C O N T E N T S - Scott-Macon

C O N T E N T S - Scott-Macon

C O N T E N T S SCOTT-MACON HEALTHCARE REVIEW: THIRD QUARTER 2017 Third Quarter 2017 Healthcare Review 2 Healthcare Overview, Mean Revenue Multipl...

2MB Sizes 0 Downloads 13 Views

Recommend Documents

C O N T E N T S
L078827-000. 1.5 mm. 1/8” NPT. L078830-000. 3 mm. 1/4” NPT. L078833-000. 4.5 mm. 1/4” NPT. L078836-000. 6 mm. 1/4â

S O N N T A G S D I E N S T
17.08.2017 - Am Klinikum Saarbrücken, Winterberg 1, Tel. 0681/970 425 80. - Am CaritasKlinikum Saarbrücken St. Theresia,

S O N N T A G S D I E N S T
diensthabenden Ärzte in den Bereitschaftsdienstpraxen in Saarbrücken: ... Am CaritasKlinikum Saarbrücken St. Theresia, R

C O N T E N T S vës-FSF33&SRSFRS
2 egg" dør Per - - leae - ſzor - YWY - fes Schreáine, zegº dżirº filmu. Eeee ... tides bear no de - lay, stor - my

G S T O N
... Netzgeréte der Klasse 2 / Power Supplies with Extra-Low- Voltage Class 2 Outp. 0 BS 1363 Mit 13 A abgesicherte Stec

C O N T E N T S - World Health Organization
Sep 16, 2010 - Case definition: •. In an area where the disease is unknown to be present, a patient aged ≥ 5 years d

K I N G S T O N C I T Y S C H O O L D I S T R I C T
It was suggested that the committee break up into smaller groups in order that each group become familiar with at least

K I N G S T O N C I T Y S C H O O L D I S T R I C T - Kingston
Others Present: C. Ellsworth, D. Wall & Tim Ruland from BBL,. The meeting began at 3:33 p.m.. Update on UCCC project at

H E L P P L A N T R A N S I T I N T O R O N T O
[email protected] tel: 416-338-2848 fax: 416-392-1591 www.smarttrack.to. Metrolinx [email protected] tel: 41

T W O T H O U S A N D A N D T W E L V E
her maid. Samar YAZBEK. In her mirrors. Centuries of Alawite violent history through 24 hours of a passionate love story

C O N T E N T S

SCOTT-MACON HEALTHCARE REVIEW: THIRD QUARTER 2017

Third Quarter 2017 Healthcare Review

2

Healthcare Overview, Mean Revenue Multiples

4

Healthcare Overview, Mean EBITDA Multiples

5

Analysis of Selected Healthcare, Medical and Pharmaceutical Merger and Acquisition Transactions July 1—September 30, 2017

6

Analysis of Selected Publicly-Traded Healthcare, Medical and Pharmaceutical Companies

19

Scott-Macon Professionals’ Representative Closed Transactions

30

Scott-Macon Contact Information

31

2

THIRD QUARTER 2017 H E A LT H C A R E R E V I E W Dear Clients and Friends, Scott-Macon is pleased to present our

nounced its deal for Vios Medical in the wireless

Healthcare Review covering the third quarter of

monitoring space for $101 million. In addition, Al-

2017. If you haven’t done so already, please email

phabet, Johnson & Johnson, and NextGen/Quality

me at [email protected] to automati-

Systems all closed healthcare technology deals in

cally continue receiving our publications in the fu- the quarter. The Outsourcing Services sector had a ture as we are transitioning to digital publishing

burst of activity in the quarter, including some

with email distribution.

mega deals: PARAXEL in the Contract Research

Pages four and five represent a visual snapshot of the average multiples for all of the healthcare, medical and pharmaceutical transactions that either closed or were announced during the third quarter, along with the average multiples for the major publicly-traded healthcare, medical and pharmaceutical companies. In the Insurance Services segment, both Anthem and Magellan announced deals in the third quarter, Anthem for Healthsun Health Plans and Magellan for Senior Whole Health. In the Technology Services sector, there was a surprising dearth of blockbuster deals in the quarter, but lots of midmarket activity. Japan’s Konica Minolta announced its deal for inviCRO in the medical imaging analysis arena for $285 million; Allscripts announced its deal for McKesson’s healthcare technology business for $185 million; and Japan’s Murata an-

space announced its going-private transaction for a cool $5 billion, or 2.4X revenues and 14.6X EBITDA; and also in the Contract Research sector INC Research closed its InVentiv deal for $4.2 billion, or 2.0X revenues and 13.7X EBITDA. In addition, Fortive announced its $740 million deal for Landauer; Pharmaceutical Research Associates closed on Symphony Health for $530 million; and Teladoc picked up Best Doctors for $440 million. Turning next to the Providers areas, the Laboratory segment saw the announced sale of Ambry Genetics to a consortium for $1 billion. Quest Diagnostics had a big quarter, closing on two deals and announcing a third. In Home Health and Hospice, Addus, HealthSouth, and LHC all closed deals in the third quarter. The Non-Acute Providers sector had an explosion of activity, including two billion plus deals: Surgery Partners going-private

3

deal for $2.8 billion, or 2.5X revenues and 11.1X

Fisher’s $7.2 billion deal for Patheon. Lastly, the

EBITDA; and Air Medical’s deal for American

Distribution area also saw a going-private deal for

Medical Response for $2.4 billion. In Long-Term

PharMerica worth $1.4 billion, or 10.3X EBITDA.

Care, CommuniCare, Diversicare, Ensign Group, MedEquities Realty Trust, Omega Healthcare and Sienna Senior Living all closed or announced deals last quarter. Once again, we also saw lots of Acute Care activity. Surgery Partners closed on National Specialty Hospitals for $760 million; HCA picked up 4 hospitals in Houston for $750 million; and Medical Properties Trust acquired a group of 9 facilities for $700 million.

Following the mergers and acquisitions analysis, we present an analysis of publicly-traded Services, Providers, and Products companies by sector. Mean EBITDA multiples for Services companies ended the third quarter at 15.5X (up from 14.1X in Q2 2017); Providers at 12.6X (up from 12.5X in Q2 2017); and Products at 15.6X (up from 15.5X in Q2 2017). Technology services companies ended the third quarter at 23.3X, while

Clinical Devices in the Products area had its Outsourcing services companies were 16.2X. The usual smattering of mega deals, including Fresen-

Insurance segment EBITDA multiple came in at

ius/Nxstage Medical for $2 billion, CooperSurgical 12.9X (up from 10.4X in Q2 2017). announcing its $1.1 billion deal for a division of Teva, and Teleflex’s announced $1.1 billion deal for NeoTract. In Non-Clinical Devices, Stryker closed on Novadaq for $644 million. In Disposables Products, Philips closed on Spectranetics for $2.1 billion. In Commercial Products, four multibillion deals closed: Cardinal Health’s deal for a

Finally, contact information for the ScottMacon Healthcare Investment Banking Group Professionals appears on the back cover. We welcome your call or email to discuss your thoughts on this article. Sincerely yours,

Medtronic division for $6.1 billion; Lonza/ Capsugel for $5.5 billion; Sabra Health Care REIT/ Care Capital Properties for $4.1 billion; and the going-private deal for Albany Molecular for $1.6 billion. The Pharmaceuticals area was of course busy as always, with the largest deal being Thermo

Nathan D. Cortright Managing Director Group Head – Healthcare Investment Banking

4

H E A LT H C A R E O V E R V I E W M E A N

R E V E N U E

M U L T I P L E S

OVERALL: Revenue Multiple

2.0x

2.1x

1.7x

Services

2.9x

1.8x

Providers

2.5x

Products

SERVICES: Revenue Multiple

3.4x 1.3x

2.2x

1.0x

NA

Insurance

2.5x

2.0x

1.8x

1.0x

NA

Technology

Outsourcing

India-Based Outsourcing

Information

PROVIDERS: Revenue Multiple

2.8x

1.9x

1.4x

Labs

1.7x

0.9x

Home Health & Hospice

2.8x

1.3x

Non-Acute

1.3x

1.0x

NA

Long-Term Care

Acute

PRODUCTS: Revenue Multiple

3.2x

2.8x

1.9x

NA

Clinical Devices

Disposables

3.4x

Commercial

3.2x

0.7x

NA Consumer

2.9x

NA

Non-Clinical Devices

2.6x

3.1x

2.7x

Pharmaceuticals Public Companies

M&A Transactions

0.6x

Distribution

5

H E A LT H C A R E O V E R V I E W M E A N

E B I T D A

M U L T I P L E S

OVERALL: EBITDA Multiple

15.5x

13.5x

12.6x

Services

16.3x

15.6x 10.3x

Providers

Products

SERVICES: EBITDA Multiple 25.5x

23.3x 16.2x

12.9x NA

13.5x

9.6x

NA

Insurance

NA

Technology

Outsourcing

NA

India-Based Outsourcing

Information

PROVIDERS: EBITDA Multiple

16.7x

13.0x

11.5x NA

14.9x

11.1x

NA

Labs

9.4x

8.2x NA

Home Health & Hospice

Non-Acute

Long-Term Care

Acute

PRODUCTS: EBITDA Multiple

17.5x

Clinical

18.0x

19.6x

17.9x

17.0x

12.5x

NA

NA

Non-Clinical

Disposables

13.6x

17.0x

Commercial

18.2x

10.5x

10.3x

NA

Consumer

Pharmaceuticals Public Companies

M&A Transactions

Distribution

6

ANALYSIS OF SELECTED HEALTHCARE, MEDICAL AND PHARMACEUTICAL SERVICES AND PRODUCTS MERGER & ACQUISITION TRANSACTIONS1 (CLOSED OR ANNOUNCED BETWEEN JULY 1—SEPTEMBER 30, 2017) ($ Millions Except Per Share Data)

Date

Announced Announced Announced 7/12/2017

Acquirer / Target

Anthem, Inc. (NYSE:ANTM) / Healthsun Health Plans, Inc. Magellan Healthcare, Inc. / Senior Whole Health, LLC Paramount Care, Inc. / Health Resources, Inc. Unknown Buyer / DentalPlans.com, Inc.

Target Revenue

Price

SERVICES - INSURANCE NA NA

Target EBITDA2

7/18/2017 Announced 8/14/2017 8/17/2017

9/1/2017

7/31/2017 7/12/2017

340B Holdings, LLC / eAudit Solutions Inc. ABILITY Network Inc. / Secure Bill Pay, LLC Allscripts Healthcare Solutions, Inc. (NasdaqGS:MDRX) / McKesson Corporation, Hospital and Health System Business Alphabet Inc. (NasdaqGS:GOOGL) / Senosis Health Inc. American Imaging Management, Inc. / Applied Pathways LLC

NA

NA Provides managed healthcare plans.

$400.0

NA

NA

NA

NA Operates as a health maintenance organization.

NA

NA

NA

NA

NA Provides group dental plans to employer groups.

NA

NA

NA

NA

NA Provides dental insurance and savings plans for individuals and families and other discount plans.

NA NA

NA NA

NA

NA

NA Develops virtual inventory management software for healthcare industry. NA Develops healthcare payment software.

NA

NA

$185.0

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA Comprises clinical solutions.

NA

NA

NA

NA

$6.6

NA

NA

NA

NA

NA

NA

NA

NA Develops electronic medical record and practice management solutions for physical therapists, occupational therapists, and speech-language pathologists. NA Operates an online telemedicine service that allows patients to use secure and confidential video conference technology to speak with a licensed physician for medical marijuana evaluation. NA Comprises heart function analysis software.

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

$1.0

$1.0

NA

1.0x

NA

NA

NA

NA

$285.0

NA

NA

NA

$101.7

NA

NA

NA

NA

NA

NA

NA

N. Harris Computer Corporation / MorCare, LLC Navicure, Inc. / ZirMed, Inc.

NA

NA

NA

NA

NA

NA

NA

NA

Netsmart Technologies Inc. / DeVero, Inc. NextGen Healthcare Information Systems, LLC / EagleDream Health, Inc. Paradigm Management Services, LLC / ForeSight Medical, LLC

NA

NA

NA

NA

$26.0

NA

NA

NA

NA

NA

NA

NA

American Medical Alert Corp. / Providence St. Joseph Health, Providence Lifeline Medical Alert Service Anju Software, Inc. / DZS Software Solutions, Inc., Assets of ClinPlus Battery Ventures / WebPT, Inc.

7/26/2017

CardioWise, Inc. / Johns Hopkins Technology Ventures, Worldwide Rights To SQuEEZ Decision Resources, Inc. / Context Matters, Inc. Generali Global Assistance / CareLinx Incorporated GTCR, LLC / GreatCall, Inc. InnerScope Advertising Agency, Inc. (OTCPK:INND) / AUDServ, Inc. Johnson & Johnson Vision Care, Inc. / Sightbox, Inc.

9/21/2017 Announced 9/18/2017

Announced Announced 9/5/2017

9/28/2017 Announced

7/19/2017 8/16/2017 Announced

SERVICES - TECHNOLOGY NA NA NA

Cannabis Sativa, Inc. (OTCPK:CBDS) / PrestoCorp

9/25/2017

Target Description

NA

Announced

8/15/2017

Price/ EBITDA2

NA

MEAN (INSURANCE) MEDIAN (INSURANCE)

8/1/2017

Price/ Revenue

Konica Minolta, Inc. (TSE:4902) / inviCRO, LLC Murata Electronics North America, Inc. / Vios Medical, Inc. N. Harris Computer Corporation / Amazing Charts, LLC

NA Comprises healthcare information technology solutions. NA Develops mobile health monitoring applications. NA Develops cloud-based technology that allows healthcare organizations to address issues associated with managing the lifecycle of evidence-based and knowledge-based processes and workflows. NA Comprises business operations that offer healthcare monitoring services.

NA Offers health economics data and technology solutions. NA Operates an online platform that enables families to find and manage caregivers. NA Provides mobile health and safety solutions for older adults and their family caregivers. NA Provides marketing tools to clinic owners. NA Operates an online platform to provide subscription based delivery service for daily disposable contact lens wearers. NA Provides a suite of services and software for medical imaging analysis. NA Develops wireless monitoring platform for intensive healthcare applications. NA Provides electronic health/medical record software and services to healthcare providers in solo and small sized medical practices. NA Develops enterprise software solutions for the healthcare industry. NA Provides cloud-based claims management solutions to healthcare providers and organizations. NA Develops SaaS based home healthcare and hospice solutions. NA Operates as a healthcare analytics software and services company. NA Designs and develops cost containment software that provides suite of surgical management solutions in the workers' compensation marketplace.

7

Date

9/15/2017

9/21/2017

Acquirer / Target

Pivot Pharmaceuticals Inc. (OTCPK:PVOT.F) / Altum Pharmaceuticals Inc., Worldwide Rights to BiPhasix Transdermal Drug Delivery Technology Premier Diversified Holdings Inc. (OTCPK:PRDG.F) / MyCare MedTech Inc.

Target Revenue

Price

Target EBITDA2

Price/ Revenue

Price/ EBITDA2

Target Description

$4.5

NA

NA

NA

NA Comprises drug delivery technology rights.

NA

NA

NA

NA

NA Provides electronic healthcare solutions for accessing virtual care through mobile health and virtual health. NA Developing an online platform that includes Medicare Access and Chip Reauthorization Act ancillary products that help physicians practice personalized medicine. NA Focuses on developing proprietary delivery and ordering technology for medical marijuana. NA Comprises a social media platform for medical professionals. NA Develops software platforms for the telehealth industry.

8/22/2017

SilverVue, Inc. / Ergo Sum Healthcare, Inc.

NA

NA

NA

NA

9/6/2017

SinglePoint, Inc. (OTCPK:SING) / Dr. FeelGood Strathspey Crown LLC / ALPHAEON Corporation, ShoutMD TeleHealthCare, Inc. / TeleHealthCare, Inc., Prior to Reverse Merger with Head Trainer, Inc. (OTCPK:TLLT) TheraManager, LLC / DocuTrac, Inc. TractManager, Inc. / MedApproved, LLC

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA Develops and markets behavior health software.

NA

NA

NA

NA

8/8/2017

TransLogic Corporation / Talyst Systems, LLC

NA

NA

NA

NA

8/22/2017

Vestar Capital Partners, Inc. / Quest Analytics, L.L.C.

NA

NA

NA

NA

9/19/2017

Viverae, Inc. / SimplyWell LLC Waud Capital Partners, L.L.C. / Integrated Practice Solutions, Inc.

NA

NA

NA

NA

NA

NA

NA

NA

NA Develops software as a service-based product approval workflow solution to review products and services for hospital vendors. NA Develops and provides enterprise solutions for pharmacies, hospitals, and long term care facilities. NA Designs and develops health plan provider network management software for desktop, server, and developer platforms. NA Provides clinically-based integrated health solutions. NA Designs and develops chiropractic software technology solutions for the chiropractic industry.

Announced 9/11/2017

8/25/2017 7/11/2017

7/10/2017

MEAN (TECHNOLOGY) MEDIAN (TECHNOLOGY)

1.0x 1.0x SERVICES - OUTSOURCING NA NA

Announced

3i Group plc (LSE:III) / Cirtec Medical Systems, LLC

9/14/2017

Adecco Group AG (SWX:ADEN) / BioBridges, LLC

NA

8/15/2017

Ares Management, L.P. (NYSE:ARES) / DMG Practice Management Solutions, LLC Avista Healthcare Public Acquisition Corp. (NasdaqCM:AHPA) / Envigo, Inc.

Announced

8/8/2017 7/5/2017 7/10/2017 8/2/2017 9/18/2017 9/5/2017

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Aya Healthcare, Inc. / RN & Allied Specialties, Inc. Brightree LLC / AllCall Connect LLC

NA

NA

NA

NA

NA

NA

NA

NA

NA Provides live call center services for continuous positive airway pressure patient resupply.

