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SCOTT-MACON HEALTHCARE REVIEW:
NOVEMBER 2018
November 2018 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
November 1—November 30, 2018
Analysis of Selected 12
Publicly-Traded Healthcare, Medical and
Pharmaceutical Companies
Scott-Macon Professionals’ 22
Representative Closed Transactions
Scott-Macon Contact Information 23
CO
NT
EN
TS
2
N O V E M B E R 2 0 1 8
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 November 2018. 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 transitioning to digital publishing
with email distribution.
Pages four and five represent a visual
snapshot of the average multiples for all of the
healthcare, medical and pharmaceutical transac-
tions that either closed or were announced dur-
ing November, along with the average multiples
for the major publicly-traded healthcare, medi-
cal and pharmaceutical companies.
In the Insurance Services segment, the
big news for November was the closing of the
CVS/Aetna deal, notable not just for its sheer
size with a purchase price of $68 billion, but al-
so for the groundbreaking combination of drug
stores and health insurance. The last 20 years
have seen many healthcare verticals consoli-
date, including insurance, but we rarely see
companies in different verticals combining. In
Technology Services, the announced going-
private deal for athenahealth was the month’s
largest at $5.6 billion. What is most unusual is
the fact that institutional investors would pay
21.3X EBITDA for a company where the new
owners have no ability to extract synergies, and
in the very competitive niche of Electronic
Medical Records and Revenue Cycle Manage-
ment. ResMed continued its push into technolo-
gy with the acquisition of MatrixCare for $750
million. The giant healthcare products distribu-
tor Premier closed on Stanson Health in the
clinical decision support space for $66 million.
In the Outsourcing Services sector, November’s
largest deal by disclosed valuation was Brooks
Automation’s $450 million deal for GENEWIZ
in the contract research business.
Turning next to Providers, the Labs area
witnessed a gigantic deal with Shanghai RAAS
Blood Products’ announced takeover of Grifols
Diagnostic Solutions for $5 billion. In addition,
Quest closed one deal and announced another
during November. The Non-Acute segment was
very busy as usual, though there were no block-
buster deals. Acadia announced two more deals
in the behavioral treatment industry; health sys-
tem giant Lovelace in New Mexico closed on a
3
cardiac care operation; and publicly-traded pe-
diatric specialist MEDNAX closed on a radiol-
ogy physician group. In the Long-Term Care
area, Ventas closed on a senior living communi-
ty on Battery Park City in New York’s Manhat-
tan Island. In the Acute Care arena, two large
hospital and healthcare systems groups merged,
with RCCH acquiring LifePoint Health for $5.6
billion, or 8.5X EBITDA.
In the Products segments, the diversified
industrial machinery conglomerate Colfax an-
nounced its $3.1 billion acquisition of DJO
Global, specializing in orthopedic devices, for
11.7X EBITDA. Stryker closed on device mak-
er K2M for $1.3 billion. In addition, RTI Surgi-
cal announced its $299 million deal for Para-
digm Spine, and Merit Medical closed on
Cianna for $200 million. In Non-Clinical De-
vices, Illumina announced its $1.2 billion deal
for Pacific Biosciences, and Agilent closed on
ACEA Biosciences for $250 million. Pharma-
ceuticals companies had a busy November,
though it was devoid of any mega-deals: Cano-
py/ebbu for $407 million; GTI Core/Integral for
$275 million; Cambrex/Avista Pharma for $252
million; and Aurora Cannabis/ICC Labs for
$211 million were the largest, with three of
these four involving cannabis-related acquisi-
tions. As we have been seeing for the past year
or two, transactions involving cannabis compa-
nies are ballooning.
Following the mergers and acquisitions
analysis, we present an analysis of publicly-
traded Services, Providers, and Products com-
panies by sector. Mean EBITDA multiples for
Services companies ended November at 15.4X
(up from 15.2X in October 2018); Providers at
13.7X (up from 13.2X in October 2018); and
Products at 15.2X (up from 14.5X in October
2018). Technology services companies ended
November at 21.4X, while Outsourcing services
companies were 15.3X. The Insurance segment
EBITDA multiple came in at 14.4X (up from
13.0X in October 2018).
Finally, contact information for the
Scott-Macon Healthcare Investment Banking
Group Professionals appears on the back cover.
We welcome your call or email to discuss your
thoughts on this article.
Sincerely yours,
Nathan D. Cortright
Managing Director
Group Head – Healthcare Investment Banking
4
1.9x 1.8x2.8x2.7x
0.9x
3.2x
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
3.1x 2.8x 2.8x 3.2x3.8x
NA NA NA
Clinical Devices Non-Clinical Devices Disposables Commercial
PRODUCTS: Revenue Multiple
1.8x3.1x
0.8xNA
2.1x
NA
Consumer Pharmaceuticals Distribution
Public Companies M&A Transactions
1.4x2.6x 2.1x 1.5x
2.4x1.1x
4.3x
NA NA NA
Insurance Technology Outsourcing India-Based Outsourcing Information
SERVICES: Revenue Multiple
2.0x 2.4x 1.8x 1.3x 1.4xNA NA NA NA
0.9x
Labs Home Health & Hospice Non-Acute Long-Term Care Acute
PROVIDERS: Revenue Multiple
5
15.4x 13.7x 15.2x15.4x
8.5x11.7x
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
17.3x 17.9x 19.5x 17.9x
11.7x
NA NA NA
Clinical Non-Clinical Disposables Commercial
PRODUCTS: EBITDA Multiple
14.4x
21.4x
15.3x10.6x
22.9x
9.4x
21.3x
NA NA NA
Insurance Technology Outsourcing India-Based Outsourcing Information
SERVICES: EBITDA Multiple
10.0x
24.2x
12.1x15.1x
10.9x
NA NA NA NA
8.5x
Labs Home Health & Hospice Non-Acute Long-Term Care Acute
PROVIDERS: EBITDA Multiple
18.2x
13.0x9.6x
NA NA NA
Consumer Pharmaceuticals Distribution
Public Companies M&A Transactions
6 ANALYSIS OF SELECTED HEALTHCARE, MEDICAL AND PHARMACEUTICAL
SERVICES AND PRODUCTS MERGER & ACQUISITION TRANSACTIONS1
(CLOSED OR ANNOUNCED BETWEEN NOVEMBER 1—NOVEMBER 30, 2018) ($ Millions Except Per Share Data)
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
11/28/2018 CVS Health Corporation (NYSE:CVS) /
Aetna Inc. (NYSE:AET)
$68,463.0 $61,333.0 $7,285.0 1.1x 9.4x Operates as a health care benefits company.
11/5/2018 Starmount Life Insurance Company, Inc. /
Jaimini Health, Inc.
NA NA NA NA NA Provides dental insurance.
11/30/2018 WellCare Health Plans, Inc. (NYSE:WCG) /
Medicare Part D Prescription Drug Plan Business of Aetna Inc.
