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SCOTT-MACON HEALTHCARE REVIEW:
OCTOBER 2017
October 2017 Healthcare Review 2
Healthcare Overview, Mean Revenue Multiples 4
Healthcare Overview, Mean EBITDA Multiples 5
Analysis of Selected Healthcare, Medical and 6
Pharmaceutical Merger and Acquisition Transactions
October 1—October 31, 2017
Analysis of Selected 12
Publicly-Traded Healthcare, Medical and
Pharmaceutical Companies
Scott-Macon Professionals’ 23
Representative Closed Transactions
Scott-Macon Contact Information 24 CO
NT
EN
TS
2
O C T O B E R 2 0 1 7
H E A L T H C A R E R E V I E W
Dear Clients and Friends,
Scott-Macon is pleased to present our
Healthcare Review covering October 2017.
If you haven’t done so already, please
email me at [email protected]
to automatically continue receiving our
publications in the future as we are transi-
tioning to digital publishing with email dis-
tribution.
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 an-
nounced during October, along with the av-
erage multiples for the major publicly-
traded healthcare, medical and pharmaceu-
tical companies.
In the Insurance Services space, be-
havioral-focused Magellan Healthcare
closed on its acquisition of Medicare/
Medicaid plan provider Senior Whole
Health for $400 million in a major diversi-
fication move. In Technology Services,
PBM giant Express Scripts announced its
$3.6 billion deal for specialty care provider
eviCore, formerly known as CareCore. In
addition, Allscripts closed on HIT company
PF2 for $185 million; and Murata of Japan
closed on Vios Medical in the wireless
monitoring space for $101 million. In Out-
sourcing Services, publicly-traded Fortive
closed on Landauer for $740 million, or
17x EBITDA; and Fidelity National Finan-
cial Ventures closed on T-System for $200
million.
In the Provider arena, Ambry Genet-
ics in the lab sector was acquired by Inno-
vation and Konica of Japan for $1 billion.
In the Non-Acute space, Concentra in the
workers’ comp sector announced its take-
over of U.S. Healthworks for $753 million,
and Canadian player New Vision closed on
IRIS in the eye care business for $93 mil-
lion. In Long-Term Care, BlueMountain
closed on a cluster of facilities from Kin-
3
dred for $700 million; and Sienna Senior
Living closed on Storey Oaks of Tulsa for
$130 million.
Turning next to Products, in Clinical
Devices Teleflex picked up Neo Tract in
the urology arena for $1.1 billion; publicly-
traded Integra LifeSciences closed on
DePuy Synthes’s Codman business for $1
billion; and Exactech went private for $625
million, or 14.6X EBITDA. In Commercial
Products, Alere got sold to Abbott for $7.6
billion, or 20.7X EBITDA; Catalent picked
up Cook Pharmica for $950 million; and
Quidel acquired divisions of Alere for $680
million. In the Pharmaceuticals sector,
Nanjing Xinjlekou of Japan announced its
deal for Dendreon Pharmaceuticals for
$905 million, and publicly-traded Emer-
gent BioSolutions closed on ACAM2000
for $125 million.
Following the mergers and acquisi-
tions analysis, we present an analysis of
publicly-traded Services, Providers, and
Products companies by sector. Mean
EBITDA multiples for Services companies
ended October at 16.0X (up from 15.1X in
September 2017); Providers at 12.2X
(down from 12.6X in September 2017);
and Products at 15.6X (unchangd from
15.6X in September 2017). Technology
services companies ended October at
23.7X, while Outsourcing services compa-
nies were 16.8X. The Insurance segment
EBITDA multiple came in at 12.4X (down
from 12.9X in September 2017).
Finally, contact information for the
Scott-Macon Healthcare Investment Bank-
ing Group Professionals appears on the
back cover. We welcome your call or email
to discuss your thoughts on this article.
Sincerely yours,
Nathan D. Cortright
Managing Director
Group Head – Healthcare Investment Banking
4
2.1x 1.6x2.9x
3.4x
NA
2.2x
Services Providers Products
OVERALL: Revenue Multiple
H E A L T H C A R E O V E R V I E W M E A N R E V E N U E M U L T I P L E S
2.8x1.4x 1.6x 1.3x 1.0x
NA NA NA NA NA
Labs Home Health & Hospice Non-Acute Long-Term Care Acute
PROVIDERS: Revenue Multiple
3.2x 3.1x 2.7x 2.9x1.7x
NA NA
3.4x
Clinical Devices Non-Clinical Devices Disposables Commercial
PRODUCTS: Revenue Multiple
2.3x3.2x
0.9xNA NA NA
Consumer Pharmaceuticals Distribution
Public Companies M&A Transactions
1.4x
3.2x2.2x 1.9x 1.9x
NA
2.1x
4.8x
NA NA
Insurance Technology Outsourcing India-Based Outsourcing Information
SERVICES: Revenue Multiple
5
16.0x12.2x
15.6x17.0x
NA
14.8x
Services Providers Products
OVERALL: EBITDA Multiple
H E A L T H C A R E O V E R V I E W M E A N E B I T D A M U L T I P L E S
17.6x 17.5x 17.3x20.4x
11.9x
NA NA
20.7x
Clinical Non-Clinical Disposables Commercial
PRODUCTS: EBITDA Multiple
12.4x
23.7x
16.8x
10.3x
24.2x
NA NA
17.0x
NA NA
Insurance Technology Outsourcing India-Based Outsourcing Information
SERVICES: EBITDA Multiple
14.1x 15.1x11.0x
14.3x
8.2x
NA NA NA NA NA
Labs Home Health & Hospice Non-Acute Long-Term Care Acute
PROVIDERS: EBITDA Multiple
15.0x 13.6x10.2x
NA NA NA
Consumer Pharmaceuticals Distribution
Public Companies M&A Transactions
6
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
10/31/2017 Magellan Healthcare, Inc. /
Senior Whole Health, LLC
$400.0 NA NA NA NA Operates as a health maintenance organization.
10/9/2017 Paramount Care, Inc. /
Health Plan of The Upper Ohio Valley Inc., Workers'
Compensation Divisions
NA NA NA NA NA Comprises workers' health insurance plans.
MEAN (INSURANCE) NA NA
MEDIAN (INSURANCE) NA NA
10/2/2017 Allscripts Healthcare, LLC /
PF2 EIS LLC and PF2 Enterprise Information Solutions Canada
ULC
$185.0 NA NA NA NA Comprises healthcare information technology
solutions.
Announced ANGLE Biosciences Inc.; ANGLE Europe Limited /
Axela Inc.
$4.9 NA NA NA NA Develops and delivers a portfolio of tools that
provide enhanced analysis of proteins, DNA, and
RNA.
10/11/2017 Azalea Health Innovations, Inc. /
Prognosis Innovation Healthcare
NA NA NA NA NA Provides clinical enterprise software for rural and
community hospitals and health systems.
10/24/2017 Bracket Global LLC /
Montentia, LLC
NA NA NA NA NA Provides mobile technologies for life science and
pharmaceutical companies.
10/16/2017 Convey Health Solutions, Inc. /
Gorman Health Group, LLC
NA NA NA NA NA Provides health care professional and software
services.
10/16/2017 Eye Care Leaders, LLC /
iMedicWare Inc.
NA NA NA NA NA Develops electronic medical record, enterprise
practice management, and ambulatory surgery
centers software for ophthalmologists.
10/24/2017 Imprivata, Inc. /
Caradigm USA LLC, Identity And Access Management Business
NA NA NA NA NA Comprises identity and access management
solutions, including governance, risk management
and compliance, and clinical and IT efficiency
solutions, such as single sign-on and multi-factor
authentication, to healthcare organizations.
10/3/2017 Medecision, Inc. /
AxisPoint Health, Platform Business
NA NA NA NA NA Comprises population health management
software platform and related clientele.
10/30/2017 Medicine-On-Time /
Clinical Support Services, Inc.
NA NA NA NA NA Provides medication management, care
management, and care coordination software and
services to Medicare, Medicaid, ACO, self-insured
employer, and pharmacy organizations.
Announced Medsphere Systems Corporation /
Stockell Healthcare Systems, Inc.
NA NA NA NA NA Provides software solutions and services to
manage revenue cycles for hospitals, behavioral
healthcare providers, and integrated health
networks.
10/13/2017 Murata Electronics North America, Inc. /
Vios Medical, Inc.
$101.7 NA NA NA NA Develops wireless monitoring platform for
intensive healthcare applications.
Announced Oz Parent, Inc. /
eviCore healthcare, LLC
$3,600.0 NA NA NA NA Develops and operates evidence-based cloud
centric healthcare solutions for managed care
organizations, self-insured entities, and risk-
bearing provider organizations.
10/12/2017 Paradigm Management Services, LLC /
ForeSight Medical, LLC
NA NA NA NA NA Designs and develops cost containment software
that provides suite of surgical management
solutions in the workers' compensation
marketplace.
10/3/2017 Trilliant Health, Inc. /
Expression Health Analytics LLC
NA NA NA NA NA Operates a big data platform that provides
insights needed to make strategic decisions for
healthcare organizations and providers.
10/11/2017 Unknown Buyer /
Practice Insight, LLC
NA NA NA NA NA Provides electronic data interchange solutions to
the healthcare industry.
10/12/2017 UPMC Work Partners /
HCMS Group LLC
NA NA NA NA NA Provides cloud based health information service.
10/5/2017 VitalHub Corp. (TSXV:VHI) /
B Sharp Technologies Inc.
$2.8 $1.4 NA 2.1x NA Designs and develops specialty documentation
and case management software.
10/3/2017 WebPT, Inc. /
Strive Labs, Inc.
NA NA NA NA NA Develops and offers patient relationship
management platform for rehab therapy
providers.
10/5/2017 Welltok, Inc. /
Tea Leaves Health, LLC
$90.0 NA NA NA NA Provides SaaS-based communication solutions for
the healthcare industry.
MEAN (TECHNOLOGY) 2.1x NA
MEDIAN (TECHNOLOGY) 2.1x NA
10/20/2017 AHS Staffing, LLC /
Advance Med, LLC
NA NA NA NA NA Offers healthcare staffing services.
10/10/2017 Avizia, Inc. /
Carena, Inc.
NA NA NA NA NA Provides medical care via phone, Webcam, or
house call to diagnose and treat patients’ injuries
or illness.
10/24/2017 Century Ambulance Service, Inc. /
St. Vincent Ambulance Services
NA NA NA NA NA Provides dedicated transport services to St.
Vincent HealthCare facilities.
SERVICES - INSURANCE
SERVICES - TECHNOLOGY
SERVICES - OUTSOURCING
ANALYSIS OF SELECTED HEALTHCARE, MEDICAL AND PHARMACEUTICAL
SERVICES AND PRODUCTS MERGER & ACQUISITION TRANSACTIONS1
(CLOSED OR ANNOUNCED BETWEEN OCTOBER 1—OCTOBER 31, 2017)
($ Millions Except Per Share Data)
7
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
Announced Community Care Health Network, Inc. /
LP Health Services, LLC
NA NA NA NA NA Provides case management services.
Announced ExlService Holdings, Inc. (NasdaqGS:EXLS) /
Health Integrated, Inc.
NA NA NA NA NA Provides care management services that enable
health plans to manage their most vulnerable
members.