Camden Group / Novia Strategies, Inc. Collidion Inc. / CalAsia Pharmaceuticals, Inc. Comprehensive Pharmacy Services, Inc. / Pharmacy Systems, Inc. Covance Laboratories, Inc. / Analytical Testing Services Business

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

$8.5

NA

NA

NA

$86.8

$100.0

$10.0

0.9x

NA Provides consulting services to healthcare organizations. NA Offers pharmaceutical drug discovery and development services. NA Provides hospital pharmacy management and clinical consulting services. NA Comprises contaminant testing, raw material testing, and finished product testing services for pharmaceutical markets. 8.7x Provides nurses and healthcare professionals for travel assignments for hospitals and medical facilities. NA Provides temporary labor and workforce solutions for healthcare product manufacturers.

7/5/2017

Cross Country Healthcare, Inc. (NasdaqGS:CCRN) / Advantage RN, LLC

9/14/2017

Eastridge Workforce Solutions / Metropolitan Employment Corporation of America, Inc.

NA

NA

NA

NA

7/17/2017

eMids Technologies Inc. / Encore Health Resources, LLC Envision Healthcare Corporation (NYSE:EVHC) / Infinity HealthCare, Inc.

NA

NA

NA

NA

NA

NA

NA

NA

EpiSource, LLC / Peak Payer Solutions Inc. EQT Partners AB / Certara, L.P.

NA

NA

NA

NA

$850.0

NA

NA

NA

7/5/2017

Announced 8/17/2017

NA NA

NA Medical device consulting company that provides outsourced engineering, design, and contract manufacturing services for the medical device industry. NA Operates as a clinical consulting which represents and manages the careers of professionals servicing the pharma, biotech, and medical device industries. NA Provides management services to affiliated physician practices. NA Provides essential products and research services for pharmaceutical, crop protection, and chemical companies. NA Provides nurse and allied staffing services.

NA Provides information technology consulting services for the healthcare market. NA Provides emergency department management and other healthcare management services to clinicians, hospitals, and regional medical centers. NA Provides health assessments and chart retrieval and reviews to healthcare industry. NA Operates as a biosimulation and regulatory writing consultancy company for pharmaceutical and related industries.

8 Date

Acquirer / Target

Target Revenue

Price

Target EBITDA2

Price/ Revenue

8/16/2017

eSolutions, Inc. / RemitDATA Inc.

NA

NA

NA

NA

8/9/2017

Evolution Research Group, LLC / Endeavor Clinical Trials, LLC Fidelity National Financial Ventures (NYSE:FNFV) / T-System Inc.

NA

NA

NA

NA

$200.0

NA

NA

NA

NA

NA

NA

NA

$740.7

$153.4

$43.7

4.8x

NA

NA

NA

NA

NA

NA

NA

NA

$4,195.8

$2,156.2

$306.0

2.0x

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

$97.1

NA

NM

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

$3.4

NA

NA

NA

Announced

7/6/2017 Announced 8/31/2017 7/13/2017

Fishawack Communications Ltd. / Carling Group of Companies Fortive Corporation (NYSE:FTV) / Landauer, Inc. (NYSE:LDR) Genex Services, LLC / TJ Holdings, Inc. Genoa, a QoL Healthcare Company, LLC / Medication Management Systems, Inc.

8/1/2017

INC Research Holdings, Inc. (NasdaqGS:INCR) / inVentiv Health Inc.

9/1/2017

Innovatus Imaging Corporation / Bayer Corporation, Multi-Vendor Service Business Insight Imaging, Inc. / LG Medical Technologies, Inc. ISG Group, LLC / AIA Credentialing & Consulting Services LLC JustKapital Limited (ASX:JKL) / National Health Finance, DM, LLC Knack Global, LLC / Compliance Specialists, Inc., Revenue Cycle Management and Compliance Services Business McKesson Specialty Health / intraFUSION, Inc. Medica Health Plans, Inc. / Mayo Clinic Health Solutions

8/11/2017 8/22/2017 Announced 9/20/2017

7/5/2017 Announced

Price/ EBITDA2

Target Description

NA Provides comparative analytics solutions with multiple ways to access application programming interfaces, benchmarking, and peer comparison tools for payers, providers, billing companies, and other healthcare services companies. NA Offers clinical trials. NA Provides clinical, financial, operational, and regulatory solutions for hospitals and urgent care clinics. NA Provides healthcare marketing and medical education services. 17.0x Provides technical and analytical services, and outsourced medical physics services. NA Workers’ compensation utilization management company. NA Engages in designing, delivering, and implementing medication therapy management programs. 13.7x Provides outsourced services to pharmaceutical, biotechnology, medical device and diagnostics, and healthcare industries. NA Comprises third-party medical device service business. NA Engages in the rental of diagnostic imaging technologies to hospitals and medical centers. NA Offers credentials verification and provider enrollment services to the healthcare industry. NM Facilitates health services to accident victims on a lien basis. NA Provides revenue cycle management and compliance services business to healthcare providers. NA Provides infusion center management services. NA Provides medical care, research, and education solutions for people to improve individual and population health. NA Provides medical cannabis and marijuana business consulting services that include cannabis compliance audits, dispensary employee handbooks, compassionate care program, dispensary branding, nutrient management plan and other services. NA Provides healthcare staffing services.

7/24/2017

Medicine Man Technologies, Inc. (OTCPK:MDCL) / Denver Consulting Group LLC

Announced

Mitsui & Co., Ltd. (TSE:8031) / Accountable Healthcare Holdings Corp. MModal IP LLC / Landmark Transcription, Inc. Moss Adams LLP / Rona Consulting Group LLC

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

MTS Health Investors, LLC / Medical Knowledge Group, LLC New Wave Holdings, Inc. (OTCPK:NWAV) / PAO Group, Inc. Novation Companies, Inc. (OTCPK:NOVC) / Healthcare Staffing, Inc. Pamplona Capital Management LLP / PAREXEL International Corporation (NasdaqGS:PRXL)

NA

NA

NA

NA

$251.0

NA

NA

NA

NA Provides medical transcription services to hospitals, clinics, and physicians practices. NA Offers management consulting services to integrated health care systems, hospitals and clinics, and medical suppliers. NA Provides medical communications, healthcare consulting, and data analytic services. NA Offers physician management services.

$24.0

NA

NA

NA

NA Provides healthcare staffing services.

$5,007.4

$2,097.0

$342.8

2.4x

NA

NA

NA

NA

$3.7

NA

NA

NA

$530.0

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

9/6/2017 9/12/2017

7/28/2017 7/13/2017 7/27/2017 9/29/2017

7/11/2017

Pan-American Life Insurance Group, Inc. / HolaDoctor, Inc.

9/1/2017

Payment Data Systems, Inc. (NasdaqCM:PYDS) / Singular Payments, LLC Pharmaceutical Research Associates, Inc. / Symphony Health Solutions Pinnacle Group, LLC / Clinical Benchmarking, LLC Precision for Medicine, Inc. / Agility Clinical, Inc. Press Ganey Holdings, Inc. / Soyring Consulting, Inc. Pro-Claim Plus, Inc. / Physicians Health Plan of Northern Indiana, Inc. Resource Optimization & Innovation, LLC / Healthcare Purchasing Alliance, LLC Sverica Capital Management, LLC / Women's Health USA, Inc.

9/6/2017 8/9/2017 9/6/2017 7/10/2017 Announced 9/1/2017 8/9/2017

14.6x Provides clinical research and logistics, medical communications, consulting, commercialization, and advanced technology products and services for pharmaceutical, biotechnology, and medical device industries. NA Develops and operates bilingual health and wellness portals for Hispanic consumers and businesses. NA Provides payment processing services for healthcare and utilities industries. NA Provides data, applications, analytics, and consulting services to life sciences companies. NA Provides healthcare consulting services. NA Contract research organization which provides clinical trial services. NA Provides clinical and operational consulting assistance to hospitals and healthcare facilities. NA Offers various health insurance products for individuals, families, and businesses. NA Provides healthcare supplies sourcing solutions. NA Provides back room business support solutions and services to physician practices.

9 Date

9/6/2017 7/14/2017

Acquirer / Target

Tabula Rasa Healthcare, Inc. (NasdaqGM:TRHC) / SinfoníaRx, Inc. Teladoc, Inc. (NYSE:TDOC) / Best Doctors, Inc.

Target Revenue

Price

Target EBITDA2

Price/ Revenue

NA

NA

NA

NA Provides medication management services.

$440.0

NA

NM

NA

$35.0

NA

NA

NA

NM Provides access to the medical experts and treating physicians to have a better diagnosis and treatment plan. NA Operates as a health care marketing communications agency that provides traditional and digital marketing communications services to the healthcare industry. NA Provides healthcare claims and care management services to customers in the insurance industry. NA Provides medical lien funding services to healthcare facilities, medical providers, and attorneys. NA Provides medical alert services, medication management, telehealth and online patient monitoring services. NA Provides health information management and revenue cycle consulting services to healthcare providers.

UDG Healthcare plc (LSE:UDG) / Cambridge BioMarketing Group, LLC

8/17/2017

United Claim Solutions, LLC / INETICO, Inc. Unknown Buyer / Key Health Medical Solutions, Inc.

NA

NA

NA

NA

NA

NA

NA

NA

7/5/2017

VRI, Inc. / Healthcom Inc.

NA

NA

NA

NA

8/14/2017

Xtend Healthcare LLC / ELIPSe, Inc.

NA

NA

NA

NA

MEAN (OUTSOURCING) MEDIAN (OUTSOURCING)

9/1/2017

7/18/2017 Announced

9/5/2017 8/3/2017

7/15/2017

CareCapital Advisors; Clayton, Dubilier & Rice, Inc.; Hillhouse Capital Management, Ltd. / Carestream Dental LLC Cello Group Plc (AIM:CLL) / Advantage Healthcare Inc. General Atlantic LLC; Silver Lake / A Place for Mom, Inc.

2.5x 2.2x SERVICES - INFORMATION NA NA

NA

NA

$4.5

$4.5

NA

1.0x

NA

NA

NA

NA

Levine Leichtman Capital Partners / Therapeutic Research Center PatientPoint, LLC / Patient Education Network

NA

NA

NA

NA

NA

NA

NA

NA

Provia Laboratories, LLC / Vault Dental Stem Cell Client Base and Distribution Rights

NA

NA

NA

NA

13.5x 14.2x

NA Offers orthodontists new patient education software. NA Provides market research services for healthcare sector. NA Offers information and selected options based upon individual and personal needs and helps families in finding nursing homes, respite care facilities, and assisted living communities. NA Provides medication learning solutions for healthcare providers and professionals. NA Provides Oncology-specific and healthy living content using an LED screen in the patients' waiting rooms. NA Comprises dental stem cell bank client base and distribution rights.

MEAN (INFORMATION) MEDIAN (INFORMATION)

1.0x 1.0x

NA NA

MEAN (SERVICES) MEDIAN (SERVICES)

2.0x 1.5x

13.5x 14.2x

9/5/2017

Ancor Capital Partners / Alliance Family of Companies, Inc.; APF Furniture

Announced

Avista Capital Holdings, L.P. / Miraca Life Sciences, Inc.

8/1/2017

EVIO Inc. / Viridis Analytics, Inc. Genesis Biotechnology Group, LLC / 4path, Ltd. Health-Right Discoveries, Inc. / Common Compounds, Inc.; EXpharmaRX, LLC

8/3/2017 9/29/2017

Announced

Announced Announced Announced 7/18/2017 7/18/2017

Innovation Network Corporation of Japan; Konica Minolta Healthcare Americas, Inc. / Ambry Genetics Corp. Invitae Corporation (NYSE:NVTA) / CombiMatrix Corporation (NasdaqCM:CBMX) Invitae Corporation (NYSE:NVTA) / Good Start Genetics, Inc. Pragmin Prognosis Inc. / CYNOGEN Inc. Quest Diagnostics Incorporated (NYSE:DGX) / ClearPoint Diagnostic Laboratories, LLC Quest Diagnostics Incorporated (NYSE:DGX) / Med Fusion LLC

Target Description

NA

7/17/2017

8/28/2017

Price/ EBITDA2

PROVIDERS - LABS NA NA

NA

NA

NA

NA

NA

NA

$1.0

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

$1,000.0

NA

NA

NA

$30.0

$14.8

NM

2.0x

$40.0

$22.5

NA

1.8x

$2.9

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA Comprises medical diagnostic testing facilities and engineered wood components manufacturing operations for the furniture and upholstery industry. NA Operates clinical pathology laboratories that provide diagnostic services in the fields of dermatology, gastroenterology, hematology, and urology. NA Operates a cannabis and marijuana testing laboratory. NA Provides pathology laboratory services. NA Provides dispensing, billing, management of claims, and urine toxicology services to physicians and also offers in-office ancillary opportunities and third party billing services to physicians and clinics. NA Provides clinical diagnostics testing services for genetic diseases. NM Provides clinical molecular diagnostic laboratory services. NA Provides genetic screening of inherited diseases. NA Provides lab services and solutions for diagnosis of cancer. NA Provides routine, anatomic, and reference test services to physicians. NA Provides clinical laboratory services for hospitals and their admitting staff.

10 Date

Announced

Acquirer / Target

Target Revenue

Price

Quest Diagnostics Incorporated (NYSE:DGX) / Shiel Medical Laboratory, Inc.

NA

NA

Target EBITDA2

NA

MEAN (LABS) MEDIAN (LABS)

8/1/2017 Announced 9/14/2017 8/22/2017 8/1/2017 7/31/2017 9/6/2017 9/6/2017

9/1/2017

8/9/2017 Announced 9/22/2017

Addus HomeCare Corporation (NasdaqGS:ADUS) / Options Services, Inc. Associated Home Care LLC / Intercity Home Care Inc. Authority Brands, LLC / Homewatch International, Inc. FootPrints Home Care Inc. / A Nurse in the Family, LLC Freedom Home Care, LLC / Elder Care Services, Inc. HealthSouth Corporation (NYSE:HLS) / Two Home Health Locations in Texas Hearts at Home, LLC / Cornerstone Assisted Home Care, Inc. Holdings CL, Inc. / Beyond Faith Homecare & Rehab LLC Hospice LLC

PROVIDERS - HOME HEALTH & HOSPICE $23.2 $20.0 NA

LHC Group, Inc. (NasdaqGS:LHCG) / CHRISTUS Health, Inc., Home Care And Hospice Services And LTACH Facilities Multicultural Homecare Inc. / Independence Healthcare Corporation Northern Family Home Care LLC / AME, LLC Nova Leap Health RI, LLC / All About Home Care, LLC

Price/ Revenue

NA

1.2x

NA Provides in-home care services.

NA

NA

NA

NA

NA

NA

NA

NA

NA Provides home health care services for the elderly and disabled. NA Provides home elderly care services.

NA

NA

NA

NA

NA Provides in-home care services to aging seniors.

NA

NA

NA

NA

NA

NA

NA

NA

NA Offers home healthcare services for aging adults or disabled individuals. NA Comprises two healthcare facilities.

NA

NA

NA

NA

NA Offers home elder care services.

NA

NA

NA

NA

NA

NA

NA

NA

NA Offers nursing, physical, occupational and speech therapies, home health aides, social workers, and hospice care services for the elderly. NA Offer home health, hospice, community-based, and long-term acute-care services.

NA

NA

NA

NA

$1.0

NA

NA

NA

$1.2

$2.1

NA

0.6x

NA

NA

NA

NA

8/11/2017

SH Franchising, LLC / Handle With Care In-Home Care & Assistance, LLC Thrive Skilled Pediatric Care, LLC / Health & Home Services, Inc. Unknown Buyer / BrightStar Group Holdings, Inc., Plano Franchise

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

MEAN (HOME HEALTH & HOSPICE) MEDIAN (HOME HEALTH & HOSPICE)

9/5/2017 7/5/2017

Announced Announced

Announced 8/3/2017 9/15/2017 9/26/2017 7/18/2017 8/31/2017

7/19/2017

A+ Dental Care / Folsom Dental Group Addiction & Mental Health Services, Inc. / Red Oak Recovery, LLC Air Medical Group Holdings, Inc. / American Medical Response, Inc. AMITA Health / Presence Health Network

Anne Carlsen Center For Children / Dakota Orofacial Myology, Ltd. Arkansas Urology, P.A. / Conway Urology, PA AthletiCo Ltd. / Work Center, Inc. Autism Learning Partners / Aspire Autism, LLC Autism Spectrum Therapies, Inc. / Autism Family Center, Inc. Bain Capital Private Equity, LP / Surgery Partners, Inc. (NasdaqGS:SGRY)

BayMark Health Services Inc. / Valley Alliance Treatment Services, Inc.

NA Engages in the operation of clinical laboratories.

NA NA

SAILS Group, Inc. / Special Care Agency, Inc.

8/16/2017

Target Description

1.9x 1.9x

8/10/2017

8/17/2017

Price/ EBITDA2

0.9x 0.9x PROVIDERS - NON-ACUTE NA NA

NA

NA

NA

NA

NA

NA

$2,400.0

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

$2,787.1

$1,138.5

$250.9

2.5x

NA

NA

NA

NA

NA Provides personal care, nursing services, and home healthcare services. NA Provides in-home care and services to seniors. NA Home health care agency which provides personal care, homemaking, and companionship services. NA Provides home care and support services for seniors and individuals with developmental disabilities. NA Provides home healthcare services for elderly people or those recovering from illness or injury. NA Offers home healthcare and nursing services. NA Comprises home care and medical staffing franchisee. NA NA

NA Provides general dentistry, orthodontics, and implant services. NA Operates a healthcare facility for trauma-informed substance abuse and dual diagnosis treatment for young adults. NA Provides ground and air-based emergency medical transportation services. NA Offers addiction and behavioral health, cancer care, emergency care, heart and vascular care, imaging, immediate care, maternity, neurology and stroke, orthopedics, rehabilitation, robotic surgery, senior care, and weight loss surgery services. NA Offers speech therapy, myology, and other healthcare services. NA Provides urological care services through a network of physicians. NA Provides rehabilitation and services to injured workers. NA Provides behavioral therapy and supports services. NA Provides autism therapy programs. 11.1x Comprises ambulatory surgery centers and surgical hospitals that offer non-emergency surgical procedures in various specialties, including gastrointestinal, general surgery, ophthalmology, orthopedics, and pain management. NA Provides medication-assisted treatment and counseling services for opioid addiction and dependency.