NA NA NA NA NA Provides health care benefits.
MEAN (INSURANCE) 1.1x 9.4x
MEDIAN (INSURANCE) 1.1x 9.4x
11/9/2018 Dialogue Technologies Inc. /
DXA inc.
NA NA NA NA NA Operates an artificial intelligence medical
technology platform which provides medical
history of patients.
11/15/2018 Eir Partners /
DART Chart Systems, LLC
NA NA NA NA NA Operates as a health technology company,
develops software that integrates with electronic
medical records for managing payment
reimbursements and patient services.
11/30/2018 EverCommerce /
EMHware Inc.
NA NA NA NA NA Provides agency management software solutions
focused on the specific needs of adult mental
health, children's mental health, addictions, and
out-patient social services.
Announced Evergreen Coast Capital Corp.; Veritas Capital Fund Management,
LLC /
athenahealth, Inc. (NasdaqGS:ATHN)
$5,638.5 $1,311.4 $264.8 4.3x 21.3x Provides network-based medical record, revenue
cycle, patient engagement, care coordination, and
population health services for medical groups and
health systems.
Announced Gefion Canada Inc. /
Maclos Capital Inc. (OTCPK:LMSM.F)
NA NA NA NA NA Develops and commercializes software-based
products to be used as decision support tools for
obstetricians.
11/7/2018 GetWellNetwork, Inc. /
HealthLoop, Inc.
NA NA NA NA NA Offers a platform to connect patients with their
care team between visits.
11/25/2018 Intelerad Medical Systems Incorporated /
Clario Medical Imaging, Inc.
NA NA NA NA NA Develops a tool for radiologists-workflow
management software.
11/6/2018 Medici Technologies, LLC /
J&H MEDSOFT, LLC
NA NA NA NA NA Developed a mobile and Web based HIPAA-
secure messaging application for physicians.
11/6/2018 Michael J. Hennessy Associates, Inc. /
Medical Networking, Inc.
NA NA NA NA NA Develops and operates an online platform for
medical organizations.
11/12/2018 MindMaze SA /
Neuro Motor Innovations Corporation
NA NA NA NA NA Operates as a neuro-rehabilitation technology
company.
11/9/2018 Premier Healthcare Solutions, Inc. /
Stanson Health, Inc.
$66.5 NA NA NA NA Develops and markets clinical decision support
solutions for physicians and other healthcare
providers.
11/14/2018 ResMed Operations Inc. /
MatrixCare, Inc.
$750.0 NA NA NA NA Provides clinical, financial, and operations
software solutions for the skilled nursing, senior
living, and long-term care industries.
11/27/2018 Virgin Pulse, Inc. /
Viverae, Inc.
NA NA NA NA NA Offers an application that help employers to build
healthy cultures and manage healthcare costs.
11/14/2018 Waystar, Inc. /
Transaction Services Business of Ovation Revenue Cycle Services
NA NA NA NA NA Comprises transaction services technology that
monitors claims at various health systems and
hospitals.
Announced WELL Health Technologies Corp. (TSXV:WELL) /
NerdEMR Services Ltd.
NA NA NA NA NA Provides open source clinical application resource
electronic medical records solutions.
Announced Windancer Technologies, Inc. /
Cloud based workflow platform of Anju Technology, LLC
NA NA NA NA NA Diverse technology solutions for payers and
providers.
MEAN (TECHNOLOGY) 4.3x 21.3x
MEDIAN (TECHNOLOGY) 4.3x 21.3x
11/2/2018 Arthur J. Gallagher & Co. (NYSE:AJG) /
John R. Sharry, Inc.
NA NA NA NA NA Provides municipal health care consulting
services.
11/1/2018 BayMark Health Services Inc. /
SpecialCare Hospital Management Corp.
NA NA NA NA NA Provides medical stabilization and administrative
managed healthcare services at multiple affiliated
client hospitals.
Announced Bow River Capital Partners; Capital Southwest Corporation
(NasdaqGS:CSWC) /
Roseland Management, LLC
NA NA NA NA NA Provides physician practice management services.
11/15/2018 Brooks Automation, Inc. (NasdaqGS:BRKS) /
GENEWIZ, Inc.
$450.0 NA NA NA NA Operates as a contract research organization that
provides research services for pharmaceutical,
biotechnology, clinical, academic, agricultural,
and government institutions.
Announced Cobepa S.A. /
BioAgilytix Labs, LLC
NA NA NA NA NA Operates as a bioanalytical contract research
organization that develops novel therapeutic
biologics and biosimilars.
Announced Drug Discovery And Development Solutions Limited /
Inipharm Inc.
NA NA NA NA NA Provides drug discovery and development
services.
SERVICES - INSURANCE
SERVICES - TECHNOLOGY
SERVICES - OUTSOURCING
7
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
11/1/2018 HNI Healthcare, Inc. /
Martin Healthcare Group
$25.0 NA NA NA NA Provides physician staffing and practice
management services for hospitals.
11/20/2018 ProtoLytic, LLC /
Medical Pay Review, Inc.
NA NA NA NA NA Provides technologies and processes, as well as
healthcare information enabling insurers and
healthcare payers to reduce costs and make
informed decisions.
11/30/2018 Smith Seckman Reid, Inc. /
Strategic Hospital Resources, Inc.
NA NA NA NA NA Offers procurement and planning services for
medical equipment and furniture.
11/16/2018 TIAA Bank /
$1.5 billion Portfolio of Healthcare Equipment Leases and Loans
NA NA NA NA NA Comprises portfolio of lease and loans for
healthcare equipment.
Announced United States Pharmaceutical Group, L.L.C. /
HealthScape Advisors, LLC
NA NA NA NA NA Provides management consulting services to the
healthcare industry.
MEAN (OUTSOURCING) NA NA
MEDIAN (OUTSOURCING) NA NA
Announced Acclivity Health Solutions, Inc. /
Assets of Prepped Health LLC
NA NA NA NA NA Develops researched-based technology platforms
to educate patients and families on ways to better
define their choices and manage outcomes while
coping with serious illness.
11/30/2018 TPG Growth /
Q-Centrix LLC
NA NA NA NA NA Focuses on providing core measure and registry
abstracting services to healthcare facilities.
MEAN (INFORMATION) NA NA
MEDIAN (INFORMATION) NA NA
MEAN (SERVICES) 2.7x 15.4x
MEDIAN (SERVICES) 2.7x 15.4x
11/19/2018 Néomed-Labs Inc /
Emerald Star Holdings, LLC
NA NA NA NA NA Provides specialty reference and clinical
laboratory services primarily to the
pharmaceutical, biotechnology, and diagnostics
industries.
Announced Quest Diagnostics Incorporated (NYSE:DGX) /
Laboratory Services Business of Boyce & Bynum Pathology
Laboratories, P.C.
NA NA NA NA NA Provides laboratory services.
