Pitch Book Investor Presentation - inkorporated.net · 5 Pitch Book Investor Presentation l ABC LLC l Confidential l 2016 Transaction Summary (2/2) Company Positioning Industry Outlook

Investor Presentation

Pitch Book

ABC LLC

Confidential | 2016

2 Pitch Book

Investor Presentation l ABC LLC l Confidential l 2016

CONTENTS

ABC: Investment Rationale 06

ABC: Company Positioning 17

Market Attractiveness: Lumbar and Cervical TDR Devices 27

ABC: Principal Risk Factors 41

Comparable Analysis and Equity Market Performance 43

ABC: Transaction Summary 03

ABC: Financial Projections & Valuation 47

Appendix 57

3 Pitch Book


ABC: Transaction Summary 01

4 Pitch Book


Transaction Summary (1/2)

sanitized data to maintain client confidentiality

Valuation

Summary

Investment

Rationale

Using DCF valuation methodology, ABC will have a base equity value of USD………….. The estimated WACC of …. and

terminal growth rate of … from 2026 have been assumed to arrive at the base equity value. By increasing the terminal value to

…., the equity value will increase to USD……..

Based on a conservative …. premium to trading and precedent transaction comparables, the relative valuation for ABC will be

USD….. and USD………, respectively

ABC’s valuation at USD……. represents about X% and Y% discount to the …….. acquisition of …….. for …….., and ……..

acquisition of ………… for ………

ABC’s XYZ technology offers superior functionality as compared to all the currently available and expected TDR technologies in

the DDD market

ABC’s XYZ technology offers superior functionality that is far ahead of its competitors in restoring the biomechanical

characteristics of a human spine

The potential market opportunity for ABC’s XYZ technology would not only exceed the present TDR technologies, but also

disrupt Fusion’s market for spinal arthroplasty

Rising TDR penetration and increasing use of Next-generation discs is expected to drive the total Lumbar & Cervical

spine market

With better clinical outcomes and improved economic data from XYZ pivotal studies, adoption rate and reimbursement scenario

is poised to improve in the near future

XYZ will have the first mover advantage in both Europe & US markets, as it is the first elastomeric technology with CE Marking

and US FDA approval in the pipeline

ABC is expected to see strong revenue growth, with higher operating margins and return on capital as compared to its

closest peers

5 Pitch Book


Transaction Summary (2/2)

Company

Positioning

Industry

Outlook

ABC is a US-based medical devices company that has developed a next-generation total disc replacement technology designed

to replicate the natural biomechanics of the human spine

ABC’s flagship technology, XYZ is the next generation elastomeric based total disc replacement platform which has the ability

to reproduce normal spinal function

The company’s Intellectual Property includes a comprehensive patent portfolio, exclusive rights to the proprietary polymer family

and key manufacturing innovations

.... and .... display superior strength and durability along with enhanced range of motion compared to that of a healthy

human disc; The products have passed biomechanical tests demonstrating significant strength, durability, stiffness and range of

motion

ABC plans to expand its geographical reach, while enforcing competitive barriers, optimizing its R&D capabilities and

cost minimization

An aging population and higher per capita income in the older age groups would increase healthcare spending; population in the

age group 45-64 is most prone to low back pain and neck pain which are the initial symptoms of Degenerative Disc Disease

US Healthcare expenditure per capita has increased at a CAGR of 3.4% over 2008-12; health insurance is replacing out-of-

pocket healthcare costs

EU Healthcare expenditure per capita has increased at a CAGR of 2.5% over 2008-12; an aging population would further

augment the healthcare spending

US Lumbar and Cervical TDR market is forecasted to reach USD3.6bn and USD1.4bn, respectively by 2016; Europe Lumbar

and Cervical TDR market is currently around one-fifth of US market

Spine Implant market is currently dominated by fusion procedures which account for more than 50% of the market; top 2

companies account for around 50% of the market share of the Spine Implant market


6 Pitch Book


ABC: Investment Rationale 02

7 Pitch Book


ABC’s XYZ technology offers superior functionality as compared to all the currently available and

expected TDR technologies in the DDD market

ABC: XYZ Technology

Source: ……………

Fusion First/ Next Generation XYZ

Tech

no

log

y E

nh

an

cem

en

t

Low

High

Uses viscoelastic

polymer

………….

Bone

Fusion of

vertebrae

Uses either

metal-on-

polyethylene/

polyurethane or

metal-on-metal

core designs

Mimics the

stability…………

Controlled,

predictable

motion

Restores correct

spine alignment,

…….

Restores disc

height only with a

fixed centre of

rotation

Reduces strain

on adjacent discs

and ……

Forces adjacent discs &

facets to absorb excess

pressure, increasing

chances of degeneration

10 to 25% cases need to be re-

operated within ten years

Recorded cases of

deformation/ failure of cores

in polyethylene devices;

increased levels of metallic

ions release from metal

devices

Removes the need for a

keel and is also

unencumbered by

bearing …….

Over 40 years of product life

XYZ is a one-piece

viscoelastic artificial disc

consisting of an elastomeric

core bonded to titanium alloy

retaining plates

Polymer-metal bond strength

is …… times that of the

natural disc

Withstand …… times the

amount of translation

experienced by the human

lumbar disc without failure

The biocompatible,

viscoelastic materials helps

mimic the functionality of a

human disc


8 Pitch Book


ABC’s XYZ is the only one-of-its-kind technology that is far ahead of its competitors in restoring the

biomechanical characteristics of a human spine

ABC: Competitive Benchmarking

Source: ……………; Individual company websites

Data removed to preserve client

confidentiality

Data removed to preserve client confidentiality

Data removed to preserve client confidentiality

Data removed to

preserve client

confidentiality

Stability

Motion

Motion & Compression

Stability, Motion

& Compression

Biomechanical Characteristics of

a Human Spine

Re-establishes the natural resistance to loading/ flexibility

while creating stability and restoring the center of rotation

Provide viscoelasticity to mimic the dynamic stiffness and

load sharing characteristics in the human disc

Preserve physiological Range of Motion (ROM) in flexion,

extension, lateral bending, rotation and compression.

XYZ

Competing Next Generation TDR

Fusion

First Generation TDR


9 Pitch Book


The potential market opportunity for ABC’s XYZ technology would not only exceed the present TDR

technologies, but also disrupt Fusion’s market for spinal arthroplasty

Addressable Lumbar & Cervical Spine Market:


Lumbar & Cervical TDR Eligibility Primary Growth Drivers XYZ Advantage C

urr

en

t F

usio

n M

ark

et

Tier III

Tier II

Tier I

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

Higher benefits from a

viscoelastic, anatomically

optimized ……..