10/26/2017 Factory-CRO bv /
MileStone Research Cro, Inc.
NA NA NA NA NA Engages in clinical research and reimbursement
solutions for medical devices and biological
industry.
10/17/2018 Fidelity National Financial Ventures (NYSE:FNFV) /
T-System Inc.
$200.0 NA NA NA NA Provides clinical, financial, operational, and
regulatory solutions for hospitals and urgent care
clinics.
10/18/2017 Fortive Corporation (NYSE:FTV) /
Landauer, Inc. (NYSE:LDR)
$740.7 $153.4 $43.7 4.8x 17.0x Provides technical and analytical services, and
outsourced medical physics services.
10/16/2017 Mobile Science Technologies Inc. /
DxT Medical, LLC
$0.4 NA NA NA NA Provides pharmacogenetic testing, genetic
screening, and blood toxicology testing services.
Announced Sunset Dental Technologies, LLC /
Dental Technology Designs, Inc.
NA NA NA NA NA Provides information technology consulting
services and digital solutions to the dental
community.
10/16/2017 Terra Health Network Inc. /
Canna Relief Consulting Canada Inc.
$0.2 NA NA NA NA Provide medical marijuana advice and arrange
free consultations with doctors.
10/30/2017 U.S. Healthworks, Inc. /
Workforce Health
NA NA NA NA NA Provides occupational health services, employee
evaluation and screening, corporate wellness
programs, and injury prevention services.
Announced Unknown Buyer /
Inspira Financial Inc., Billing Division
$10.0 NA NA NA NA Comprises billing and collection services,
including consulting and reporting division for
behavioral health and substance abuse treatment
facilities.
10/19/2017 Webster Capital /
Cirrus Medical Staffing, Inc.
$39.4 NA NA NA NA Operates as a nurse staffing company.
10/17/2017 WuXi AppTec Co., Ltd. /
Cycle Solutions, Inc.
NA NA NA NA NA Provides contract research services for
pharmaceutical, biotechnology, and medical
device industries.
MEAN (OUTSOURCING) 4.8x 17.0x
MEDIAN (OUTSOURCING) 4.8x 17.0x
10/10/2017 Staywell Company, LLC /
MedHelp International, Inc.
NA NA NA NA NA Owns and operates an online health community
to share medical information with others in need.
MEAN (INFORMATION) NA NA
MEDIAN (INFORMATION) NA NA
MEAN (SERVICES) 3.4x 17.0x
MEDIAN (SERVICES) 3.4x 17.0x
10/31/2017 CiToxLAB Group /
Xenometrics LLC
NA NA NA NA NA A non-clinical contract laboratory that provides
non-clinical research services to the
pharmaceutical, biotechnology, veterinary, and
agro-chemical industries.
10/19/2017 Innovation Network Corporation of Japan; Konica Minolta
Healthcare Americas, Inc. /
Ambry Genetics Corp.
$1,000.0 NA NA NA NA Provides clinical diagnostics testing services for
genetic diseases.
10/26/2017 inviCRO, LLC /
Core Clinical, Inc.
NA NA NA NA NA Operates as a medical imaging core laboratory.
10/5/2017 National Dentex Labs /
NDX Albensi
NA NA NA NA NA Operates a dental laboratory.
10/26/2017 Ovation Fertility /
Fertility Answers, Vitro Fertilization Laboratory Services in Baton
Rouge and Lafayette, Louisiana
NA NA NA NA NA Comprises fertilization laboratory services.
10/2/2017 Prescient Medicine Holdings LLC /
Pharmacogenetics Diagnostic Laboratory, LLC, Substantially all of
the assets
$0.7 NA NA NA NA Comprises commercial and research laboratory.
10/30/2017 Quest Diagnostics Incorporated (NYSE:DGX) /
California Laboratory Associates, Certain Assets
NA NA NA NA NA Comprises certain asset of a medical laboratory.
Announced Quest Diagnostics Incorporated (NYSE:DGX) /
Cleveland HeartLab, Inc.
NA NA NA NA NA Operates as a clinical laboratory and
cardiovascular disease management company.
MEAN (LABS) NA NA
MEDIAN (LABS) NA NA
10/2/2017 Associated Home Care LLC /
Intercity Home Care Inc.
NA NA NA NA NA Provides home health care services for the elderly
and disabled.
10/16/2017 Invo HealthCare Associates, Inc. /
Autism Home Support Services Inc.
NA NA NA NA NA Provides at-home and center-based evidence-
based therapy and counseling services for
children with autism spectrum disorders and their
families.
SERVICES - INFORMATION
PROVIDERS - LABS
PROVIDERS - HOME HEALTH & HOSPICE
8
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
10/6/2017 Northern Family Home Care LLC /
AME, LLC
$1.0 NA NA NA NA Provides in-home care and services to seniors.
MEAN (HOME HEALTH & HOSPICE) NA NA
MEDIAN (HOME HEALTH & HOSPICE) NA NA
10/11/2017 CCMP Capital Advisors, LP /
Eating Recovery Center LLC
NA NA NA NA NA Provides eating disorder treatment services for
men, women, children, and adolescents.
10/25/2017 Civitas Solutions, Inc. (NYSE:CIVI) /
Mentis Neuro Rehabilitation LP
NA NA NA NA NA Provides post-acute neuro-rehabilitation services
to persons who have sustained an acquired brain
injury or conditions that restrict mobility, social
interaction, communication, employability, and re-
entry into their homes and communities.
Announced Concentra, Inc. /
U.S. Healthworks, Inc.
$753.0 NA NA NA NA Owns and operates occupational healthcare and
urgent care centers.
10/2/2017 EnteroMedics Inc. (NasdaqCM:ETRM) /
ReShape Medical Inc.
NA NA NA NA NA Provides a non-surgical weight loss procedure
that helps people to lose weight.
Announced FFL Partners, LLC; Lee Equity Partners, LLC /
Summit Behavioral Healthcare, LLC
NA NA NA NA NA Develops and operates a network of behavioral
health centers.
Announced G Medical Innovations USA Inc. /
CardioStaff Diagnostic Services Inc.
$4.2 NA NA NA NA Operates an independent diagnostic testing
facility that provides physicians practices and
hospitals with patient medical monitoring services.
10/10/2017 Halifax Group /
Delphi Behavioral Health Group, LLC
NA NA NA NA NA Provides addiction and mental health treatment
programs.
10/4/2017 KKR & Co. L.P. (NYSE:KKR) /
Covenant Surgical Partners, Inc.
NA NA NA NA NA Owns and operates ambulatory surgery centers.
10/6/2017 Lindsay Goldberg /
Women's Care Florida, LLC
NA NA NA NA NA Provides women healthcare services.
10/24/2017 MB2Dental Solutions /
Taos Dental Group, LLC
NA NA NA NA NA Offers dental care services.
10/25/2017 Meridian Behavioral Health LLC /
New Beginnings Minnesota, LLC
NA NA NA NA NA Provides inpatient and outpatient substance
abuse care.
10/2/2017 MSI Bel Air, LLC /
Chiroplus of Fullerton, LLC
NA NA NA NA NA Provides chiropractic services.
10/1/2017 Navicent Health Inc. /
Navicent Health Baldwin, Inc.
$12.2 NA NA NA NA Operates as a healthcare facility.
10/24/2017 New Look Vision Group Inc. (TSX:BCI) /
IRIS The Visual Group Inc.
$92.9 NA NA NA NA Provides eye care services for patients.
Announced On4 Communications, Inc. (OTCPK:ONCI) /
New York Dental Group LLP
NA NA NA NA NA Provides dental services.
10/4/2017 Pain Specialists of America LLC /
Nonclinical Assets of Pain Specialists of Austin and Central Texas
Pain Center
NA NA NA NA NA Comprise pain management services.
10/4/2017 Physical Rehabilitation Network, LLC /
Armada Physical Therapy Of Albuquerque LLC
NA NA NA NA NA Operates physical therapy centers.
10/17/2017 Predictive Service, LLC /
Mid Atlantic Infrared Services, Inc.
NA NA NA NA NA Provides diagnostic predictive testing, including
infrared, vibration and ultrasonic diagnostic
services.
Announced Prelude Fertility Inc. /
Houston Fertility Institute, PLLC
NA NA NA NA NA Owns and operates a chain of In Vitro Fertilization
centers.
Announced Prelude Fertility Inc. /
Vivere Health, LLC
NA NA NA NA NA Owns and operates ambulatory surgery centers
and in vitro fertilization facilities.
10/24/2017 Sanders Trust LLC /
Multi-Specialty Ambulatory Surgery Center in Pascagoula,
Mississippi
$7.8 NA NA NA NA Comprises a multi-specialty ambulatory surgery
center.
10/24/2017 Southwest Vision Center Inc. /
Alan K Montgomery, OD,PLC.
NA NA NA NA NA Operates as a vision care center.
10/13/2017 SSM Physical Therapy /
St. Louis Physical Therapy
NA NA NA NA NA Provide health care services.
10/16/2017 U.S. Dermatology Partners /
Lakeway Dermatology; Medical Center Dermatology
NA NA NA NA NA Provide general dermatology, as well as surgical
and cosmetic dermatology services.
10/1/2017 WellStone Inc. /
Mental Healthcare of Cullman
NA NA NA NA NA Offers treatment for mental illness of children and
older adults.
MEAN (NON-ACUTE) NA NA
MEDIAN (NON-ACUTE) NA NA
10/2/2017 BlueMountain Capital Management LLC /
Kindred Healthcare Operating, Inc., Skilled Nursing Facility
Business
$700.0 NA NA NA NA Comprises nursing facility business operations.
10/1/2017 CareTrust REIT, Inc. (NasdaqGS:CTRE) /
Seven Skilled Nursing Facilities in Idaho
$65.5 NA NA NA NA Comprises seven skilled nursing facilities.
10/31/2017 CareTrust REIT, Inc. (NasdaqGS:CTRE) /
Three Skilled Nursing Facilities in California
$69.0 NA NA NA NA Comprises a business operation that operates
nursing facilities.
10/1/2017 CareTrust REIT, Inc. (NasdaqGS:CTRE) /
Three Skilled Nursing Facilities in Washington and Three Assisted
Living Communities in Virginia
$30.4 NA NA NA NA Comprises healthcare facilities.
Announced InnovAge Home Care /
NewCourtland Elder Services, Living Independently for Elders
(LIFE) Program
NA NA NA NA NA Comprises medical and support services for
seniors.
PROVIDERS - NON-ACUTE
PROVIDERS - LONG-TERM CARE
9
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
10/4/2017 Sagora Senior Living, Inc. /
Storey Oaks of Tulsa
NA NA NA NA NA Comprises a memory care community.
Announced Sienna Senior Living Inc. (TSX:SIA) /
Waterford Retirement Residence Barrie; Waterford Retirement
Residence Kingston
$130.9 NA NA NA NA Comprises two assisted living and memory care
communities.
10/17/2017 Unknown Buyer /
Pacific Pointe Active Senior Living
$9.2 NA NA NA NA Comprises a 110-unit community for senior living.
MEAN (LONG-TERM CARE) NA NA
MEDIAN (LONG-TERM CARE) NA NA
10/2/2017 Bethesda Health, Inc. /
Baptist Health South Florida, Inc.