11 Date

9/5/2017 8/21/2017 Announced Announced Announced

9/5/2017

7/24/2017 7/5/2017 8/18/2017 8/14/2017 8/1/2017 8/1/2017 8/8/2017 7/1/2017 Announced 9/5/2017

9/8/2017 8/25/2017 8/3/2017 9/25/2017 8/28/2017 9/27/2017

8/3/2017

Acquirer / Target

Target Revenue

Price

Target EBITDA2

Price/ Revenue

NA

NA

NA

NA

NA Owns and operates a medical practice clinic.

NA

NA

NA

NA

NA

NA

NA

NA

NA Operates a medical and day surgery practice facility. NA Owns and operates healthcare facility providing health and preventive care services to children.

CCMP Capital Advisors, LP / Eating Recovery Center LLC Centerbridge Partners, L.P.; Superior Vision Services, Inc. / 100% stake in Davis Vision Incorporated And Minority Stake in Visionworks, Inc. Centers Health Care, LLC / Capital Living and Rehabilitation Centres

NA

NA

NA

NA

NA

NA

NA

NA

$85.0

NA

NA

NA

NA

NA

NA

NA

NA

$9.0

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA Owns and operates a rehabilitation and postacute care facility. NA Provides medical consultations, treatment, and recommendations for pain and spinal disorders. NA Provides dental care services.

NA

NA

NA

NA

NA Provides dental health services.

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA Provides anesthesia services to an ambulatory surgical center. NA An abuse treatment center which provides outpatient medication-assisted treatment services. NA Operate as family medicine group practices.

NA

NA

NA

NA

NA Provides healthcare services.

NA

NA

NA

NA

NA Operates healthcare facilities.

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA Provides non-invasive diagnostic services, clinical trials, and products. NA Provides physical therapy and athletic training services. NA Operates an ambulatory surgery services.

$40.7

NA

NA

NA

NA Operates an inpatient rehabilitation facility.

$0.1

NA

NA

NA

NA Owns and operates a behavioral health hospital.

NA

NA

NA

NA

NA Offers rehabilitation services.

NA

NA

NA

NA

NA

NA

NA

NA

$703.3

NA

NA

NA

NA Provides on-site board certified obstetrics and gynecology physician support services to its hospital partners. NA Provides stem cell and blood platelet procedures for treating orthopedic injuries, arthritis, and other degenerative conditions. NA Comprises medical facilities.

Centre Partners Management LLC / Chesapeake Eye Care Company, LLC Civitas Solutions, Inc. (NYSE:CIVI) / Country Life Care Center Commonwealth Pain Associates, PLLC / Advanced Pain Medicine, PSC CORDENTAL Group / Forest Park Dental CORDENTAL Group / Konikoff Dental Associates, Inc. CRH Medical Corporation (TSX:CRH) / Gastroenterology Anesthesia Practice In West Florida Crossroads Holding, LLC / Center of HOPE of Myrtle Beach, LLC DaVita Medical Group Talbert California, P.C. / Park Avenue Medical, Inc.; Winter Park Health Center, Inc. Employee Health Systems Medical Group, Inc. / MultiCultural Medical Group, Inc. Ensign Group, Inc. (NasdaqGS:ENSG) / Desert Blossom Health and Rehabilitation Center; Pueblo Springs Rehabilitation Center eResearchTechnology, Inc. / Biomedical Systems Corporation Exos Partners, LLC / EXOS Physical Therapy and Sports Medicine, LLC Gastro Health, PL / Gastrointestinal Center of Hialeah, LLC Global Medical REIT, Inc. (NYSE:GMRE) / Norvin Austin Rehab LLC Go Eco Group (OTCPK:LIBE) / Integro Health Services, Inc. Groupe Ergo Ressources / Centre Regional d'Ergotherapie pour le Developpement de I'Enfant Gryphon Investors Inc. / Ob Hospitalist Group, Inc. Harborview Medical Services Pc / Regenerative Sciences, Inc.

Announced

Healthcare Realty Trust Incorporated (NYSE:HR) / Portfolio of 15 Medical Office Buildings in the Atlanta, Georgia

7/25/2017

JourneyPure LLC / Center for Professional Excellence Inc.

NA

NA

NA

NA

Announced

KKR & Co. L.P. (NYSE:KKR) / Covenant Surgical Partners, Inc. Kohlberg & Company, L.L.C. / SpecialtyCare, Inc. MedEquities Realty Trust, Inc. (NYSE:MRT) / Behavioral Facilities In Las Vegas And Dallas MEDNAX, Inc. (NYSE:MD) / Jefferson Radiology, P.C. MEDNAX, Inc. (NYSE:MD) / Radiology Associates of South Florida, PA Meridian Behavioral Health Systems, LLC / Highland Hospital Association Inc. MMC Health Services, Inc.; Petra Capital Partners, LLC; / Alternative Behavior Strategies, Inc. Mount Carmel Health System, Inc. / Mount Carmel Medical Group Grove City Family Health ncgCARE Inc. / Appalachian Community Services, Inc. ncgCARE Inc. / Starlight Behavioral Health Services, Inc.

NA

NA

NA

NA

NA

NA

NA

NA

$25.0

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Announced 9/28/2017 8/23/2017 Announced 9/6/2017 7/31/2017 7/6/2017 8/29/2017

Target Description

Bellin Health Systems, Inc. / Gastroenterology Associates Bentall Kennedy Management (U.S.) Limited Partnership / Oregon Clinic Gateway Medical Office Building LLC Berks Community Health Center / All About Children Pediatric Partners, P.C.

7/11/2017

9/5/2017

Price/ EBITDA2

NA Provides eating disorder treatment services for men, women, children, and adolescents. NA Provide eye care services.

NA Owns and operates a hospital which provides nursing, medical, rehabilitation, educational, and nutrition services. NA Owns and operates an eye care center.

NA Owns and operates a treatment center for professionals with addiction and other behavioral impairments. NA Owns and operates ambulatory surgery centers. NA Provides outsourced clinical services for hospitals and other healthcare providers. NA Comprises four behavioral health and substance abuse treatment facilities. NA Provides diagnostic and therapeutic radiology services. NA Provides radiological services to patients in hospitals and outpatient centers. NA Operates a psychiatric hospital for adults, children and adolescents. NA Provides health care services. NA Operates a heath care facility for pediatric, geriatric, and men's and women's health services. NA Offers mental health care, substance abuse treatment, and social services for individuals. NA Offers nursing services, home healthcare, assessments, behavioral support planning, and person-centered support for individuals and families.

12 Date

Acquirer / Target

8/4/2017

Nephrology Associates, P.C. / Signature Nephrology Group, PC

Announced

New Look Vision Group Inc. (TSX:BCI) / IRIS The Visual Group Inc. New MainStream Capital / Essex Specialized Surgical Institute, LLC Nobilis Health Corp. (AMEX:HLTH) / DeRosa Medical, P.C.

Announced

Target Revenue

Price

Target EBITDA2

Price/ Revenue

NA

NA

NA

NA

$92.9

NA

NA

NA

NA

NA

NA

NA

$0.9

NA

NA

NA

Price/ EBITDA2

Target Description

NA Owns and operates clinics and offers treatment for chronic kidney disease, kidney transplant, kidney stones, dialysis, hypertension, diabetic nephropathy, lupus nephritis, proteinuria, polycystic kidney disease, and pregnancy related renal issues. NA Provides eye care services for patients.

7/19/2017

North Memorial Health Care, Inc. / Multicare Associates, Inc.

NA

NA

NA

NA

8/10/2017

Platinum Dermatology Partners, LLC / Pediatric Dermatology of North Texas, P.A. Pyramid Healthcare, Inc. / Meadow Haven Recovery Services, LLC RadNet, Inc. (NasdaqGM:RDNT) / Diagnostic Imaging Associates, P.A. Redwood Dental Group / Affordable Dental Care PLLC; Holly Dental Care; Signature Smiles Regional Women's Health Group, LLC / OB/GYN of East Brunswick Rothman Institute / Trenton Orthopaedic Group, P.A. Schweiger Dermatology Group LLC / Island Dermatology, P.C. SGF Atlanta / Georgia Reproductive Specialists, LLC Silver Oak Services Partners, LLC / Redwood Dental Group Skyline Healthcare, LLC / Whitehall OpCo, LLC SSM Health / Agnesian Healthcare, Inc.; Monroe Clinic, Inc. SuperCare Health Inc. / Founders Healthcare, LLC, Respiratory Assets of California TorQuest Partners, Inc. / Amenity Health Care LP U.S. Anesthesia Partners, Inc. / Florida Anesthesia Associates P.A.; Jacksonville Anesthesia Corporation, Inc. U.S. Dermatology Partners / Skin Spectrum; Southwest Skin Specialists U.S. Healthworks, Inc. / DeKalb Medical Center, Inc., WorksWell Clinic at 1045 Sycamore Drive, Decatur U.S. Healthworks, Inc. / Mosaic Life Care, Occupational Medicine Clinic In St. Joseph, Missouri U.S. Physical Therapy, Inc. (NYSE:USPH) / Nine Clinic Physical Therapy Practice UDG Healthcare plc (LSE:UDG) / MicroMass Communications, Inc. University Clinical Health, Inc. / Podiatry Centers of Memphis P.C. Unknown Buyer / David Chiropractic Limited Liability Company

NA

NA

NA

NA

NA Operates as an ophthalmologic and ambulatory surgery center. NA Operates a healthcare practice that offers health and wellness, medically supervised weight loss, and chronic health condition management services. NA Owns and operates clinics that offer primary care, chronic care, specialty care, and occupational health services. NA Offers dermatology-focused physician services.

NA

NA

NA

NA

NA Offers residential care for eating disorders.

NA

NA

NA

NA

NA Owns and operates imaging centers.

NA

NA

NA

NA

NA Provide dentistry services.

NA

NA

NA

NA

NA

NA

NA

NA

NA Provides obstetrical care and gynecological procedures and treatments for women. NA Provides orthopedic care services.

NA

NA

NA

NA

NA Provides dermatology services.

NA

NA

NA

NA

NA Provides fertility treatment services.

NA

NA

NA

NA

NA Provides dental care services.

$26.0

NA

NA

NA

NA Provides nursing and rehabilitation services.

NA

NA

NA

NA

NA Provides healthcare services.

NA

NA

NA

NA

NA Offers respiratory care services.

NA

NA

NA

NA

NA Offers pharmacy and medical services.

NA

NA

NA

NA

NA Provide anesthesia services.

NA

NA

NA

NA

NA Provide cosmetic dermatology services.

NA

NA

NA

NA

NA Comprises a medical clinic.

NA

NA

NA

NA

NA Comprises a health care facility.

$27.2

$8.6

NA

3.2x

$75.8

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA Owns and operates healthcare centers that provide alternative treatment for musculoskeletal pains and injuries. NA Provides disability therapy services.

NA

NA

NA

NA

NA Offers dental care services.

NA

NA

NA

NA

NA Offers optometry services.

NA

NA

NA

NA

NA Comprises eight dental care facilities.

NA

NA

NA

NA

NA Offers pediatric care services.

9/14/2017

7/1/2017 8/8/2017 7/19/2017 7/8/2017 Announced 9/12/2017 7/17/2017 7/19/2017 Announced Announced 8/30/2017 9/5/2017 9/7/2017

8/29/2017 7/17/2017

7/5/2017

7/5/2017 9/14/2017 8/17/2017 8/28/2017

Announced 8/24/2017 7/12/2017 8/25/2017 9/7/2017

Unknown Buyer / Integrated Care Alliance, LLC Unknown Buyer / Somers Smiles Vision Care Specialists, Inc. / Accent Optics Inc. Western Dental Services, Inc. / Children's Dental Group, Eight Offices Across California Western Dental Services, Inc. / Pediatric Management Service Corporation

MEAN (NON-ACUTE) MEDIAN (NON-ACUTE)

9/13/2017

Bridge Investment Group, LLC / SHI Carlisle Palm Beach

2.8x 2.8x PROVIDERS - LONG-TERM CARE $77.2 NA

NA

NA

NA Comprises nine clinics that provide physical therapy services. NA Provides behavior change and communications services. NA Offers podiatry medical services.

11.1x 11.1x

NA Provides assisted living and memory care facilities.

13 Date

Announced 8/1/2017 Announced 9/5/2017 9/6/2017 7/5/2017

7/10/2017 8/1/2017 8/8/2017 8/10/2017

7/6/2017 7/5/2017

7/31/2017

7/5/2017 8/31/2017 Announced 7/2/2017 9/21/2017 7/5/2017 7/5/2017 7/18/2017

Acquirer / Target

Target Revenue

Price

Target EBITDA2

Announced

9/13/2017

7/3/2017 Announced Announced

Announced Announced 7/31/2017 Announced Announced 9/14/2017 Announced

Price/ EBITDA2

Target Description

Capital Senior Living Corporation (NYSE:CSU) / A Community In New York CareTrust REIT, Inc. (NasdaqGS:CTRE) / Memory Care Cottages In White Bear Lake CareTrust REIT, Inc. (NasdaqGS:CTRE) / Seven Skilled Nursing Facilities in Idaho CareTrust REIT, Inc. (NasdaqGS:CTRE) / Three Skilled Nursing Facilities In Greater Dallas-Fort Worth Area CommuniCare Health Services, Inc. / Kindred Healthcare Inc., 16 Skilled Nursing Centers Diversicare Healthcare Services, Inc. (NasdaqCM:DVCR) / 103 Bed Skilled Nursing Center in Selma, Alabama

$20.0

NA

NA

NA

NA Comprises a senior living facility.

$7.8

NA

NA

NA

$65.5

NA

NA

NA

NA Comprises a 30 unit memory care healthcare community. NA Comprises seven skilled nursing facilities.

$20.2

NA

NA

NA

NA Comprises nursing facilities.

NA

NA

NA

NA

NA Comprises skilled nursing facilities.

$8.8

NA

NA

NA

Ensign Group, Inc. (NasdaqGS:ENSG) / Medallion Post Acute Rehabilitation; Villas at Sunny Acres Ensign Group, Inc. (NasdaqGS:ENSG) / Parkside Senior Living EvoLve Senior Living; National Health Investors Inc. (NYSE:NHI) / 40-Unit Memory Care Community in Rye, New Hamspshire Fantasia Investment III LLC; Summit Healthcare Operating Partnership, L.P. / Nine Skilled Nursing Facilities In The Northeast Griffin-American Healthcare REIT III, Inc. / Fox Grape Skilled Nursing Facility Portfolio Harbert Management Corporation / Two Senior Living Facilities In Albuquerque, New Mexico and Wheat Ridge, Colorado MedEquities Realty Trust, Inc. (NYSE:MRT) / Magnolia Health Systems Inc., Two Skilled Nursing Facilities in Indiana MedEquities Realty Trust, Inc. (NYSE:MRT) / Woodlake at Tolland Nursing and Rehabilitation Center Omega Healthcare Investors, Inc. (NYSE:OHI) / 15 Skilled Nursing Facilities in Indiana Premier Healthcare Management / Washington County Health Center Auxiliary, Inc. Premier Healthcare Management, LLC / Armstrong County Health Center Sagora Senior Living, Inc. / Isle at Kingwood Sienna Senior Living Inc. (TSX:SIA) / Kawartha Lakes Retirement Residence Sienna Senior Living Inc. (TSX:SIA) / Retirement Suites of Kawartha Lakes Windward Life Care / Lifeline Healthcare

NA

NA

NA

NA

NA

NA

NA

NA

NA Comprises a healthcare facility, including certain land, improvements, furniture, fixtures and equipment, personal property, and intangible property. NA Operate post-acute care, skilled nursing and assisted living facilities. NA Owns and operates senior living facility.

$10.0

NA

NA

NA

NA Comprises memory care community.

NA

NA

NA

NA

NA Comprises nine skilled nursing facilities.

$65.5

NA

NA

NA

NA Comprises five skilled nursing properties.

NA

NA

NA

NA

NA Comprises senior living facilities.

$15.0

NA

NA

NA

NA Comprises two skilled nursing facilities totaling 160 licensed beds.

$10.0

NA

NA

NA

NA Owns and operates a nursing center.

$190.0

NA

NA

NA

NA Comprises 15 skilled nursing facilities.

$29.6

NA

NA

NA

NA Operates a 288-bed nursing home.

$5.9

NA

NA

NA

NA Operates as a skilled nursing facility.

NA

NA

NA

NA

NA Comprises assisted living community.

$15.6

NA

NA

NA

$15.6

NA

NA

NA

NA

NA

NA

NA

NA Owns and operates retirement residence and independent and assisted living suites. NA Owns and operates retirement residence and independent and assisted living suites. NA Offers assisted living and senior nursing services.

NA NA

NA NA

NA

NA

NA Comprises medical facilities.

MEAN (LONG-TERM CARE) MEDIAN (LONG-TERM CARE)

Announced

Price/ Revenue

Appalachian Regional Healthcare, Inc. / Highlands Regional Medical Center in Prestonsburg, Kentucky Ardent Health Services / East Texas Medical Center Regional Healthcare System Ardent Health Services; Board of Regents of The University of Texas System / East Texas Medical Center Regional Healthcare System, East Texas Medical Center Athens Baptist Health, Inc. / Fishermen's Hospital, Inc. Carolinas HealthCare System Cleveland / UNC Health Care System Cooper University Health Care / Lourdes Medical Centre; Our Lady Of Lourdes Healthcare Services; St Francis Medical Center HCA Healthcare, Inc. (NYSE:HCA) / Sebring Hospital Management Associates, LLC HCA Healthcare, Inc. (NYSE:HCA) / Weatherford Texas Hospital Company, LLC HCA Holdings, Inc. / Four Hospitals in Houston HealthPartners, Inc. / Hutchinson Health Care Iron Stone Strategic Capital Partners / North Philadelphia Health System Jefferson Health System, Inc. / Kennedy Health System, Inc. Marshfield Clinic, Inc. / Rusk County Memorial Hospital

PROVIDERS - ACUTE NA NA NA

NA

NA

NA

NA

NA

NA

NA

NA A not-for-profit organization which operates primary, secondary, and tertiary healthcare facilities. NA Comprises a hospital.