Allows multi-level ……..

applications

Installs a degree of stability

that the first generation of

TDRs cannot

Able to reproduce the normal

spinal function and alignment

Proven and advanced

technology alternative to

Fusion and other TDR options


10 Pitch Book


Rising TDR penetration and increasing use of Next-generation discs is expected to drive the total

Lumbar & Cervical spine market

US Market Opportunity in Lumbar and Cervical TDR:


Total Number of TDR Discs (‘000s) Eligible Procedures (‘000s), TDR Pen. Total Market Size (USD Bn)

1.9

2.6

3.6

1.1 1.2

1.4

2014 2015 2016F

Lumbar Cervical

254

268

286

208 217

242

41%

52%

65%

75% 76%

77%

2014 2015 2016F

Eligible Lumbar TDR Eligible Cervical TDR

Lumbar Pen. Cervical Pen.

154

204

273

192 203

230

2014 2015 2016F

Lumbar Cervical

Number of TDR discs is expected to grow at CAGR of

33% for Lumbar and 9% for Cervical

Total market size of TDR procedures is expected to

grow at CAGR of 37% for Lumbar and 13% for

Cervical

TDR penetration in eligible procedures is expected to

increase led by adoption of new generation TDRs


11 Pitch Book


With better technology adoption in Europe, the reimbursement scenario in Europe is relatively

favorable for TDR coverage

Insurance Coverage for Healthcare in the EU:


Region Healthcare Insurance Scenario Healthcare payer coverage ABC Advantage

United Kingdom

Switzerland

Germany

Britain's National Health Service (NHS) was recently

judged the “world’s best health-care system” by the

Washington-based Commonwealth Fund

NHS provides cost-efficient care spending USD3,405 per

person per annum

No employer-sponsored or government-run insurance

programs available; consumer-driven healthcare

Healthcare insurance penetration among Swiss citizens is

99.5% (2011)

Govt. has enacted price controls for hospital and physician

reimbursement

Insurers are required to charge similar rates to the young

and old, cover pre-existing conditions, and operate as non-

profit entities

85% of the population is mandatory or voluntary member of

the public health scheme while the rest have private health

insurance

Private health insurance instead of the government health

plan can be availed when gross salary is higher than

EUR53,550 per annum

ABC’s first mover

advantage, superior

technology, coupled with

following benefits is

expected to improve

reimbursement scenario

in EU for TDR:

EU has a higher

adoption rate of new

technologies

Medical devices in the

EU are typically

priced at a discount to

those in the US

.... is available in EU

since 2009 and ....

since 2012

Positive clinical

outcomes data from

pre- and post-market

in EU

CE Mark approval for

.... and .... in EU


12 Pitch Book


With the release of better clinical outcomes and improved economic data from XYZ pivotal studies,

reimbursement scenario is poised to improve in the near future

Insurance Coverage for Lumbar and Cervical TDR in the US:


Reimbursement Scenario Payer Coverage for Lumbar and Cervical TDR ABC Advantage

Increased scrutiny over

fusion reimbursement:

Rising concerns related to

clinical efficacy of Fusion

procedures have increased

the need for an alternative

treatment for DDD market

• Blue Cross/ Blue

Shield have limited

fusion procedures

Difficult reimbursement

scenario for first

generation TDRs due to

increased procedural costs

not substantiated by

identifiable benefits over

Fusion

~ 35-40%

of the US

population

is currently

covered

for TDR

Lu

mb

ar

&

Ce

rvic

al

Lu

mb

ar

Ce

rvic

al

The one-of-a-kind .... pivotal

study in TDR study design

includes economic endpoints as

per discussions with insurers

(……….)

Inclusion of economic

components in the pivotal study

as well as …….. measurements in

the study’s endpoint success

criteria differentiates the current

study from previous studies of

commercially available TDRs

Release of better clinical

outcomes and economic data on

XYZ combined with surgeon and

patient advocacy would improve

reimbursement over the next two to

five years


13 Pitch Book


XYZ will have the first mover advantage in both Europe & US markets, as it is the first elastomeric

technology with CE Marking and US FDA approval in the pipeline

ABC: Product Commercialization & Regulatory Approvals


XYZ Lumbar Disc Received in …. Completed … patient

multi-center study, …..

European Union Post-clinical study CE Mark Approval Highlights Pre-clinical study

Completed ……………..

XYZ Cervical Disc

Received in …… Initiated pilot clinical study,

… (to be completed in …)

Completed …………….

U.S. Highlights FDA Approval Clinical Study

XYZ Lumbar Disc Received FDA IDE approval;

enrolled more than 400 patients

for pivotal study

Expected to receive approval by

2016/2017 ………………

XYZ Cervical Disc

Initiation of FDA IDE application

for .... in ….., following post

market study in EU

Expected to receive approval by

2017/2018


14 Pitch Book


The company’s intellectual property is protected through patents, exclusive licenses, proprietary

manufacturing methods and trade secrets

ABC: Intellectual Property


Pa

ten

ts

Re

gis

tere

d T

rad

em

ark

s

8

3

Approved US patents

Patent Applications

Patent Applications 20

XYZ …. ….

XYZ is a one-piece ……….

XYZ was developed and designed by a

team of clinicians and experts in the fields

of biomechanics, pathology, spinal surgery

and polymer science, and evolves total disc

arthroplasty beyond the current ball and

socket designs (first generation discs)

It is developed in conjunction with ……..

A proprietary method for bonding ……...

It was developed to optimize the polymer to

metal bond, thereby extending the life

expectancy of the device in vivo

Biomechanical testing in flexion, extension,

lateral bending, rotation and compression

demonstrated exceptional bond strength

and durability

It is a …….. elastomer

The polymer is optimized for performance

in the spine, and extensive testing

demonstrated its superior biocompatibility,

biostability and biomechanical durability

The licensed material is protected through

……. Patent and know-how


15 Pitch Book


ABC’s superior technology, regulatory approval to market in Europe and imminent FDA approval

makes it a far attractive investment prospect as compared to other transactions in the industry

Precedent Transactions in the Lumbar & Cervical Spine Market:

Source: Aranca Analysis; *Received FDA approval in 2010; #Urgent Medical Device Recall announced in 2013; **……………

CE Marking in Europe for Lumbar and Cervical TDR

FDA IDE approval for U.S. pivotal study (Lumbar)

FDA PMA approval expected in ….

