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Healthcare IT Q4 2018 Healthcare IT Q4 2018 Sector Dashboard [4]

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Healthcare IT Q4 2018 Healthcare IT Q4 2018 Sector Dashboard [4] Sectorwatch: Healthcare IT Q4 2018 Healthcare IT Q4 2018 Sector Dashboard [4] Public Basket Performance [5] Operational Metrics [7] Valuation Comparison [10] Recent Deals [12] 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 2 Overview 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. We publish our sectorwatch, a review of M&A and operational trends in the industries we focus. Dashboard Valuation Comparison • Summary metrics on the sector • Graphical, detailed comparison of valuation • Commentary on market momentum by multiples for the public basket comparing the most recent 12-month performance against the last 3-year averages. Public Basket Performance Recent Deals • Summary valuation and operating metrics • The most recently announced deals in the for a basket of comparable public companies sector 3 Dashboard Operating Metrics Revenue Growth Momentum One year revenue growth percentage compared Median LTM Gross Profit Margin % 56.0% -2.5% to revenue growth average percentage for last 3 years. Current revenue growth rate is less than the average of the last 3 Median LTM Revenue Growth % 15.8% years, indicating that the market may be flattening, but the average growth rate is still 22%. Median LTM EBITDA Margin % Pricing / Gross Margin Momentum 14.6% One year gross profit percentage compared to 0% 20% 40% 60% 0.4% gross profit percentage average for last 3 years. Current gross profit margin slightly exceeds the average of the last 3 Valuation years gross profit margin by this amount so companies are maintaining margins. Median Price / LTM Earnings 63.1x Profitability Momentum Median TEV / LTM EBITDA 30.7x One year EBITDA percentage compared to 1.6% EBITDA percentage average for last 3 years. Median TEV / LTM EBIT 23.1x Current EBITDA margin exceeds the average of the last 3 years EBITDA margin by this amount. Median TEV / LTM Revenue 4.5x 0x 20x 40x 60x 80x 4 Public Basket Rev TEV / LTM Rev Growth EBITDA TEV / EBITDA Rev / Company TEV $m $m YoY GP % % Rev X X # FTEs FTE $k Cerner Corporation 20,450 5,149 4% 84% 25% 4.0 15.8 26,000 198 M3, Inc. 12,355 898 21% 57% 29% 14.0 48.8 5,165 174 Veeva Systems Inc. 11,881 763 23% 70% 24% 15.6 64.2 2,171 352 HealthEquity, Inc. 5,042 258 28% 61% 32% 19.5 61.6 1,027 251 athenahealth, Inc. 4,967 1,287 12% 54% 19% 3.9 20.5 5,156 250 Teladoc Health, Inc. 4,942 330 110% 72% -11% 15.0 0.0 1,231 268 Allscripts Healthcare Solutions, Inc. 4,311 2,006 21% 49% 5% 2.1 40.6 8,900 225 Medidata Solutions, Inc. 4,103 611 16% 76% 15% 6.7 45.8 1,680 364 Winning Health Technology Group Co., Ltd. 3,174 201 32% 51% 21% 16.6 77.9 3,613 56 CompuGroup Medical Societas Europaea 2,993 791 16% 39% 21% 3.9 18.5 4,572 173 HMS Holdings Corp. 2,743 562 13% 37% 21% 4.9 23.7 2,500 225 Omnicell, Inc. 2,647 758 12% 47% 9% 3.5 36.9 2,350 322 Inovalon Holdings, Inc. 2,412 476 13% 69% 16% 5.1 30.7 1,758 271 Evolent Health, Inc. 1,790 506 40% 40% -3% 