97 100.93 26.81 (1.74) (0.08) 3.8x NM NM
DENTSPLY SIRONA Inc. (NasdaqNM:XRAY) 62.44 14,341.27 15,462.27 3,745.30 779.50 1.94 4.1x 19.8x NM
Exact Sciences Corporation (NasdaqCM:EXAS) 23.62 2,612.46 2,307.87 99.38 (157.51) (1.63) NM NM NM
Fluidigm Corporation (NasdaqGS:FLDM) 5.69 166.20 301.72 104.45 (66.45) (2.62) 2.9x NM NM
Hill-Rom Holdings, Inc. (NYSE:HRC) 70.60 4,614.04 6,531.44 2,631.40 448.00 2.15 2.5x 14.6x NM
Ion Beam Applications SA (ENXTBR:IBAB) 54.84 1,595.41 1,547.65 347.06 35.76 - 4.5x NM NM
Luminex Corporation (NasdaqNM:LMNX) 18.37 752.20 658.75 270.64 46.84 0.32 2.4x 14.1x NM
Mettler-Toledo International Inc. (NYSE:MTD) 478.91 12,408.56 13,143.91 2,508.26 588.24 14.22 NM 22.3x NM
Natera, Inc. (NasdaqGS:NTRA) 8.87 468.10 371.60 217.07 (88.57) (1.86) 1.7x NM NM 28
LTM4 P/ Diluted 4 3 Stock LTM4 LTM Diluted EPS TEV3/ TEV / EPS Before Company Name (Ticker Symbol) Price Market Cap2 TEV3 Revenue EBITDA5 Before Extra Revenue EBITDA5 Extra Neogen Corporation (NasdaqGS:NEOG) 65.55 2,498.73 2,374.28 352.83 75.97 1.08 NM NM NM
OraSure Technologies, Inc. (NasdaqNM:OSUR) 12.93 745.49 626.37 122.80 20.55 0.35 NM NM NM
Oxford Immunotec Global PLC (NasdaqGM:OXFD) 15.49 351.81 322.39 86.08 (21.20) (1.00) 3.7x NM NM
QIAGEN N.V. (NasdaqGS:QGEN) 28.97 6,543.81 7,079.72 1,337.99 395.34 0.35 NM 17.9x NM
Quotient Limited (NasdaqGM:QTNT) 6.99 206.64 260.93 21.75 (60.77) (2.79) NM NM NM
Rockwell Medical, Inc. (NasdaqGM:RMTI) 6.26 322.56 264.62 53.28 (19.45) (0.39) 5.0x NM NM
Trinity Biotech plc (NasdaqGS:TRIB) 5.96 138.88 158.26 99.61 12.31 (4.38) 1.6x 12.9x NM
TrovaGene, Inc. (NasdaqCM:TROV) 1.15 35.61 14.25 0.38 (37.75) (1.37) NM NM NM
Veracyte, Inc. (NasdaqGM:VCYT) 9.18 310.73 277.03 65.09 (26.36) (1.09) 4.3x NM NM
VWR Corporation (NasdaqGS:VWR) 28.20 3,712.08 5,560.38 4,514.20 467.70 1.12 1.2x 11.9x 25.2x
West Pharmaceutical Services, Inc. (NYSE:WST) 81.61 5,984.20 6,010.80 1,509.10 317.50 1.91 4.0x 18.9x NM
MEAN (COMMERCIAL) 3.3x 17.2x 23.0x MEDIAN (COMMERCIAL) 3.6x 17.9x 23.0x
PRODUCTS - CONSUMER
Alere Inc. (NYSE:ALR) 39.73 3,456.62 6,459.66 2,385.04 317.98 (0.73) 2.7x 20.3x NM
Cooper Companies Inc. (NYSE:COO) 199.89 9,781.85 11,115.35 2,016.31 618.15 6.07 NM 18.0x NM
Essilor International SA (ENXTPA:EI) 121.79 26,047.33 28,676.71 7,510.82 1,796.69 3.92 3.8x 16.0x NM
Insulet Corporation (NasdaqNM:PODD) 43.09 2,484.18 2,518.65 366.99 8.93 (0.48) NM NM NM
Nutraceutical International Corporation (NasdaqGS:NUTR) 31.15 288.02 321.19 233.65 43.45 2.01 1.4x 7.4x 15.5x
Nutrisystem, Inc. (NasdaqGS:NTRI) 55.50 1,647.85 1,614.35 545.45 67.78 1.19 3.0x 23.8x NM