11/6/2018 Quest Diagnostics Incorporated (NYSE:DGX) /
U.S. Laboratory Services Business of Oxford Immunotec Global PLC
$170.0 NA NA NA NA Comprises clinical laboratory testing services for
tuberculosis and tick-borne diseases.Announced Shanghai RAAS Blood Products Co., Ltd. (SZSE:002252) /
Grifols Diagnostic Solutions Inc.
$5,000.0 NA NA NA NA Provides transfusional diagnostics and
immunology services.
MEAN (LABS) NA NA
MEDIAN (LABS) NA NA
11/2/2018 3 Rivers Capital, LLC /
Amazing Care Home Health Services, Incorporated
NA NA NA NA NA Provides skilled nursing, private duty nursing, and
CNA services to adult and pediatric patients.11/8/2018 Family Resource Home Care Inc. /
Family Home Care Corp.
NA NA NA NA NA Provides in-home health care services to
residents.
11/13/2018 Natur Holdings B.V. /
Future Healthcare of America (OTCPK:FUTU)
NA NA NA NA NA Provides home healthcare and healthcare staffing
services.
MEAN (HOME HEALTH & HOSPICE) NA NA
MEDIAN (HOME HEALTH & HOSPICE) NA NA
Announced Acadia Healthcare Company, Inc. (NasdaqGS:ACHC) /
Mission Treatment Services, Inc.
NA NA NA NA NA Provides substance abuse treatment services.
Announced Acadia Healthcare Company, Inc. (NasdaqGS:ACHC) /
Whittier Health Services, Inc.
NA NA NA NA NA An inpatient psychiatric hospital which provides
hospital and community services.
Announced Addus HomeCare Corporation (NasdaqGS:ADUS) /
Assets of VIP Health Care Services, Inc.
NA NA NA NA NA Comprises healthcare services.
11/9/2018 Akumin Inc. (TSX:AKU.U) /
Four Freestanding, Outpatient Diagnostic Imaging Centers in
Broward County
$12.1 NA NA NA NA Comprises diagnostic imaging centers.
11/1/2018 Akumin Inc. (TSX:AKU.U) /
One Imaging Center in Kissimmee, Florida
$1.2 NA NA NA NA Comprises diagnostic imaging center.
11/13/2018 American Physician Partners, LLC /
Progressive Medical Associates, PLLC
NA NA NA NA NA Provides emergency services to hospitals.
Announced Ascentist Physicians Group LLC /
Head & Neck Surgical Associates, PA
NA NA NA NA NA Provide otolaryngology services.
11/14/2018 BayMark Health Services Inc. /
Metamorphosis Ogden, Inc.
NA NA NA NA NA Provides evidence-based treatment for opioid
addiction.
Announced Birchwood Nursing and Rehabilitation LLC; Westwood Nursing and
Rehabilitation LLC /
Three Centers in Kentucky of Diversicare Healthcare Services, Inc.
$18.7 NA NA NA NA Comprises health care centers.
11/20/2018 Crossroads Holding, LLC /
E H C Medical Offices, PLLC
NA NA NA NA NA Provides medication assisted treatment services.
11/19/2018 Discovery Behavioral Health /
Pinelands Recovery Center of Medford
NA NA NA NA NA Provides adult treatment for drug and alcohol
addictions.
SERVICES - INFORMATION
PROVIDERS - LABS
PROVIDERS - HOME HEALTH & HOSPICE
PROVIDERS - NON-ACUTE
8
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
11/6/2018 Eye Health America /
Updegraff Laser Vision, LLC
NA NA NA NA NA Provides ophthalmology services.
11/1/2018 Family Allergy & Asthma /
Alleviate Allergy & Asthma; Louisville Allergy & Asthma PSC
NA NA NA NA NA Operates in the allergist business and operates
clinics for treatment of allergy, asthma, and
immunology.
Announced Family Allergy & Asthma /
Kentuckiana Allergy, P.S.C.
NA NA NA NA NA Provides allergy treatment, medicines, and
immunological treatments for patients.
11/28/2018 Family Treatment Network Inc. /
ABA of North Texas, LLC
NA NA NA NA NA Provides behavioral health services for children
and young adolescents with autism and other
developmental disabilities.
Announced Florida House Experience, Inc. /
Treatment Partners of America LLC
NA NA NA NA NA Provides outpatient treatment services, including
substance use disorder.
Announced G Medical Innovations USA Inc. /
Telerhythmics, LLC.
$2.0 NA NA NA NA Provides cardiac monitoring services.
Announced Greater Pittston Regional Ambulance Association /
Exeter Community Ambulance Association
NA NA NA NA NA Provides emergency medical services.
Announced Hartford HealthCare Corporation /
Middlesex Cardiology Associates, P.C.
NA NA NA NA NA Provides diagnostic and therapeutic
cardiovascular services.
11/2/2018 Invictus MD Strategies Corp. (TSXV:GENE) /
Leaf Wise Rx
$0.8 NA NA NA NA Operates a medical cannabis clinic.
11/8/2018 Lovelace Health System, Inc. /
New Mexico Heart Institute, LLC
NA NA NA NA NA Owns and operates cardiac care facilities.
11/13/2018 Marquee Dental Partners, LLC /
Dr. Jeffrey Weissman Family and Cosmetic Dentistry; Shabo Smile
Dental Studio
NA NA NA NA NA Provides general and cosmetic dentistry services
to individuals and families.
11/13/2018 Marquee Dental Partners, LLC /
Shabo Smile Dental Studio/Weissman Family and Cosmetic
Dentistry
NA NA NA NA NA Provides general and cosmetic dentistry services
to individuals and families.
11/1/2018 MEDNAX, Inc. (NYSE:MD) /
Associates in Diagnostic Radiology, P.C.
NA NA NA NA NA Operates a radiology physician group that
provides musculoskeletal imaging and nuclear
medicine services.
Announced Novo Healthnet Limited /
Activa Clinics
$26.3 NA NA NA NA Provides healthcare services.
11/8/2018 Oak Street Health, LLC /
Four CityLife clinics in Philadelphia of Ampersand Health
NA NA NA NA NA Comprises healthcare clinics.
11/15/2018 Pivot Health Solutions /
Pivot Onsite Innovations
NA NA NA NA NA Provides occupational healthcare services for
organizations ranging from manufacturing to
professional services firms.
11/26/2018 Radiology Associates of South Florida, PA /
Bethesda Radiology Associates, Inc.
NA NA NA NA NA Provides radiology services.
Announced Rising Biosciences, Inc. (OTCPK:RBII) /
All Current Assets of PAO Group, Inc.
NA NA NA NA NA Comprises medical clinics.
Announced Shady Grove Fertility /
VAIVF & Andrology Center; Virginia Fertility Associates
NA NA NA NA NA Operates a fertility clinic and also provides
andrology and in-vitro fertility services.
11/1/2018 WELL Health Technologies Corp. (TSXV:WELL) /
Thirteen Private Clinics in British Columbia
$5.1 NA NA NA NA Com+D28:N54prises healthcare clinics.