NA NA NA NA NA Operates medical plazas, surgical facilities, and
hospitals.
10/31/2017 HCA Healthcare, Inc. (NYSE:HCA) /
Sebring Hospital Management Associates, LLC
NA NA NA NA NA Operates as a hospital.
Announced Loyola University Health System /
MacNeal Health Network, Inc.
NA NA NA NA NA Operates a hospital.
10/2/2017 Medical City Healthcare /
Weatherford Texas Hospital Company, LLC
NA NA NA NA NA Operates a hospital.
10/2/2017 Piedmont Healthcare, Inc. /
Rockdale Medical Center, Inc.
NA NA NA NA NA Operates an acute-care hospital that offers a
range of in-patient and out-patient services.
10/31/2017 Unknown Buyer /
L.V. Stabler Memorial Hospital
NA NA NA NA NA Operates a hospital that provides healthcare
services.
10/2/2017 UPMC Susquehanna /
Clinton Hospital Corporation; Sunbury Hospital Company, LLC
NA NA NA NA NA Operate healthcare facilities.
Announced Wake Forest Baptist Medical Center /
High Point Regional Health System Inc.
NA NA NA NA NA Provides health care services to medical and
surgical patients.
MEAN (ACUTE) NA NA
MEDIAN (ACUTE) NA NA
MEAN (PROVIDERS) NA NA
MEDIAN (PROVIDERS) NA NA
10/10/2017 Boston Scientific Corporation (NYSE:BSX) /
Apama Medical, Inc.
$300.0 NA NA NA NA Manufactures catheter ablation technology
devices for the treatment of atrial fibrillation.
10/5/2017 BTG plc (LSE:BTG) /
Roxwood Medical, Inc.
$80.0 NA NA NA NA Focuses on developing tools for cardiac cath labs
to tackle complex cases in interventional
cardiology.
10/2/2017 Dynatronics Corporation (NasdaqCM:DYNT) /
Bird and Cronin, Inc.
$15.5 $24.0 NA 0.6x NA Manufactures orthopedic soft goods, sports
medicine related items, and specialty patient care
products for healthcare professionals and their
patients.
10/18/2017 EQT Partners AB /
Clinical Innovations, LLC
NA NA NA NA NA Engages in the research, development, and
manufacturing of medical devices that improve the
lives of mothers and their babies.
Announced Ferring Holding SA /
Antares Pharma, Inc., Worldwide Rights Including Certain Fixed
Assets, for ZOMAJET
$14.5 NA NA NA NA Comprises of needle-free auto injector device
manufacturing business.
10/2/2017 Integra LifeSciences Holdings Corporation (NasdaqGS:IART) /
DePuy Synthes, Inc., Codman Neurosurgery Business
$1,045.0 $370.0 $114.7 2.8x 9.1x Offers research, development, manufacture,
marketing, distribution, and sale of healthcare
equipment for neurosurgery procedures.
Announced Jordan Company, L.P.; Linden LLC /
Young Innovations Inc.
NA NA NA NA NA Engages in the development, manufacture, and
marketing of supplies and equipment used by
dentists, dental hygienists, dental assistants, and
consumers.
10/23/2017 K2M Group Holdings, Inc. (NasdaqGS:KTWO) /
Cardinal Spine, LLC, Palo Alto Cervical Static Corpectomy Cage
System
NA NA NA NA NA Comprises a medical device.
10/24/2017 Katena Products, Inc. /
Rhein Medical, Inc.
NA NA NA NA NA Manufactures and distributes ophthalmic surgical
instruments.
10/6/2017 Natus Medical Incorporated (NasdaqGS:BABY) /
Integra LifeSciences Holdings Corporation, Neurosurgery Business
Assets
$47.5 $50.0 NA 1.0x NA Comprises neurosurgery medical instruments
manufacturing business.
10/2/2017 NN, Inc. (NasdaqGS:NNBR) /
DRT Medical LLC
NA NA NA NA NA Distributes precision manufactured medical
instruments and orthopedic implants.
10/2/2017 OCULUS Surgical, Inc. /
Insight Instruments, Inc.
NA NA NA NA NA Develops, produces, and sells instruments to
ophthalmic surgeons.
10/27/2017 Salter Labs Inc. /
RespCare, Inc.
NA NA NA NA NA Provides respiratory products.
10/31/2017 Siemens Healthineers, Inc. /
Epocal Inc.
NA NA NA NA NA Offers a wireless bedside blood testing solution
that provides lab results directly to a hand-held
mobile computer.
Announced Smith & Nephew plc (LSE:SN.) /
Rotation Medical Inc.
$210.0 NA NA NA NA Developed a minimally invasive rotator cuff
implant system for the treatment of rotator cuff
disease.
10/2/2017 Teleflex Urology Limited /
NeoTract, Inc.
$1,100.0 NM NA NM NA Develops and manufactures minimally invasive
medical devices that address unmet needs in the
field of urology.
PROVIDERS - ACUTE
PRODUCTS - CLINICAL DEVICES
10
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
Announced TPG Capital, L.P. /
Exactech, Inc. (NasdaqGS:EXAC)
$625.7 $264.4 $42.8 2.4x 14.6x Develops, manufactures, markets, distributes, and
sells orthopedic implant devices, related surgical
instrumentation, and biologic services.
10/4/2017 Vance Street Capital LLC /
Fermatex Vascular Technologies, LLC
NA NA NA NA NA Manufactures medical catheter components.
10/20/2017 Vyaire Medical, Inc. /
Revolutionary Medical Devices, Inc.
NA NA NA NA NA Designs and develops airway management
products to improve patient outcomes from
anesthesia.
MEAN (CLINICAL DEVICES) 1.7x 11.9x
MEDIAN (CLINICAL DEVICES) 1.7x 11.9x
10/6/2017 CMR Naviscan Corporation /
Gamma Medica, Inc.
NA NA NA NA NA Develops, manufactures, and markets digital
molecular imaging systems.
MEAN (NON-CLINICAL DEVICES) NA NA
MEDIAN (NON-CLINICAL DEVICES) NA NA
MEAN (DISPOSABLES) NA NA
MEDIAN (DISPOSABLES) NA NA
10/3/2017 Abbott Laboratories (NYSE:ABT) /
Alere Inc. (NYSE:ALR)
$7,634.3 $2,377.6 $369.3 3.2x 20.7x Provides point-of-care diagnostics and services for
infectious disease, cardiometabolic disease, and
toxicology.
10/23/2017 Catalent Pharma Solutions, Inc. /
Cook Pharmica LLC
$950.0 NM NA NM NA Provides contract development and
manufacturing services to pharmaceutical and
biopharmaceutical companies.
10/6/2017 Quidel Corporation (NasdaqGS:QDEL) /
Alere Inc., Triage MeterPro Assets and B-type Naturietic Peptide
Assay Business
$680.0 $197.0 NA 3.5x NA Comprises diagnostic tests for infectious
diseases.
MEAN (COMMERCIAL) 3.4x 20.7x
MEDIAN (COMMERCIAL) 3.4x 20.7x
Announced Hildred Capital Partners, LLC /
Crown Laboratories, Inc.
NA NA NA NA NA Manufactures and markets products like
shampoos, lotions and moisturizers referred by
dermatologists and oncologists.
MEAN (CONSUMER PRODUCTS) NA NA
MEDIAN (CONSUMER PRODUCTS) NA NA
10/31/2017 Ally Bridge Group; Ally Bridge Lb Healthcare Master Fund Ltd;
Ascendent Capital Partners; Ascendent Capital Partners II, L.P.;
Avengers Limited; Bank Of China Group Investment Limited;
Boying Investments Limited; GL Trade Investment Limited /
SciClone Pharmaceuticals, Inc. (NasdaqGS:SCLN)
NA NA NA NA NA Provides therapies for oncology, infectious
diseases, and cardiovascular disorders.
Announced American Patriot Brands, Inc. (OTCPK:GRLD) /
SF Farms; SF Finest
$1.4 NA NA NA NA Own and operate medical cannabis grow facilities.
Announced Amneal Pharmaceuticals LLC /
Impax Laboratories, Inc. (NasdaqGS:IPXL)
NA NA NA NA NA Develops, manufactures, and markets
bioequivalent pharmaceutical products.
10/31/2017 Cannabis Wheaton Income Corp. (TSXV:CBW) /
RockGarden Medicinals Inc.
$21.3 NA NA NA NA Produces medical cannabis products.
Announced CGX Life Sciences Inc. /
GreenMart of Nevada NLV, LLC
$18.0 NA NA NA NA Engages in cultivation, production, and wholesale
of recreational and medical cannabis.
Announced Corden Pharma Colorado, Inc. /
Hospira Boulder, Inc.
NA NA NA NA NA Manufactures active pharmaceutical ingredients
and intermediate products with specialized
capabilities in small- to medium-scale highly
potent and cytotoxic APIs.
10/6/2017 Emergent BioSolutions Inc. (NYSE:EBS) /
ACAM2000
$125.0 NA NA NA NA Comprises the business of manufacturing and
distributing vaccine to cure smallpox.
10/23/2017 Finch Therapeutics Group /
Crestovo LLC
NA NA NA NA NA Engages in developing of Full-Spectrum
Microbiota that harnesses the human gut
microbiome.
Announced Future Farm Technologies Inc. (CNSX:FFT) /
Cannatech LLC, 120 Acre Licensed Industrial Hemp Farm in
Amity, Maine
$0.2 NA NA NA NA Comprises business unit that cultivates and
produces hemp and cannabis.
Announced Nanjing Xinjiekou Department Store Co., Ltd. (SHSE:600682) /
Dendreon Pharmaceuticals, Inc.
$905.7 NA NA NA NA Discovers, develops, manufactures, and sells
novel therapeutics products.
Announced NuLife Sciences, Inc. (OTCPK:NULF) /
Ensysce Biosciences, Inc.
NA NA NA NA NA Engages in the research on the use of fullerene
carbon nanotubes for novel therapeutic
applications in the area of cancer treatment.
Announced PDL BioPharma, Inc. (NasdaqGS:PDLI) /
Neos Therapeutics, Inc. (NasdaqGM:NEOS)
NA NA NA NA NA Engages in the development, manufacture, and
commercialization of products for the treatment of
attention deficit hyperactivity disorder.
PRODUCTS - NON-CLINICAL DEVICES
PRODUCTS - DISPOSABLES
PRODUCTS - COMMERCIAL
PRODUCTS - CONSUMER
PRODUCTS - PHARMACEUTICALS
11
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
10/2/2017 Stallergenes Greer Plc (ENXTPA:STAGR) /
Medic Savoure Ltd.
NA NA NA NA NA Manufactures allergy immunotherapy therapies.
10/2/2017 Unknown Buyer /
Apicore, LLC
NA NA NA NA NA Provides process R&D and API manufacturing
services for the pharmaceutical industry.