3.5 0.0 2,600 194 Tabula Rasa HealthCare, Inc. 1,646 170 56% 31% 9% 9.7 112.5 536 317 Benefitfocus, Inc. 1,108 267 14% 53% 0% 4.2 0.0 1,450 184 Vocera Communications, Inc. 866 169 16% 61% -1% 5.1 0.0 590 287 Pharmagest Interactive SA 855 182 22% 28% 24% 4.8 20.6 907 200 Agfa-Gevaert NV 833 2,731 -6% 33% 6% 0.3 4.9 9,840 278 NNIT A/S 780 459 3% 18% 14% 1.7 12.0 3,031 152 HealthStream, Inc. 743 260 14% 57% 12% 2.9 24.0 955 272 Pro Medicus Limited 702 27 14% 99% 47% 27.6 58.4 - NA Computer Programs and Systems, Inc. 495 284 9% 55% 12% 1.7 14.2 2,000 142 Simulations Plus, Inc. 348 29 34% 73% 41% 11.9 29.4 83 352 NantHealth, Inc. 334 88 9% 58% -58% 3.8 0.0 494 179 Castlight Health, Inc. 266 145 26% 60% -36% 1.8 0.0 527 276 Average 3,569 746 22% 55% 11% 7.5 38.1 3,565 238 Median 2,101 395 16% 56% 15% 4.5 30.0 2,000 250 share price as of 24Oct18 5 Public Basket Valuation Trends 35x Public EBITDA Multiples over Time 35x 30x 30x 25.7x 25x 20x 15x 25x 10x 5x 0x 20x TEV/EBITDA - Median TEV/EBITDA - Average 15x 10x Public Revenue Multiples over Time 5.1x 8x 5x 6x 4x 2x 0x 0x TEV/EBITDA - Median TEV/Revenue - Median TEV/Revenue - Median TEV/Revenue - Average TEV/EBITDA - Average TEV/Revenue - Average 6 Operational Metrics LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s Teladoc Health, Inc. Medidata Solutions, Inc. Tabula Rasa HealthCare, Inc. Simulations Plus, Inc. Evolent Health, Inc. Veeva Systems Inc. Simulations Plus, Inc. Omnicell, Inc. Winning Health Technology Group… Tabula Rasa HealthCare, Inc. HealthEquity, Inc. Vocera Communications, Inc. Castlight Health, Inc. Agfa-Gevaert NV Veeva Systems Inc. Castlight Health, Inc. Pharmagest Interactive SA HealthStream, Inc. M3, Inc. Inovalon Holdings, Inc. Allscripts Healthcare Solutions, Inc. Teladoc Health, Inc. CompuGroup Medical Societas… HealthEquity, Inc. Vocera Communications, Inc. athenahealth, Inc. Medidata Solutions, Inc. Allscripts Healthcare… Benefitfocus, Inc. HMS Holdings Corp. HealthStream, Inc. Pharmagest Interactive SA Pro Medicus Limited Cerner Corporation HMS Holdings Corp. Evolent Health, Inc. Inovalon Holdings, Inc. Benefitfocus, Inc. athenahealth, Inc. NantHealth, Inc. Omnicell, Inc. NantHealth, Inc. M3, Inc. Computer Programs and Systems,… CompuGroup Medical… Cerner Corporation NNIT A/S NNIT A/S Computer Programs and… Agfa-Gevaert NV Winning Health Technology… Median Median -20% 0% 20% 40% 60% 80% 100%120% $- $100 $200 $300 $400 7 Operational Metrics LTM Gross Profit Margin % LTM EBITDA % Pro Medicus Limited Pro Medicus Limited Cerner Corporation Simulations Plus, Inc. Medidata Solutions, Inc. HealthEquity, Inc. Simulations Plus, Inc. M3, Inc. Teladoc Health, Inc. Cerner Corporation Veeva Systems Inc. Veeva Systems Inc. Inovalon Holdings, Inc. Pharmagest Interactive SA Vocera Communications, Inc. Winning Health Technology… HealthEquity, Inc. CompuGroup Medical Societas… Castlight Health, Inc. HMS Holdings Corp. NantHealth, Inc. athenahealth, Inc. HealthStream, Inc. Inovalon Holdings, Inc. M3, Inc. Medidata Solutions, Inc. Computer Programs and… NNIT A/S athenahealth, Inc. Computer Programs and… Benefitfocus, Inc. HealthStream, Inc. Winning