MEAN (NON-ACUTE) NA NA
MEDIAN (NON-ACUTE) NA NA
11/1/2018 Bridgestone Living LLC /
Texas Senior Housing Communities
NA NA NA NA NA Comprises memory care facilities.
Announced Crown Healthcare Group LLC /
Wright's Healthcare & Rehabilitation Center
NA NA NA NA NA Provides nursing care services.
11/1/2018 Ensign Group, Inc. (NasdaqGS:ENSG) /
Operations of Rock Creek of Ottawa
NA NA NA NA NA Comprises a post-acute care retirement campus,
assisted living units, and independent living units.
11/1/2018 Ensign Group, Inc. (NasdaqGS:ENSG) /
Two Skilled Nursing Facilities in Idaho
NA NA NA NA NA Comprises real estate and operations of nursing
facilities.
11/1/2018 Genesis Healthcare, Inc. (NYSE:GEN) /
Eight Skilled Nursing Facilities and One Assisted Living Facility in
New Mexico and Arizona
NA NA NA NA NA Comprises nursing facilities and assisted care
facilities.
11/1/2018 Ventas, Inc. (NYSE:VTR) /
Seniors Housing Community Located in Battery Park City
$144.0 NA NA NA NA Comprises senior living community.
MEAN (LONG-TERM CARE) NA NA
MEDIAN (LONG-TERM CARE) NA NA
Announced Ascension Health Alliance /
Bay Medical Sacred Heart
NA NA NA NA NA Provides health care services.
11/1/2018 Baptist Health, Inc. /
Sparks Health System in Fort Smith; Sparks Medical Center in Van
Buren of Community Health
NA NA NA NA NA Comprises healthcare facilities.
Announced Cincinnati Children's Hospital Medical Center /
Children's Heart Specialists, PSC
NA NA NA NA NA Provides comprehensive pediatric cardiac services
to infants, children, and young adults.
11/3/2018 Dorado Health, Inc. /
Hospital Hermanos Meléndez, Inc.; Puerto Rico Children's Hospital,
Inc.
$150.0 NA NA NA NA Own and operate hospitals.
11/20/2018 INTEGRIS Health Inc.; United Surgical Partners International Inc. /
Healthcare Partners Investments, LLC
NA NA NA NA NA Owns and operates hospitals, outpatient centers,
and clinics.
PROVIDERS - LONG-TERM CARE
PROVIDERS - ACUTE
9
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
Announced Medical University Hospital Authority /
Four Hospitals at Chester, Lancaster, Florence and Mullins in South
Carolina
NA NA NA NA NA Comprises four hospital facilities.
Announced Medical University of South Carolina /
4 hospitals from Community Health Systems, Inc.
NA NA NA NA NA Comprises hospital facilities.
11/5/2018 Montecito Medical Real Estate /
Chardon Surgery Center
NA NA NA NA NA Provides services in general surgery, endoscopy,
ocular-plastics, ophthalmology, orthopedics,
podiatry, and pain management.
Announced North Mississippi Health Services, Inc. /
Assets of Gilmore Memorial Hospital
$10.5 NA NA NA NA Comprises assets of a hospital.
Announced Optum, Inc. /
Polyclinic Management Services Company, LLC
NA NA NA NA NA Operates hospitals.
11/16/2018 RCCH HealthCare Partners /
LifePoint Health, Inc. (NasdaqGS:LPNT)
$5,598.1 $6,239.0 $660.7 0.9x 8.5x Owns and operates community hospitals, regional
health systems, physician practices, outpatient
centers, and post-acute facilities.
11/19/2018 RHG Consolidated /
St. Lukes Hospital, Inc.
NA NA NA NA NA Owns and operates a hospital.
11/1/2018 Wellspan Health /
Summit Health, Inc.
NA NA NA NA NA Owns and operates hospitals.
MEAN (ACUTE) 0.9x 8.5x
MEDIAN (ACUTE) 0.9x 8.5x
MEAN (PROVIDERS) 0.9x 8.5x
MEDIAN (PROVIDERS) 0.9x 8.5x
11/19/2018 Altus Capital Partners /
ChoiceSpine, LP
NA NA NA NA NA Manufactures and markets spinal products to
orthopedic and neurosurgeon specialists for the
treatment of spinal disorders and deformities in
patients.
Announced Colfax Corporation (NYSE:CFX) /
DJO Global Inc.
$3,150.0 $1,203.0 $268.8 2.6x 11.7x Engages in the development, manufacture, and
distribution of orthopedic devices to treat patients
with musculoskeletal conditions resulting from
degenerative diseases, deformities, traumatic
events, and sports-related injuries.11/5/2018 Grünenthal Pharma GmbH & Co. KG /
Additional Global Commercial Rights for Qutenza
NA NA NA NA NA Comprises Qutenza dermal pain patch business.
11/13/2018 Merit Medical Systems, Inc. (NasdaqGS:MMSI) /
Cianna Medical, Inc.
$200.0 NA NA NA NA Provides a medical device for guidance during
excisional breast procedures.
Announced RTI Surgical, Inc. (NasdaqGS:RTIX) /
Paradigm Spine, LLC
$299.1 NM NA NM NA Designs, develops, and markets solutions for the
treatment of spinal diseases.
11/9/2018 Stryker Corporation (NYSE:SYK) /
K2M Group Holdings, Inc. (NasdaqGS:KTWO)
$1,340.0 $271.9 NM 4.9x NM Offers implants, disposables, and instruments
primarily to hospitals for use by spine surgeons.
MEAN (CLINICAL DEVICES) 3.8x 11.7x
MEDIAN (CLINICAL DEVICES) 3.8x 11.7x
11/14/2018 Agilent Technologies, Inc. (NYSE:A) /
ACEA Biosciences, Inc.
$250.0 NA NA NA NA Develops and commercializes microelectronic
sensor systems for cell-based assays, drug
discovery, and diagnostics.
Announced Illumina, Inc. (NasdaqGS:ILMN) /
Pacific Biosciences of California, Inc. (NasdaqGS:PACB)
$1,167.7 NM NM NM NM Designs, develops, and manufactures sequencing
systems to resolve genetically complex problems.
MEAN (NON-CLINICAL DEVICES) NA NA
MEDIAN (NON-CLINICAL DEVICES) NA NA
MEAN (DISPOSABLES) NA NA
MEDIAN (DISPOSABLES) NA NA
11/28/2018 Carter Validus Mission Critical REIT II, Inc. /
Valdosta Healthcare Facilities Portfolio
$10.2 NA NA NA NA Comprises two medical office buildings.
11/19/2018 Ethos Biosciences, Inc. /
Exocell, Inc.
NA NA NA NA NA Provides products and assays for clinical
diagnostics, clinical investigation, laboratory
research, reagents, and reference standards.