MEAN (PHARMACEUTICALS) NA NA
MEDIAN (PHARMACEUTICALS) NA NA
MEAN (DISTRIBUTION) NA NA
MEDIAN (DISTRIBUTION) NA NA
MEAN (PRODUCTS) 2.2x 14.8x
MEDIAN (PRODUCTS) 2.6x 14.6x
1) Source: Financial Information from SEC filings and other publicly-available sources
2) EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization
3) NA: Not Available
4) NM: Not Meaningful
PRODUCTS - DISTRIBUTION
12
ANALYSIS OF SELECTED PUBLICLY-TRADED
HEALTHCARE, MEDICAL AND PHARMACEUTICAL
SERVICES AND PRODUCTS COMPANIES1
(OCTOBER 31, 2017)
($ Millions Except Per Share Data)
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Aetna Inc. (NYSE:AET) 170.03 55,446.78 59,912.78 61,410.00 5,985.00 5.27 1.0x 10.0x NM
Amerisafe, Inc. (NasdaqGS:AMSF) 64.70 1,244.83 1,164.45 378.83 93.28 3.36 3.1x 12.5x 19.3x
Anthem, Inc. (NYSE:ANTM) 209.21 53,716.87 64,756.77 89,055.50 5,716.40 11.08 0.7x 11.3x 18.9x
Centene Corporation (NYSE:CNC) 93.67 16,164.31 16,690.31 44,870.00 2,221.00 4.84 0.4x 7.5x 19.4x
Cigna Corporation (NYSE:CI) 197.22 49,655.68 50,866.68 41,029.00 4,602.00 9.13 1.2x 11.1x 21.6x
CNO Financial Group, Inc. (NYSE:CNO) 23.97 4,021.26 7,014.86 4,212.00 1,016.10 2.78 1.7x 6.9x 8.6x
Humana Inc. (NYSE:HUM) 255.35 36,902.47 33,860.47 53,868.00 2,661.00 12.16 0.6x 12.7x 21.0x
Independence Holding Company (NYSE:IHC) 27.15 405.46 388.12 310.93 28.93 1.82 1.2x 13.4x 14.9x
Molina Healthcare, Inc. (NYSE:MOH) 67.83 3,874.31 2,883.31 19,014.00 151.00 (5.41) 0.2x 19.1x NM
ProAssurance Corporation (NYSE:PRA) 56.05 2,993.82 3,302.73 894.70 202.75 2.71 3.7x 16.3x 20.7x
Triple-S Management Corporation (NYSE:GTS) 24.01 582.77 443.23 2,943.74 21.98 0.75 0.2x 20.2x NM
Trupanion, Inc. (NasdaqGM:TRUP) 28.16 844.67 826.38 228.50 2.34 (0.08) 3.6x NM NM
UnitedHealth Group Incorporated (NYSE:UNH) 210.22 203,253.29 218,416.29 196,633.00 16,138.00 8.81 1.1x 13.5x 23.9x
WellCare Health Plans, Inc. (NYSE:WCG) 197.74 8,803.69 5,106.39 16,180.30 700.30 7.97 0.3x 7.3x 24.8x
MEAN (INSURANCE) 1.4x 12.4x 19.3x
MEDIAN (INSURANCE) 1.0x 12.5x 20.0x
Allscripts Healthcare Solutions, Inc. (NasdaqNM:MDRX) 13.48 2,434.65 4,149.00 1,714.40 183.48 (1.16) 2.4x 22.6x NM
Castlight Health, Inc. (NYSE:CSLT) 3.85 514.89 433.25 124.31 (51.97) (0.48) 3.5x NM NM
Cerner Corporation (NasdaqNM:CERN) 67.52 22,444.65 22,127.61 4,987.91 1,387.39 2.01 4.4x 15.9x NM
CompuGroup Medical Societas Europaea (DB:COP) 57.28 2,848.39 3,238.43 665.40 125.89 1.05 4.9x 25.7x NM
Computer Programs and Systems, Inc. (NasdaqNM:CPSI) 30.15 404.89 546.55 263.42 35.64 0.44 2.1x 15.3x NM
Craneware plc (AIM:CRW) 20.87 557.59 503.26 57.80 17.31 0.49 NM 29.1x NM
Evolent Health, Inc. (NYSE:EVH) 16.25 1,212.87 1,244.48 409.23 (45.99) (1.11) 3.0x NM NM
HealthEquity, Inc. (NasdaqGS:HQY) 50.22 3,037.74 2,827.44 202.47 61.84 0.67 NM NM NM
Inovalon Holdings, Inc. (NasdaqGS:INOV) 16.75 2,442.35 2,162.32 430.83 73.24 0.12 NM 29.5x NM
Medidata Solutions, Inc. (NasdaqGS:MDSO) 75.23 4,401.18 4,277.74 528.79 82.13 0.70 NM NM NM
Model N, Inc. (NYSE:MODN) 14.55 423.30 428.50 124.07 (29.98) (1.35) 3.5x NM NM
Quality Systems, Inc. (NasdaqGS:QSII) 14.07 895.86 924.31 523.78 59.18 0.43 1.8x 15.6x NM
RaySearch Laboratories AB (publ) (OM:RAY B) 22.13 758.74 751.62 69.36 25.26 0.52 NM 29.8x NM
Simulations Plus, Inc. (NasdaqCM:SLP) 16.30 281.10 272.85 21.83 9.15 0.32 NM 29.8x NM
Veeva Systems Inc. (NYSE:VEEV) 60.94 8,569.17 7,844.52 617.44 154.55 0.78 NM NM NM
MEAN (TECHNOLOGY) 3.2x 23.7x NM
MEDIAN (TECHNOLOGY) 3.2x 25.7x NM
SERVICES - TECHNOLOGY
SERVICES - INSURANCE
13
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Advisory Board Company (NasdaqGS:ABCO) 53.93 2,197.93 2,656.07 799.15 120.83 2.63 3.3x 22.0x 20.5x
AMN Healthcare Services, Inc. (NYSE:AMN) 43.90 2,104.86 2,419.52 1,967.24 240.50 2.39 1.2x 10.1x 18.4x
athenahealth, Inc. (NasdaqGS:ATHN) 127.88 5,117.46 5,271.16 1,179.30 130.10 0.77 4.5x NM NM
BioScrip, Inc. (NasdaqNM:BIOS) 2.53 322.51 836.25 874.73 35.35 (0.62) 1.0x 23.7x NM
Cegedim SA (ENXTPA:CGM) 38.88 542.18 820.41 520.20 38.26 (0.85) 1.6x 21.4x NM
CorVel Corporation (NasdaqNM:CRVL) 60.00 1,125.34 1,087.21 536.05 71.54 1.68 2.0x 15.2x NM
Cross Country Healthcare, Inc. (NasdaqNM:CCRN) 13.65 498.15 500.25 867.90 39.27 0.05 0.6x 12.7x NM
eHealth, Inc. (NasdaqGS:EHTH) 25.38 470.43 419.05 177.28 (18.07) (1.15) 2.4x NM NM
Envision Healthcare Corporation (NYSE:EVHC) 42.60 5,080.66 11,976.96 7,206.90 1,050.90 (0.15) 1.7x 11.4x NM
EPS Holdings, Inc. (TSE:4282) 19.59 902.98 776.50 526.58 82.39 0.84 1.5x 9.4x 23.2x
Express Scripts Holding Company (NasdaqNM:ESRX) 61.29 34,713.00 46,230.70 99,549.10 7,133.20 6.09 0.5x 6.5x 10.1x
Healthcare Services Group, Inc. (NasdaqNM:HCSG) 52.89 3,875.41 3,819.02 1,765.29 132.41 1.19 2.2x 28.8x NM
HMS Holdings Corp. (NasdaqNM:HMSY) 19.24 1,617.07 1,805.70 498.31 90.68 0.27 3.6x 19.9x NM
ICON Public Limited Company (NasdaqGS:ICLR) 118.86 6,436.53 6,492.85 1,738.43 399.07 5.16 3.7x 16.3x 23.0x
INC Research Holdings, Inc. (NasdaqGS:INCR) 57.15 5,916.52 6,219.05 1,032.70 226.74 1.63 NM 27.4x NM
Magellan Health, Inc. (NasdaqNM:MGLN) 85.30 2,018.93 2,379.53 5,407.55 247.21 3.78 0.4x 9.6x 22.6x
On Assignment, Inc. (NYSE:ASGN) 61.22 3,232.72 3,814.74 2,567.77 269.59 2.15 1.5x 14.2x 28.5x
PRA Health Sciences, Inc. (NasdaqGS:PRAH) 81.43 5,160.20 6,322.33 1,793.19 263.17 1.79 3.5x 24.0x NM
IQVIA (NYSE:Q) 108.10 22,842.99 31,704.99 7,851.00 1,736.00 0.24 4.0x 18.3x NM
Stericycle, Inc. (NasdaqGS:SRCL) 70.85 6,046.25 8,874.16 3,606.67 777.58 (0.25) 2.5x 11.4x NM
Teladoc, Inc. (NYSE:TDOC) 33.05 1,872.42 1,675.96 193.54 (35.33) (1.46) NM NM NM
MEAN (OUTSOURCING) 2.2x 16.8x 20.9x
MEDIAN (OUTSOURCING) 2.0x 15.7x 22.6x
Firstsource Solutions Limited (BSE:532809) 0.68 460.69 538.59 540.22 60.45 0.06 1.0x 8.9x 11.2x
HCL Technologies Limited (NSEI:HCLTECH) 13.22 17,682.98 16,364.14 7,374.34 1,659.80 0.93 2.2x 9.9x 14.2x
Hexaware Technologies Limited (BSE:532129) 4.41 1,172.00 1,115.00 594.10 98.70 0.25 1.9x 11.3x 17.4x
Infosys Limited (NSEI:INFY) 14.24 32,559.81 27,078.30 10,499.00 2,835.00 0.97 2.6x 9.6x 14.7x
KPIT Technologies Limited (BSE:532400) 2.29 430.90 397.10 531.60 43.95 0.19 0.7x 9.0x 12.3x
MphasiS Limited (BSE:526299) 10.66 2,058.34 1,726.33 946.60 146.50 0.58 1.8x 11.8x 18.3x
NIIT Technologies Limited (BSE:532541) 10.47 643.37 538.15 441.64 70.46 0.70 1.2x 7.6x 15.0x
Tata Consultancy Services Limited (NSEI:TCS) 40.54 77,606.65 72,571.51 18,296.26 4,892.44 2.02 4.0x 14.8x 20.1x
Tech Mahindra Limited (NSEI:TECHM) 7.45 7,272.17 6,178.79 4,592.35 633.55 0.53 1.3x 9.8x 14.2x
Wipro Limited (BSE:507685) 4.54 21,992.53 18,338.00 8,378.60 1,692.12 0.27 2.2x 10.8x 16.7x
MEAN (INDIA-BASED OUTSOURCING) 1.9x 10.3x 15.4x
MEDIAN (INDIA-BASED OUTSOURCING) 1.9x 9.8x 14.9x
Connecture, Inc. (OTCPK:CNXR) 0.18 4.12 98.60 82.18 (8.20) (1.02) 1.2x NM NM
SERVICES - OUTSOURCING