Next Generation XYZ technology for

Lumbar and Cervical TDR

Target Buyer Year Technology Market Status Value (USD Mn)

2011 …… …… …… Data removed to preserve client

confidentiality

2004 ……

IDE trials not started*# ;2

years from filing PMA with

FDA for US approval

…… Data removed to preserve client

confidentiality

2003 …… IDE trials underway for

Lumbar** ……


confidentiality

2011 …… - …… Data removed to preserve client

confidentiality

2003 …… FDA approval received in

2003 ……


confidentiality


16 Pitch Book


Low Median High

Forward Revenue 2-Year CAGR (%)* 1.5 278.4

FY+2 EBITDA Margin (%) (0.2) 45.9

FY+2 EBIT Margin (%) (14.7) 38.0

FY Debt to Equity (x) 0.1 0.6

FY Return on Asset (%) (9.4) 19.5

FY Return on Equity (%) (68.1) 19.6

6.0

ABC is expected to see strong revenue growth, with higher operating margins and return on capital

as compared to its closest peers

ABC: Financial Benchmarking

Medtronic, Inc. NuVasive, Inc. Orthofix International N.V. Stryker Corporation

…….. …….. …….. ……..

…….. …….. …….. ……..

Source: Capital-IQ; *Forward 2-year revenue CAGR for ABC is ……………

23.5

12.5

0.3

0.04

3.1


17 Pitch Book


ABC: Company Positioning 03

18 Pitch Book


ABC is a US-based medical devices company that has developed a next-generation total disc

replacement technology designed to replicate the natural biomechanics of the human spine

ABC: Company Background


XYZ Cervical Disc (....): It is an intervertebral disc prosthesis

for the cervical spine used to treat chronic back neck pain due

to a spinal disc damage

XYZ Lumbar Disc (....): It is intended to treat single-level

lumbar disc disease as it replicates the biomechanics of the

lumbar disc thereby enabling 3-dimensional motion

Business

Overview

Products

Incorporated in …., Ohio, ABC is involved in developing next generation solutions for degenerative disc disease (DDD). The

company’s flagship platform, XYZ, is a next generation total disc replacement technology designed to replicate the natural

biomechanics of the human spine

Manufacturing

Has established a fully validated internal manufacturing facility having ISO …….certification

Relies on qualified third party to manufacture components and ………….

Modular design of the manufacturing facility enables significant expansion, relocation or duplication of products

Post assembly operations such as packaging, labeling and sterilization are carried out by third parties

Geographic

Presence

European Union

………

United States

………

Patents Has strong intellectual property credentials with ……………….

Rest of the World

……..


19 Pitch Book


The company has an impressive growth story with CE mark approval in Europe and an expected

FDA approval in the near future for its products

ABC: Company History


…..

Established in

Cleveland, Ohio

….

Received ISO …. certification for in-house manufacturing

Initiated .... pivotal study in EU

Received FDA IDE approval for .... pivotal study

…..

Attained CE Mark

approval for marketing

....

….

Published favorable results from European post

market assessment study on ....

…..

Attained CE marking for

marketing ....

….

Commenced post-market

European pilot clinical study for ....

….

Initiation of FDA IDE

application for ....

following the post-market

study in the EU

….

Expected completion of

post market EU clinical

study in ....

Plan to commence

……for China

Expected FDA approval for

.... following the IDE study

…..

Expected FDA

approval for ....

…..


20 Pitch Book


XYZ is a next

generation

technology in the

total disc

replacement

space which

works in

conjunction with

the adjacent

anatomy and

replicates the bio-

mechanics of a

natural human

disc

ABC’s flagship technology, XYZ ……………has the ability to reproduce normal spinal function

ABC: XYZ Total Disc Replacement Technology

Source: …………

To stabilize the spinal unit in …….

To provide viscoelasticity to ……

To correct spine alignment, …….

To re-establish natural resistance to loading and flexibility

while creating stability within the functional spinal unit

(FSU)……..

To absorb and release load as ……….

To provide a differentiated elastomeric design that eliminates

the necessity for ………

Restores disc angle, height, lordotic curve and

center of rotation

Displays extensive biomechanical and

biocompatibility characteristics

Reproducible surgical procedure requiring

limited number of instruments

Requires no bone-milling or excess sculpting

of the intervertebral body endplates to implant

the device

Made from exclusive proprietary polymeric

material ….. which is optimized for

performance in the spine

Features Objectives

Unique anatomically optimized design which

replicates the human disc’s quantity and

quality of motion


21 Pitch Book


XYZ technology’s modular design, enables the ............ mimic functions of a human disc

ABC: XYZ - Modular Design


…… Facilitates in retaining the position of the plates with the help of incumbent apertures. The bone interface side of each end cap

has a small fin to facilitate device placement

Rails for …..

The rails are present on the bone interface of the end cap to provides short term device fixation while the bead coated titanium

endplates provide long term fixation on the bone interface

The retaining plates are bonded to the polymer core, allowing for load transfer to the polymer which subsequently controls

device performance and therefore segmental function

……… The ……..

…….

…… It is ABC’s proprietary trademarked technique used to bind the polymer to the metal components

………..

Stress shielding

design features

The product’s design helps endure static and dynamic mechanical testing conditions under both physiologic and supra-

physiologic loads characterizing the strength and durability of the technology

Biocompatibility tests show no evidence of cell lysis, toxicity, delayed dermal contact sensitization, or systemic toxicity and the

device is non-pyrogenic, non-irritant and not genotoxic


22 Pitch Book


.... is an intervertebral disc prosthesis for the cervical

spine used to treat chronic neck pain caused by

spinal disc damage in the cervical region

.... is intended to treat single-level lumbar disc

disease L3 to S1 by replacing symptomatic lumbar

degenerative disc at L3/L4 through to L5/S1

ABC’s XYZ technology will help patients with lower back and neck pain by replacing ………..