11/26/2018 LGC Standards Ltd. /
SeraCare Life Sciences, Inc.
NA NA NA NA NA Provides products and services to facilitate the
discovery, development, and production of human
and animal diagnostics, and therapeutics.
11/1/2018 Precision BioLogic Inc. /
Affinity Biologicals Inc.
NA NA NA NA NA Manufactures research and diagnostic products in
the fields of hemostasis, thrombosis, and
coagulation.
11/6/2018 WishBone Medical, Inc. /
Red Star Contract Manufacturing Inc.
NA NA NA NA NA Manufactures sterile packaging and plastic
injection molded single use instruments.
MEAN (COMMERCIAL) NA NA
MEDIAN (COMMERCIAL) NA NA
PRODUCTS - COMMERCIAL
PRODUCTS - DISPOSABLES
PRODUCTS - CLINICAL DEVICES
PRODUCTS - NON-CLINICAL DEVICES
10
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
MEAN (CONSUMER PRODUCTS) NA NA
MEDIAN (CONSUMER PRODUCTS) NA NA
11/30/2018 Aclaris Therapeutics, Inc. (NasdaqGS:ACRS) /
Worldwide Rights to Rhofade Cream, 1%
$70.0 NA NA NA NA Comprises a license to certain intellectual
property for RHOFADE, which is approved for the
topical treatment of persistent facial erythema
associated with rosacea in adults.
11/14/2018 Acreage Holdings, Inc. (CNSX:ACRG.U) /
Applied Inventions Management Corp.
NA NA NA NA NA Owns and/or operates cannabis cultivation,
processing, and dispensary operations.
11/9/2018 AREV Brands International Ltd. (CNSX:AREV) /
Bare Topicals Assets of Alternative
$0.2 NA NA NA NA Provides a line of cannabis infused topical
products that serves as an alternative product for
pain relief and treatment of skin conditions.
11/22/2018 Aurora Cannabis Inc. (TSX:ACB) /
ICC Labs Inc. (TSXV:ICC)
$211.2 NA NA NA NA Offers recreational cannabis, medicinal cannabis,
cannabinoid extracts, and by-products for
medicinal, recreational, and industrial use, as well
as industrial hemp.
Announced Avista Capital Holdings, L.P. /
Extended Topicals and Dermatology Business Unit of G&W
Laboratories, Inc.
NA NA NA NA NA Comprises self-labeled generic topical
dermatology products manufacturing operations.
11/1/2018 Barings LLC /
Midatech Pharma US Inc.
$19.0 $9.1 NA 2.1x NA A specialty pharmaceutical company which
focuses on commercialization of oncology
treatment and supportive care pharmaceutical
products.
Announced Cambrex Corporation (NYSE:CBM) /
Avista Pharma Solutions
$252.0 NA NA NA NA Manufactures drug substance and drug products.
Announced CannaPharmaRX, Inc. (OTCPK:CPMD) /
Alternative Medical Solutions Inc.
$9.3 NA NA NA NA Cultivates and grows medical marijuana.
11/26/2018 Canopy Growth Corporation (TSX:WEED) /
All Assets of ebbu, Inc.
$407.8 NA NA NA NA Offers hemp research and development services.
11/20/2018 Choom Holdings Inc. (CNSX:CHOO) /
Clarity Cannabis Medical Centre Inc.
$0.4 NA NA NA NA Engages in cultivating and selling cannabis for
medical purposes.
Announced Coeptis Pharmaceuticals, Inc. /
Elto Pharma, Inc.
NA NA NA NA NA A pharmaceutical company.
11/12/2018 Cumberland Pharmaceuticals Inc. (NasdaqGS:CPIX) /
VIBATIV
$125.0 NA NA NA NA Comprises an anti-infective injection for the
treatment of certain serious bacterial infections.
11/1/2018 Eviana Health Corporation (CNSX:EHC) /
Eviana Inc.
NA NA NA NA NA Engages in the cultivation of industrial hemp plant
oil for pharmaceutical, nutraceutical, and
cosmeceutical industries.
11/14/2018 Flower One Holdings Inc (CNSX:FONE) /
Assets of NLV Organics, Inc.
$27.2 NA NA NA NA Comprises medical cannabis cultivation and
production assets.
Announced Generex Biotechnology Corporation (OTCPK:GNBT) /
Olaregen Therapeutix Inc.
$12.4 NA NA NA NA Manufactures and develops regenerative medicine
and drugs.
Announced Generex Biotechnology Corporation (OTCPK:GNBT) /
Regentys Corporation
NA NA NA NA NA Focuses on developing treatments for patients
with gastrointestinal disorders.
11/9/2018 Green Globe International, Inc. (OTCPK:GGII) /
Operational Assets of BestNPet, Inc.
NA NA NA NA NA Comprises cannabidiol and hemp flower
production assets.
11/9/2018 Green Growth Brands Ltd. /
Xanthic Biopharma Inc.
NA NA NA NA NA Produces and sells non-combustible medical
cannabis products.
11/14/2018 Grünenthal GmbH /
Averitas Pharma, Inc.
NA NA NA NA NA Manufactures protein based non-opiate pain
agent for specialty pharmaceuticals.
Announced GTI Core, LLC /
Integral Associates, LLC; Integral Associates CA, LLC
$275.0 NA NA NA NA Produces and retails medical cannabis.
11/12/2018 High Hampton Holdings Corp. (CNSX:HC) /
Mojave Jane, LLC
$2.7 NA NA NA NA Manufactures cannabis extracts and concentrates
for both recreational and medical cannabis users.
Announced ICC International Cannabis Corp. (CNSX:WRLD) /
Green Gene Research Inc.
$3.8 NA NA NA NA Provides cannabis research, testing, cultivation
and the optimization of proprietary seeds and
strains.
Announced InvaGen Pharmaceuticals, Inc. /
Avenue Therapeutics, Inc. (NasdaqCM:ATXI)
$162.8 $0.0 -$24.0 NM NM Acquires, licenses, develops, and commercializes
products primarily for use in the acute/intensive
care hospital setting.
11/16/2018 Invictus MD Strategies Corp. (TSXV:GENE) /
0989561 B.C. Ltd.
$9.4 NA NA NA NA Engages in the cultivation and production of
cannabis.
11/26/2018 Item 9 Labs Corp. (OTCPK:INLB) /
Assets of Arizona DP Consulting LLC
$8.3 NA NA NA NA Comprises cannabis licensing assets.
11/23/2018 Jushi Inc. /
Medicinal Excellence in Neurological Disorders, LLC
NA NA NA NA NA Develops physician-formulated cannabinoid
products.
11/15/2018 Kali, Inc. (OTCPK:KALY) /
NCM Biotech
NA NA NA NA NA Engages in research and development of
cannabis oil for the treatment of illnesses,
diseases, and chronic pain as a symptom of
various diagnoses.
11/30/2018 MJardin Group, Inc. (CNSX:MJAR) /
Growforce Holdings Inc.