SERVICES - INDIA-BASED OUTSOURCING
SERVICES - INFORMATION
14
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
HealthStream, Inc. (NasdaqNM:HSTM) 24.46 780.18 656.78 243.64 27.12 0.18 2.7x 24.2x NM
National Research Corporation (NasdaqGS:NRCI.B) 53.93 975.86 946.44 114.11 39.02 0.91 NM 24.3x NM
MEAN (INFORMATION) 1.9x 24.2x NM
MEDIAN (INFORMATION) 1.9x 24.2x NM
MEAN (SERVICES) 2.1x 16.0x 18.3x
MEDIAN (SERVICES) 1.8x 13.8x 18.9x
Charles River Laboratories International, Inc. (NYSE:CRL) 116.29 5,534.68 6,556.46 1,807.40 435.90 3.79 3.6x 15.0x NM
China Cord Blood Corporation (NYSE:CO) 12.13 1,462.94 914.36 119.66 51.07 0.30 NM 17.9x NM
Foundation Medicine, Inc. (NasdaqGS:FMI) 45.00 1,620.98 1,549.46 132.81 (141.42) (4.47) NM NM NM
Genomic Health, Inc. (NasdaqGS:GHDX) 32.79 1,136.03 1,026.23 334.47 2.61 (0.15) 3.1x NM NM
Invitae Corporation (NYSE:NVTA) 8.44 411.97 379.57 52.06 (104.47) (2.53) NM NM NM
Laboratory Corporation of America Holdings (NYSE:LH) 153.71 15,647.68 22,483.68 9,891.70 1,898.90 7.17 2.3x 11.8x 21.4x
NeoGenomics, Inc. (NasdaqCM:NEO) 8.67 688.29 811.27 251.31 22.57 (0.35) 3.2x NM NM
Quest Diagnostics Incorporated (NYSE:DGX) 93.78 12,782.16 16,384.16 7,634.00 1,432.00 4.77 2.1x 11.4x 19.7x
Sonic Healthcare Limited (ASX:SHL) 16.67 7,043.69 8,982.65 3,930.74 637.02 0.78 2.3x 14.1x 21.3x
MEAN (LABS) 2.8x 14.1x 20.8x
MEDIAN (LABS) 2.7x 14.1x 21.3x
Addus HomeCare Corporation (NasdaqGS:ADUS) 36.00 414.02 442.18 416.30 40.15 1.53 1.1x 11.0x 23.6x
Almost Family, Inc. (NasdaqNM:AFAM) 44.25 617.91 766.69 715.89 40.38 1.47 1.1x 19.0x NM
Amedisys, Inc. (NasdaqNM:AMED) 48.11 1,629.11 1,662.22 1,454.85 105.65 1.17 1.1x 15.7x NM
Chemed Corporation (NYSE:CHE) 223.43 3,567.28 3,630.91 1,641.84 238.50 4.54 2.2x 15.2x NM
LHC Group, Inc. (NasdaqNM:LHCG) 66.81 1,221.42 1,341.05 1,003.77 93.71 2.32 1.3x 14.3x 28.8x
MEAN (HOME HEALTH) 1.4x 15.1x 26.2x
MEDIAN (HOME HEALTH) 1.1x 15.2x 26.2x
AAC Holdings, Inc. (NYSE:AAC) 7.92 190.56 380.40 271.83 40.18 (0.06) 1.4x 9.5x NM
Acadia Healthcare Company, Inc. (NasdaqGS:ACHC) 31.36 2,755.09 5,967.03 2,814.69 574.00 1.98 2.1x 10.4x 15.9x
Civitas Solutions, Inc. (NYSE:CIVI) 18.65 696.82 1,304.30 1,456.33 150.24 0.52 0.9x 8.7x NM
Concord Medical Services Holdings Limited (NYSE:CCM) 3.70 161.59 397.20 59.98 (7.98) (1.06) NM NM NM
CoreCivic, Inc. (NYSE:CXW) 24.66 2,914.30 4,284.91 1,821.15 452.80 1.80 2.4x 9.5x 13.7x
DaVita Inc. (NYSE:DVA) 60.74 11,613.50 20,980.49 15,014.18 2,448.28 6.57 1.4x 8.6x 9.3x
GEO Group, Inc. (NYSE: GEO) 25.95 3,172.62 5,868.82 2,261.02 389.26 1.35 2.6x 15.1x 19.3x
Hanger, Inc. (OTCPK:HNGR) 11.90 419.38 936.67 1,012.10 69.52 (0.09) 0.9x 13.5x NM
HealthSouth Corporation (NYSE:HLS) 46.14 4,536.06 7,548.96 3,844.40 819.40 2.76 2.0x 9.2x 16.7x
MEDNAX, Inc. (NYSE:MD) 43.79 4,055.81 5,777.39 3,378.26 598.87 2.82 1.7x 9.6x 15.5x
The Providence Service Corporation (NasdaqGS:PRSC) 55.60 750.69 772.39 1,606.21 68.15 (2.32) 0.5x 11.3x NM
RadNet, Inc. (NasdaqNM:RDNT) 10.95 517.57 1,140.56 908.61 118.35 0.19 1.3x 9.6x NM
Select Medical Holdings Corporation (NYSE:SEM) 19.15 2,545.74 5,830.97 4,298.85 492.34 0.72 1.4x 11.8x 26.6x
PROVIDERS - LABS
PROVIDERS - HOME HEALTH & HOSPICE
PROVIDERS - NON-ACUTE
15
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
U.S. Physical Therapy, Inc. (NYSE:USPH) 67.95 854.90 1,007.11 391.92 61.66 1.61 2.6x 16.3x NM
MEAN (NON-ACUTE) 1.6x 11.0x 16.7x
MEDIAN (NON-ACUTE) 1.4x 9.6x 15.9x
Brookdale Senior Living Inc. (NYSE:BKD) 10.03 1,868.37 6,875.78 4,078.03 758.50 (2.65) 1.7x 9.1x NM
Capital Senior Living Corporation (NYSE:CSU) 13.30 403.62 1,397.57 464.10 79.57 (1.65) 3.0x 17.6x NM
Ensign Group, Inc. (NasdaqNM:ENSG) 23.08 1,174.04 1,426.18 1,751.13 121.76 0.86 0.8x 11.7x 26.9x
Five Star Senior Living Inc. (NasdaqCM:FVE) 1.50 75.08 115.63 1,129.71 13.10 (0.51) 0.1x 8.8x NM
Welltower Inc. (NYSE:HCN) 66.96 24,700.12 37,230.10 4,192.74 1,909.12 2.47 NM 19.5x 27.1x
Sabra Health Care REIT, Inc. (NasdaqGS:SBRA) 19.92 3,550.35 4,747.73 300.97 250.75 0.87 NM 18.9x 22.9x
Genesis Healthcare, Inc. (NYSE:GEN) 0.98 92.51 4,777.34 5,453.11 450.30 (1.91) 0.9x 10.6x NM
Ventas, Inc. (NYSE:VTR) 62.75 22,349.28 33,927.08 3,556.64 1,897.51 3.26 NM 17.9x 19.2x
MEAN (LONG-TERM CARE) 1.3x 14.3x 24.0x
MEDIAN (LONG-TERM CARE) 0.9x 14.6x 24.9x
Community Health Systems, Inc. (NYSE:CYH) 5.90 660.42 15,323.42 16,764.00 1,655.00 (5.82) 0.9x 9.3x NM
HCA Healthcare, Inc. (NYSE:HCA) 75.65 27,328.54 61,277.54 42,693.00 8,031.00 7.05 1.4x 7.6x 10.7x
Kindred Healthcare, Inc. (NYSE:KND) 6.05 526.47 3,848.96 6,995.55 449.12 (2.21) 0.6x 8.6x NM
LifePoint Health, Inc. (NasdaqNM:LPNT) 48.15 1,897.87 4,801.67 6,406.20 749.10 4.22 0.7x 6.4x 11.4x
Tenet Healthcare Corp. (NYSE:THC) 14.28 1,439.72 18,582.72 19,071.00 2,025.00 (5.52) 1.0x 9.2x NM
Universal Health Services, Inc. (NYSE:UHS) 102.70 9,823.93 13,870.69 10,242.76 1,697.23 7.28 1.4x 8.2x 14.1x
MEAN (ACUTE) 1.0x 8.2x 12.1x
MEDIAN (ACUTE) 0.9x 8.4x 11.4x
MEAN (PROVIDERS) 1.6x 12.2x 19.2x
MEDIAN (PROVIDERS) 1.4x 11.3x 19.3x
ABIOMED, Inc. (NasdaqNM:ABMD) 192.92 8,527.22 8,279.98 504.65 129.85 2.05 NM NM NM
Accelerate Diagnostics, Inc. (NasdaqCM:AXDX) 19.85 1,097.67 962.45 2.10 (61.87) (1.20) NM NM NM
Accuray Incorporated (NasdaqNM:ARAY) 4.75 397.83 464.01 387.86 2.91 (0.35) 1.2x NM NM
Agilent Technologies, Inc. (NYSE:A) 68.03 21,893.96 21,414.96 4,394.00 1,021.00 1.94 4.9x 21.0x NM
Align Technology, Inc. (NasdaqNM:ALGN) 238.98 19,154.39 18,475.32 1,345.29 346.31 3.30 NM NM NM
Alliqua BioMedical, Inc. (NasdaqCM:ALQA) 3.26 16.33 26.00 19.93 (16.79) (11.16) 1.3x NM NM
Alphatec Holdings, Inc. (NasdaqNM:ATEC) 3.59 55.85 100.86 106.16 (2.79) (3.01) 1.0x NM NM
Analogic Corporation (NasdaqGS:ALOG) 80.30 1,000.20 852.10 486.37 42.01 (5.96) 1.8x 20.3x NM
AngioDynamics, Inc. (NasdaqNM:ANGO) 16.97 623.07 668.80 346.96 47.67 0.10 1.9x 14.0x NM
Anika Therapeutics, Inc. (NasdaqGS:ANIK) 54.63 800.97 648.26 112.76 52.92 2.12 NM 12.2x 25.8x
AtriCure, Inc. (NasdaqNM:ATRC) 21.44 736.12 739.91 169.81 (20.27) (1.02) 4.4x NM NM
Avinger, Inc. (NasdaqGM:AVGR) 0.32 7.65 36.18 15.95 (46.30) (2.46) 2.3x NM NM
Baxter International Inc. (NYSE:BAX) 64.47 35,127.83 34,757.83 10,432.00 2,254.00 1.86 3.3x 15.4x NM
Bio-Techne Corporation (NasdaqGS:TECH) 131.02 4,899.26 5,114.03 577.04 175.42 1.95 NM 29.2x NM
PROVIDERS - LONG-TERM CARE
PROVIDERS - ACUTE
PRODUCTS - CLINICAL DEVICES
16
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
BioTelemetry, Inc. (NasdaqGS:BEAT) 29.05 940.06 937.96 211.19 41.34 1.49 4.4x 22.7x 19.5x
Boston Scientific Corporation (NYSE:BSX) 28.14 38,628.78 44,100.78 8,831.00 2,346.00 0.61 5.0x 18.8x NM
Bruker Corporation (NasdaqNM:BRKR) 31.40 4,988.17 4,986.07 1,705.70 289.10 0.94 2.9x 17.2x NM
Cardiovascular Systems, Inc. (NasdaqGS:CSII) 24.07 796.36 712.04 204.78 4.82 (0.06) 3.5x NM NM