USANA Health Sciences, Inc. (NYSE:USNA) 57.60 1,411.45 1,235.68 1,006.08 152.10 3.99 1.2x 8.1x 14.4x
MEAN (CONSUMER) 2.4x 15.6x 15.0x MEDIAN (CONSUMER) 2.7x 17.0x 15.0x
PRODUCTS - PHARMACEUTICALS
Abbott Laboratories (NYSE:ABT) 44.41 76,740.48 80,150.48 20,853.00 4,587.00 0.71 3.8x 17.5x NM
AbbVie Inc. (NYSE:ABBV) 65.16 103,837.46 134,256.46 25,638.00 10,952.00 3.63 NM 12.3x 18.0x
AcelRx Pharmaceuticals, Inc. (NasdaqGM:ACRX) 3.15 142.81 84.05 17.36 (29.91) (0.95) 4.8x NM NM
Achillion Pharmaceuticals, Inc. (NasdaqGS:ACHN) 4.21 575.60 212.43 15.00 (63.91) (0.45) NM NM NM
Acorda Therapeutics, Inc. (NasdaqNM:ACOR) 21.00 974.56 1,147.08 519.60 11.80 (0.76) 2.2x NM NM
Adamas Pharmaceuticals, Inc. (NasdaqGM:ADMS) 17.50 388.85 275.19 0.57 (62.58) (2.77) NM NM NM
Akorn, Inc. (NasdaqGS:AKRX) 24.08 2,996.75 3,604.85 1,116.84 460.27 1.47 3.2x 7.8x 16.3x
Alexion Pharmaceuticals, Inc. (NasdaqGS:ALXN) 121.24 27,232.17 29,227.17 3,084.00 1,167.00 1.76 NM 25.0x NM
Alimera Sciences, Inc. (NasdaqGM:ALIM) 1.40 90.81 162.17 34.33 (25.08) (0.63) 4.7x NM NM
Allergan plc (NYSE:AGN) 238.92 80,177.64 104,658.34 14,570.60 6,096.40 (3.17) NM 17.2x NM
Amphastar Pharmaceuticals, Inc. (NasdaqGS:AMPH) 14.50 665.70 630.54 255.17 30.66 0.22 2.5x 20.6x NM
Ampio Pharmaceuticals, Inc. (AMEX:AMPE) 0.80 45.79 40.78 - (15.87) (0.36) NM NM NM
ANI Pharmaceuticals, Inc. (NasdaqGM:ANIP) 49.51 573.81 667.08 128.62 56.31 0.34 NM 11.8x NM
Antares Pharma, Inc. (NasdaqCM:ATRS) 2.84 440.89 413.17 52.22 (22.26) (0.16) NM NM NM
Aradigm Corporation (NasdaqCM:ARDM) 1.55 22.94 13.57 0.20 (29.90) (2.23) NM NM NM
Array BioPharma Inc. (NasdaqNM:ARRY) 8.94 1,510.92 1,425.34 40.42 (84.48) (0.66) NM NM NM 29
LTM4 P/ Diluted 4 3 Stock LTM4 LTM Diluted EPS TEV3/ TEV / EPS Before Company Name (Ticker Symbol) Price Market Cap2 TEV3 Revenue EBITDA5 Before Extra Revenue EBITDA5 Extra Arrowhead Pharmaceuticals, Inc. (NasdaqGS:ARWR) 1.85 137.95 37.97 4.48 (77.46) (1.17) NM NM NM
Astellas Pharma Inc. (TSE:4503) 13.15 27,301.02 24,181.57 11,243.06 2,994.92 0.84 2.2x 8.1x 15.7x
AstraZeneca PLC (LSE:AZN) 61.52 77,855.02 90,874.96 23,002.00 5,991.00 2.76 4.0x 15.2x 22.3x
BioDelivery Sciences International, Inc. (NasdaqCM:BDSI) 1.90 104.11 101.37 14.41 (62.53) (1.25) NM NM NM
Bristol-Myers Squibb Company (NYSE:BMY) 54.38 89,591.05 90,114.05 19,427.00 6,699.00 2.65 4.6x 13.5x 20.5x
Cempra, Inc. (NasdaqGS:CEMP) 3.75 196.47 (19.75) 18.02 (112.96) (2.34) NM 0.2x NM
Clovis Oncology, Inc. (NasdaqGS:CLVS) 63.67 2,841.37 2,856.31 0.08 (290.71) (9.07) NM NM NM
Compugen Ltd. (NasdaqGM:CGEN) 4.30 219.87 159.33 0.71 (31.10) (0.62) NM NM NM