Health Technology… Omnicell, Inc. Allscripts Healthcare… Tabula Rasa HealthCare, Inc. Omnicell, Inc. Agfa-Gevaert NV Evolent Health, Inc. Allscripts Healthcare Solutions,… CompuGroup Medical… Vocera Communications, Inc. HMS Holdings Corp. Evolent Health, Inc. Agfa-Gevaert NV Teladoc Health, Inc. Tabula Rasa HealthCare, Inc. Castlight Health, Inc. Pharmagest Interactive SA NNIT A/S NantHealth, Inc. Median Median 0% 20% 40% 60% 80% 100% -60% -40% -20% 0% 20% 40% 60% 8 Valuation TEV / LTM Revenue TEV / LTM EBITDA Pro Medicus Limited Tabula Rasa… HealthEquity, Inc. Winning Health… Winning Health… Veeva Systems Inc. Veeva Systems Inc. Teladoc Health, Inc. HealthEquity, Inc. M3, Inc. Pro Medicus Limited Simulations Plus, Inc. Tabula Rasa… M3, Inc. Medidata Solutions,… Medidata Solutions,… Vocera… Allscripts Healthcare… Inovalon Holdings,… HMS Holdings Corp. Omnicell, Inc. Pharmagest… Inovalon Holdings,… Benefitfocus, Inc. Simulations Plus, Inc. Cerner Corporation CompuGroup… HealthStream, Inc. athenahealth, Inc. HMS Holdings Corp. NantHealth, Inc. Evolent Health, Inc. Pharmagest… Omnicell, Inc. athenahealth, Inc. HealthStream, Inc. CompuGroup Medical… Allscripts Healthcare… Castlight Health, Inc. Cerner Corporation Computer Programs… Computer Programs… NNIT A/S NNIT A/S Agfa-Gevaert NV Median Median 0x 10x 20x 30x 0x 20x 40x 60x 80x 100x 120x 9 Valuation Price / LTM Earnings Historical Valuation Multiples versus Revenue Growth Rate HealthEquity, Inc. 120x 60% Veeva Systems Inc. Winning Health… 50% 100x Medidata Solutions,… 40% Pro Medicus Limited 80x HMS Holdings Corp. 30% M3, Inc. 60x Omnicell, Inc. 20% HealthStream, Inc. 40x 10% CompuGroup Medical… 20x athenahealth, Inc. 0% Agfa-Gevaert NV 0x -10% Simulations Plus, Inc. EBITDA(x) LTM RGR% LTM Pharmagest… Cerner Corporation NNIT A/S Median 0x 20x 40x 60x 80x 100x EBITDA(x) LTM RGR% 10 Merger & Acquisition Statistics RECENT TRANSACTIONS SUMMARY Valuation Summary Total Deal Value($mm): $23,825.68 In the last twelve months there were transactions Average Deal Value: $297.82 totaling $23.8b transactions in the healthcare IT Average TEV/Revenue: 6.86x sector. 7 Mile Advisors tracked 1,215 transactions in Average TEV/EBITDA: 31.16x the sector, including 295 M&A transactions. Average Day Prior Premium(%): 284.56% Average Week Prior Premium(%): 281.18% Average Month Prior Premium(%): 306.58% All Transactions by Type All Transactions by Region M&A Transaction Ranges by Value Latin Africa / Greater than $500 - Merger/Acquisition America and Middle East, $1 billion, 6 $999.9mm, 1 , 295 Caribbean, 6 21 Europe, 218 $100 - Asia / Pacific, $499.9mm, 13 185 Less than United $100mm, 60 Private Placement, States and 920 Canada, 785 Undisclosed, 213 Most Active Buyers/Investors by Number of Transactions Most Active Buyers/Investors by Total Transaction Size Number Of Transaction Company Name Company Name Transactions Size ($mm) Ben Franklin Technology Partners of Southeastern Pennsylvania, Investment Arm 13 Elliott M anagement Corporation 6,879.97 Y Combinator M anagement LLC 8 Verscend Technologies, Inc.
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