NA

NA

NA

NA

NA Operates as a community healthcare hospital.

NA

NA

NA

NA

NA

NA

NA

NA

NA Operates a network of hospitals and community clinics. NA Companies operate hospitals.

NA

NA

NA

NA

NA Operates as a hospital.

NA

NA

NA

NA

NA Operates a hospital.

$750.0

$575.0

$80.0

1.3x

NA

NA

NA

NA

NA Provides health care services.

$8.5

NA

NA

NA

NA Operates hospitals.

NA

NA

NA

NA

NA

NA

NA

NA

NA Provides healthcare services through its acutecare hospital and ambulatory campuses. NA Operates as a general medical and surgical hospital.

9.4x Comprises four hospitals.

14 Date

9/29/2017 Announced 7/3/2017 8/31/2017 9/29/2017 8/1/2017 8/31/2017 9/29/2017 9/1/2017 Announced Announced

Acquirer / Target

Target Revenue

Price

Medical Properties Trust, Inc. (NYSE:MPW) / 8 Acute Care Hospitals and One Behavioral Health Facility Premier Healthcare Management / Wexford Care Center, Inc.

Target EBITDA2

Price/ Revenue

Price/ EBITDA2

$700.0

NA

NA

NA

NA

NA

NA

NA

NA Comprises 10 acute care hospitals and one behavioral health facility. NA Owns and operates a hospital.

NA

NA

NA

NA

NA Operates as a non-profit community hospital.

$45.0

NA

NA

NA

NA Operate healthcare facilities.

NA

NA

NA

NA

NA

NA

NA

NA

$760.0

NA

NA

NA

NA

NA

NA

NA

NA Owns and operates acute care hospitals in urban and suburban markets. NA Operates a hospital offering various inpatient and outpatient services. NA Owns and operates a chain of surgical hospitals and ambulatory surgery centers. NA Comprises five healthcare facilities.

University of Pittsburgh Medical Center / PinnacleHealth System Inc. Unknown Buyer / LTAC Hospital of Louisiana - Denham Springs, L.L.C.

NA

NA

NA

NA

NA

NA

NA

NA

US HealthVest, LLC / Waukegan Illinois Hospital Company, LLC, Vista Medical Center West in Waukegan, Illinois

NA

NA

NA

NA

Prime Healthcare Services, Inc. / Mission Regional Medical Center Regional Health / Providence Toppenish Hospital; Yakima HMA, LLC Steward Health Care System, LLC / IASIS Healthcare LLC Stony Brook University Hospital / Stony Brook Southampton Hospital Surgery Partners, Inc. (NasdaqGS:SGRY) / National Specialty Hospitals, Inc. Tower Health / Community Health Systems, Inc., Five Pennsylvania Hospitals

NA Operates a not-for-profit hospital and healthcare system. NA Owns and operates a hospital. NA Comprises business operation that operates a hospital.

MEAN (ACUTE) MEDIAN (ACUTE)

1.3x 1.3x

9.4x 9.4x

MEAN (PROVIDERS) MEDIAN (PROVIDERS)

1.8x 1.8x

10.3x 10.3x

8/3/2017

A&E Medical Corporation / RTI Surgical, Inc., Cardiothoracic Closure Business

9/14/2017

Altaris Capital Partners, LLC / G&H Wire Company, Inc. Argentum Medical, LLC / Alliqua BioMedical, Inc., TheraBond Assets Cagan McAfee Capital Partners, Investment Arm / Minimally Invasive Devices, Inc. Centinel Spine, Inc. / DePuy Synthes, Inc., Prodisc Assets CONMED Corporation (NasdaqGS:CNMD) / MedShape, Inc., ExoShape® ACL Product Line

8/31/2017 8/21/2017 Announced 7/3/2017

Announced

Announced

7/31/2017 7/13/2017 7/18/2017

PRODUCTS - CLINICAL DEVICES $60.0 NA

CooperSurgical Inc. / Teva Women's Health, Inc., Global Rights and Business of PARAGARD Intrauterine Device Dynatronics Corporation (NasdaqCM:DYNT) / Bird and Cronin, Inc.

Ebner Medical, LLC / Wiggins Medical Entellus Medical, Inc. (NasdaqGM:ENTL) / Spirox, Inc. Flexicare Medical Ltd. / NeoForce, Inc.

NA

NA

NA

NA

NA

NA

$3.8

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

$1,100.0

NM

NA

NM

$15.5

$24.0

NA

0.6x

NA

NA

NA

NA

$81.3

NA

NA

NA

$0.7

NA

NA

NA

$2,013.3

NM

NM

NM

Announced

Fresenius Medical Care Holdings, Inc. / Nxstage Medical, Inc. (NasdaqGS:NXTM)

7/11/2017

Galen Partners / CDx Diagnostics, Inc.

NA

NA

NA

NA

9/11/2017

Herbert Dental Group / WandDental, Inc. JANA Partners LLC / Zimmer Biomet Holdings, Inc. (NYSE:ZBH)

NA

NA

NA

NA

NA

NA

NA

NA

7/25/2017

LongueVue Capital, LLC / Zavation Medical Products, LLC

NA

NA

NA

NA

7/24/2017

Modular Medical, Inc. / Quasuras Inc. Natus Medical Incorporated (NasdaqGS:BABY) / Integra LifeSciences Holdings Corporation, Neurosurgery Business Assets Neuro Spinal Hospital / Accuray Incorporated, CyberKnife and Radixact Systems

NA

NA

NA

NA

$47.5

$50.0

NA

1.0x

NA

NA

NA

NA

Announced

Announced

Announced

Target Description

NA Comprises a business that manufactures cardiothoracic sternal metal cable and plating systems. NA Manufactures and supplies clinical solutions for the orthodontic community. NA Comprises contact dressings and wraps for burn care, surgical site care, and wound care. NA Develops laparoscopic visualization systems. NA Comprises prodisc manufacturing business operations. NA Comprises fasteners that are used to fixate soft tissue grafts in anterior cruciate ligament reconstruction surgery. NA Comprises global rights and business of PARAGARD intrauterine device. NA Manufactures orthopedic soft goods, sports medicine related items, and specialty patient care products for healthcare professionals and their patients. NA Manufactures surgical instruments. NA Developed a medical device to treat nasal valve collapse. NA Develops and distributes various pulmonary resuscitation solutions for the inpatient and ambulatory neonatal markets. NM Develops, manufactures, and markets products and services for patients suffering from chronic or acute kidney failure. NA Develops and delivers instruments for detection and prevention of cancers of the esophagus, oral cavity, pharynx, and larynx. NA Manufactures computer-assisted anesthesia equipment. NA Designs, manufactures, and markets musculoskeletal healthcare products and solutions. NA Designs, develops, manufactures, and distributes spinal implants, instruments, and biologics. NA Manufactures a device which delivers daily insulin to people with diabetes. NA Comprises neurosurgery medical instruments manufacturing business. NA Comprises healthcare equipment.

15 Date

Acquirer / Target

Target Revenue

Price

Target EBITDA2

Price/ Revenue

7/20/2017

NeuroOne Medical Technologies Corporation (OTCPK:OSOK) / NeuroOne Medical Technologies Corporation, Prior to Reverse Merger with NeuroOne, Inc.

NA

NA

NA

NA

9/7/2017

NuVasive, Inc. (NasdaqGS:NUVA) / Vertera Inc.

NA

NA

NA

NA

7/21/2017

Philips Holding USA Inc. / Electrical Geodesics, Inc. (AIM:EGI)

$37.4

$16.3

NM

2.3x

8/23/2017

Salter Labs Inc. / InnoMed Technologies Inc.; IntuBrite LLC; Parker Medical Inc. Siemens Healthineers, Inc. / Epocal Inc.

NA

NA

NA

NA

NA

NA

NA

NA

$34.0

$20.0

NM

1.7x

$6.5

$3.6

NA

1.8x

$1.1

NA

NA

NA

$1,100.0

NM

NA

NM

NA

NA

NA

NA

$850.0

$225.4

$68.0

3.8x

Announced

7/25/2017

Sientra, Inc. (NasdaqGS:SIEN) / Miramar Labs, Inc. (OTCPK:MRLB)

7/25/2017

SunTech Medical, Inc. / CAS Medical Systems, Inc., Non-invasive Blood Pressure Monitoring Product Line Team Youn Bio Medicine International Corp. Limited / Eternity Healthcare, Inc. (OTCPK:ETAH) Teleflex Urology Limited / NeoTract, Inc.

8/31/2017 Announced

7/13/2017

Temasek Capital Management Pte Ltd / Global Healthcare Exchange, LLC

Announced

Weigao International Medical Hong Kong Limited / Argon Medical Devices, Inc.

MEAN (CLINICAL DEVICES) MEDIAN (CLINICAL DEVICES)

1.9x 1.8x PRODUCTS - NON-CLINICAL DEVICES NA NA NA

9/5/2017

Bio-Techne Corporation (NasdaqGS:TECH) / Trevigen, Inc.

7/11/2017

Inmar, Inc. / Aethon Inc., MedEx Product Line

NA

NA

NA

NA

7/12/2017

Med Tech Solutions / Constellation, Inc., Health Information Technology Business Skyline Medical Inc. (NasdaqCM:SKLN) / CytoBioScience, Inc.

NA

NA

NA

NA

NA

NA

NA

NA

$644.5

$83.4

NM

NM

NA

NA

NA

NA

$36.0

NA

NA

NA

Announced

9/1/2017

Stryker Corporation (NYSE:SYK) / Novadaq Technologies Inc. (TSX:NDQ)

7/7/2017

ThermoGenesis Corp. / SynGen Inc.

8/14/2017

Vision Technologies Systems, Inc. / Aethon Inc.

MEAN (NON-CLINICAL DEVICES) MEDIAN (NON-CLINICAL DEVICES)

7/13/2017 7/11/2017 8/9/2017

MedPlast Inc. / Coastal Life Technologies, Inc. Nexcore Technology, Inc. / Phase 2 Medical Manufacturing, Inc. Philips Holding USA Inc. / Spectranetics Corporation (NasdaqGS:SPNC)

MEAN (DISPOSABLES) MEDIAN (DISPOSABLES)

PRODUCTS - DISPOSABLES NA NA

NA

Price/ EBITDA2

Target Description

NA Focuses on development and commercialization of thin film electrode technologies used for continuous electroencephalogram and stereoelectroencephalography recording and treatment through brain stimulation and ablation for patients suffering from brain related disorders. NA Develops, manufactures, and commercializes spine implants, using patented porous PEEK technology. NM Designs, develops, and commercializes a range of non-invasive neurodiagnostic products used to monitor and interpret brain activity. NA Develop and manufacture airway management products. NA Offers a wireless bedside blood testing solution that provides lab results directly to a hand-held mobile computer. NM Focuses on developing and commercializing products utilizing its proprietary microwave technology platform. NA Comprises non-invasive blood pressure monitoring product line. NA Manufactures and sells medical devices. NA Develops and manufactures minimally invasive medical devices that address unmet needs in the field of urology. NA Provides supply chain solutions for healthcare providers/suppliers, group purchasing organizations, healthcare manufacturers, and distributors worldwide. 12.5x Manufactures and sells medical devices for interventional radiology, vascular surgery, interventional cardiology, and critical care procedures. 12.5x 12.5x

NA Manufactures and develops products and technologies for cancer research, drug discovery, genetic toxicology, regenerative medicine, and stem cell work. NA Comprises pharmacy logistics management solutions through software and connected hardware device. NA Offers HIPAA compliance services and health information technology solutions. NA Manufactures devices that allow researchers, medical institutions, and pharmaceutical companies to understand how human cells react to medicine. NM Develops, manufactures, and markets fluorescence imaging products for use by surgeons in the operating room and other clinical settings. NA Develops, designs, and manufactures cell separation tools and accessories that focus on the recovery of target cells and depletion of contaminating cells. NA Develops autonomous mobile delivery robot systems that transport medications, meals, and materials through hospitals.

NA NA

NA NA

NA

NA

NA Manufactures sterile and single-use disposable surgical devices. NA Focuses on manufacturing and packaging single use disposable medical devices. NM Develops, manufactures, markets, and distributes single-use medical devices used in minimally invasive procedures in the cardiovascular system.

NA

NA

NA

NA

$2,073.4

NM

NM

NM

NA NA

NA NA

16

Date

Announced

7/30/2017

Acquirer / Target

3SBio Inc. (SEHK:1530); CITIC Private Equity Funds Management Co., Ltd.; CPEChina Fund IIA, L.P.; CT Biomanufacturing Limited; Thunderpure International Limited / Therapure Biopharma Inc., Contract Development and Manufacturing Business Cardinal Health, Inc. (NYSE:CAH) / Medtronic plc, Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency Businesses

8/31/2017

Carlyle Group LP (NasdaqGS:CG); GTCR, LLC / Albany Molecular Research, Inc. (NasdaqGS:AMRI)

Announced

Catalent Pharma Solutions, Inc. / Cook Pharmica LLC

7/19/2017

Diaxonhit (ENXTPA:ALEHT) / Innominata, Inc.

7/24/2017

Hikma Pharmaceuticals LLC / Unilife Medical Solutions, Inc., Assets Related to Unifill Nexus Product Line Hoya Corp. (TSE:7741) / Performance Optics, LLC J.H. Whitney & Co., LLC / Accupac, Inc.

8/2/2017 9/18/2017

8/31/2017 7/5/2017 7/6/2017 9/7/2017 8/2/2017 9/12/2017

Announced

8/31/2017

8/28/2017 8/17/2017

7/19/2017 8/21/2017

KAREP Master JV, LLC / Sentio Healthcare Properties, Inc. Katena Products, Inc. / NuPak Medical Ltd. Lonza Group Ltd (SWX:LONN) / Capsugel Inc. National Seating & Mobility, Inc. / Rehab division of Dynamic Healthcare Services National Seating & Mobility, Inc. / Wright & Filippis, Inc., Mobility Division QPharma, Inc. / MedStart Connect

Quidel Corporation (NasdaqGS:QDEL) / Alere Inc., Triage MeterPro Assets and B-type Naturietic Peptide Assay Business Resilience Capital Partners LLC / MD MedTech, LLC; Wetsco, Inc.

Resonetics, LLC / Aduro Laser Sabra Health Care REIT, Inc. (NasdaqGS:SBRA) / Care Capital Properties, Inc. (NYSE:CCP)

StoneCalibre, LLC / Alpha-Tec Systems, Inc. Unknown Buyer / RadQual, LLC

Target Revenue

Price

PRODUCTS - COMMERCIAL $297.9 $68.3

Target EBITDA2

Price/ EBITDA2

Target Description

$18.6

4.4x

16.0x Comprises contract development and manufacturing business operations.

NA Comprises the business operations of manufacturing compression systems and antiembolism stockings to reduce the incidence of Deep Vein Thrombosis and Pulmonary Embolism. 22.2x A contract research and manufacturing company which provides integrated drug discovery, development, and manufacturing services.

$6,059.1

$2,400.0

NA

2.5x

$1,593.5

$628.7

$71.8

2.5x

$950.0

NM

NA

NM

$2.0

NA

NA

NA

NA

NA

NA

NA

$476.0

NA

$29.8

NA

16.0x Manufactures optical lenses.

NA

NA

NA

NA

$745.4

NM

$40.7

NM

NA Manufactures, fills, and packages a range of consumer commodity, over-the-counter, and prescription products for pharmaceutical and consumer products companies. 18.3x Comprises a real estate investment trust.

NA

NA

NA

NA

$5,500.0

NA

$344.0

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

$440.0

$197.0

NA

2.2x

NA

NA

NA

NA

NA

NA

NA

NA

$4,076.2

NM

$308.2

NM

NA

NA

NA

NA

NA

NA

NA

NA

MEAN (COMMERCIAL) MEDIAN (COMMERCIAL)

2.9x 2.5x PRODUCTS - CONSUMER $11.1 NA

Announced

CNRP Mining Inc. (CNSX:CND) / 1127466 B.C. Ltd.

Announced

MeriCal, Inc. / Pro Pac Labs, Inc.

NA

Announced

Mondias Natural Products Inc. / Laboratoire Holizen Inc.

NA

MEAN (CONSUMER PRODUCTS) MEDIAN (CONSUMER PRODUCTS)

Price/ Revenue

NA

NA

NA

NA

NA

NA

NA

NA

NA NA

NA Provides contract development and manufacturing services to pharmaceutical and biopharmaceutical companies. NA Develops, manufactures, and markets infectious disease and autoimmunity diagnostic products for laboratory use. NA Comprises medical supplies manufacturing facility.

NA Provides medical device contract manufacturing services. 16.0x Develops dosage forms and solutions for the healthcare industry. NA Manufactures rehabilitation medical equipment. NA Comprises custom mobility products manufacturing division. NA Comprises business operation that operates a platform which enables pharmaceutical samples to be conveniently and securely stored for distribution by physician. NA Comprises diagnostic tests for infectious diseases. NA Offers medical device repair services and also designs and manufactures specialty medical ultrasound products for the original equipment manufacturers, third-party repair, and research markets. NA Manufactures laser micro-machined medical grade components. 13.2x Focuses on owning, acquiring, and leasing skilled nursing facilities and other healthcare assets operated by private regional and local care providers. NA Develops products for mycobacteriology and parasitology laboratories. NA Develops, manufactures, and distributes quality control products for the nuclear medicine and PET imaging communities. 17.0x 16.0x

NA Develops health care and nutraceutical products focused on enhancing pain relief, awareness, sleep, libido, energy, and recovery. NA Contract manufacturer that engages in the research, development, formulation, manufacture, microbial testing, and packaging of dietary supplements and herbal products. NA Manufactures and distributes homeopathic and natural products. NA NA

17 Date

Acquirer / Target

8/3/2017

Aclaris Life Sciences, Inc. / Confluence Life Sciences, Inc.