Corcept Therapeutics Incorporated (NasdaqCM:CORT) 10.96 1,238.46 1,201.59 81.32 10.27 0.07 NM NM NM
Curis, Inc. (NasdaqGM:CRIS) 2.78 394.45 369.83 7.53 (39.86) (0.45) NM NM NM
Depomed, Inc. (NasdaqGS:DEPO) 12.55 779.35 1,320.71 455.90 133.76 (1.45) 2.9x 9.9x NM
DURECT Corporation (NasdaqGM:DRRX) 1.05 148.99 143.84 14.03 (31.95) (0.26) NM NM NM
Egalet Corporation (NasdaqGM:EGLT) 5.10 125.69 122.97 16.96 (76.91) (3.70) NM NM NM
Egalet Corporation (NasdaqGM:EGLT) 5.10 125.69 122.97 16.96 (76.91) (3.70) NM NM NM
Eli Lilly and Company (NYSE:LLY) 84.11 88,537.47 92,874.97 21,222.10 5,367.90 2.58 4.4x 17.3x NM
Elite Pharmaceuticals, Inc. (OTCPK:ELTP) 0.15 135.76 125.01 13.48 (2.93) 0.03 NM NM 4.8x
Endo International plc (NasdaqNM:ENDP) 11.16 2,488.21 10,291.85 4,010.27 596.00 (14.48) 2.6x 17.3x NM
Foamix Pharmaceuticals Ltd. (NasdaqGM:FOMX) 4.95 183.98 71.18 5.53 (29.51) (0.91) NM NM NM
GlaxoSmithKline plc (LSE:GSK) 20.78 100,870.61 122,798.12 34,434.27 8,750.25 0.23 3.6x 14.0x NM
Heska Corporation (NasdaqCM:HSKA) 104.98 742.84 732.80 130.08 21.18 1.43 NM NM NM
ImmunoGen, Inc. (NasdaqGS:IMGN) 3.87 338.06 275.06 43.01 (119.96) (1.81) NM NM NM
Impax Laboratories, Inc. (NasdaqGS:IPXL) 12.65 932.94 1,584.07 824.43 179.19 (6.63) 1.9x 8.8x NM
Infinity Pharmaceuticals, Inc. (NasdaqGS:INFI) 3.23 162.88 70.81 18.72 (118.49) (0.61) 3.8x NM NM
Innocoll Holdings plc (NasdaqGM:INNL) 1.12 33.32 46.50 4.37 (64.16) (2.12) NM NM NM
Innoviva, Inc. (NasdaqGS:INVA) 13.83 1,510.25 2,075.91 133.57 109.12 0.53 NM 19.0x 26.1x
INSYS Therapeutics, Inc. (NasdaqGM:INSY) 10.51 754.30 584.65 242.28 17.48 0.10 2.4x NM NM
Ironwood Pharmaceuticals, Inc. (NasdaqGS:IRWD) 17.06 2,522.39 2,589.97 273.96 (29.18) (0.56) NM NM NM
Jazz Pharmaceuticals PLC (NasdaqGS:JAZZ) 145.13 8,670.39 10,274.05 1,487.97 750.78 6.41 NM 13.7x 22.6x
Johnson & Johnson (NYSE:JNJ) 124.55 337,641.35 323,234.35 71,890.00 24,964.00 5.93 4.5x 12.9x 21.0x
Juniper Pharmaceuticals, Inc. (NasdaqGS:JNP) 4.75 51.51 33.47 54.57 7.18 0.55 0.6x 4.7x 8.7x
Karyopharm Therapeutics Inc. (NasdaqGS:KPTI) 12.84 538.01 408.46 0.15 (110.02) (2.92) NM NM NM
Lannett Company, Inc. (NYSE:LCI) 22.35 831.19 1,617.52 665.10 271.98 (0.63) 2.4x 5.9x NM
Mallinckrodt Public Limited Company (NYSE:MNK) 44.57 4,666.24 10,465.14 3,399.50 1,475.30 1.92 3.1x 7.1x 23.2x
Merck & Co., Inc. (NYSE:MRK) 63.54 174,453.59 185,203.59 39,807.00 12,004.00 1.41 4.7x 15.4x NM
Mylan N.V. (NasdaqGS:MYL) 38.99 20,879.03 35,214.63 11,076.90 3,528.30 0.92 3.2x 10.0x NM
Neos Therapeutics, Inc. (NasdaqGM:NEOS) 7.20 162.44 186.17 9.15 (73.93) (5.19) NM NM NM
Novartis AG (SWX:NOVN) 74.34 175,713.97 192,283.27 49,386.00 14,419.00 2.80 3.9x 13.3x 26.5x