XYZ products


Closely mimics the kinematics of the human cervical spine segment by

providing appropriate motion and stability under physiological loads

The unique titanium endplates are asymmetric to accommodate

anatomic differences in rostral and caudal endplates

The core chamber allows polymer movement into an aperture when the

disk is compressed and results in reduced stress in the polymer core

It is a more effective alternative to fusion as it enables 3-D motion

thereby replicating the biomechanics of the human lumbar disc

It restores the center of rotation and lordotic curve

Its design facilitates the polymer to expand radially along the polymer

annulus into the chamber formed by the end cap and the retaining plate;

limited by the metal interface to control stiffness of the disc

Fe

atu

res

C

urr

en

t S

tatu

s

The .... has been proven to be clinically effective in a 50 patient EU study

It is the first elastomeric technology to complete a multi-center study in

the EU and receive US IDE approval for pivotal study

It currently has limited sales in the EU and expects the FDA approval by

2016/17

Pro

du

cts

It received CE Mark approval for .... in May 2012 and has limited

commercialization

The company believes the test results from ongoing .... FDA study will

provide excellent data support and a proven regulatory pathway for an

efficient IDE process for the ....

It is currently in the development phase in the US and expects the FDA

approval by 2017/18

XYZ Lumbar Disc XYZ Cervical Disc


23 Pitch Book


The products have passed biomechanical tests demonstrating significant strength, durability,

stiffness and range of motion

Product Load Testing


Test XYZ Lumbar Disc XYZ Cervical Disc

Resistance to walking cycles ..years ..years

Resistance to simulated significant bends ..years ..years

Deformity caused by prolonged testing ..mm in 50 years ..mm in 50 years

Endurance to compressive load compared to human disc .. Times .. Times

Survival against fatigue cycles .. years (.. mn cycles) .. years (.. mn cycles)


24 Pitch Book


.... and .... display superior strength and durability along with enhanced range of motion compared to

that of a healthy human disc

Results from Stress Test

Source: …………..

Flexion/ Extension

Lateral Bending

Rotation

Axial Compressive

Strength (N)

3,000 4,000

20,000

6,000

20,000

8° to 13° …………… …………… ……………

±6° ±6° …………… ……………

±3° …………… 1° to 14° ……………

Human XYZ Human XYZ

Lumbar Disc Cervical Disc


25 Pitch Book


ABC’s Intellectual Property includes a comprehensive patent portfolio, exclusive rights to the

proprietary polymer family and key manufacturing innovations

US Patent Timeline


Patent number: …

Filed: …

Issued: …

A patent on the Artificial Disc

used in correcting the spinal

column

Patent number: …

Filed: …

Issued: …



column

Patent number: …

Filed: …

Issued: …

Protects the apparatus for

replacing a damaged spinal

disc in a spinal column

includes an artificial disc

Patent number: …

Filed: …

Issued: …



column

Patent number: …

Filed: …

Issued: …

Patent protecting the methods

and apparatus for replacing a

damaged spinal disc

Patent number: …

Filed: …

Issued: …

Protects the apparatus for

replacing a damaged spinal

disc in a spinal column

includes an artificial disc

Patent number: …

Filed: …

Issued: …

Patent on the method used for

replacing the damaged spinal

disc between first and second

vertebrae of a spinal column

Patent number: …

Filed: …

Issued: …

Patent protecting the methods

and apparatus for replacing a

damaged spinal disc

.. 2006 .. 2009 … 2013


26 Pitch Book


ABC plans to expand its geographical reach, while enforcing competitive barriers, optimizing its R&D

capabilities and cost minimization


Geography

ABC …….

It also plans to venture into ………

It is aggressively pursuing markets in …..

“Expanding geographical footprint”

Manufacturing Base

ABC’s manufacturing function is …….with only the

……… process executed in the in-house facility

The …….

“Significant cost advantage”

Patents

ABC’s …….

“Significant Competitive Barriers”

Research & Development

It utilizes dedicated surgeon and clinical …….

“Optimized R&D process”

ABC:

Corporate

Strategy


27 Pitch Book


Market Attractiveness:

Lumbar and Cervical TDR Devices 04

28 Pitch Book


Population in the age group 45-64 is most prone to low back pain and neck pain which are the initial

symptoms of Degenerative Disc Disease

US: Population with Low Back Pain by Age (2012) US: Population with Neck Pain by Age (%)

Source: US Centers for Disease Control and Prevention

19.1%

25.8%

31.6%

33.1%

29.9%

31.1%

18-24 25-44 45-54 55-64 65-74 >75

6.5

13.1

19.1

17.4

14.5 13.7

18-24 25-44 45-54 55-64 65-74 >75

29 Pitch Book


An aging population and higher per capita income in the older age groups would increase

healthcare spending

US: Income per Capita by Age (USD 000’s) US: Population by Age

7.9 8.9 11.9 13.2 13.6 15.6

20 23 31 33 35 38.1

26 31

39 44

47.4 50.8

27.5

33.9

42.8

47.8 49.1

53.5

22.7

28.7

35.9

43.3

46.6

49.6

15

17.6

21.6

25.7

30.2

33.9

1990 1995 2000 2005 2010 2013

15-24 25-34 35-44 45-54 55-64 >65

21.70% 21.90% 21.30% 20.50% 19.80% 19.50% 19.40% 19.10%

14.80% 13.90% 14.00% 14.40% 14.10% 13.90% 13.60% 13.00%

17.20% 15.80% 14.20% 13.40% 13.40% 13.50% 13.60% 13.60%

15.20% 16.00% 16.00%

14.70% 13.30% 12.80% 12.70% 12.70%

10.10% 11.80% 13.40% 14.40%

14.50% 13.90% 13.40% 12.20%

8.50% 8.10% 8.60% 10.30% 11.80% 12.40% 12.70%

12.80%

12.50% 12.60% 12.40% 12.30% 13.10% 14.00% 14.70% 16.60%

1990 1995 2000 2005 2010 2013 2015 2020

0-14 15-24 25-34 35-44 45-54 55-64 >65

Aging Population (>45 years)

Source: U.S. Census Bureau, Current Population Survey, Annual Social and Economic Supplements

30 Pitch Book


US Healthcare expenditure per capita has increased at a CAGR of 3.3% over 2010-14; health

insurance is replacing out of the pocket health expenditures

US: Healthcare Expenditure Per Capita (USD) US: Health Consumptions Expenditure by Source of Funds

8,269

8,524

8,790

8,988

9,403

2010 2011 2012 2013 2014

12.20% 12.20% 12.00% 11.90% 11.50%

35.20% 35.40% 35.30% 34.80% 34.40%

21.20% 21.40% 21.50% 21.50% 21.50%

16.20% 16.00% 15.90%

16.40% 17.20%

3.90% 3.90% 3.90% 3.90% 3.90%

11.30% 11.10% 11.30% 11.50% 11.50%

2010 2011 2012 2013 2014

Out of pocket Private Health Insurance Medicare

Medicaid Other Insurance Programs Other Third-Party Payers

Source: World Bank, Centers for Medicare and Medicaid Services

CAGR: 3.3%

Health

Insurance

31 Pitch Book


Insurance penetration has increased over the years; uninsured rate remains lowest in under 18 and

above 44 age group

US: Insurance Penetration US: Uninsured Rate by Age (as of March 2014)