9/13/2017

AGIC Capital; Hubei Province Yangtze River Economic Belt Industry Fund Management Co.,Ltd.; Humanwell Healthcare (Group) Co.,Ltd. (SHSE:600079) / Ritedose Corporation Alchemist Mining Inc. (CNSX:AMS) / Better Cannabis Genetics Corporation Alpine Immune Sciences, Inc. (NasdaqGM:ALPN) / Nivalis Therapeutics, Inc.

Announced 7/24/2017

9/25/2017 Announced

Announced 9/14/2017 8/28/2017 7/17/2017

Announced Announced 8/16/2017 Announced 7/10/2017 Announced

7/11/2017 Announced 8/23/2017 7/31/2017

8/14/2017 8/1/2017 9/25/2017

Harvest Inc. / Modern Flower iAnthus Capital Holdings, Inc. (OTCPK:ITHU.F) / 100% in Citiva LLC; 100% in Citiva Medical, LLC Indoor Harvest Corp (OTCPK:INQD) / Alamo CBD, LLC Inspyr Therapeutics, Inc. (OTCPK:NSPX) / Lewis and Clark Pharmaceuticals LLC Janssen Pharmaceuticals, Inc. / Cerecor Inc., CERC-501 Kitrinor Metals Inc. (TSXV:KIT) / Scythian Biosciences Inc. Mallinckrodt Public Limited Company (NYSE:MNK) / InfaCare Pharmaceutical Corporation

Target EBITDA2

PRODUCTS - PHARMACEUTICALS $109.4 NA

Audax Group, Inc. / WellSpring Pharmaceutical Corporation Avara Pharmaceutical Services, Inc. / GlaxoSmithKline plc, Consumer Healthcare Manufacturing Facility in Aiken, South Carolina Betta Pharmaceuticals Co.,Ltd (SZSE:300558) / Equinox Science, LLC Cannabis Care Canada Inc. / Mettrum (Bennett North) Ltd. Canopy Growth Corporation (TSX:WEED) / Spot Therapeutics Inc. Creative Pharmacy Solutions Central, LLC / Imprimis Pharmaceuticals, Inc., Sinus Related Business and Pennsylvania Based Pharmacy

Creso Pharma Limited (ASX:CPH) / Mernova Medicinal Inc. Emergent BioSolutions Inc. (NYSE:EBS) / ACAM2000 Evotec AG (XTRA:EVT) / Aptuit LLC Foundation Consumer Healthcare, LLC / Teva Pharmaceutical Industries Limited, Four Product Lines Golden Leaf Holdings Ltd. (DB:9GL) / Chalice Farms, LLC Haitong International ZhongHua Finance Acquisition Fund I / Obagi Medical Products, Inc.

Target Revenue

Price

Price/ Revenue

NA

NA

NA Operates as a KINect technology based company that focuses on drug design to identify mechanistically novel drugs. NA Provides blow-fill-seal contract manufacturing services for small fill volume pharmaceutical unit dose sterile and non-sterile liquids.

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

$40.0

NA

NA

NA

$5.3

NA

NA

NA

$1.8

NA

NA

NA

$0.9

NA

NA

NA

$8.1

NA

NA

NA

$125.0

NA

NA

NA

$300.0

$92.9

$11.6

3.2x

$675.0

$140.0

NA

4.8x

NA Comprises the business of manufacturing and distributing vaccine to cure smallpox. 25.8x Provides drug discovery and development services. NA Comprises contraception products.

$37.0

$28.5

NA

1.3x

NA Produces and distributes medical cannabis.

$190.0

NA

NA

NA

NA

NA

NA

NA

$18.0

NA

NA

NA

NA Specialty pharmaceutical company, develops, markets, and sells topical aesthetic and therapeutic prescription skin care systems. NA Produces and distributes marijuana and cannabis products for patients. NA Develop and manufacture cannabinoid products.

$3.3

NA

NA

NA

NA Produces medical grade cannabidiol oil.

$3.7

NA

NA

NA

$45.0

NA

NA

NA

NA

NA

NA

NA

NA Focuses on early stage pharmaceutical development for addressing the areas of arthritis, diabetes, glaucoma, and atherosclerosis. NA Comprises an oral kappa opioid receptor for treatment of major depressive disorder. NA Produces and sells medical marijuana.

$425.0

NA

NA

NA

Melinta Therapeutics, Inc. / Cempra, Inc. (NasdaqGS:CEMP)

NA

NA

NA

NA

7/31/2017

Napo Pharmaceuticals, Inc. / Jaguar Animal Health, Inc.

NA

NA

NA

NA

7/17/2017

Norgine B.V. / Merus Labs International Inc. (TSX:MSL)

$247.8

$78.2

$31.1

3.3x

9/1/2017

OXIS International, Inc. (OTCPK:OXIS) / Georgetown Translational Pharmaceuticals, Inc.

$0.2

NA

NA

NA

9/7/2017

Prasco, LLC / Aprecia Pharmaceuticals Company Ravencrest Resources Inc. (CNSX:RVT) / Alberta Green Biotech Inc. Recro Pharma, Inc. (NasdaqCM:REPH) / Cornell University, Novel Neuromuscular Blocking Agents

NA

NA

NA

NA

$0.3

NA

NA

NA

$8.4

NA

NA

NA

Announced

Target Description

$605.0

Announced

9/29/2017

Price/ EBITDA2

NA Engages in research and development of cannabis strains. NA Focuses on the discovery and development of product candidates for patients with cystic fibrosis. NA Manufactures, markets, and distributes prescription and over-the-counter medicines. NA Comprises a consumer healthcare manufacturing facility. NA Engages in development of X-82 compound for tumor indications. NA Produces dried cannabis and cannabis extracts for medical purposes. NA Produces and sells medical marijuana. NA Comprises certain intellectual property rights, trademarks, copyrights, inventories, equipment, customer lists, databases, permits, licenses, and assignment of lease obligation for a Pennsylvania based pharmacy. NA Produces medicinal cannabis.

NA Engages in the development and commercialization of pharmaceuticals for the neonatal and pediatric patient population. NA Focuses on developing anti-infectives for the acute care and community settings to meet critical medical needs in the treatment of infectious diseases. NA Focuses on developing and commercializing gastrointestinal products for human and animal prescription use. 8.2x Specialty pharmaceutical company which owns, markets, and distributes pharmaceutical products. NA Manufactures treatment products for central nervous system disorders, including neuropathic pain, refractory epilepsies, myasthenia gravis, and motion sickness. NA Develops and manufactures pharmaceutical products. NA Engages in producing medical marijuana. NA Comprises two novel neuromuscular blocking agents and a proprietary chemical reversal agent which provides rapid induction of neuromuscular blockade at the onset of use and the novel reversal agent will provide for more rapid reversal of the neuromuscular blockade.

18 Date

Acquirer / Target

Announced

Regenxbio Inc. (NasdaqGS:RGNX) / Dimension Therapeutics, Inc. (NasdaqGS:DMTX)

8/27/2017

Sanofi Pasteur Inc. / Protein Sciences Corporation

Announced

Target Revenue

Price

Target EBITDA2

Price/ Revenue

$43.8

$14.9

NM

2.9x

$750.0

NA

NA

NA

Seattle Genetics, Inc. (NasdaqGS:SGEN) / Bristol-Myers Squibb Company, Manufacturing Facility in Bothell

NA

NA

NA

NA

7/31/2017

Silver State Trading Inc. / Trokie Collective Inc.

NA

NA

NA

NA

9/27/2017

Sofie Biosciences, Inc. / Zevacor Pharma, Inc.

NA

NA

NA

NA

Announced

Terra Tech Corp. (OTCPK:TRTC) / 50% of NuLeaf Reno Production LLC; 50% of NuLeaf Sparks Cultivation LLC Thermo Fisher (CN) Luxembourg S.à r.l. / Patheon N.V. (NYSE:PTHN) Unknown Buyer / IndUS Pharmaceuticals, Inc.

NA

NA

NA

NA

$7,205.3

$1,933.0

$351.2

3.7x

$0.7

NA

NA

NA

$250.0

NA

NA

NA

8/28/2017 9/11/2017

7/25/2017

Vertex Pharmaceuticals (Europe) Limited / Concert Pharmaceuticals Inc., CT-656 Drug & Related Assets

MEAN (PHARMACEUTICALS) MEDIAN (PHARMACEUTICALS)

9/5/2017 7/31/2017 Announced 9/11/2017 8/28/2017 Announced

9/6/2017 8/1/2017 7/20/2017

Alpha Imaging, LLC / Medical Imaging Systems, Inc. Atlas Medical and Scientific Gases / Medgas LLC Dealmed Medical Supplies LLC. / Vantage Medical Supplies, Inc. Diplomat Pharmacy, Inc. (NYSE:DPLO) / Focus Rx Pharmacy Services Inc. Hammond, Kennedy, Whitney & Company Inc. / Allied Vision Group, Inc. KKR & Co. L.P. (NYSE:KKR); Walgreens Boots Alliance, Inc. (NasdaqGS:WBA) / PharMerica Corporation (NYSE:PMC) McKesson Canada Corporation / Uniprix Inc. Owens & Minor, Inc. (NYSE:OMI) / Byram Healthcare Centers, Inc. Ridgemont Equity Partners / HemaSource, Inc.

3.2x 3.3x PRODUCTS - DISTRIBUTION NA NA

Price/ EBITDA2

NM Focuses on discovering and developing therapeutic products for people living with rare and metabolic diseases associated with the liver. NA Develops, manufactures, and commercializes vaccines and biopharmaceuticals for the prevention and treatment of various diseases. NA Comprises pharmaceutical manufacturing business operations. NA Comprises a pharmaceutical lozenge that allows the delivery of medicinal cannabis that is consistent, controllable, and repeatable. NA Develops, manufactures, and distributes PET and SPECT radiopharmaceuticals and provides associated educational services used in nuclear medicine and molecular imaging. NA Produce medical cannabis products.

20.5x Provides outsourced pharmaceutical development and manufacturing services. NA Discovers and develops novel small molecule drugs for the treatment of cancer, diabetes, and infectious diseases. NA Comprises drugs and related assets for the treatment of cystic fibrosis. 18.2x 20.5x

NA

NA

NA Distributes healthcare equipment.

NA

NA

NA

NA

NA Supplies medical and scientific gases.

NA

NA

NA

NA

NA Distributes medical and surgical equipment.

NA

NA

NA

NA

NA

NA

NA

NA

$1,363.5

$2,205.8

$133.0

0.6x

NA

NA

NA

NA

NA Owns and operates a retail pharmacy chain.

$380.0

NA

NA

NA

NA

NA

NA

NA

NA Supplies disposable medical devices to patients with chronic diseases. NA Distributes medical disposable products and capital items used in the blood therapies markets.

NA Provides home infusion and specialty prescription management services. NA Distributes contact lenses, optical products, and pet medication products. 10.3x Operates as an institutional pharmacy services company.

MEAN (DISTRIBUTION) MEDIAN (DISTRIBUTION)

0.6x 0.6x

10.3x 10.3x

MEAN (PRODUCTS) MEDIAN (PRODUCTS)

2.5x 2.5x

16.3x 16.0x

1) Source: Financial Information from SEC filings and other publicly-available sources 2) EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization 3) NA: Not Available 4) NM: Not Meaningful

Target Description

19

ANALYSIS OF SELECTED PUBLICLY-TRADED HEALTHCARE, MEDICAL AND PHARMACEUTICAL SERVICES AND PRODUCTS COMPANIES1 (SEPTEMBER 30, 2017) ($ Millions Except Per Share Data)

Company Name (Ticker Symbol)

Stock Price

Market Cap

2

TEV

3

LTM4 Revenue

LTM4 EBITDA5

LTM4 Diluted EPS Before Extra

TEV3/ Revenue

TEV3/ EBITDA5

P/ Diluted EPS Before Extra

SERVICES - INSURANCE

Aetna Inc. (NYSE:AET)

159.01

52,743.62

58,512.62

62,197.00

6,056.00

4.51

0.9x

9.7x

NM

58.20

1,119.77

1,065.80

384.23

95.81

3.43

2.8x

11.1x

17.0x

189.88

49,859.58

62,804.48

88,026.30

5,754.20

10.58

0.7x

10.9x

18.0x

96.77

16,690.47

17,188.47

43,646.00

2,186.00

4.53

0.4x

7.9x

21.4x

186.94

47,067.40

48,278.40

40,527.00

4,212.00

8.67

1.2x

11.5x

21.6x

23.34

3,944.96

7,489.66

4,148.60

935.40

2.29

1.8x

8.0x

10.2x

243.63

35,208.73

32,166.73

53,868.00

2,661.00

12.16

0.6x

12.1x

20.0x

Independence Holding Company (NYSE:IHC)

25.25

377.09

359.74

310.93

28.93

1.82

1.2x

12.4x

13.8x

Molina Healthcare, Inc. (NYSE:MOH)

68.76

3,927.43

2,936.43

18,508.00

106.00

(2.86)

0.2x

27.7x

NM

ProAssurance Corporation (NYSE:PRA)

54.65

2,919.04

3,227.95

890.60

212.38

2.80

3.6x

15.2x

19.5x

Triple-S Management Corporation (NYSE:GTS)

23.68

574.76

435.22

2,943.74

21.98

0.75

0.1x

19.8x

NM

Trupanion, Inc. (NasdaqGM:TRUP)

26.41

792.18

773.89

213.74

0.34

(0.15)

3.6x

NM

NM

UnitedHealth Group Incorporated (NYSE:UNH)

195.85 189,359.52

210,545.52

192,604.00

15,567.00

8.32

1.1x

13.5x

23.5x

WellCare Health Plans, Inc. (NYSE:WCG)

171.74

4,793.41

15,361.40

623.20

5.69

0.3x

7.7x

NM

1.3x 1.0x

12.9x 11.5x

18.3x 19.5x

Amerisafe, Inc. (NasdaqGS:AMSF) Anthem, Inc. (NYSE:ANTM) Centene Corporation (NYSE:CNC) Cigna Corporation (NYSE:CI) CNO Financial Group, Inc. (NYSE:CNO) Humana Inc. (NYSE:HUM)

7,643.91

MEAN (INSURANCE) MEDIAN (INSURANCE) SERVICES - TECHNOLOGY

Allscripts Healthcare Solutions, Inc. (NasdaqNM:MDRX)

14.23

2,570.11

4,284.46

1,657.39

160.09

(1.05)

2.6x

26.8x

NM

4.30

566.26

475.81

115.24

(48.77)

(0.44)

4.1x

NM

NM

Cerner Corporation (NasdaqNM:CERN)

71.32

23,648.47

23,554.89

4,898.40

1,371.45

1.98

4.8x

17.2x

NM

CompuGroup Medical Societas Europaea (DB:COP)

56.35

2,802.08

3,198.06

665.40

125.89

1.05

4.8x

25.4x

NM

Computer Programs and Systems, Inc. (NasdaqNM:CPSI)

29.55

406.48

548.14

260.97

28.51

0.39

2.1x

19.2x

NM

Craneware plc (AIM:CRW)

17.76

478.97

424.08

57.80

17.31

0.49

NM

24.5x

NM

Evolent Health, Inc. (NYSE:EVH)

17.80

1,171.63

1,203.25

361.53

(51.15)

(1.22)

3.3x

NM

NM

HealthEquity, Inc. (NasdaqGS:HQY)

50.58

3,059.52

2,849.22

202.47

61.84

0.67

NM

NM

NM

Inovalon Holdings, Inc. (NasdaqGS:INOV)

17.05

2,486.09

2,206.06

419.99

67.35

0.12

NM

NM

NM

Medidata Solutions, Inc. (NasdaqGS:MDSO)

78.06

4,566.74

4,470.28

508.77

76.83

0.62

NM

NM

NM

Model N, Inc. (NYSE:MODN)

14.95

434.94

440.13

124.07

(29.98)

(1.35)

3.5x

NM

NM

Quality Systems, Inc. (NasdaqGS:QSII)

15.73

996.78

1,018.44

518.34

61.27

0.36

2.0x

16.6x

NM

RaySearch Laboratories AB (publ) (OM:RAY B)

21.28

729.42

722.10

69.36

25.26

0.52

NM

28.6x

NM

Simulations Plus, Inc. (NasdaqCM:SLP)

15.50

267.30

259.05

21.83

9.15

0.32

NM

28.3x

NM

Veeva Systems Inc. (NYSE:VEEV)

56.41

7,932.18

7,207.53

617.44

154.55

0.78

NM

NM

NM

3.4x 3.4x

23.3x 25.0x

NM NM

Castlight Health, Inc. (NYSE:CSLT)

MEAN (TECHNOLOGY) MEDIAN (TECHNOLOGY)

20

Company Name (Ticker Symbol)

Stock Price

Market Cap

2

TEV

3

LTM4 Revenue

LTM4 EBITDA5

LTM4 Diluted EPS Before Extra

TEV3/ Revenue

TEV3/ EBITDA5

P/ Diluted EPS Before Extra

SERVICES - OUTSOURCING

Advisory Board Company (NasdaqGS:ABCO)

53.63

2,186.31

2,644.46

799.15

120.83

2.63

3.3x

21.9x

20.4x

AMN Healthcare Services, Inc. (NYSE:AMN)

45.70

2,191.17

2,505.82

1,945.47

236.01

2.37

1.3x

10.6x

19.3x

124.36

4,965.68

5,174.48

1,151.40

127.70

0.79

4.5x

NM

NM

2.75

350.56

864.30

900.58

25.07

(0.62)

1.0x

NM

NM

Cegedim SA (ENXTPA:CGM)

38.18

532.32

814.79

520.20

38.26

(0.85)

1.6x

21.3x

NM

CorVel Corporation (NasdaqNM:CRVL)

54.40

1,020.31

985.30

527.84

70.78

1.59

1.9x

13.9x

NM

Cross Country Healthcare, Inc. (NasdaqNM:CCRN)

14.23

519.31

521.42

854.40

38.83

0.27

0.6x

13.4x

NM

eHealth, Inc. (NasdaqGS:EHTH)

23.89

442.81

376.73

182.74

(4.31)

(0.35)

2.1x

NM

NM

Envision Healthcare Corporation (NYSE:EVHC)