$177.4 NA NA NA NA Operates cannabis facilities for healthcare
industry.
11/12/2018 National Holistic Healing Center /
Advanced Biomedics, LLC
NA NA NA NA NA Engages in cultivation, extraction, and
manufacturing of pharmaceutical-grade marijuana
products.
11/5/2018 PhyeinMed Inc. /
Cannacure Corporation
$29.3 NA NA NA NA Produces cannabis for medical purposes.
11/21/2018 Santé Veritas Holdings Inc. (CNSX:SV) /
Sea Hunter Holdings, LLC
NA NA NA NA NA Provides cultivation, processing, and retailing of
medical cannabis.
PRODUCTS - CONSUMER
PRODUCTS - PHARMACEUTICALS
11
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
11/15/2018 Synteract, Inc. /
Kinderpharm LLC
NA NA NA NA NA Develops pediatric drugs.
Announced Terra Tech Corp. (OTCPK:TRTC) /
Golden Leaf Holdings Ltd. (CNSX:GLH)
$118.0 NM NM NM NM Produces, distributes, and sells cannabis oil and
flower products.
Announced Tetra Bio-Pharma Inc. (TSXV:TBP) /
Panag Pharma Inc.
$20.6 NA NA NA NA Develops bio pharmaceuticals and natural health
products containing cannabis and other medicinal
plant based elements.
Announced Trulieve Cannabis Corp. (CNSX:TRUL) /
Life Essence, Inc.
$3.1 NA NA NA NA Cultivates and develops medical marijuana.
Announced Weekend Unlimited Inc. (CNSX:YOLO) /
R&D Pharma Corp.
$7.6 NA NA NA NA Engages in cultivation of medicinal cannabis.
MEAN (PHARMACEUTICALS) 2.1x NA
MEDIAN (PHARMACEUTICALS) 2.1x NA
11/13/2018 AEA Investors LP /
Numotion
NA NA NA NA NA Provides mobility solutions for individuals with
complex medical mobility limitations.
11/20/2018 Aeroflow, Inc. /
Positive Airway Pressure Line of Business of Integrity Medical, Inc.
NA NA NA NA NA Comprises positive airway pressure and bilevel
positive airway pressure supplies.
Announced Cresco Labs Inc. (CNSX:CL) /
MedMar, Inc.
$27.0 NA NA NA NA Operates a medical cannabis dispensary.
11/27/2018 Democrasales, Inc. /
T-Plex Industries Inc.
NA NA NA NA NA Wholesale distributor of medical supplies to
physician offices and ambulatory surgery centers.
Announced Harvest Health & Recreation Inc. (CNSX:HARV) /
CBx Sciences LLC
$49.5 NA NA NA NA Operates as a botanical technology company.
Announced MedMen Enterprises Inc. (CNSX:MMEN) /
A Dispensary in Santa Ana, California of Captor Capital Corp.
$16.3 NA NA NA NA Comprises medical marijuana dispensary.
11/1/2018 NuGenerex Life Science Holdings, Inc. /
Certain Assets of Veneto Holdings, L.L.C
$35.0 NA NA NA NA Comprises specialty pharmacy services and
products.
11/21/2018 Santé Veritas Holdings Inc. (CNSX:SV) /
Briteside Holdings, LLC
NA NA NA NA NA Operates as a marijuana delivery company.
Announced Sunniva Inc. (CNSX:SNN) /
LTYR Logistics, LLC
$6.2 NA NA NA NA Provides cannabis distribution services to
healthcare and biotechnology industries.
MEAN (DISTRIBUTION) NA NA
MEDIAN (DISTRIBUTION) NA NA
MEAN (PRODUCTS) 3.2x 11.7x
MEDIAN (PRODUCTS) 2.6x 11.7x
1) Source: Financial Information from SEC filings and other publicly-available sources
2) EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization
3) NA: Not Available
4) NM: Not Meaningful
PRODUCTS - DISTRIBUTION
12
ANALYSIS OF SELECTED PUBLICLY-TRADED
HEALTHCARE, MEDICAL AND PHARMACEUTICAL
SERVICES AND PRODUCTS COMPANIES1
(As of November 30, 2018) ($ 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
Amerisafe, Inc. (NasdaqGS:AMSF) 64.59 1,244.06 1,210.74 378.02 83.58 2.77 3.2x 14.5x 23.3x
Anthem, Inc. (NYSE:ANTM) 290.07 75,024.31 90,924.31 91,393.60 6,294.20 17.25 1.0x 14.4x 16.8x
Centene Corporation (NYSE:CNC) 142.25 29,211.80 29,002.80 52,615.00 2,373.00 4.66 0.6x 12.2x NM
Cigna Corporation (NYSE:CI) 223.38 54,400.68 55,448.68 44,542.00 5,151.00 11.18 1.2x 10.8x 20.0x
CNO Financial Group, Inc. (NYSE:CNO) 18.30 3,013.08 6,453.78 4,625.40 253.50 (2.50) 1.4x 25.5x NM
Humana Inc. (NYSE:HUM) 329.47 45,198.96 46,427.96 55,933.00 3,549.00 10.83 0.8x 13.1x NM
Independence Holding Company (NYSE:IHC) 38.49 569.46 548.52 345.79 42.85 2.74 1.6x 12.8x 14.1x
Molina Healthcare, Inc. (NYSE:MOH) 139.71 8,716.37 7,415.37 18,500.00 971.00 3.78 0.4x 7.6x NM
ProAssurance Corporation (NYSE:PRA) 43.73 2,345.51 2,545.96 915.67 141.82 1.65 2.8x 18.0x 26.5x
Triple-S Management Corporation (NYSE:GTS) 19.08 443.92 365.84 3,000.13 (20.77) (1.22) 0.1x NM NM
Trupanion, Inc. (NasdaqGM:TRUP) 29.93 1,000.26 974.19 287.86 2.04 (0.05) 3.4x NM NM