Novo Nordisk A/S (CPSE:NOVO B) 34.44 86,262.64 83,319.24 15,871.28 7,312.18 2.12 NM 11.4x 16.2x
Opko Health, Inc. (NasdaqGS:OPK) 8.00 4,465.78 4,402.49 1,221.66 67.06 (0.05) 3.6x NM NM 30
LTM4 P/ Diluted 4 3 Stock LTM4 LTM Diluted EPS TEV3/ TEV / EPS Before Company Name (Ticker Symbol) Price Market Cap2 TEV3 Revenue EBITDA5 Before Extra Revenue EBITDA5 Extra Osiris Therapeutics, Inc. (OTCPK:OSIR) 4.80 165.72 122.43 86.60 4.41 0.05 1.4x 27.7x NM
Pacira Pharmaceuticals, Inc. (NasdaqGS:PCRX) 45.60 1,711.14 1,647.29 276.37 (19.24) (1.02) NM NM NM
Pernix Therapeutics Holdings, Inc. (NasdaqGM:PTX) 3.70 37.06 302.11 140.86 (3.30) (21.67) 2.1x NM NM
Perrigo Company plc (NYSE:PRGO) 66.39 9,518.63 15,005.33 5,832.70 1,338.20 (10.08) 2.6x 11.2x NM
Pfizer Inc. (NYSE:PFE) 34.21 203,724.86 228,402.86 52,824.00 19,807.00 1.17 4.3x 11.5x 29.2x
Phibro Animal Health Corporation (NasdaqGM:PAHC) 28.10 1,107.63 1,396.94 752.22 113.05 1.49 1.9x 12.4x 18.9x
Progenics Pharmaceuticals, Inc. (NasdaqGS:PGNX) 9.44 662.59 573.14 69.43 10.58 0.15 NM NM NM
Recro Pharma, Inc. (NasdaqCM:REPH) 8.74 166.51 126.41 69.34 (8.84) (2.82) 1.8x NM NM
Rigel Pharmaceuticals, Inc. (NasdaqNM:RIGL) 3.31 404.77 330.00 20.38 (63.03) (0.73) NM NM NM
Roche Holding AG (SWX:ROG) 255.75 217,722.80 233,443.81 51,818.31 20,307.55 10.96 4.5x 11.5x 23.3x
Sanofi (ENXTPA:SAN) 90.48 113,727.80 122,756.88 36,638.87 10,941.62 3.58 3.4x 11.2x 25.3x
Sarepta Therapeutics, Inc. (NasdaqGS:SRPT) 29.60 1,622.47 1,320.78 5.42 (257.06) (5.49) NM NM NM
SciClone Pharmaceuticals, Inc. (NasdaqGS:SCLN) 9.80 504.76 370.36 160.10 34.22 0.58 2.3x 10.8x 16.9x
Sucampo Pharmaceuticals, Inc. (NasdaqNM:SCMP) 11.00 477.46 569.67 230.06 126.57 0.42 2.5x 4.5x 25.9x
Supernus Pharmaceuticals, Inc. (NasdaqGM:SUPN) 31.30 1,570.09 1,484.13 215.00 56.62 1.76 NM 26.2x 17.8x
Takeda Pharmaceutical Company Limited (TSE:4502) 46.90 36,751.90 41,052.89 14,817.70 3,330.73 1.44 2.8x 12.3x NM
Taro Pharmaceutical Industries Ltd. (NYSE:TARO) 116.62 4,785.17 3,683.31 948.05 609.82 11.67 3.9x 6.0x 10.0x
Teligent, Inc. (NasdaqGS:TLGT) 7.81 415.70 461.08 66.88 6.82 (0.23) NM NM NM
Teva Pharmaceutical Industries Limited (NYSE:TEVA) 32.09 32,707.16 72,116.16 21,903.00 7,195.00 0.07 3.3x 10.0x NM
TherapeuticsMD, Inc. (AMEX:TXMD) 7.20 1,422.17 1,290.64 19.36 (90.12) (0.46) NM NM NM
Valeant Pharmaceuticals International, Inc. (TSX:VRX) 11.02 27,899.20 57,468.90 9,674.00 4,045.00 (6.94) NM 14.2x NM
Zoetis Inc. (NYSE:ZTS) 53.37 26,255.91 29,991.91 4,888.00 1,696.00 1.65 NM 17.7x NM
Zogenix, Inc. (NasdaqGM:ZGNX) 10.85 269.22 199.76 28.85 (61.05) (2.77) NM NM NM