44.95

5,360.93

12,117.93

6,038.40

982.60

(0.26)

2.0x

12.3x

NM

EPS Holdings, Inc. (TSE:4282)

19.18

884.36

756.65

526.58

82.39

0.84

1.4x

9.2x

22.7x

Express Scripts Holding Company (NasdaqNM:ESRX)

63.32

36,570.40

49,209.90

100,275.80

7,159.50

5.76

0.5x

6.9x

11.0x

Healthcare Services Group, Inc. (NasdaqNM:HCSG)

53.97

3,949.79

3,888.84

1,666.67

129.75

1.14

2.3x

30.0x

NM

HMS Holdings Corp. (NasdaqNM:HMSY)

19.86

1,669.18

1,857.81

495.50

92.81

0.35

3.7x

20.0x

NM

113.88

6,154.24

6,188.02

1,718.31

393.57

4.93

3.6x

15.7x

23.1x

INC Research Holdings, Inc. (NasdaqGS:INCR)

52.30

5,414.42

5,716.94

1,032.70

226.74

1.63

NM

25.2x

NM

Magellan Health, Inc. (NasdaqNM:MGLN)

86.30

2,042.60

2,403.20

5,280.28

242.58

3.51

0.5x

9.9x

24.6x

On Assignment, Inc. (NYSE:ASGN)

53.68

2,834.57

3,395.39

2,530.13

263.01

2.04

1.3x

12.9x

26.3x

PRA Health Sciences, Inc. (NasdaqGS:PRAH)

76.17

4,772.17

5,497.50

1,698.48

250.95

1.55

3.2x

21.9x

NM

Quintiles IMS Holdings, Inc. (NYSE:Q)

95.07

20,450.09

28,706.09

6,969.00

1,507.00

0.35

4.1x

19.0x

NM

Stericycle, Inc. (NasdaqGS:SRCL)

71.62

6,111.96

8,939.87

3,606.67

777.58

(0.25)

2.5x

11.5x

NM

Teladoc, Inc. (NYSE:TDOC)

33.15

1,878.09

1,681.63

157.27

(40.34)

(1.51)

NM

NM

NM

2.2x 2.0x

16.2x 13.9x

21.0x 22.7x

athenahealth, Inc. (NasdaqGS:ATHN) BioScrip, Inc. (NasdaqNM:BIOS)

ICON Public Limited Company (NasdaqGS:ICLR)

MEAN (OUTSOURCING) MEDIAN (OUTSOURCING) SERVICES - INDIA-BASED OUTSOURCING

Firstsource Solutions Limited (BSE:532809)

0.64

435.50

512.70

547.75

64.06

0.06

0.9x

8.0x

10.4x

HCL Technologies Limited (NSEI:HCLTECH)

13.39

19,112.96

17,819.84

7,168.74

1,607.54

0.90

2.5x

11.1x

14.9x

4.13

1,172.00

1,115.00

586.61

98.13

0.24

1.9x

11.4x

17.1x

13.78

31,492.98

26,359.79

10,358.00

2,811.00

0.95

2.5x

9.4x

14.5x

KPIT Technologies Limited (BSE:532400)

1.84

347.05

322.61

523.88

46.17

0.19

0.6x

7.0x

10.0x

MphasiS Limited (BSE:526299)

9.46

1,827.11

1,481.25

943.23

147.59

0.59

1.6x

10.0x

16.1x

NIIT Technologies Limited (BSE:532541)

8.29

509.43

419.75

439.50

67.97

0.69

1.0x

6.2x

12.1x

37.30

71,394.15

66,627.40

18,297.10

4,936.63

2.04

3.6x

13.5x

18.3x

Tech Mahindra Limited (NSEI:TECHM)

7.01

6,844.11

5,760.60

4,573.46

634.80

0.50

1.3x

9.1x

14.1x

Wipro Limited (BSE:507685)

4.30

20,816.64

17,398.16

8,521.02

1,690.91

0.27

2.0x

10.3x

15.8x

1.8x 1.7x

9.6x 9.7x

14.3x 14.7x

1.3x

NM

NM

Hexaware Technologies Limited (BSE:532129) Infosys Limited (NSEI:INFY)

Tata Consultancy Services Limited (NSEI:TCS)

MEAN (INDIA-BASED OUTSOURCING) MEDIAN (INDIA-BASED OUTSOURCING) SERVICES - INFORMATION

Connecture, Inc. (NasdaqGM:CNXR)

0.67

15.33

109.81

82.18

(8.20)

(1.02)

21

Company Name (Ticker Symbol)

Stock Price

Market Cap

2

TEV

3

LTM4 Revenue

LTM4 EBITDA5

LTM4 Diluted EPS Before Extra

TEV3/ Revenue

TEV3/ EBITDA5

P/ Diluted EPS Before Extra

HealthStream, Inc. (NasdaqNM:HSTM)

23.37

745.19

629.50

238.45

23.61

0.14

2.6x

26.7x

NM

National Research Corporation (NasdaqGS:NRCI.B)

53.41

977.17

947.75

114.11

39.02

0.91

NM

24.3x

NM

MEAN (INFORMATION) MEDIAN (INFORMATION)

2.0x 2.0x

25.5x 25.5x

NM NM

MEAN (SERVICES) MEDIAN (SERVICES)

2.1x 1.9x

15.5x 13.2x

17.5x 17.5x

PROVIDERS - LABS

Charles River Laboratories International, Inc. (NYSE:CRL)

108.02

5,141.08

6,162.86

1,807.40

435.90

3.79

3.4x

14.1x

28.5x

China Cord Blood Corporation (NYSE:CO)

11.12

1,262.40

713.82

119.66

51.07

0.30

NM

14.0x

NM

Foundation Medicine, Inc. (NasdaqGS:FMI)

40.20

1,448.07

1,376.56

119.58

(140.79)

(4.47)

NM

NM

NM

Genomic Health, Inc. (NasdaqGS:GHDX)

32.09

1,111.78

1,001.98

334.47

2.61

(0.15)

3.0x

NM

NM

9.37

457.36

424.96

40.19

(99.29)

(2.73)

NM

NM

NM

150.97

15,368.75

21,212.65

9,666.50

1,858.80

7.14

2.2x

11.4x

21.1x

NeoGenomics, Inc. (NasdaqCM:NEO)

11.13

883.59

1,009.64

249.02

26.72

(0.33)

4.1x

NM

NM

Quest Diagnostics Incorporated (NYSE:DGX)

93.64

12,773.01

16,389.01

7,588.00

1,444.00

4.96

2.2x

11.3x

18.9x

Sonic Healthcare Limited (ASX:SHL)

16.40

6,888.64

8,875.37

3,930.74

637.02

0.78

2.3x

13.9x

20.9x

2.8x 2.6x

13.0x 13.9x

22.4x 21.0x

Invitae Corporation (NYSE:NVTA) Laboratory Corporation of America Holdings (NYSE:LH)

MEAN (LABS) MEDIAN (LABS) PROVIDERS - HOME HEALTH & HOSPICE

Addus HomeCare Corporation (NasdaqGS:ADUS)

35.30

405.97

434.13

411.40

33.42

1.39

1.1x

13.0x

25.3x

Almost Family, Inc. (NasdaqNM:AFAM)

53.70

749.87

898.65

715.89

40.38

1.47

1.3x

22.3x

NM

Amedisys, Inc. (NasdaqNM:AMED)

55.96

1,894.92

1,928.04

1,454.85

105.65

1.17

1.3x

18.2x

NM

Chemed Corporation (NYSE:CHE)

202.05

3,231.16

3,342.41

1,617.01

226.52

4.03

2.1x

14.8x

NM

70.92

1,296.56

1,416.19

961.62

92.03

2.26

1.5x

15.4x

NM

1.4x 1.3x

16.7x 15.4x

25.3x 25.3x

LHC Group, Inc. (NasdaqNM:LHCG) MEAN (HOME HEALTH) MEDIAN (HOME HEALTH)

PROVIDERS - NON-ACUTE

AAC Holdings, Inc. (NYSE:AAC)

9.93

238.92

428.76

266.82

30.06

(0.20)

1.6x

14.3x

NM

Acadia Healthcare Company, Inc. (NasdaqGS:ACHC)

47.76

4,197.20

7,410.62

2,832.64

574.61

0.09

2.6x

12.9x

NM

Civitas Solutions, Inc. (NYSE:CIVI)

18.45

689.35

1,296.82

1,456.33

150.24

0.52

0.9x

8.6x

NM

3.51

153.30

388.90

59.98

(7.98)

(1.06)

NM

NM

NM

CoreCivic, Inc. (NYSE:CXW)

26.77

3,163.65

4,534.27

1,821.15

452.80

1.80

2.5x

10.0x

14.9x

DaVita Inc. (NYSE:DVA)

59.39

11,355.38

20,722.37

15,014.18

2,448.28

6.57

1.4x

8.5x

9.0x

The GEO Group, Inc. (NYSE: GEO)

26.90

3,286.32

5,891.12

2,248.64

390.97

1.43

2.6x

15.1x

18.9x

Hanger, Inc. (OTCPK:HNGR)

10.99

387.31

904.60

1,012.10

69.52

(0.09)

0.9x

13.0x

NM

HealthSouth Corporation (NYSE:HLS)

46.35

4,576.35

7,603.95

3,773.40

817.10

2.74

2.0x

9.3x

16.9x

MEDNAX, Inc. (NYSE:MD)

43.12

3,993.75

5,715.34

3,337.32

628.40

3.14

1.7x

9.1x

13.7x

The Providence Service Corporation (NasdaqGS:PRSC)

54.08

730.17

751.87

1,606.21

68.15

(2.32)

0.5x

11.0x

NM

RadNet, Inc. (NasdaqNM:RDNT)

11.55

545.93

1,168.92

908.61

118.35

0.19

1.3x

9.9x

NM

Select Medical Holdings Corporation (NYSE:SEM)

19.20

2,552.39

5,837.61

4,258.12

474.80

0.63

1.4x

12.3x

NM

Concord Medical Services Holdings Limited (NYSE:CCM)

22

Company Name (Ticker Symbol)

U.S. Physical Therapy, Inc. (NYSE:USPH)

Stock Price

Market Cap

61.45

2

773.12

TEV

3

925.34

LTM4 Revenue

377.24

LTM4 EBITDA5

60.41

LTM4 Diluted EPS Before Extra

1.58

MEAN (NON-ACUTE) MEDIAN (NON-ACUTE)

TEV3/ Revenue

TEV3/ EBITDA5

P/ Diluted EPS Before Extra

2.5x

15.3x

NM

1.7x 1.6x

11.5x 11.0x

14.7x 14.9x

PROVIDERS - LONG-TERM CARE

Brookdale Senior Living Inc. (NYSE:BKD)

10.60

1,974.55

6,981.96

4,078.03

758.50

(2.65)

1.7x

9.2x

NM

Capital Senior Living Corporation (NYSE:CSU)

12.55

380.85

1,374.81

458.22

77.74

(1.62)

3.0x

17.7x

NM

Ensign Group, Inc. (NasdaqNM:ENSG)

22.59

1,149.12

1,401.26

1,751.13

121.76

0.86

0.8x

11.5x

26.3x

1.55

77.59

118.13

1,129.71

13.10

(0.51)

0.1x

9.0x

NM

Welltower Inc. (NYSE:HCN)

70.28

25,924.79

38,454.77

4,187.94

2,047.78

3.21

NM

18.8x

21.9x

Sabra Health Care REIT, Inc. (NasdaqGS:SBRA)

21.94

3,857.72

5,055.10

251.10

210.73

1.19

NM

24.0x

18.5x

1.16

109.88

4,794.70

5,453.11

450.30

(1.91)

0.9x

10.6x

NM

65.13

23,196.06

35,250.95

3,523.62

1,884.58

1.98

NM

18.7x

NM

1.3x 0.9x

14.9x 14.6x

22.2x 21.9x

Five Star Senior Living Inc. (NasdaqCM:FVE)

Genesis Healthcare, Inc. (NYSE:GEN) Ventas, Inc. (NYSE:VTR) MEAN (LONG-TERM CARE) MEDIAN (LONG-TERM CARE)

PROVIDERS - ACUTE

Community Health Systems, Inc. (NYSE:CYH)

7.68

859.67

15,522.67

17,478.00

1,780.00

(5.55)

0.9x

8.7x

NM

79.59

28,751.86

61,376.86

42,267.00

8,203.00

7.46

1.5x

7.5x

10.7x

6.80

591.73

3,914.23

7,081.40

470.57

(9.46)

0.6x

8.3x

NM

LifePoint Health, Inc. (NasdaqNM:LPNT)

57.90

2,322.72

5,262.02

6,415.90

760.40

4.47

0.8x

6.9x

13.0x

Tenet Healthcare Corp. (NYSE:THC)

16.43

1,656.48

18,799.48

19,324.00

2,074.00

(1.96)

1.0x

9.1x

NM

110.94

10,612.51

14,733.03

10,110.77

1,710.98

7.36

1.5x

8.6x

15.1x

MEAN (ACUTE) MEDIAN (ACUTE)

1.0x 0.9x

8.2x 8.5x

12.9x 13.0x

MEAN (PROVIDERS) MEDIAN (PROVIDERS)

1.7x 1.5x

12.6x 11.5x

18.4x 18.7x

HCA Healthcare, Inc. (NYSE:HCA) Kindred Healthcare, Inc. (NYSE:KND)

Universal Health Services, Inc. (NYSE:UHS)

PRODUCTS - CLINICAL DEVICES

ABIOMED, Inc. (NasdaqNM:ABMD)

168.60

7,435.63

7,200.37

474.78

110.92

1.71

NM

NM

NM

22.45

1,241.45

1,106.23

1.29

(61.92)

(1.23)

NM

NM

NM

4.00

334.99

403.56

383.41

0.64

(0.36)

1.1x

NM

NM

64.20

20,661.36

20,182.36

4,394.00

1,021.00

1.94

4.6x

19.8x

NM

186.27

14,929.65

14,327.68

1,238.62

306.55

2.92

NM

NM

NM

Alliqua BioMedical, Inc. (NasdaqCM:ALQA)

0.37

18.29

27.96

19.93

(16.79)

(1.12)

1.4x

NM

NM

Alphatec Holdings, Inc. (NasdaqNM:ATEC)

2.26

24.54

69.55

106.16

(2.79)

(3.01)

0.7x

NM

NM

Analogic Corporation (NasdaqGS:ALOG)

83.75

1,043.17

895.07

486.37

42.01

(5.96)

1.8x

21.3x

NM

AngioDynamics, Inc. (NasdaqNM:ANGO)

17.09

627.47

673.20

346.96

47.67

0.10

1.9x

14.1x

NM

Anika Therapeutics, Inc. (NasdaqGS:ANIK)

58.00

850.19

707.32

111.36

56.02

2.25

NM

12.6x

25.8x

AtriCure, Inc. (NasdaqNM:ATRC)

22.37

768.06

771.84

166.00

(19.62)

(1.02)

4.6x

NM

NM

Avinger, Inc. (NasdaqGM:AVGR)

0.38

9.10

37.62

15.95

(46.30)

(2.46)

2.4x

NM

NM

62.75

34,190.65

33,820.65

10,283.00

2,227.00

1.64

3.3x

15.2x

NM

120.89

4,520.46

4,706.52

563.00

186.35

2.03

NM

25.3x

NM

33.00

1,067.88

1,065.79

211.19

41.34

1.49

NM

25.8x

22.1x

Accelerate Diagnostics, Inc. (NasdaqCM:AXDX) Accuray Incorporated (NasdaqNM:ARAY) Agilent Technologies, Inc. (NYSE:A) Align Technology, Inc. (NasdaqNM:ALGN)

Baxter International Inc. (NYSE:BAX) Bio-Techne Corporation (NasdaqGS:TECH) BioTelemetry, Inc. (NasdaqGS:BEAT)

23

Company Name (Ticker Symbol)

Stock Price

Market Cap

2

TEV

3

LTM4 Revenue

LTM4 EBITDA5

LTM4 Diluted EPS Before Extra

TEV3/ Revenue

TEV3/ EBITDA5

P/ Diluted EPS Before Extra

Boston Scientific Corporation (NYSE:BSX)

29.17

40,024.95

45,664.95

8,714.00

2,312.00

0.56

NM

19.8x

NM

Bruker Corporation (NasdaqNM:BRKR)

29.75

4,726.05

4,723.95

1,664.00

275.00

1.00

2.8x

17.2x

29.7x

Cardiovascular Systems, Inc. (NasdaqGS:CSII)

28.15

928.72

841.20

204.91

5.43

(0.06)

4.1x

NM

NM

Catalent, Inc. (NYSE:CTLT)

39.92

5,264.66

7,037.46

2,075.40

407.50

0.87

3.4x

17.3x

NM

3.52

157.82

119.01

79.26

(54.78)

(1.36)

1.5x

NM

NM

52.47

1,465.18

1,921.52

772.61

123.91

0.56

2.5x

15.5x

NM

1.52

284.69

250.92

4.26

(34.71)

(0.26)

NM

NM

NM

320.50

23,291.23

23,971.63

3,827.50

1,184.70

7.62

NM

20.2x

NM

CryoLife, Inc. (NYSE:CRY)

22.70

759.23

775.58

183.16

23.56

0.33

4.2x

NM

NM

Cutera, Inc. (NasdaqGS:CUTR)

41.35

579.11

528.16

133.84

7.29

0.47

3.9x

NM

NM

6.20

174.43

167.97

12.18

(10.41)

(0.37)

NM

NM

NM

48.93

4,234.99

4,065.59

632.70

(63.30)

(0.76)

NM

NM

NM

109.31

23,081.68

22,966.68

3,232.40

1,045.50

3.30

NM

22.0x

NM

-

31.20

27.49

7.49

(27.14)

(1.59)

3.7x

NM

NM

4.46

372.12

525.29

190.75

(54.38)

(0.94)

2.8x

NM

NM

Entellus Medical, Inc. (NasdaqGM:ENTL)

18.46

469.49

427.92

80.80

(26.99)

(1.65)