10.8

11.0

11.2

10.8

11.0

2010 2011 2012 2013 2014

6.6%

18.9%

24.9%

20.3%

14.0%

0.9%

Under 18 18-24 25-34 35-44 45-64 >65

Source: Organization for Economic Co-operation and Development; Centers for Disease Control and Prevention;

32 Pitch Book


Obamacare has resulted in considerable decrease in uninsured rate in 2014-16; growth in premiums

remained moderate contrary to expectations of a sharp increase

US: Uninsured Rate US: Average Annual Employer Premiums (USD 000’)

16.9% 17.3%

13.8%

11.7%

10.8%

2012 2013 2014 2015 2016*

5.4 5.6 5.9 6.1 6.3

15.1 15.7

16.4 16.8

17.5

2011 2012 2013 2014 2015

Single Coverage Family Coverage

*Note: 2016 figures are update till 31 July 2016

Source: Gallup Well-being Index July 2016, Kaiser/HRT Survey of Employer Sponsored Health Benefits

33 Pitch Book


EU Healthcare expenditure per capita has increased at a CAGR of 2.5% over 2010-14; an aging

population would further augment the healthcare spending

EU: Healthcare Expenditure Per Capita, PPP (USD) Europe: Population by Age

3,701

3,815

3,848

3,890

4,007

2010 2011 2012 2013 2014

20.50% 19.30% 17.60% 15.90% 15.40%

15.60% 15.70% 16.00%

14.6% 14.0%

13.9% 13.9% 12.8% 11.7% 11.1% 10.3%

15.50% 15.00%

14.50% 14.20%

14.20% 14.30% 14.20% 13.10%

14.10% 15.00% 15.20%

15.00% 14.30% 14.20%

14.10% 14.20%

11.70% 11.70% 13.50%

14.30% 14.70% 14.50% 14.40%

13.90%

10.90% 11.00% 10.60% 10.70% 12.20% 12.80% 13.10% 13.60%

12.70% 13.90% 14.70% 15.90% 16.30% 16.90% 17.30% 18.90%

1990 1995 2000 2005 2010 2013 2015 2020

0-14 15-24 25-34 35-44 45-54 55-64 >65

Aging Population (>45 years)

Source: World Bank, UN Department of Economic and Social Affairs

CAGR: 2.5%

34 Pitch Book


Gross premium written for life insurance is growing at a faster pace compared to total gross premium

written in Europe

Europe: Total Gross Premium Written (USD Bn) Europe: Life Insurance Premium Written (USD Bn)

1,211

1,259

1,304

1,339

2012 2013 2014 2015

717

757

799

818

2012 2013 2014 2015

Source: Insurance Europe, August 2015,2016

CAGR: 3.3% CAGR: 4.4%

35 Pitch Book


Spine Implant market is currently dominated by fusion procedures which account for more than

50% of the market; motion preservation market is relatively small owing to the limited adoption of

first-generation TDR

Global Spine Implant Market: Sales By Segment

Source: LDR Holdings Company Filings

5%

26%

16%

14%

39%

Motion Preservation

Traditional Thoracolumbar Fusion

Traditional Interbody Fusion

Traditional Cervical Fusion

Other

Potential Market for Motion Preservation Procedures

Thoracolumbar fusion is performed on the low back region for reasons such

as instability of the spine, fracture, degenerative disc disease, or stabilization

for tumors with an objective to stabilize the spine so that pain or deformity is

reduced

Interbody fusion includes removal of the intervertebral and replacing it with a

bone (or metal) spacer using the anterior or posterior approach

Motion Preservation includes cervical and lumbar disc replacement, dynamic

stabilization, etc. used for the treatment of pain and loss of function caused

by specific back problems, such as degenerative disc disease, etc.

Cervical fusion is performed on the back of the neck region for reasons such

as instability of the spine, fracture, degenerative disc disease, or stabilization

for tumors with an objective to stabilize the spine so that pain or deformity is

reduced

36 Pitch Book


Eligibility of Lumbar TDR procedures is expected to increase, led by higher adoption by physicians

and positive clinical data proving the benefits of TDR over Fusion

US Lumbar Target Procedures* (000’) US: Eligible Procedures (000’) US: Lumbar Market Penetration (000’)

Source: Management Reports; *Includes Fusion, TDR, PDSS, NR

2016 65%

2015 52%

2014 41%

2013 37%

2012 34% 289

297

306

315

325

127

175

254

268

286

43

66

105

139

186

US: CAGR 3.0% US: CAGR 22.5% US: CAGR 44.2% Market

Penetration

37 Pitch Book


Eligibility Cervical TDR procedures is expected to increase, led by higher adoption by physicians and

positive clinical data proving the benefits of TDR over Fusion

US Cervical Target Procedures (000’) US: Eligible Procedures (000’) US: Cervical Market Penetration (000’)

2016 48%

2015 63%

2014 73%

2013 76%

2012 77% 239

246

254

261

269

172

197

208

217

242

83

124

156

165

186

US: CAGR 3.0% US: CAGR 8.9% US: CAGR 22.4% Market

Penetration

Source: Management Reports; *anterior cervical fusion

38 Pitch Book


More than 0.27Mn Lumbar and 0.23 Mn Cervical discs would be required for single and multi-level

TDR procedures by 2016

US: Segmentation of Total Lumbar Discs (000’s) US: Segmentation of Total Cervical Discs (000’s)

29 43 68

90 121

19

30

48

64

85

14

24

38

50

67

62

96

154

204

273

2012 2013 2014 2015 2016

One-level Two-level* Three-level*

63

95 120 126

143 38

58

73 77

87

102

153

192 203

230

2012 2013 2014 2015 2016

One-level Two-level*

Source: Management Reports; *Includes total number of discs required in…

39 Pitch Book


US Lumbar and Cervical TDR market is forecasted to reach USD3.6bn and USD1.4bn, respectively

by 2016; Europe Lumbar and Cervical TDR market is currently around one-fifth of US market