UnitedHealth Group Incorporated (NYSE:UNH) 281.36 270,677.94 298,322.94 219,891.00 18,643.00 12.75 1.4x 16.0x 22.1x
WellCare Health Plans, Inc. (NYSE:WCG) 254.88 12,741.93 10,560.73 18,688.40 807.50 9.66 0.6x 13.1x 26.4x
MEAN (INSURANCE) 1.4x 14.4x 21.3x
MEDIAN (INSURANCE) 1.2x 13.1x 22.1x
Allscripts Healthcare Solutions, Inc. (NasdaqNM:MDRX) 10.21 1,783.83 3,997.33 2,079.12 90.48 (0.09) 1.9x NM NM
Castlight Health, Inc. (NYSE:CSLT) 2.61 364.69 301.86 150.91 (34.00) (0.34) 2.0x NM NM
Cerner Corporation (NasdaqNM:CERN) 57.91 19,080.67 18,708.22 5,212.98 1,256.46 2.49 3.6x 14.9x 23.2x
CompuGroup Medical Societas Europaea (DB:COP) 41.72 2,067.48 2,359.43 706.63 151.27 1.28 3.3x 15.6x NM
Computer Programs and Systems, Inc. (NasdaqNM:CPSI) 26.68 362.95 495.30 286.15 34.54 (0.84) 1.7x 14.3x NM
Craneware plc (AIM:CRW) 29.30 782.28 742.24 67.07 19.50 0.58 NM NM NM
Evolent Health, Inc. (NYSE:EVH) 25.70 2,013.38 1,923.63 547.69 (10.16) (0.64) 3.5x NM NM
HealthEquity, Inc. (NasdaqGS:HQY) 88.69 5,521.95 5,219.03 271.90 87.83 1.06 NM NM NM
Inovalon Holdings, Inc. (NasdaqGS:INOV) 13.30 2,027.12 2,880.73 505.98 101.95 (0.08) NM 28.3x NM
Medidata Solutions, Inc. (NasdaqGS:MDSO) 77.21 4,724.79 4,620.62 611.43 89.36 0.85 NM NM NM
Model N, Inc. (NYSE:MODN) 13.73 431.77 428.77 154.63 (12.48) (0.93) 2.8x NM NM
NextGen Healthcare, Inc. (NasdaqGS:NXGN) 17.55 1,134.93 1,145.84 531.01 37.47 0.09 2.2x NM NM
RaySearch Laboratories AB (publ) (OM:RAY B) 106.00 3,633.97 3,703.08 612.74 137.94 3.45 NM 26.8x NM
Simulations Plus, Inc. (NasdaqCM:SLP) 19.82 345.27 335.87 29.67 11.72 0.50 NM 28.7x NM
Veeva Systems Inc. (NYSE:VEEV) 96.16 13,896.02 12,844.10 810.88 205.37 1.22 NM NM NM
MEAN (TECHNOLOGY) 2.6x 21.4x 23.2x
MEDIAN (TECHNOLOGY) 2.5x 21.2x 23.2x
AMN Healthcare Services, Inc. (NYSE:AMN) 63.70 2,985.48 3,437.29 2,116.52 254.92 3.00 1.6x 13.5x 21.2x
athenahealth, Inc. (NasdaqGS:ATHN) 133.10 5,404.97 5,359.67 1,311.40 264.80 3.06 4.1x 20.2x NM
SERVICES - TECHNOLOGY
SERVICES - INSURANCE
SERVICES - OUTSOURCING
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
BioScrip, Inc. (NasdaqNM:BIOS) 3.95 505.76 1,076.02 707.92 46.78 (0.38) 1.5x 23.0x NM
Cegedim SA (ENXTPA:CGM) 23.70 330.08 490.91 461.01 53.09 0.89 1.1x 9.2x 26.5x
CorVel Corporation (NasdaqNM:CRVL) 69.70 1,306.76 1,216.62 582.88 75.99 2.26 2.1x 16.0x NM
Cross Country Healthcare, Inc. (NasdaqNM:CCRN) 9.07 328.79 391.96 835.25 33.99 0.86 0.5x 11.5x 10.6x
eHealth, Inc. (NasdaqGS:EHTH) 38.52 747.54 727.19 181.25 (25.51) (2.57) 4.0x NM NM
EPS Holdings, Inc. (TSE:4282) 2,185.00 98,896.67 84,476.67 65,769.00 9,173.00 95.66 1.3x 9.2x 22.8x
Express Scripts Holding Company (NasdaqNM:ESRX) 101.47 57,188.49 68,485.19 101,353.20 7,318.30 8.64 0.7x 9.4x 11.7x
Healthcare Services Group, Inc. (NasdaqNM:HCSG) 47.20 3,483.27 3,403.32 2,011.82 103.77 0.97 1.7x NM NM
HMS Holdings Corp. (NasdaqNM:HMSY) 35.74 2,998.84 3,114.54 590.96 122.63 0.55 NM 25.4x NM
ICON Public Limited Company (NasdaqGS:ICLR) 144.72 7,877.97 7,735.65 2,371.89 444.49 5.56 3.3x 17.4x 26.0x
Syneos Health, Inc. (NasdaqGS:SYNH) 51.72 5,338.84 8,081.68 3,995.12 489.07 (0.35) 2.0x 16.5x NM
Magellan Health, Inc. (NasdaqNM:MGLN) 54.52 1,322.39 1,888.90 7,163.92 232.75 4.22 0.3x 8.1x 12.9x
ASGN Incorporated (NYSE:ASGN) 69.25 3,634.03 4,747.30 3,149.17 345.18 3.39 1.5x 13.8x 20.5x
PRA Health Sciences, Inc. (NasdaqGS:PRAH) 116.74 7,585.20 8,655.73 2,487.16 410.28 0.99 3.5x 21.1x NM
IQVIA Holdings Inc. (NYSE: IQV ) 125.07 25,019.78 35,010.78 8,603.00 1,817.00 5.93 4.1x 19.3x 21.1x
Stericycle, Inc. (NasdaqGS:SRCL) 48.07 4,354.89 7,151.99 3,521.00 609.80 1.72 2.0x 11.7x 27.9x
Teladoc Health, Inc. (NYSE:TDOC) 62.45 4,378.15 4,314.28 372.31 (36.16) (1.85) NM NM NM
MEAN (OUTSOURCING) 2.1x 15.3x 20.1x
MEDIAN (OUTSOURCING) 1.7x 14.9x 21.2x
Firstsource Solutions Limited (BSE:532809) 52.20 36,050.05 40,055.98 36,583.85 4,778.02 5.39 1.1x 8.4x 9.7x
HCL Technologies Limited (NSEI:HCLTECH) 1,015.00 1,376,605.19 1,351,946.92 8,178.67 1,899.51 1.00 NM NM NM
Hexaware Technologies Limited (BSE:532129) 323.20 1,172.00 1,115.00 44,001.67 6,877.97 19.23 0.0x 0.2x 16.8x
Infosys Limited (NSEI:INFY) 667.45 2,901,855.57 2,647,367.71 11,313.00 3,002.00 0.56 NM NM NM
KPIT Technologies Limited (BSE:532400) 207.95 39,591.19 36,036.66 39,719.07 4,121.45 14.89 0.9x 8.7x 14.0x
Mphasis Limited (BSE:526299) 999.40 193,301.06 173,006.96 71,402.43 12,365.45 51.15 2.4x 14.0x 19.5x