NM

NM

NM

Enzo Biochem, Inc. (NYSE:ENZ)

10.47

487.36

424.09

107.80

0.53

(0.05)

3.9x

NM

NM

Exactech, Inc. (NasdaqNM:EXAC)

32.95

472.77

477.85

262.96

43.51

0.05

1.8x

11.0x

NM

Fresenius SE & Co. KGaA (DB:FRE)

80.95

44,872.03

76,173.29

36,233.88

6,764.40

3.64

2.1x

11.3x

22.2x

9.63

526.45

454.11

50.59

(49.93)

(1.22)

NM

NM

NM

Genomic Health, Inc. (NasdaqGS:GHDX)

32.09

1,111.78

1,001.98

334.47

2.61

(0.15)

3.0x

NM

NM

Glaukos Corporation (NYSE:GKOS)

33.00

1,136.32

1,032.53

139.94

8.15

(0.04)

NM

NM

NM

Globus Medical, Inc. (NYSE:GMED)

29.72

2,861.79

2,549.61

595.44

207.13

1.11

4.3x

12.3x

26.8x

Hologic, Inc. (NasdaqNM:HOLX)

36.69

10,290.57

12,945.27

2,982.80

1,005.70

2.68

4.3x

12.9x

13.7x

Illumina, Inc. (NasdaqNM:ILMN)

199.20

29,083.20

28,444.20

2,487.37

666.78

4.98

NM

NM

NM

Inogen, Inc. (NasdaqGS:INGN)

95.10

1,971.08

1,826.87

221.89

36.52

1.15

NM

NM

NM

Integer Holdings Corporation (NYSE:ITGR)

51.15

1,615.86

3,234.61

1,414.29

275.57

0.58

2.3x

11.7x

NM

Integra LifeSciences Holdings Corporation (NasdaqNM:IART)

50.48

3,941.39

4,667.15

1,046.80

240.98

0.82

4.5x

19.4x

NM

Intersect ENT, Inc. (NasdaqGM:XENT)

31.15

909.25

809.22

87.16

(19.71)

(0.70)

NM

NM

NM

1,045.88

38,994.39

37,170.99

2,870.20

1,081.90

20.88

NM

NM

NM

Invuity, Inc. (NasdaqGM:IVTY)

8.90

151.75

148.36

36.63

(35.61)

(2.52)

4.1x

NM

NM

IRadimed Corporation (NasdaqCM:IRMD)

9.60

101.59

77.76

24.35

4.51

0.24

3.2x

17.2x

NM

K2M Group Holdings, Inc. (NasdaqGS:KTWO)

21.21

918.37

955.27

248.68

(2.00)

(0.96)

3.8x

NM

NM

Landauer, Inc. (NYSE:LDR)

67.30

660.22

741.21

153.36

39.95

1.93

4.8x

18.6x

NM

LeMaitre Vascular, Inc. (NasdaqGM:LMAT)

37.42

711.84

681.72

96.40

23.12

0.70

NM

29.5x

NM

LivaNova PLC (NasdaqGS:LIVN)

70.06

3,375.62

3,460.34

1,212.40

191.69

0.56

2.9x

18.1x

NM

Masimo Corporation (NasdaqNM:MASI)

86.56

4,495.94

4,164.49

730.06

182.11

6.10

NM

22.9x

14.2x

Medtronic plc (NYSE:MDT)

77.77 105,346.58

126,394.58

29,934.00

9,193.00

2.97

4.2x

13.7x

26.2x

Meridian Bioscience, Inc. (NasdaqNM:VIVO)

14.30

604.01

198.07

52.80

0.50

3.0x

11.4x

28.6x

ConforMIS, Inc. (NasdaqGS:CFMS) CONMED Corporation (NasdaqNM:CNMD) Corindus Vascular Robotics, Inc. (AMEX:CVRS) C. R. Bard, Inc. (NYSE:BCR)

Cytosorbents Corporation (NasdaqCM:CTSO) DexCom, Inc. (NasdaqNM:DXCM) Edwards Lifesciences Corporation (NYSE:EW) Ekso Bionics Holdings, Inc. (OTCBB:EKSO) Endologix, Inc. (NasdaqNM:ELGX)

GenMark Diagnostics, Inc. (NasdaqGM:GNMK)

Intuitive Surgical, Inc. (NasdaqNM:ISRG)

603.50

24

Company Name (Ticker Symbol)

Stock Price

Market Cap

2

TEV

3

LTM4 EBITDA5

LTM4 Revenue

LTM4 Diluted EPS Before Extra

TEV3/ Revenue

TEV3/ EBITDA5

P/ Diluted EPS Before Extra

NanoString Technologies, Inc. (NasdaqGM:NSTG)

16.16

407.31

356.11

101.82

(35.93)

(2.12)

3.5x

NM

NM

Natus Medical Incorporated (NasdaqNM:BABY)

37.50

1,224.14

1,253.33

445.49

48.00

0.58

2.8x

26.1x

NM

Nevro Corp. (NYSE:NVRO)

90.88

2,675.79

2,554.02

277.91

(22.57)

(1.37)

NM

NM

NM

NuVasive, Inc. (NasdaqNM:NUVA)

55.46

2,817.58

3,348.19

1,021.20

225.78

0.64

3.3x

14.8x

NM

Nxstage Medical, Inc. (NasdaqNM:NXTM)

27.60

1,827.06

1,778.13

378.01

14.26

(0.08)

4.7x

NM

NM

Orthofix International N.V. (NasdaqNM:OFIX)

47.25

858.58

814.25

418.71

45.74

0.42

1.9x

17.8x

NM

Össur hf. (ICSE:OSSRU)

4.44

1,900.27

2,043.55

543.50

92.59

0.12

3.8x

22.1x

NM

pSivida Corp. (NasdaqGM:PSDV)

1.20

47.25

30.35

7.54

(15.70)

(0.52)

4.0x

NM

NM

Quidel Corporation (NasdaqNM:QDEL)

43.86

1,466.69

1,442.76

214.11

39.38

(0.00)

NM

NM

NM

ResMed Inc. (NYSE:RMD)

76.96

10,951.44

11,208.12

2,066.74

568.89

2.40

NM

19.7x

NM

REVA Medical, Inc. (ASX:RVA)

0.58

240.98

330.56

NM

(22.12)

(0.05)

NM

NM

NM

ReWalk Robotics Ltd. (NasdaqCM:RWLK)

1.45

31.53

31.26

7.50

(24.63)

(1.89)

4.2x

NM

NM

11.22

140.83

132.54

130.35

(21.74)

(3.17)

1.0x

NM

NM

1.20

68.15

50.02

5.14

(32.85)

(0.71)

NM

NM

NM

Sientra, Inc. (NasdaqGS:SIEN)

15.40

297.33

246.83

28.68

(35.42)

(2.67)

NM

NM

NM

Smith & Nephew plc (LSE:SN.)

18.07

15,783.87

17,434.58

4,677.00

1,315.00

0.98

3.7x

13.3x

18.4x

169.56

11,077.26

11,497.58

2,395.19

522.13

5.34

4.8x

22.0x

NM

12.45

511.80

505.21

84.48

(0.67)

(0.13)

NM

NM

NM

142.02

53,124.47

56,702.47

11,957.00

3,285.00

4.48

4.7x

17.3x

NM

T2 Biosystems, Inc. (NasdaqGM:TTOO)

4.20

150.34

145.48

3.89

(49.26)

(1.97)

NM

NM

NM

Tandem Diabetes Care, Inc. (NasdaqGM:TNDM)

0.73

36.67

83.55

81.51

(76.17)

(2.51)

1.0x

NM

NM

TransEnterix, Inc. (AMEX:TRXC)

1.43

212.41

195.56

5.05

(47.82)

(0.47)

NM

NM

NM

Unilife Corporation (OTCPK:UNIS.Q)

0.08

1.35

118.15

11.21

(56.71)

(5.07)

NM

NM

NM

73.55

273.53

239.72

39.60

20.09

3.49

NM

11.9x

21.1x

100.06

9,185.60

8,895.70

3,273.10

643.00

3.69

2.7x

13.8x

27.1x

25.87

2,663.25

3,265.78

707.24

58.57

(1.35)

4.6x

NM

NM

117.09

23,675.12

33,909.42

7,777.60

2,805.00

3.51

4.4x

12.1x

NM

3.2x 3.4x

17.5x 17.3x

23.0x 24.0x

SeaSpine Holdings Corporation (NasdaqGS:SPNE) Second Sight Medical Products, Inc. (NasdaqCM:EYES)

Sonova Holding AG (SWX:SOON) STAAR Surgical Company (NasdaqNM:STAA) Stryker Corporation (NYSE:SYK)

Utah Medical Products, Inc. (NasdaqNM:UTMD) Varian Medical Systems, Inc. (NYSE:VAR) Wright Medical Group N.V. (NasdaqNM:WMGI) Zimmer Biomet Holdings, Inc. (NYSE:ZBH) MEAN (CLINICAL) MEDIAN (CLINICAL)

PRODUCTS - NON-CLINICAL DEVICES

Abaxis, Inc. (NasdaqNM:ABAX)

44.65

1,013.14

875.83

227.78

49.81

1.42

3.8x

17.6x

NM

2.73

297.95

264.50

36.83

(61.75)

(0.61)

NM

NM

NM

Getinge AB (OM:GETI B)

18.73

5,100.33

7,542.77

3,596.34

692.09

0.56

2.1x

10.9x

NM

Haemonetics Corporation (NYSE:HAE)

44.87

2,360.45

2,491.73

887.11

164.54

0.08

2.8x

15.1x

NM

Harvard Bioscience, Inc. (NasdaqGM:HBIO)

3.75

130.63

139.17

100.79

3.21

(0.13)

1.4x

NM

NM

IDEXX Laboratories, Inc. (NasdaqNM:IDXX)

155.49

13,570.52

14,452.74

1,862.27

467.99

2.91

NM

NM

NM

Invacare Corporation (NYSE:IVC)

15.75

517.71

595.53

980.13

(13.64)

(1.93)

0.6x

NM

NM

Omnicell, Inc. (NasdaqGS:OMCL)

51.05

1,912.01

2,079.51

680.15

42.68

(0.21)

3.1x

NM

NM

5.25

606.86

517.34

95.83

(75.40)

(0.92)

NM

NM

NM

Cerus Corporation (NasdaqNM:CERS)

Pacific Biosciences of California, Inc. (NasdaqGS:PACB)

25

Company Name (Ticker Symbol)

Stock Price

Market Cap

2

TEV

3

LTM4 Revenue

LTM4 EBITDA5

LTM4 Diluted EPS Before Extra

TEV3/ Revenue

TEV3/ EBITDA5

P/ Diluted EPS Before Extra

PerkinElmer, Inc. (NYSE:PKI)

68.97

7,601.50

8,076.81

2,142.34

416.05

1.95

3.8x

19.4x

NM

Steris Plc (NYSE:STE)

73.64

6,474.90

7,143.30

2,582.34

521.33

1.40

2.8x

13.7x

NM

Surmodics, Inc. (NasdaqGS:SRDX)

31.00

406.41

362.70

71.21

15.58

0.46

NM

23.3x

NM

Thermo Fisher Scientific Inc. (NYSE:TMO)

189.20

75,719.21

92,004.21

19,199.10

4,812.10

5.75

4.8x

19.1x

NM

Waters Corporation (NYSE:WAT)

179.52

14,329.93

13,116.45

2,211.84

766.04

6.63

NM

17.1x

27.1x

2.8x 2.8x

17.0x 17.4x

27.1x 27.1x

MEAN (NON-CLINICAL) MEDIAN (NON-CLINICAL) PRODUCTS - DISPOSABLES

Atrion Corporation (NasdaqNM:ATRI)

672.00

1,244.44

1,197.14

145.80

48.82

17.85

NM

24.5x

NM

Becton, Dickinson and Company (NYSE:BDX)

195.95

44,591.36

49,732.36

12,158.00

3,190.00

3.45

4.1x

15.6x

NM

45.03

2,107.03

2,532.13

1,602.30

182.00

1.04

1.6x

13.9x

NM

185.85

3,679.79

3,513.87

772.05

92.48

2.50

4.6x

NM

NM

Merit Medical Systems, Inc. (NasdaqNM:MMSI)

42.35

2,122.98

2,327.04

672.31

101.84

0.70

3.5x

22.8x

NM

Nipro Corporation (TSE:8086)

13.76

2,287.75

5,473.16

3,241.44

532.13

0.74

1.7x

10.3x

18.5x

0.67

21.11

10.13

30.90

(3.18)

(0.17)

0.3x

NM

NM

241.97

10,897.70

12,221.25

1,986.08

521.06

5.23

NM

23.5x

NM

39.30

13,831.59

15,984.31

4,708.75

1,105.27

1.40

3.4x

14.5x

28.1x

2.7x 3.4x

17.9x 15.6x

23.3x 23.3x

Halyard Health, Inc. (NYSE:HYH) ICU Medical, Inc. (NasdaqNM:ICUI)

Retractable Technologies, Inc. (AMEX:RVP) Teleflex Incorporated (NYSE:TFX) Terumo Corporation (TSE:4543) MEAN (DISPOSABLES) MEDIAN (DISPOSABLES)

PRODUCTS - COMMERCIAL

Bio-Rad Laboratories, Inc. (NYSE:BIO)

222.22

6,615.74

6,337.78

2,084.92

233.59

0.51

3.0x

27.1x

NM

Cambrex Corporation (NYSE:CBM)

55.00

1,800.13

1,705.95

515.45

167.23

2.94

3.3x

10.2x

18.7x

Cantel Medical Corp. (NYSE:CMD)

94.17

3,929.61

4,019.03

770.16

149.59

1.71

NM

26.9x

NM

ChromaDex Corporation (NasdaqCM:CDXC)

4.30

206.66

193.21

20.41

(6.27)

(0.20)

NM

NM

NM

DENTSPLY SIRONA Inc. (NasdaqNM:XRAY)

59.81

13,726.51

15,079.11

3,843.90

823.80

(3.43)

3.9x

18.3x

NM

Exact Sciences Corporation (NasdaqCM:EXAS)

47.12

5,611.82

5,133.79

169.37

(129.74)

(1.29)

NM

NM

NM

5.04

148.25

301.31

96.72

(62.62)

(2.45)

3.1x

NM

NM

Hill-Rom Holdings, Inc. (NYSE:HRC)

74.00

4,875.17

6,978.57

2,711.40

465.30

1.72

2.6x

15.0x

NM

Ion Beam Applications SA (ENXTBR:IBAB)

33.97

992.05

967.03

382.50

30.14

0.45

2.5x

NM

NM

Luminex Corporation (NasdaqNM:LMNX)

20.33

895.97

792.26

297.73

49.82

0.32

2.7x

15.9x

NM

626.16

16,072.31

16,895.36

2,608.52

631.04

16.26

NM

26.8x

NM

Natera, Inc. (NasdaqGS:NTRA)

12.89

686.04

633.94

203.71

(118.85)

(2.43)

3.1x

NM

NM

Neogen Corporation (NasdaqGS:NEOG)

77.46

2,961.55

2,801.79

373.21

81.84

1.19

NM

NM

NM

OraSure Technologies, Inc. (NasdaqNM:OSUR)

22.50

1,337.84

1,177.61

135.07

23.92

0.54

NM

NM

NM

Oxford Immunotec Global PLC (NasdaqGM:OXFD)

16.80

428.64

421.68

97.44

(23.66)

(1.50)

4.3x

NM

NM

QIAGEN N.V. (NasdaqGS:QGEN)

31.50

7,172.61

7,960.09

1,361.90

443.36

0.33

NM

18.0x

NM

Quotient Limited (NasdaqGM:QTNT)

4.93

185.70

246.32

23.34

(64.95)

(2.87)

NM

NM

NM

Rockwell Medical, Inc. (NasdaqGM:RMTI)

8.56

442.89

399.65

54.04

(21.07)

(0.42)

NM

NM

NM

Trinity Biotech plc (NasdaqGS:TRIB)

5.61

129.62

160.88

98.79

7.39

(1.66)

1.6x

21.8x

NM

TrovaGene, Inc. (NasdaqCM:TROV)

0.73

27.23

21.09

0.35

(29.35)

(1.25)

NM

NM

NM

Fluidigm Corporation (NasdaqGS:FLDM)

Mettler-Toledo International Inc. (NYSE:MTD)

26

Company Name (Ticker Symbol)

Veracyte, Inc. (NasdaqGM:VCYT)

Stock Price

Market Cap

2

TEV

3

LTM4 EBITDA5

LTM4 Revenue

LTM4 Diluted EPS Before Extra

TEV3/ Revenue

TEV3/ EBITDA5

P/ Diluted EPS Before Extra

8.77

297.25

276.21

71.70

(20.10)

(0.80)

3.9x

NM

NM

VWR Corporation (NasdaqGS:VWR)

33.11

4,365.06

6,481.66

4,580.80

492.10

1.08

1.4x

13.2x

NM

West Pharmaceutical Services, Inc. (NYSE:WST)

96.26

7,123.48

7,126.38

1,544.30

317.90

2.33

4.6x

22.4x

NM

3.1x 3.1x

19.6x 18.3x

18.7x 18.7x

MEAN (COMMERCIAL) MEDIAN (COMMERCIAL) PRODUCTS - CONSUMER

Alere Inc. (NYSE:ALR)

50.99

4,465.57

7,492.73

2,324.98

261.20

(3.18)

3.2x

28.7x

NM

Cooper Companies Inc. (NYSE:COO)

237.11

11,606.35

12,773.85

2,096.11

641.95

6.97

NM

19.9x

NM

Essilor International Société Anonyme (ENXTPA:EI)

123.80

26,485.42

29,649.35

8,489.45

1,973.76

4.06

3.5x

15.0x

NM

Insulet Corporation (NasdaqNM:PODD)

55.08

3,197.92

3,280.15

409.92

9.31

(0.52)

NM

NM

NM

Nutrisystem, Inc. (NasdaqGS:NTRI)

55.90

1,663.92

1,582.81

641.09

86.26

1.61

2.5x

18.3x

NM

USANA Health Sciences, Inc. (NYSE:USNA)