US & Europe: Total Lumbar TDR Market Size (USD Mn) US & Europe: Total Cervical TDR Market Size (USD Mn)

717

1,156

1,897

2,592

3,576

235 329

392 450

516

2012 2013 2014 2015 2016

US Europe

546

844

1,093

1,189

1,386

172 197

220 242 262

2012 2013 2014 2015 2016

US Europe

US: CAGR 49.4%

Europe: CAGR 21.8%

US: CAGR 26.2%

Europe: CAGR 11.0%

Source: Management Reports

40 Pitch Book


Top 2 companies account for around 50% of the market share of the Spine Implant market; majority

of the companies are currently focused on fusion technologies

Global Spine Market: Companies by Market Share (2013) Global Spine Market: Industry Landscape

Source: LDR Holdings Company Filings; Capital-IQ

33.5%

20.8% 7.5%

6.7%

4.7%

3.2%

2.2%

2.2%

1.7%

1.2%

16.3%

Medtronic

Depuy/Synthes

NuVasive

Stryker

Globus Medical

Orthofix/Blackstone

Alphatec

Zimmer

K2M

LDR Holdings

Others

Fusion

First Generation

TDR

Competing Next

Generation TDR

41 Pitch Book


ABC: Principal Risk Factors 05

42 Pitch Book


ABC’s superior technology and positive economic data from its ongoing clinical study is expected to

help mitigate the industry risks

Key Risks


Re-imbursement Risk

Regulatory Risk

Technology Risk

Risk: If reimbursement from third-party payers for lumbar and cervical TDR declines significantly; surgeons, hospitals and other

healthcare providers may be reluctant to use TDR products which can adversely affect sales

Mitigation: Economic data generated from the .... IDE study will be used to expedite national coverage for .... as a viable

standard of care for DDD. This economic data will support .... reimbursement in advance of market launch

Risk: The safety and efficacy of some of the first generation products are not yet supported by long-term clinical data, which

could limit sales, and might therefore prove to be less effective than initially estimated

Mitigation: ABC has enrolled more than 400 patients and expects to complete .... Pivotal Clinical Study enrollment in the near

term, which will place the company on track to receive FDA approval by 2016-17 and prove the safety and efficacy of the

products. ABC will expedite similar process for .....

Risk: The spine industry is intensely competitive, subject to rapid change and highly sensitive to the introduction of new products

or technology by industry participants..

Mitigation: ABC superior technology is already accepted in Europe. Availability of .... in Europe since … has increased

awareness of ABC’s clinical approach to TDRs. As a result, the company remains far ahead of its competitors

Pricing Risk

Risk: The increase in physician-owned distributorships could result in pricing pressure on ABC’s XYZ product or harm the ability

to sell products to physicians who own or are affiliated with those distributorships

Mitigation: Adoption of XYZ is expected to increase as first generation TDR devices are introduced in the market and positive

clinical data showing the benefits of TDR over fusion. .... and .... TDR would see higher sales due to its superior technology,

resulting in higher adoption among surgeons


43 Pitch Book


Comparable Analysis and

Equity Market Performance 06

44 Pitch Book


AxioMed’s peers are trading at mean Price to Sales multiple of 3.5x, EV/EBITDA multiple of 15.3x

and EV/Sales multiple of 3.0x

Trading Comparables

Source: Capital-IQ

Company Country of

Listing

Stock

Price

(USD)

52 Week

High/ Low

(USD)

Market

Cap

(USD Mn)

Enterprise

Value

(USD Mn)

P/Sales EV/EBITDA EV/Sales

LTM FY+1 FY+2 LTM FY+1 FY+2 LTM FY+1 FY+2

…. US …. …. …. …. 0.7x 0.7x 0.6x 10.5x 7.3x 6.3x 1.1x 1.1x 1.0x

…. US …. …. …. …. 4.7x 4.6x 4.2x 11.5x 11.3x 10.5x 4.0x 4.0x 3.6x

…. US …. …. …. …. 3.5x 3.3x 2.9x NM NM NM 3.4x 3.2x 2.8x

…. US …. …. …. …. 6.9x 6.7x 5.8x NM NM NM 6.5x 6.3x 5.4x

…. France …. …. …. …. 3.3x 3.2x 3.0x 31.1x 23.7x 20.4x 3.4x 3.3x 3.1x

…. US …. …. …. …. 4.0x 3.8x 3.6x 11.8x 10.1x 9.0x 3.9x 3.7x 3.5x

…. US …. …. …. …. 2.7x 2.7x 2.5x 18.7x 12.6x 11.1x 2.8x 2.8x 2.6x

…. US …. …. …. …. 1.3x 1.3x 1.3x 9.8x 8.5x 7.9x 1.3x 1.3x 1.3x

…. US …. …. …. …. 3.5x 3.4x 3.3x 18.6x 12.4x 11.7x 3.4x 3.4x 3.2x

…. US …. …. …. …. 4.0x 4.0x 3.9x 10.6x 10.4x 8.4x 4.0x 4.0x 3.9x

Mean 3.5x 3.4x 3.1x 15.3x 12.0x 10.7x 3.4x 3.3x 3.0x

Median 3.5x 3.4x 3.2x 11.7x 10.8x 9.7x 3.4x 3.3x 3.1x

Max 6.9x 6.7x 5.8x 31.1x 23.7x 20.4x 6.5x 6.3x 5.4x

Min 0.7x 0.7x 0.6x 9.8x 7.3x 6.3x 1.1x 1.1x 1.0x


45 Pitch Book


Returns from S&P Healthcare Equipment index has outperformed the S&P500 index in the last five

years; Europe’s MSCI Healthcare Equipment index has registered 3x returns compared to MSCI

Europe index in last five years

US & Europe: Equity Market Performance*

Index Returns Last 3-months Last 6-months LTM 3-Year 5-Year

S&P500 Healthcare Equipment index -1% 8% 7% 7% 123%

S&P500 index 2% 7% 10% 180% 84%

MSCI Europe Healthcare Equipment index 4% 6% 4% -52% 100%

MSCI Europe index 4% 4% -5% -85% 50%

Source: Bloomberg; rebased

0

50

100

150

200

250

2011 2012 2013 2014 2015 2016

S&P500 Healthcare

Equipment index

MSCI Europe index

S&P500 index

MSCI Europe Healthcare

Equipment index

46 Pitch Book


US Healthcare Equipment market remains highly undervalued whereas Europe Healthcare