Catalent, Inc. (NYSE:CTLT) 42.59 5,616.78 7,389.58 2,177.10 415.43 0.86 3.4x 17.8x NM
ConforMIS, Inc. (NasdaqGS:CFMS) 3.54 158.72 119.91 79.04 (54.61) (1.34) 1.5x NM NM
CONMED Corporation (NasdaqNM:CNMD) 52.22 1,458.20 1,914.54 777.93 122.56 0.55 2.5x 15.6x NM
Corindus Vascular Robotics, Inc. (AMEX:CVRS) 1.14 213.52 179.75 4.26 (34.71) (0.26) NM NM NM
C. R. Bard, Inc. (NYSE:BCR) 327.07 23,840.91 24,326.11 3,875.40 1,209.90 7.58 NM 20.1x NM
CryoLife, Inc. (NYSE:CRY) 19.45 650.75 664.58 181.91 17.99 0.28 3.7x NM NM
Cutera, Inc. (NasdaqGS:CUTR) 39.30 550.40 499.45 133.84 7.29 0.47 3.7x NM NM
Cytosorbents Corporation (NasdaqCM:CTSO) 6.15 173.02 166.56 12.18 (10.41) (0.37) NM NM NM
DexCom, Inc. (NasdaqNM:DXCM) 44.97 3,892.65 3,723.25 668.70 (45.10) (0.56) NM NM NM
Edwards Lifesciences Corporation (NYSE:EW) 102.23 21,633.90 21,265.10 3,314.50 1,073.30 3.43 NM 19.8x 29.8x
Ekso Bionics Holdings, Inc. (OTCBB:EKSO) - 64.70 60.98 7.49 (27.14) (1.59) NM NM NM
Endologix, Inc. (NasdaqNM:ELGX) 5.30 442.20 595.38 190.75 (54.38) (0.94) 3.1x NM NM
Entellus Medical, Inc. (NasdaqGM:ENTL) 16.93 430.58 389.01 86.25 (29.36) (1.24) 4.5x NM NM
Enzo Biochem, Inc. (NYSE:ENZ) 9.85 458.50 395.23 107.80 0.53 (0.05) 3.7x NM NM
Exactech, Inc. (NasdaqNM:EXAC) 41.85 608.07 610.35 264.45 43.03 0.03 2.3x 14.2x NM
Fresenius SE & Co. KGaA (DB:FRE) 83.75 46,432.06 77,263.26 38,556.91 7,109.09 3.79 2.0x 10.9x 22.1x
GenMark Diagnostics, Inc. (NasdaqGM:GNMK) 7.45 407.27 334.93 51.38 (52.63) (1.22) NM NM NM
Genomic Health, Inc. (NasdaqGS:GHDX) 32.79 1,136.03 1,026.23 334.47 2.61 (0.15) 3.1x NM NM
Glaukos Corporation (NYSE:GKOS) 35.31 1,215.86 1,112.07 139.94 8.15 (0.04) NM NM NM
Globus Medical, Inc. (NYSE:GMED) 31.87 3,068.82 2,756.63 595.44 207.13 1.11 4.6x 13.3x 28.7x
Hologic, Inc. (NasdaqNM:HOLX) 37.85 10,615.92 13,270.62 2,982.80 1,005.70 2.68 4.4x 13.2x 14.1x
Illumina, Inc. (NasdaqNM:ILMN) 205.19 29,957.74 29,222.74 2,594.37 691.78 5.25 NM NM NM
Inogen, Inc. (NasdaqGS:INGN) 98.93 2,050.46 1,906.25 221.89 36.52 1.15 NM NM NM
Integer Holdings Corporation (NYSE:ITGR) 48.60 1,539.15 3,125.47 1,431.03 274.70 0.63 2.2x 11.4x NM
Integra LifeSciences Holdings Corporation
(NasdaqNM:IART) 46.78 3,671.17 4,360.97 1,075.30 245.22 0.61 4.1x 17.8x NM
Intersect ENT, Inc. (NasdaqGM:XENT) 29.65 865.47 765.43 91.00 (17.74) (0.62) NM NM NM
Intuitive Surgical, Inc. (NasdaqNM:ISRG) 375.36 42,058.28 39,913.48 2,993.40 1,116.40 7.75 NM NM NM
Invuity, Inc. (NasdaqGM:IVTY) 8.95 152.60 149.21 36.63 (35.61) (2.52) 4.1x NM NM
IRadimed Corporation (NasdaqCM:IRMD) 14.25 150.79 125.58 22.37 2.30 0.13 NM NM NM
K2M Group Holdings, Inc. (NasdaqGS:KTWO) 19.69 852.56 889.45 252.02 (3.86) (0.96) 3.5x NM NM
LeMaitre Vascular, Inc. (NasdaqGM:LMAT) 32.01 608.93 571.41 98.00 23.69 0.78 NM 24.1x NM
LivaNova PLC (NasdaqGS:LIVN) 73.90 3,560.64 3,645.36 1,226.80 188.77 1.17 3.0x 19.3x NM
Masimo Corporation (NasdaqNM:MASI) 87.76 4,534.66 4,244.72 756.13 194.18 6.24 NM 21.9x 14.1x
Medtronic plc (NYSE:MDT) 80.52 109,071.70 130,119.70 29,934.00 9,193.00 2.97 4.3x 14.2x 27.1x
Meridian Bioscience, Inc. (NasdaqNM:VIVO) 14.95 630.94 631.45 198.07 52.80 0.50 3.2x 12.0x 29.9x
17
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
NanoString Technologies, Inc. (NasdaqGM:NSTG) 9.96 251.04 199.84 104.90 (37.40) (2.05) 1.9x NM NM
Natus Medical Incorporated (NasdaqNM:BABY) 42.40 1,384.09 1,405.92 477.23 56.29 (0.10) 2.9x 25.0x NM
Nevro Corp. (NYSE:NVRO) 87.58 2,578.62 2,456.86 299.24 (31.42) (1.44) NM NM NM
NuVasive, Inc. (NasdaqNM:NUVA) 56.73 2,891.41 3,451.69 1,028.98 233.26 1.16 3.4x 14.8x NM
Nxstage Medical, Inc. (NasdaqNM:NXTM) 26.95 1,784.03 1,735.10 378.01 14.26 (0.08) 4.6x NM NM
Orthofix International N.V. (NasdaqNM:OFIX) 53.73 976.32 922.40 425.46 47.13 0.04 2.2x 19.6x NM
Össur hf. (ICSE:OSSRU) 4.34 1,859.63 2,002.05 553.24 91.89 0.11 3.6x 21.8x NM
pSivida Corp. (NasdaqGM:PSDV) 1.17 52.84 35.94 7.65 (14.50) (0.47) 4.7x NM NM
Quidel Corporation (NasdaqNM:QDEL) 40.95 1,369.38 1,345.45 215.66 40.17 (0.15) NM NM NM
ResMed Inc. (NYSE:RMD) 84.18 11,945.47 12,153.24 2,124.95 589.10 2.46 NM 20.6x NM
REVA Medical, Inc. (ASX:RVA) 0.54 220.98 308.41 NM (22.12) (0.05) NM NM NM
ReWalk Robotics Ltd. (NasdaqCM:RWLK) 1.35 29.52 29.24 7.83 (22.60) (1.54) 3.7x NM NM
SeaSpine Holdings Corporation (NasdaqGS:SPNE) 10.02 125.77 117.47 130.35 (21.96) (2.89) 0.9x NM NM
Second Sight Medical Products, Inc. (NasdaqCM:EYES) 1.07 60.77 42.64 5.57 (31.09) (0.64) NM NM NM
Sientra, Inc. (NasdaqGS:SIEN) 14.66 283.04 232.54 28.68 (35.42) (2.67) NM NM NM
Smith & Nephew plc (LSE:SN.) 18.86 16,470.62 18,104.57 4,677.00 1,315.00 0.98 3.9x 13.8x 19.2x
Sonova Holding AG (SWX:SOON) 180.50 11,792.15 12,200.35 2,395.19 522.13 5.34 NM 23.4x NM
STAAR Surgical Company (NasdaqNM:STAA) 13.25 544.69 538.09 84.48 (0.67) (0.13) NM NM NM
Stryker Corporation (NYSE:SYK) 154.87 57,958.18 62,454.18 12,130.00 3,319.00 4.68 NM 18.8x NM
T2 Biosystems, Inc. (NasdaqGM:TTOO) 3.73 133.52 128.65 3.91 (49.54) (1.91) NM NM NM
Tandem Diabetes Care, Inc. (NasdaqGM:TNDM) 2.47 24.99 88.05 96.22 (60.50) (18.54) 0.9x NM NM
TransEnterix, Inc. (AMEX:TRXC) 2.96 440.11 423.27 5.05 (47.82) (0.47) NM NM NM
Unilife Corporation (OTCPK:UNIS.Q) 0.08 1.27 118.06 11.21 (56.71) (5.07) NM NM NM
Utah Medical Products, Inc. (NasdaqNM:UTMD) 75.40 280.41 242.90 40.07 20.84 3.68 NM 11.7x 20.5x
Varian Medical Systems, Inc. (NYSE:VAR) 104.19 9,564.74 9,202.84 2,668.20 468.90 2.75 3.4x 19.6x NM
Wright Medical Group N.V. (NasdaqNM:WMGI) 26.21 2,698.25 3,300.78 720.41 68.32 (1.17) 4.6x NM NM
Zimmer Biomet Holdings, Inc. (NYSE:ZBH) 121.62 24,591.07 34,825.37 7,762.90 3,051.80 3.20 4.5x 11.4x NM
MEAN (CLINICAL) 3.2x 17.6x 22.8x
MEDIAN (CLINICAL) 3.4x 17.8x 22.1x
Abaxis, Inc. (NasdaqNM:ABAX) 48.40 1,098.23 949.70 228.08 47.67 1.19 4.2x 19.9x NM
Cerus Corporation (NasdaqNM:CERS) 2.87 313.23 279.78 37.45 (59.85) (0.59) NM NM NM
Getinge AB (OM:GETI B) 19.66 5,355.36 7,148.81 3,694.14 677.66 0.64 1.9x 10.5x NM
Haemonetics Corporation (NYSE:HAE) 47.56 2,501.96 2,633.24 892.24 162.43 0.09 3.0x 16.2x NM
Harvard Bioscience, Inc. (NasdaqGM:HBIO) 3.35 116.70 110.86 100.83 3.11 (0.09) 1.1x NM NM
IDEXX Laboratories, Inc. (NasdaqNM:IDXX) 166.17 14,493.13 15,329.66 1,905.93 480.91 3.08 NM NM NM
Invacare Corporation (NYSE:IVC) 15.50 509.49 587.31 980.13 (13.64) (1.93) 0.6x NM NM
Omnicell, Inc. (NasdaqGS:OMCL) 49.80 1,865.20 2,050.06 690.20 40.99 (0.10) 3.0x NM NM
Pacific Biosciences of California, Inc. (NasdaqGS:PACB) 4.23 488.95 399.44 94.26 (79.44) (0.91) 4.2x NM NM
PRODUCTS - NON-CLINICAL DEVICES
18
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
PerkinElmer, Inc. (NYSE:PKI) 72.32 7,970.72 8,446.03 2,182.12 434.42 2.34 3.9x 19.4x NM
Steris Plc (NYSE:STE) 73.64 6,474.90 7,143.30 2,570.09 553.87 1.68 2.8x 12.9x NM
Surmodics, Inc. (NasdaqGS:SRDX) 29.75 390.02 346.31 71.21 15.58 0.46 4.9x 22.2x NM