57.70

1,410.50

1,181.13

1,019.51

147.32

3.85

1.2x

8.0x

15.0x

2.6x 2.8x

18.0x 18.3x

15.0x 15.0x

MEAN (CONSUMER) MEDIAN (CONSUMER) PRODUCTS - PHARMACEUTICALS

Abbott Laboratories (NYSE:ABT)

53.36

92,709.97

107,150.97

23,607.00

5,140.00

0.65

4.5x

20.8x

NM

AbbVie Inc. (NYSE:ABBV)

88.86 141,651.25

171,989.25

26,710.00

11,565.00

4.07

NM

14.9x

21.9x

AcelRx Pharmaceuticals, Inc. (NasdaqGM:ACRX)

4.60

208.75

168.62

15.57

(35.16)

(1.10)

NM

NM

NM

Achillion Pharmaceuticals, Inc. (NasdaqGS:ACHN)

4.49

614.06

264.07

15.00

(70.51)

(0.50)

NM

NM

NM

Acorda Therapeutics, Inc. (NasdaqNM:ACOR)

23.65

1,103.29

1,290.87

535.06

49.45

(0.94)

2.4x

26.1x

NM

Adamas Pharmaceuticals, Inc. (NasdaqGM:ADMS)

21.17

476.62

382.05

0.18

(66.61)

(2.99)

NM

NM

NM

Akorn, Inc. (NasdaqGS:AKRX)

33.19

4,145.98

4,635.83

1,020.32

372.04

0.99

4.5x

12.5x

NM

140.29

31,310.66

33,114.66

3,412.00

1,343.00

2.31

NM

24.7x

NM

1.35

93.22

169.09

35.96

(16.78)

(0.39)

4.7x

NM

NM

204.95

68,516.05

97,870.55

15,066.80

6,147.70

(11.22)

NM

15.9x

NM

17.87

825.52

788.56

249.62

17.41

0.08

3.2x

NM

NM

Ampio Pharmaceuticals, Inc. (AMEX:AMPE)

0.61

41.69

36.69

-

(12.77)

(0.21)

NM

NM

NM

ANI Pharmaceuticals, Inc. (NasdaqGM:ANIP)

52.49

610.90

756.91

158.12

59.01

0.46

4.8x

12.8x

NM

Antares Pharma, Inc. (NasdaqCM:ATRS)

3.24

506.76

488.11

53.10

(15.90)

(0.12)

NM

NM

NM

Aradigm Corporation (NasdaqCM:ARDM)

4.20

60.61

62.66

9.54

(15.00)

(1.27)

NM

NM

NM

Array BioPharma Inc. (NasdaqNM:ARRY)

12.30

2,403.14

2,302.73

43.66

(100.01)

(0.72)

NM

NM

NM

4.33

323.76

250.65

22.73

(47.97)

(0.64)

NM

NM

NM

Astellas Pharma Inc. (TSE:4503)

12.71

25,902.55

23,143.80

11,541.23

2,565.89

0.83

2.0x

9.0x

15.4x

AstraZeneca PLC (LSE:AZN)

66.43

84,097.82

99,847.18

21,740.00

5,913.00

3.05

4.6x

16.9x

21.8x

2.95

163.65

171.40

44.33

(31.81)

0.03

3.9x

NM

NM

63.74 104,528.91

106,362.91

20,238.00

6,014.00

2.74

NM

17.7x

23.3x

Alexion Pharmaceuticals, Inc. (NasdaqGS:ALXN) Alimera Sciences, Inc. (NasdaqGM:ALIM) Allergan plc (NYSE:AGN) Amphastar Pharmaceuticals, Inc. (NasdaqGS:AMPH)

Arrowhead Pharmaceuticals, Inc. (NasdaqGS:ARWR)

BioDelivery Sciences International, Inc. (NasdaqCM:BDSI) Bristol-Myers Squibb Company (NYSE:BMY) Cempra, Inc. (NasdaqGS:CEMP) Clovis Oncology, Inc. (NasdaqGS:CLVS) Compugen Ltd. (NasdaqGM:CGEN) Corcept Therapeutics Incorporated (NasdaqCM:CORT)

3.25

170.66

(4.34)

17.65

(90.86)

(1.89)

NM

0.0x

NM

82.40

4,027.66

3,637.89

21.74

(242.16)

(8.90)

NM

NM

NM

3.80

194.35

149.28

0.12

(33.14)

(0.67)

NM

NM

NM

19.30

2,188.58

2,126.99

108.69

25.67

0.20

NM

NM

NM

27

Company Name (Ticker Symbol)

Stock Price

Market Cap

2

TEV

LTM4 EBITDA5

LTM4 Revenue

3

LTM4 Diluted EPS Before Extra

TEV3/ Revenue

TEV3/ EBITDA5

P/ Diluted EPS Before Extra

Curis, Inc. (NasdaqGM:CRIS)

1.49

244.18

237.02

8.31

(48.51)

(0.50)

NM

NM

NM

Depomed, Inc. (NasdaqGS:DEPO)

5.79

364.71

877.46

425.34

112.64

(1.79)

2.1x

7.8x

NM

DURECT Corporation (NasdaqGM:DRRX)

1.77

260.19

246.61

16.15

(33.05)

(0.26)

NM

NM

NM

Egalet Corporation (NasdaqGM:EGLT)

1.28

54.35

92.16

22.53

(79.77)

(4.03)

4.1x

NM

NM

Egalet Corporation (NasdaqGM:EGLT)

1.28

54.35

92.16

22.53

(79.77)

(4.03)

4.1x

NM

NM

85.54

89,567.89

96,540.49

22,004.80

5,994.70

2.31

4.4x

16.1x

NM

Elite Pharmaceuticals, Inc. (OTCPK:ELTP)

0.10

78.96

87.17

8.07

(7.64)

(0.01)

NM

NM

NM

Endo International plc (NasdaqNM:ENDP)

8.57

1,912.50

9,581.40

4,039.18

313.33

(19.67)

2.4x

NM

NM

Foamix Pharmaceuticals Ltd. (NasdaqGM:FOMX)

5.55

207.72

109.84

5.76

(47.96)

(1.33)

NM

NM

NM

GlaxoSmithKline plc (LSE:GSK)

19.96

96,898.83

121,516.05

38,743.86

10,591.18

0.51

3.1x

11.5x

NM

Heska Corporation (NasdaqCM:HSKA)

88.09

636.54

636.85

137.69

22.94

1.96

4.6x

27.8x

NM

7.65

883.57

830.53

83.41

(69.45)

(1.22)

NM

NM

NM

20.30

1,508.49

2,121.38

812.82

144.42

(8.08)

2.6x

14.7x

NM

1.33

67.42

1.22

-

(55.73)

(1.39)

NM

NM

NM

14.12

1,525.57

2,043.83

175.98

142.91

0.79

NM

14.3x

17.8x

8.88

645.55

503.93

191.17

(8.73)

(0.21)

2.6x

NM

NM

15.77

2,359.06

2,479.13

270.81

(84.77)

(0.98)

NM

NM

NM

Jazz Pharmaceuticals PLC (NasdaqGS:JAZZ)

146.25

8,788.30

10,140.98

1,541.24

758.97

6.49

NM

13.4x

22.5x

Johnson & Johnson (NYSE:JNJ)

130.01 348,946.80

342,310.80

72,531.00

25,146.00

5.91

4.7x

13.6x

22.0x

Eli Lilly and Company (NYSE:LLY)

ImmunoGen, Inc. (NasdaqGS:IMGN) Impax Laboratories, Inc. (NasdaqGS:IPXL) Infinity Pharmaceuticals, Inc. (NasdaqGS:INFI) Innoviva, Inc. (NasdaqGS:INVA) INSYS Therapeutics, Inc. (NasdaqGM:INSY) Ironwood Pharmaceuticals, Inc. (NasdaqGS:IRWD)

Juniper Pharmaceuticals, Inc. (NasdaqGS:JNP)

4.55

49.34

31.79

57.69

9.49

0.77

0.6x

3.3x

5.9x

Karyopharm Therapeutics Inc. (NasdaqGS:KPTI)

10.98

517.58

374.13

0.17

(112.22)

(2.69)

NM

NM

NM

Lannett Company, Inc. (NYSE:LCI)

18.45

687.90

1,446.71

637.34

245.00

(0.02)

2.3x

5.9x

NM

Mallinckrodt Public Limited Company (NYSE:MNK)

37.37

3,631.57

9,154.27

3,272.60

666.60

(8.72)

2.8x

13.7x

NM

Merck & Co., Inc. (NYSE:MRK)

64.03 174,632.50

187,824.50

40,016.00

15,449.00

1.85

4.7x

12.2x

NM

Mylan N.V. (NasdaqGS:MYL)

31.37

16,823.13

31,044.63

12,006.60

3,924.10

1.24

2.6x

7.9x

25.4x

9.15

256.94

244.34

15.62

(69.70)

(4.30)

NM

NM

NM

Novartis AG (SWX:NOVN)

85.55 200,439.22

222,388.35

49,176.00

14,458.00

2.74

4.5x

15.4x

NM

Novo Nordisk A/S (CPSE:NOVO B)

47.81 117,577.56

114,457.11

17,523.35

8,255.23

2.36

NM

13.9x

20.2x

Neos Therapeutics, Inc. (NasdaqGM:NEOS)

Opko Health, Inc. (NasdaqGS:OPK)

6.86

3,837.52

3,839.45

1,183.83

(17.02)

(0.15)

3.2x

NM

NM

Osiris Therapeutics, Inc. (OTCPK:OSIR)

4.60

158.82

-

86.60

4.41

0.05

NM

NM

NM

37.55

1,514.83

1,402.03

281.47

(34.94)

(1.72)

5.0x

NM

NM

3.15

36.33

315.47

135.70

8.63

(16.97)

2.3x

NM

NM

Perrigo Company plc (NYSE:PRGO)

84.65

12,072.03

14,972.43

5,024.70

1,103.10

(20.57)

3.0x

13.6x

NM

Pfizer Inc. (NYSE:PFE)

35.70 212,320.36

242,101.36

52,347.00

20,244.00

1.36

4.6x

12.0x

26.2x

Phibro Animal Health Corporation (NasdaqGM:PAHC)

37.05

1,488.32

1,745.38

764.28

117.92

1.61

2.3x

14.8x

23.0x

Progenics Pharmaceuticals, Inc. (NasdaqGS:PGNX)

7.36

517.19

452.79

63.62

(0.96)

(0.06)

NM

NM

NM

Recro Pharma, Inc. (NasdaqCM:REPH)

8.98

171.16

145.62

69.99

(13.04)

(2.12)

2.1x

NM

NM

Rigel Pharmaceuticals, Inc. (NasdaqNM:RIGL)

2.54

315.96

233.66

10.34

(67.71)

(0.68)

NM

NM

NM

255.11 217,558.94

234,734.38

56,548.20

22,346.43

11.76

4.2x

10.5x

21.7x

Pacira Pharmaceuticals, Inc. (NasdaqGS:PCRX) Pernix Therapeutics Holdings, Inc. (NasdaqGM:PTX)

Roche Holding AG (SWX:ROG)

28

Company Name (Ticker Symbol)

Stock Price

Market Cap

2

Sanofi (ENXTPA:SAN)

99.29 122,166.23

Sarepta Therapeutics, Inc. (NasdaqGS:SRPT)

45.36

SciClone Pharmaceuticals, Inc. (NasdaqGS:SCLN)

TEV

3

LTM4 Revenue

LTM4 EBITDA5

LTM4 Diluted EPS Before Extra

TEV3/ Revenue

TEV3/ EBITDA5

P/ Diluted EPS Before Extra

131,279.81

41,417.00

12,428.98

4.22

3.2x

10.6x

23.5x

2,918.11

2,628.38

56.77

(229.47)

(2.34)

NM

NM

NM

11.20

584.55

427.22

172.02

45.42

0.81

2.5x

9.4x

13.8x

Sucampo Pharmaceuticals, Inc. (NasdaqNM:SCMP)

11.80

546.64

754.95

247.08

107.68

(3.49)

3.1x

7.0x

NM

Supernus Pharmaceuticals, Inc. (NasdaqGM:SUPN)

40.00

2,027.96

1,936.47

252.59

82.36

1.98

NM

23.5x

20.2x

Takeda Pharmaceutical Company Limited (TSE:4502)

55.18

43,270.09

49,795.18

15,545.34

3,024.85

1.81

3.2x

16.5x

NM

112.69

4,565.43

3,126.82

806.92

465.05

9.83

3.9x

6.7x

11.5x

6.71

358.26

424.07

72.39

6.48

(0.16)

NM

NM

NM

17.60

17,867.71

57,554.71

23,371.00

7,424.00

(6.11)

2.5x

7.8x

NM

5.29

1,144.90

1,048.42

18.26

(88.99)

(0.45)

NM

NM

NM

Valeant Pharmaceuticals International, Inc. (TSX:VRX)

14.31

27,899.20

57,468.90

9,224.00

3,754.00

(3.27)

NM

15.3x

NM

Zoetis Inc. (NYSE:ZTS)

63.76

31,185.76

35,066.76

5,018.00

1,726.00

1.77

NM

20.3x

NM

Zogenix, Inc. (NasdaqGM:ZGNX)

35.05

870.68

827.52

27.38

(72.48)

(3.38)

NM

NM

NM

3.4x 3.2x

13.6x 13.6x

19.8x 21.8x

Taro Pharmaceutical Industries Ltd. (NYSE:TARO) Teligent, Inc. (NasdaqGS:TLGT) Teva Pharmaceutical Industries Limited (NYSE:TEVA) TherapeuticsMD, Inc. (AMEX:TXMD)

MEAN (PHARMACEUTICALS) MEDIAN (PHARMACEUTICALS) PRODUCTS - DISTRIBUTION

AmerisourceBergen Corporation (NYSE:ABC)

82.75

18,131.48

20,605.93

151,584.41

2,426.03

3.84

0.1x

8.5x

21.6x

Aceto Corporation (NasdaqGS:ACET)

11.23

338.13

634.65

638.32

68.18

0.35

1.0x

9.3x

NM

Cardinal Health, Inc. (NYSE:CAH)

66.92

21,094.25

24,769.25

129,976.00

3,069.00

4.03

0.2x

8.1x

16.6x

CVS Health Corporation (NYSE:CVS)

81.32

82,667.04

107,267.04

180,785.00

12,647.00

5.03

0.6x

8.5x

16.2x

Diplomat Pharmacy, Inc. (NYSE:DPLO)

20.71

1,407.95

1,532.62

4,531.22

70.47

0.18

0.3x

21.7x

NM

Henry Schein, Inc. (NasdaqNM:HSIC)

81.99

12,963.60

15,046.69

11,968.49

1,019.70

3.42

1.3x

14.8x

24.0x

McKesson Corporation (NYSE:MCK)

153.61

32,298.12

39,537.12

199,851.00

3,943.00

22.08

0.2x

10.0x

7.0x

Medicines Company (NasdaqGS:MDCO)

37.04

2,671.94

2,974.13

105.76

(300.67)

(10.03)

NM

NM

NM

Owens & Minor, Inc. (NYSE:OMI)

29.20

1,787.81

2,309.86

9,378.44

229.96

1.57

0.2x

10.0x

18.6x

Patterson Companies, Inc. (NasdaqNM:PDCO)

38.65

3,617.13

4,694.28

5,564.81

400.22

1.75

0.8x

11.7x

22.1x

PetMed Express, Inc. (NasdaqGS:PETS)

33.15

675.20

606.68

256.35

43.21

1.30

2.4x

14.0x

25.5x

PharMerica Corporation (NYSE:PMC)

29.30

911.78

1,331.18

2,205.80

133.00

0.74

0.6x

10.0x

NM

Premier, Inc. (NasdaqGS:PINC)

32.57

1,733.28

1,810.82

1,454.67

440.72

1.51

1.2x

4.1x

21.6x

Prestige Brands Holdings, Inc. (NYSE:PBH)

50.09

2,654.78

4,756.05

929.06

317.46

2.02

NM

15.0x

24.7x

Rite Aid Corporation (NYSE:RAD)

1.96

2,065.19

8,969.14

32,091.44

904.09

0.08

0.3x

9.9x

23.3x

Vitamin Shoppe, Inc. (NYSE:VSI)

5.35

127.28

251.89

1,241.49

99.96

(6.39)

0.2x

2.5x

NM

MEAN (DISTRIBUTION) MEDIAN (DISTRIBUTION)

0.7x 0.5x

10.5x 10.0x

20.1x 21.6x

MEAN (PRODUCTS) MEDIAN (PRODUCTS)

2.9x 3.1x

15.6x 14.8x

20.9x 21.9x

1) Source: Financial Information from SEC filings and other publicly-available sources 2) Market Cap: Total Value of Company's Stock; Equal to the Number of Shares Outstanding Times the Price per Share 3) TEV (Total Enterprise Value): Market Capitalization Plus Debt Less Cash 4) LTM: Latest Twelve Months 5) EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization 6) NA: Not Available 7) NM: Not Meaningful

29

Copyright 2017 © Scott-Macon, Ltd.

Note: Disclaimer In the preparation of the information contained in this document, Scott-Macon, Ltd. has endeavored to present information that is as accurate and current as possible from sources believed to be reliable. However, inadvertent errors can occur. Therefore, the information is provided “as is”, without any representation or warranty of any kind, expressed or implied. Any reproduction, retransmission, republication, or other use of all or part of this document is expressly prohibited, unless written permission has been granted by Scott-Macon, Ltd. All other rights are reserved.

30

ABOUT SCOTT-MACON Scott-Macon is an investment banking firm providing corporate advisory services to a broad range of industries, including a specific 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 transactions as well as corporate valuations for board or management use.



Acquisition Advisory — Providing assistance in identifying acquisition prospects, contacting companies, and negotiating acquisition 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 maximizing 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

Merritt Piro

Senior Associate

Analyst

[email protected]

[email protected]

CONTACT INFORMATION Telephone: 212-755-8200 Facsimile: 212-755-8255 www.scott-macon.com