Equipment Market is overvalued

Average Values Last 3-months Last 6-months LTM 3-Year 5-Year

S&P500 Healthcare Equipment index 0.89 0.88 0.86 0.76 0.69

S&P500 index 2.08 2.08 2.04 1.86 1.80

MSCI Europe Healthcare Equipment index 2.39 2.35 2.23 1.99 1.88

MSCI Europe index 1.42 1.42 1.40 1.30 1.32

S&P500 Healthcare

Equipment index

MSCI Europe index

S&P500 index

MSCI Europe Healthcare

Equipment index

Source: Bloomberg

0.0

500.0

1,000.0

1,500.0

2,000.0

2,500.0

2011 2012 2013 2014 2015 2016

US US & Europe: Equity Market Valuation (EV/ Sales)

47 Pitch Book


ABC: Financial Projections

& Valuation 07

48 Pitch Book


Valuation Summary

ABC: Football Field Analysis

Summary:

Using DCF valuation methodology, ABC will have a base equity value of USD….. The estimated WACC of …% and terminal growth rate of …% from 2026

have been assumed to arrive at the base equity value. By increasing the terminal value to ..%, the equity value will increase to USD….

Based on a conservative ..% premium to trading and precedent transaction comparables, the relative valuation for ABC will be USD…. and USD…..,

respectively

Based on a optimistic …% premium to trading and precedent transaction comparables, the relative valuation for ABC will be USD…. and USD….., respectively

DCF

Trading Comparables

Precedent Transaction Comparables

(USD Mn)


49 Pitch Book


DCF Valuation

ABC: DCF Valuation

(All values in USD Mn, unless

stated otherwise) 2014 2015 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E

Terminal

value

Net operating profit adjusted for taxes …. …. …. …. …. …. …. …. …. …. …. ….

Depreciation & amortization …. …. …. …. …. …. …. …. …. …. …. ….

Changes in working capital …. …. …. …. …. …. …. …. …. …. …. ….

Capital expenditure …. …. …. …. …. …. …. …. …. …. …. ….

Free cash flow …. …. …. …. …. …. …. …. …. …. …. …. ….

PV of free cash flows …. …. …. …. …. …. …. …. …. …. …. …. ….

WACC ….

Total firm value ….

Less: Debt ….

Add: Cash and cash equivalent ….

Equity value ….


50 Pitch Book


Trading Comparables

ABC: Peer Companies

Company name Country

Mcap

(USD Mn)

Enterprise

Value

(USD Mn)

EV/Sales EV/EBITDA

LTM 2016E 2017E LTM 2016E 2017E

…. US …. …. 3.9 3.7 3.5 11.8 10.1 9.0

…. US …. …. 2.8 2.8 2.6 18.7 12.6 11.1

…. US …. …. 1.3 1.3 1.3 9.8 8.5 7.9

…. US …. …. 3.4 3.4 3.2 18.6 12.4 11.7

…. US …. …. 4.0 4.0 3.9 10.6 10.4 8.4

…. France …. …. 3.4 3.3 3.1 31.1 23.7 20.4

…. US …. …. 4.0 4.0 3.6 11.5 11.3 10.5

…. US …. …. 6.5 6.3 5.4 NM NM NM

…. US …. …. 1.1 1.1 1.0 10.5 7.3 6.3

…. US …. …. 3.4 3.2 2.8 NM NM NM

Mean 3.4 3.3 3.0 15.3 12.0 10.7

Max 6.5 6.3 5.4 31.1 23.7 20.4

Min 1.1 1.1 1.0 9.8 7.3 6.3

(All values in USD Mn,

unless stated otherwise) Base case Bull case

Peer EV/Sales …. ….

Premium attributed …. ….

Target EV/Sales …. ….

ABC Sales (2020E) …. ….

ABC Enterprise Value …. ….

Less: Debt …. ….

Add: Cash …. ….

Equity value …. ….


51 Pitch Book


Precedent Transactions Comparables

ABC: Precedent Transactions

(All values in USD Mn,

unless stated otherwise) Base case Bull case

Peer EV/Sales …. ….

Premium attributed …. ….

Target EV/Sales …. ….

ABC Sales (2020E) …. ….

ABC Enterprise Value …. ….

Less: Debt …. ….

Add: Cash …. ….

Equity value …. ….

Announced Target Buyer

Transaction value

(USD Mn) Implied EV (USD Mn)

Implied EV/

Sales (x)

Implied EV/

EBITDA (x)

Transactions related to lumbar and cervical disc

… …. …. …. …. …. ….

… …. …. …. …. …. ….

Other transactions related to spine

16-May-11 …. Stryker Corporation 331.1 307.9 3.3 107.4

… …. …. …. …. …. ….

… …. …. …. …. …. ….

… …. …. …. …. …. ….

… …. …. …. …. …. ….

… …. …. …. …. …. ….

Mean …. ….

Min …. ….

Max …. ….


52 Pitch Book


Assumptions

ABC: Valuation Summary

Income Statement:

We estimate number of units sold to increase at about …. yoy during 2017-2019E. We have modelled number of surgeon to increase at …. between 2016E to

2019E and have moderated the growth rate thereafter

We have used average price of … for Lumbar Disc and … for Cervical disc for rest of 2014 and have modelled it to grow by … yoy

We expect price for .... and .... be at premium in US compared to Europe

We have assumed ….surgeons in 2017E and have modelled it to grow between …. during 2018-2021E. We assume Lumbar disc sell to start in ….and

Cervical disc sell to start in …..

We have assumed per unit cost for .... and .... at ….. and ……..respectively and have increased the cost by … yoy from 2016E

We expect ABC SG&A as % of sales to be lower than peers due to its outsourcing model. We assume ABC SG&A as % of sales to be around …

Balance Sheet:

We have taken working capital ratios (Receivable Turnover Ratio, Inventory Turnover Ratio, Prepaid expenses and Accounts Payable ratio) in line with peers

We have taken capex as % sales at around … during 2015E to 2018E in line with the peer’s average

We model depreciation and amortization as percentage of gross fixed assets and intangibles at … during 2015-2019E, close to peers average of 13.9%

We have assumed ABC to be debt free during the forecast horizon


53 Pitch Book


Profit & Loss Account

ABC: Financial Statements (1/3)

(All values in USD Mn) 2014 2015 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E

Revenues …. …. …. …. …. …. …. …. …. …. …. ….

COGS …. …. …. …. …. …. …. …. …. …. …. ….

Gross profit …. …. …. …. …. …. …. …. …. …. …. ….