MEAN (PHARMACEUTICALS) 3.1x 12.9x 19.5x MEDIAN (PHARMACEUTICALS) 3.2x 12.3x 20.5x
PRODUCTS - DISTRIBUTION
AmerisourceBergen Corporation (NYSE:ABC) 88.50 19,229.28 21,917.71 148,309.91 2,158.17 5.99 0.1x 10.2x 14.8x
Aceto Corporation (NasdaqGS:ACET) 15.81 476.18 789.20 546.92 61.40 0.71 1.4x 12.9x 22.4x
Cardinal Health, Inc. (NYSE:CAH) 81.55 25,724.95 29,438.95 127,236.00 3,072.00 4.15 0.2x 9.6x 19.6x
CVS Health Corporation (NYSE:CVS) 78.50 81,231.11 105,308.11 177,526.00 13,050.00 4.91 0.6x 8.1x 16.0x
Diplomat Pharmacy, Inc. (NYSE:DPLO) 15.95 1,064.81 1,204.12 4,410.39 77.67 0.42 0.3x 15.5x NM
Henry Schein, Inc. (NasdaqNM:HSIC) 169.97 13,461.06 15,232.91 11,571.67 987.25 6.19 1.3x 15.4x 27.5x
McKesson Corporation (NYSE:MCK) 148.26 31,438.90 39,598.90 196,498.00 4,624.00 9.04 0.2x 8.6x 16.4x
Medicines Company (NasdaqGS:MDCO) 48.90 3,472.86 3,607.84 167.84 (306.90) (1.71) NM NM NM
Owens & Minor, Inc. (NYSE:OMI) 34.60 2,114.30 2,603.40 9,723.43 267.17 1.76 0.3x 9.7x 19.7x
Patterson Companies, Inc. (NasdaqNM:PDCO) 45.23 4,292.85 5,387.71 5,601.87 424.75 1.86 1.0x 12.7x 24.4x
PetMed Express, Inc. (NasdaqGS:PETS) 20.14 407.92 360.02 241.54 35.45 1.07 1.5x 10.2x 18.8x
PharMerica Corporation (NYSE:PMC) 23.40 720.48 1,188.48 2,091.10 129.20 0.69 0.6x 9.2x NM
Premier, Inc. (NasdaqGS:PINC) 31.83 1,613.84 1,740.45 1,271.86 381.93 2.07 1.4x 4.6x 15.4x 31
LTM4 P/ Diluted 4 3 Stock LTM4 LTM Diluted EPS TEV3/ TEV / EPS Before Company Name (Ticker Symbol) Price Market Cap2 TEV3 Revenue EBITDA5 Before Extra Revenue EBITDA5 Extra Prestige Brands Holdings, Inc. (NYSE:PBH) 55.56 2,941.14 4,293.43 849.25 299.48 1.35 NM 14.3x NM
Rite Aid Corporation (NYSE:RAD) 4.25 4,478.16 11,526.15 32,573.85 1,178.81 0.08 0.4x 9.8x NM
Vitamin Shoppe, Inc. (NYSE:VSI) 20.15 471.99 601.04 1,289.24 124.78 1.04 0.5x 4.8x 19.4x
MEAN (DISTRIBUTION) 0.7x 10.4x 19.5x MEDIAN (DISTRIBUTION) 0.5x 9.8x 19.4x
MEAN (PRODUCTS) 2.9x 14.3x 19.9x MEDIAN (PRODUCTS) 2.9x 13.5x 19.7x
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
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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
Nathan D. Cortright Robert B. Dimmitt
Group Head Senior Managing Director
[email protected] [email protected]
Jeffrey M. Tepper Spencer R. Berg
Managing Director Vice President
[email protected] [email protected]
Joshua H. Keatts Leslie S. Lau
Vice President Vice President
[email protected] [email protected]
George B. James Peter J. Moreno
Senior Associate Associate
[email protected] [email protected]
Merritt Piro
Analyst
CONTACT INFORMATION Telephone: 212-755-8200 Facsimile: 212-755-8255 www.scott-macon.com