Thermo Fisher Scientific Inc. (NYSE:TMO) 193.83 77,572.17 98,823.77 19,824.40 4,975.30 5.89 5.0x 19.9x NM
Waters Corporation (NYSE:WAT) 196.05 15,649.41 14,352.24 2,250.59 775.90 6.79 NM 18.5x 28.9x
MEAN (NON-CLINICAL) 3.1x 17.5x 28.9x
MEDIAN (NON-CLINICAL) 3.0x 19.0x 28.9x
Atrion Corporation (NasdaqNM:ATRI) 657.65 1,217.86 1,170.57 145.80 48.82 17.85 NM 24.0x NM
Becton, Dickinson and Company (NYSE:BDX) 208.67 47,485.98 52,626.98 12,093.00 2,902.33 4.60 4.4x 18.1x NM
Halyard Health, Inc. (NYSE:HYH) 42.15 1,972.27 2,397.37 1,606.20 187.40 1.20 1.5x 12.8x NM
ICU Medical, Inc. (NasdaqNM:ICUI) 191.10 3,783.74 3,617.82 772.05 92.48 2.50 4.7x NM NM
Merit Medical Systems, Inc. (NasdaqNM:MMSI) 38.05 1,907.42 2,162.00 694.67 113.44 0.59 3.1x 19.1x NM
Nipro Corporation (TSE:8086) 14.50 2,410.33 5,564.92 3,241.44 532.13 0.74 1.7x 10.5x 19.5x
Retractable Technologies, Inc. (AMEX:RVP) 0.67 21.19 10.21 30.90 (3.18) (0.17) 0.3x NM NM
Teleflex Incorporated (NYSE:TFX) 236.98 10,672.97 11,996.51 2,065.13 556.04 5.53 NM 21.6x NM
Terumo Corporation (TSE:4543) 41.38 14,564.53 16,696.43 4,708.75 1,105.27 1.40 3.5x 15.1x 29.6x
MEAN (DISPOSABLES) 2.7x 17.3x 24.5x
MEDIAN (DISPOSABLES) 3.1x 18.1x 24.5x
Bio-Rad Laboratories, Inc. (NYSE:BIO) 219.79 6,531.55 6,253.59 2,111.17 257.28 0.80 3.0x 24.3x NM
Cambrex Corporation (NYSE:CBM) 43.25 1,415.56 1,321.38 529.74 175.10 3.04 2.5x 7.5x 14.2x
Cantel Medical Corp. (NYSE:CMD) 98.08 4,092.77 4,182.19 770.16 147.19 1.71 NM 28.4x NM
ChromaDex Corporation (NasdaqCM:CDXC) 4.09 196.56 183.12 20.41 (6.27) (0.20) NM NM NM
DENTSPLY SIRONA Inc. (NasdaqNM:XRAY) 61.07 14,015.68 15,368.28 3,898.90 852.80 (3.45) 3.9x 18.0x NM
Exact Sciences Corporation (NasdaqCM:EXAS) 54.99 6,583.97 6,127.54 213.82 (118.76) (1.15) NM NM NM
Fluidigm Corporation (NasdaqGS:FLDM) 5.80 170.60 323.67 99.28 (59.74) (2.22) 3.3x NM NM
Hill-Rom Holdings, Inc. (NYSE:HRC) 80.71 5,317.23 7,420.63 2,743.70 521.60 1.99 2.7x 14.2x NM
Ion Beam Applications SA (ENXTBR:IBAB) 30.62 894.20 869.55 382.50 30.14 0.45 2.3x 28.9x NM
Luminex Corporation (NasdaqNM:LMNX) 21.35 940.56 829.65 300.64 52.01 0.66 2.8x 16.0x NM
Mettler-Toledo International Inc. (NYSE:MTD) 682.63 17,521.78 18,344.84 2,656.72 641.44 16.49 NM 28.6x NM
Natera, Inc. (NasdaqGS:NTRA) 10.99 584.92 532.82 203.71 (118.85) (2.43) 2.6x NM NM
Neogen Corporation (NasdaqGS:NEOG) 80.20 3,066.31 2,906.55 373.21 81.84 1.19 NM NM NM
OraSure Technologies, Inc. (NasdaqNM:OSUR) 19.75 1,174.32 1,014.10 145.14 25.21 0.52 NM NM NM
Oxford Immunotec Global PLC (NasdaqGM:OXFD) 13.22 339.16 301.29 101.76 (23.87) (2.03) 3.0x NM NM
QIAGEN N.V. (NasdaqGS:QGEN) 33.86 7,709.98 8,497.47 1,361.90 443.36 0.33 NM 19.2x NM
Quotient Limited (NasdaqGM:QTNT) 5.11 232.81 316.29 23.10 (65.24) (2.80) NM NM NM
Rockwell Medical, Inc. (NasdaqGM:RMTI) 6.06 313.54 270.30 54.04 (21.07) (0.42) NM NM NM
Trinity Biotech plc (NasdaqGS:TRIB) 5.04 116.45 149.23 98.27 6.21 (1.65) 1.5x 24.0x NM
TrovaGene, Inc. (NasdaqCM:TROV) 0.71 27.07 20.93 0.35 (29.35) (1.25) NM NM NM
PRODUCTS - DISPOSABLES
PRODUCTS - COMMERCIAL
19
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Veracyte, Inc. (NasdaqGM:VCYT) 8.55 289.79 268.75 70.61 (21.49) (0.81) 3.8x NM NM
VWR Corporation (NasdaqGS:VWR) 33.10 4,363.74 6,480.34 4,639.90 477.80 1.14 1.4x 13.6x 29.0x
West Pharmaceutical Services, Inc. (NYSE:WST) 101.40 7,529.25 7,489.75 1,565.80 330.10 2.50 4.8x 22.7x NM
MEAN (COMMERCIAL) 2.9x 20.4x 21.6x
MEDIAN (COMMERCIAL) 2.8x 20.9x 21.6x
Cooper Companies Inc. (NYSE:COO) 240.26 11,760.54 12,928.04 2,096.11 641.95 6.97 NM 20.1x NM
Essilor International Société Anonyme (ENXTPA:EI) 126.54 27,072.01 30,188.42 8,489.45 1,973.76 4.06 3.6x 15.3x NM
Insulet Corporation (NasdaqNM:PODD) 58.81 3,414.48 3,496.72 436.82 9.14 (0.50) NM NM NM
Nutrisystem, Inc. (NasdaqGS:NTRI) 49.95 1,486.81 1,397.20 674.67 94.69 1.83 2.1x 14.8x 27.3x
USANA Health Sciences, Inc. (NYSE:USNA) 65.70 1,606.06 1,414.32 1,027.05 144.60 3.62 1.4x 9.8x 18.2x
MEAN (CONSUMER) 2.3x 15.0x 22.7x
MEDIAN (CONSUMER) 2.1x 15.0x 22.7x
Abbott Laboratories (NYSE:ABT) 54.23 94,221.55 108,662.55 25,134.00 5,559.00 1.17 4.3x 19.5x NM
AbbVie Inc. (NYSE:ABBV) 90.25 143,867.05 174,205.05 27,273.00 11,708.00 4.12 NM 14.9x 21.9x
AcelRx Pharmaceuticals, Inc. (NasdaqGM:ACRX) 1.90 86.22 46.09 15.57 (35.16) (1.10) 3.0x NM NM
Achillion Pharmaceuticals, Inc. (NasdaqGS:ACHN) 4.02 549.78 199.79 15.00 (69.40) (0.49) NM NM NM
Acorda Therapeutics, Inc. (NasdaqNM:ACOR) 26.58 1,239.74 1,379.47 540.52 63.69 (1.21) 2.6x 21.7x NM
Adamas Pharmaceuticals, Inc. (NasdaqGM:ADMS) 24.66 555.20 460.62 0.04 (73.21) (3.37) NM NM NM
Akorn, Inc. (NasdaqGS:AKRX) 32.57 4,068.53 4,558.38 938.66 296.16 0.59 4.9x 15.4x NM
Alexion Pharmaceuticals, Inc. (NasdaqGS:ALXN) 119.66 26,733.20 28,465.20 3,472.00 1,378.00 2.24 NM 20.7x NM
Alimera Sciences, Inc. (NasdaqGM:ALIM) 1.23 85.00 160.87 37.45 (13.38) (0.31) 4.3x NM NM
Allergan plc (NYSE:AGN) 177.23 59,249.09 88,603.59 15,478.90 6,491.90 (22.20) NM 13.6x NM
Amphastar Pharmaceuticals, Inc. (NasdaqGS:AMPH) 18.07 834.76 797.80 249.62 17.41 0.08 3.2x NM NM
Ampio Pharmaceuticals, Inc. (AMEX:AMPE) 1.06 80.50 75.50 - (12.50) (0.20) NM NM NM
ANI Pharmaceuticals, Inc. (NasdaqGM:ANIP) 58.08 675.96 821.97 167.76 65.85 0.64 4.9x 12.5x NM
Antares Pharma, Inc. (NasdaqCM:ATRS) 1.82 284.66 266.01 54.67 (14.73) (0.11) 4.9x NM NM
Aradigm Corporation (NasdaqCM:ARDM) 4.17 60.17 62.23 12.22 (10.70) (0.98) NM NM NM
Array BioPharma Inc. (NasdaqNM:ARRY) 10.45 2,058.94 1,731.10 47.26 (111.42) (0.74) NM NM NM
Arrowhead Pharmaceuticals, Inc. (NasdaqGS:ARWR) 3.64 272.17 199.06 22.73 (47.97) (0.64) NM NM NM
Astellas Pharma Inc. (TSE:4503) 13.27 26,921.17 23,795.55 11,542.52 2,769.93 0.79 2.1x 8.6x 16.7x
AstraZeneca PLC (LSE:AZN) 66.78 84,538.74 100,128.20 21,740.00 5,913.00 3.05 4.6x 16.9x 21.9x
BioDelivery Sciences International, Inc. (NasdaqCM:BDSI) 2.88 159.49 167.24 44.33 (31.81) 0.03 3.8x NM NM
Bristol-Myers Squibb Company (NYSE:BMY) 61.66 100,918.90 102,370.90 20,570.00 5,984.00 2.55 5.0x 17.1x 24.2x
Clovis Oncology, Inc. (NasdaqGS:CLVS) 75.37 3,684.04 3,294.27 38.55 (238.83) (8.26) NM NM NM
Compugen Ltd. (NasdaqGM:CGEN) 3.00 153.43 108.37 0.05 (34.99) (0.71) NM NM NM
Corcept Therapeutics Incorporated (NasdaqCM:CORT) 19.69 2,232.80 2,171.21 129.73 36.24 0.29 NM NM NM
Curis, Inc. (NasdaqGM:CRIS) 1.58 258.93 251.77 9.00 (53.17) (0.40) NM NM NM
Depomed, Inc. (NasdaqGS:DEPO) 4.84 304.87 817.62 425.34 112.64 (1.79) 1.9x 7.3x NM
PRODUCTS - PHARMACEUTICALS
PRODUCTS - CONSUMER
20
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
DURECT Corporation (NasdaqGM:DRRX) 0.80 117.20 103.63 20.65 (31.13) (0.15) NM NM NM
Egalet Corporation (NasdaqGM:EGLT) 0.98 41.61 79.42 22.53 (79.77) (4.03) 3.5x NM NM
Egalet Corporation (NasdaqGM:EGLT) 0.98 41.61 79.42 22.53 (79.77) (4.03) 3.5x NM NM