R&D …. …. …. …. …. …. …. …. …. …. …. ….

SG&A …. …. …. …. …. …. …. …. …. …. …. ….

EBITDA …. …. …. …. …. …. …. …. …. …. …. ….

Depreciation and Amortisation …. …. …. …. …. …. …. …. …. …. …. ….

EBIT …. …. …. …. …. …. …. …. …. …. …. ….

Interest expense …. …. …. …. …. …. …. …. …. …. …. ….

Income tax expense …. …. …. …. …. …. …. …. …. …. …. ….

Effective tax rate …. …. …. …. …. …. …. …. …. …. …. ….

PAT …. …. …. …. …. …. …. …. …. …. …. ….


54 Pitch Book


Balance Sheet



Fixed asset, net …. …. …. …. …. …. …. …. …. …. …. ….

Intangibles …. …. …. …. …. …. …. …. …. …. …. ….

Cash …. …. …. …. …. …. …. …. …. …. …. ….

Receivable …. …. …. …. …. …. …. …. …. …. …. ….

Inventory …. …. …. …. …. …. …. …. …. …. …. ….

Prepaid expenses …. …. …. …. …. …. …. …. …. …. …. ….

Total current assets …. …. …. …. …. …. …. …. …. …. …. ….

Total assets …. …. …. …. …. …. …. …. …. …. …. ….

Accounts payable …. …. …. …. …. …. …. …. …. …. …. ….

Long term debt …. …. …. …. …. …. …. …. …. …. …. ….

Share Capital …. …. …. …. …. …. …. …. …. …. …. ….

Retained earrings …. …. …. …. …. …. …. …. …. …. …. ….

Shareholders equity …. …. …. …. …. …. …. …. …. …. …. ….

Total liabilities and Equity …. …. …. …. …. …. …. …. …. …. …. ….


55 Pitch Book


Cash Flow Statement



Net profit …. …. …. …. …. …. …. …. …. …. …. ….

Depreciation & Amortisation …. …. …. …. …. …. …. …. …. …. …. ….

Receivable …. …. …. …. …. …. …. …. …. …. …. ….

Inventory …. …. …. …. …. …. …. …. …. …. …. ….

Prepaid expenses …. …. …. …. …. …. …. …. …. …. …. ….

Accounts payable …. …. …. …. …. …. …. …. …. …. …. ….

Change in working capital …. …. …. …. …. …. …. …. …. …. …. ….

Cash flow from operations …. …. …. …. …. …. …. …. …. …. …. ….

Capital expenditure …. …. …. …. …. …. …. …. …. …. …. ….

Cash flow from investing …. …. …. …. …. …. …. …. …. …. …. ….

Proceeds from issue of share …. …. …. …. …. …. …. …. …. …. …. ….

Proceeds from raising debt …. …. …. …. …. …. …. …. …. …. …. ….

Cash flow from financing …. …. …. …. …. …. …. …. …. …. …. ….

Net change in cash …. …. …. …. …. …. …. …. …. …. …. ….

Beginning cash …. …. …. …. …. …. …. …. …. …. …. ….

Ending cash …. …. …. …. …. …. …. …. …. …. …. ….


56 Pitch Book


Key Performance Ratios

ABC: Financial Ratios

2014 2015 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E

Gross margin …. …. …. …. …. …. …. …. …. …. …. ….

R&D as % of sales …. …. …. …. …. …. …. …. …. …. …. ….

SG&A as % of sales …. …. …. …. …. …. …. …. …. …. …. ….

EBITDA margin …. …. …. …. …. …. …. …. …. …. …. ….

EBIT margin …. …. …. …. …. …. …. …. …. …. …. ….

Net Margin …. …. …. …. …. …. …. …. …. …. …. ….

ROE …. …. …. …. …. …. …. …. …. …. …. ….

ROA …. …. …. …. …. …. …. …. …. …. …. ….

Debt/ Equity …. …. …. …. …. …. …. …. …. …. …. ….

Receivable turnover ratio …. …. …. …. …. …. …. …. …. …. …. ….

Inventory turnover ratio …. …. …. …. …. …. …. …. …. …. …. ….


57 Pitch Book


Appendix 08

58 Pitch Book


Peer Profiles (1/2)

Company Overview

Company Name Business Description Headquarters

Total

LTM Revenue

(USD Mn)

Alpha

Alpha is involved in design, development, manufacturing, and marketing of products for the surgical

treatment of spine disorders. Its product portfolio and pipeline addresses the cervical, thoracolumbar,

and intervertebral regions of the spine, as well as covers various spinal disorders and surgical

procedures.

…..

….. …..

Beta

Beta is engaged in design, development, and commercialization of musculoskeletal implants that

promote healing in patients with spine disorders.

…..

….. …..

Theta

Theta Group is involved in designing, developing, and commercializing proprietary complex spine

technologies and techniques in the United States and internationally.

…..

….. …..

Gamma

Gamma designs, manufactures, and markets surgical implants, devices, and instrumentation for the

treatment of spine disorders in the United States, France, and internationally.

…..

….. …..

Sigma

Sigma manufactures and distributes implants in France. It offers PASS range, a polyaxial spine

system; ……..

…..

….. …..

59 Pitch Book


Peer Profiles (2/2)

Company Overview

Company Name Business Description Headquarters

Total

LTM Revenue

(USD Mn)

Delta Delta, Inc. manufactures and sells device-based medical therapies worldwide.

…… ….. …..

Zeta

Zeta develops and markets minimally disruptive surgical products and procedurally integrated

solutions for the spine.

…….

….. …..

Eta

Eta designs, develops, manufactures, markets, and distributes medical devices used principally by

musculoskeletal medical specialists for spine and orthopaedic applications.

…..

….. …..

Mu

Mu provides orthopaedic reconstructive implants used in hip and knee joint replacements; and

trauma systems, as well as other related products.

……..

….. …..

Lambda

Lambda designs, develops, manufactures, and markets orthopedic reconstructive devices, spinal and

trauma devices, biologics, dental implants, and related surgical products in the Americas, Europe,

and the Asia Pacific.

………

….. …..

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BUSINESS RESEARCH

& ADVISORY

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& ANALYTICS

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ADVISORY

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PROCUREMENT & SUPPLY

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Pitch Book Investor Presentation - inkorporated.net · 5 Pitch Book Investor Presentation l ABC LLC l Confidential l 2016 Transaction Summary (2/2) Company Positioning Industry Outlook