Eli Lilly and Company (NYSE:LLY) 81.94 85,798.37 92,454.37 22,471.10 6,202.80 2.10 4.1x 14.9x NM
Elite Pharmaceuticals, Inc. (OTCPK:ELTP) 0.08 60.22 68.43 8.07 (7.64) (0.01) NM NM NM
Endo International plc (NasdaqNM:ENDP) 6.38 1,424.60 9,093.51 4,039.18 313.33 (19.67) 2.3x 29.0x NM
Foamix Pharmaceuticals Ltd. (NasdaqGM:FOMX) 6.11 228.72 130.83 5.76 (47.96) (1.33) NM NM NM
GlaxoSmithKline plc (LSE:GSK) 18.02 87,475.73 111,024.19 40,400.34 11,890.97 0.63 2.7x 9.3x 28.4x
Heska Corporation (NasdaqCM:HSKA) 97.50 704.54 704.85 135.69 22.32 1.91 NM NM NM
ImmunoGen, Inc. (NasdaqGS:IMGN) 5.80 747.59 694.56 84.23 (66.09) (1.33) NM NM NM
Impax Laboratories, Inc. (NasdaqGS:IPXL) 18.15 1,346.19 1,959.07 812.82 144.42 (8.08) 2.4x 13.6x NM
Infinity Pharmaceuticals, Inc. (NasdaqGS:INFI) 2.33 118.11 51.91 6.00 (27.96) (1.14) NM NM NM
Innoviva, Inc. (NasdaqGS:INVA) 12.24 1,322.45 1,757.70 191.31 157.52 0.85 NM 11.2x 14.3x
INSYS Therapeutics, Inc. (NasdaqGM:INSY) 5.15 374.39 232.77 164.07 (35.58) (2.57) 1.4x NM NM
Ironwood Pharmaceuticals, Inc. (NasdaqGS:IRWD) 15.38 2,300.72 2,420.79 291.53 (88.56) (0.96) NM NM NM
Jazz Pharmaceuticals PLC (NasdaqGS:JAZZ) 141.53 8,504.67 9,857.35 1,541.24 758.97 6.49 NM 13.0x 21.8x
Johnson & Johnson (NYSE:JNJ) 139.41 374,176.40 396,164.40 74,361.00 25,672.00 5.75 NM 15.4x 24.2x
Juniper Pharmaceuticals, Inc. (NasdaqGS:JNP) 4.85 52.59 35.04 59.12 8.66 0.62 0.6x 4.0x 7.8x
Karyopharm Therapeutics Inc. (NasdaqGS:KPTI) 10.21 481.29 337.83 0.12 (117.53) (2.65) NM NM NM
Lannett Company, Inc. (NYSE:LCI) 19.90 741.96 1,500.78 630.74 237.52 1.13 2.4x 6.3x 17.6x
Mallinckrodt Public Limited Company (NYSE:MNK) 31.67 3,077.65 8,600.35 3,179.30 638.00 (9.43) 2.7x 13.5x NM
Merck & Co., Inc. (NYSE:MRK) 55.09 150,249.95 163,441.95 39,804.00 12,886.00 1.03 4.1x 12.7x NM
Mylan N.V. (NasdaqGS:MYL) 35.71 19,150.59 33,372.09 11,936.60 3,787.90 1.62 2.8x 8.8x 22.1x
Neos Therapeutics, Inc. (NasdaqGM:NEOS) 10.40 292.04 279.44 15.62 (69.70) (4.30) NM NM NM
Novartis AG (SWX:NOVN) 82.38 191,731.05 211,951.29 49,527.00 14,898.00 2.81 4.3x 14.2x 29.4x
Novo Nordisk A/S (CPSE:NOVO B) 49.72 122,008.05 118,934.39 17,991.11 8,480.17 2.46 NM 14.0x 20.2x
Opko Health, Inc. (NasdaqGS:OPK) 6.73 3,764.80 3,766.73 1,183.83 (17.02) (0.15) 3.2x NM NM
Osiris Therapeutics, Inc. (OTCPK:OSIR) 5.00 172.63 - 86.60 4.41 0.05 NM NM NM
Pacira Pharmaceuticals, Inc. (NasdaqGS:PCRX) 32.05 1,292.95 1,180.15 281.47 (34.94) (1.72) 4.2x NM NM
Pernix Therapeutics Holdings, Inc. (NasdaqGM:PTX) 2.78 32.06 311.20 135.70 8.63 (16.97) 2.3x NM NM
Perrigo Company plc (NYSE:PRGO) 80.99 11,550.07 14,450.47 5,024.70 1,103.10 (20.57) 2.9x 13.1x NM
Pfizer Inc. (NYSE:PFE) 35.06 208,514.06 238,295.06 52,471.00 20,718.00 1.62 4.5x 11.5x 21.7x
Phibro Animal Health Corporation (NasdaqGM:PAHC) 37.65 1,512.43 1,769.48 769.71 118.82 1.69 2.3x 14.9x 22.3x
Progenics Pharmaceuticals, Inc. (NasdaqGS:PGNX) 6.19 434.97 370.57 12.46 (51.44) (0.80) NM NM NM
Recro Pharma, Inc. (NasdaqCM:REPH) 8.63 164.48 138.95 69.99 (13.04) (2.12) 2.0x NM NM
Rigel Pharmaceuticals, Inc. (NasdaqNM:RIGL) 3.75 542.45 460.15 10.34 (67.71) (0.68) NM NM NM
Roche Holding AG (SWX:ROG) 231.01 197,321.00 214,000.86 56,548.20 22,346.43 11.76 3.8x 9.6x 19.7x
Sanofi (ENXTPA:SAN) 94.63 118,496.98 127,473.69 43,020.92 12,098.45 4.26 3.0x 10.5x 22.2x
Sarepta Therapeutics, Inc. (NasdaqGS:SRPT) 49.31 3,172.23 2,882.50 102.73 (192.89) (2.04) NM NM NM
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Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Sucampo Pharmaceuticals, Inc. (NasdaqNM:SCMP) 10.00 463.25 671.56 250.47 107.24 (3.37) 2.7x 6.3x NM
Supernus Pharmaceuticals, Inc. (NasdaqGM:SUPN) 41.60 2,109.08 2,017.59 276.18 86.19 1.10 NM 23.4x NM
Takeda Pharmaceutical Company Limited (TSE:4502) 56.24 44,101.04 50,563.01 15,653.53 3,009.55 1.85 3.2x 16.8x NM
Taro Pharmaceutical Industries Ltd. (NYSE:TARO) 112.42 4,554.49 3,115.88 806.92 465.05 9.83 3.9x 6.7x 11.4x
Teligent, Inc. (NasdaqGS:TLGT) 5.68 303.27 369.08 69.89 0.99 (0.23) NM NM NM
Teva Pharmaceutical Industries Limited (NYSE:TEVA) 13.80 14,009.91 53,696.91 23,418.00 6,548.00 (5.87) 2.3x 8.2x NM
TherapeuticsMD, Inc. (NasdaqGS:TXMD) 4.72 1,021.54 925.06 17.14 (78.68) (0.39) NM NM NM
Valeant Pharmaceuticals International, Inc. (TSX:VRX) 11.68 27,899.20 57,468.90 8,964.00 4,144.40 3.94 NM 13.9x 3.0x
Zoetis Inc. (NYSE:ZTS) 63.82 31,215.11 35,096.11 5,124.00 1,806.00 1.90 NM 19.4x NM
Zogenix, Inc. (NasdaqGM:ZGNX) 37.50 1,182.72 1,139.55 27.38 (72.48) (3.38) NM NM NM
MEAN (PHARMACEUTICALS) 3.2x 13.6x 19.5x
MEDIAN (PHARMACEUTICALS) 3.2x 13.6x 21.8x
AmerisourceBergen Corporation (NYSE:ABC) 76.95 16,860.63 19,335.08 153,143.83 2,417.25 1.87 0.1x 8.0x NM
Aceto Corporation (NasdaqGS:ACET) 10.07 308.56 605.08 695.56 74.02 0.21 0.9x 8.2x NM
Cardinal Health, Inc. (NYSE:CAH) 61.90 19,511.86 23,186.86 130,578.00 3,004.00 3.43 0.2x 7.7x 18.0x
CVS Health Corporation (NYSE:CVS) 68.53 69,665.18 94,265.18 182,351.00 12,103.00 4.86 0.5x 7.8x 14.1x
Diplomat Pharmacy, Inc. (NYSE:DPLO) 21.05 1,431.06 1,555.74 4,475.00 65.82 0.12 0.3x 23.6x NM
Henry Schein, Inc. (NasdaqNM:HSIC) 78.60 12,427.60 14,510.69 12,264.42 1,033.47 3.48 1.2x 14.0x 22.6x
McKesson Corporation (NYSE:MCK) 137.88 28,744.46 36,276.46 201,955.00 3,885.00 21.15 0.2x 9.3x 6.5x
Medicines Company (NasdaqGS:MDCO) 28.74 2,073.21 2,375.40 85.03 (352.86) (9.17) NM NM NM
Owens & Minor, Inc. (NYSE:OMI) 24.57 1,504.33 2,026.38 9,296.80 214.64 1.26 0.2x 9.4x 19.5x
Patterson Companies, Inc. (NasdaqNM:PDCO) 37.00 3,462.71 4,539.87 5,564.81 400.22 1.75 0.8x 11.3x 21.1x
PetMed Express, Inc. (NasdaqGS:PETS) 35.36 720.21 651.78 262.27 48.05 1.49 2.5x 13.6x 23.7x
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) 32.67 1,749.85 1,827.39 1,531.97 445.86 1.75 1.2x 4.1x 18.7x
Prestige Brands Holdings, Inc. (NYSE:PBH) 46.90 2,485.71 4,586.98 972.03 325.58 2.00 4.7x 14.1x 23.4x
Rite Aid Corporation (NYSE:RAD) 1.65 1,738.55 8,642.50 32,091.44 904.09 0.08 0.3x 9.6x 19.6x
Vitamin Shoppe, Inc. (NYSE:VSI) 4.60 109.43 234.05 1,241.49 99.96 (6.39) 0.2x 2.3x NM
MEAN (DISTRIBUTION) 0.9x 10.2x 18.7x
MEDIAN (DISTRIBUTION) 0.5x 9.4x 19.5x
MEAN (PRODUCTS) 2.9x 15.6x 20.8x
MEDIAN (PRODUCTS) 3.0x 14.5x 21.7x
1) Source: Financial Information from SEC filings and other publicly-available sources
2) Market Cap: Total Value of Company's Stock; Equal to the Number of Shares Outstanding Times the Price per Share
3) TEV (Total Enterprise Value): Market Capitalization Plus Debt Less Cash
4) LTM: Latest Twelve Months
5) EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization
6) NA: Not Available
7) NM: Not Meaningful
PRODUCTS - DISTRIBUTION
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Copyright 2017 © Scott-Macon, Ltd.
23
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