NIIT Technologies Limited (BSE:532541) 1,091.50 67,148.43 58,964.43 32,776.00 5,297.00 57.84 1.8x 11.1x 18.9x
Tata Consultancy Services Limited (NSEI:TCS) 1,968.25 7,385,631.20 7,056,831.20 1,340,940.00 362,970.00 74.92 NM 19.4x 26.3x
Tech Mahindra Limited (NSEI:TECHM) 705.95 624,584.94 550,695.94 327,365.50 55,674.80 46.26 1.7x 9.9x 15.3x
Wipro Limited (BSE:507685) 324.85 1,462,432.69 1,248,980.69 559,563.00 97,278.00 16.89 2.2x 12.8x 19.2x
MEAN (INDIA-BASED OUTSOURCING) 1.5x 10.6x 17.5x
MEDIAN (INDIA-BASED OUTSOURCING) 1.7x 10.5x 17.8x
HealthStream, Inc. (NasdaqNM:HSTM) 24.64 796.50 622.19 259.82 30.96 0.45 2.4x 20.1x NM
National Research Corporation (NasdaqGS:NRC) 39.87 987.27 1,018.93 118.95 39.75 0.98 NM 25.6x NM
MEAN (INFORMATION) 2.4x 22.9x NM
MEDIAN (INFORMATION) 2.4x 22.9x NM
MEAN (SERVICES) 1.9x 15.4x 19.7x
MEDIAN (SERVICES) 1.7x 14.3x 20.2x
Charles River Laboratories International, Inc. (NYSE:CRL) 134.85 6,485.80 8,047.02 2,143.04 495.02 2.75 3.8x 16.3x NM
Global Cord Blood Corporation (NYSE:CO) 6.44 782.79 112.55 958.90 372.80 1.93 0.1x 0.3x 3.3x
SERVICES - INDIA-BASED OUTSOURCING
SERVICES - INFORMATION
PROVIDERS - LABS
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
Genomic Health, Inc. (NasdaqGS:GHDX) 79.05 2,855.55 2,672.28 376.97 37.84 0.51 NM NM NM
Invitae Corporation (NYSE:NVTA) 13.93 1,039.42 972.51 127.74 (113.07) (2.30) NM NM NM
Laboratory Corporation of America Holdings (NYSE:LH) 145.64 14,695.08 20,285.78 11,188.50 2,069.00 14.09 1.8x 9.8x 10.3x
NeoGenomics, Inc. (NasdaqCM:NEO) 16.40 1,525.47 1,517.35 280.05 34.21 0.08 NM NM NM
Quest Diagnostics Incorporated (NYSE:DGX) 88.57 12,051.91 15,742.91 7,864.00 1,574.00 6.19 2.0x 10.0x 14.3x
Sonic Healthcare Limited (ASX:SHL) 22.80 9,715.88 12,304.53 5,541.37 902.48 1.12 2.2x 13.6x 20.3x
MEAN (LABS) 2.0x 10.0x 12.1x
MEDIAN (LABS) 2.0x 10.0x 12.3x
Addus HomeCare Corporation (NasdaqGS:ADUS) 74.22 937.37 891.10 488.01 37.45 1.33 1.8x 23.8x NM
Amedisys, Inc. (NasdaqNM:AMED) 136.25 4,344.82 4,388.23 1,623.51 164.26 2.58 2.7x 26.7x NM
Chemed Corporation (NYSE:CHE) 316.78 5,072.39 5,134.93 1,753.50 265.94 12.25 2.9x 19.3x 25.9x
LHC Group, Inc. (NasdaqNM:LHCG) 104.87 3,290.19 3,606.22 1,591.26 133.42 2.50 2.3x 27.0x NM
MEAN (HOME HEALTH) 2.4x 24.2x 25.9x
MEDIAN (HOME HEALTH) 2.5x 25.3x 25.9x
AAC Holdings, Inc. (NYSE:AAC) 1.97 48.47 352.90 317.33 31.24 (1.40) 1.1x 11.3x NM
Acadia Healthcare Company, Inc. (NasdaqGS:ACHC) 33.97 2,998.06 6,193.06 2,993.41 589.45 2.58 2.1x 10.5x 13.2x
Civitas Solutions, Inc. (NYSE:CIVI) 13.88 502.86 1,218.17 1,573.09 157.59 0.16 0.8x 7.7x NM
Concord Medical Services Holdings Limited (NYSE:CCM) 3.72 161.31 514.01 229.85 (138.97) (7.18) 2.2x NM NM
CoreCivic, Inc. (NYSE:CXW) 21.95 2,605.06 4,276.41 1,794.15 408.76 1.34 2.4x 10.5x 16.4x
DaVita Inc. (NYSE:DVA) 66.06 10,964.93 22,005.75 11,377.59 2,186.45 3.49 1.9x 10.1x 19.0x
The GEO Group, Inc. (NYSE: GEO) 23.24 2,827.98 5,500.62 2,300.93 395.14 1.22 2.4x 13.9x 19.0x
Hanger, Inc. (NYSE:HNGR) 20.03 738.07 1,189.03 1,049.64 92.70 (2.45) 1.1x 12.8x NM
Encompass Health Corporation (NYSE:EHC) 75.21 7,440.39 10,426.19 4,195.20 881.10 3.26 2.5x 11.8x 23.1x
MEDNAX, Inc. (NYSE:MD) 40.20 3,552.85 5,510.92 3,625.25 575.78 3.72 1.5x 9.6x 10.8x
The Providence Service Corporation (NasdaqGS:PRSC) 70.81 907.14 972.83 1,646.05 71.28 2.32 0.6x 13.6x NM
RadNet, Inc. (NasdaqNM:RDNT) 12.89 629.89 1,210.03 953.49 117.80 (0.10) 1.3x 10.3x NM
Select Medical Holdings Corporation (NYSE:SEM) 19.38 2,622.73 6,707.87 4,909.69 600.45 1.59 1.4x 11.2x 12.2x
U.S. Physical Therapy, Inc. (NYSE:USPH) 118.99 1,509.36 1,666.67 441.71 69.83 1.45 3.8x 23.9x NM
MEAN (NON-ACUTE) 1.8x 12.1x 16.2x
MEDIAN (NON-ACUTE) 1.7x 11.2x 16.4x
Brookdale Senior Living Inc. (NYSE:BKD) 8.55 1,605.20 6,103.97 3,622.32 570.06 (3.45) 1.7x 10.7x NM
Capital Senior Living Corporation (NYSE:CSU) 9.00 281.36 1,265.99 460.14 74.00 (1.14) 2.8x 17.1x NM
Ensign Group, Inc. (NasdaqNM:ENSG) 45.37 2,370.49 2,581.31 1,990.59 168.67 1.43 1.3x 15.3x NM
Five Star Senior Living Inc. (NasdaqCM:FVE) 0.41 20.73 0.39 1,112.30 (29.71) (1.04) 0.0x NM NM
Genesis Healthcare, Inc. (NYSE:GEN) 1.59 162.15 4,359.50 5,022.17 381.58 (2.57) 0.9x 11.4x NM
Sabra Health Care REIT, Inc. (NasdaqGS:SBRA) 19.29 3,439.12 6,737.59 647.05 556.62 2.19 NM 12.1x 8.8x
Ventas, Inc. (NYSE:VTR) 63.49 22,632.14 33,227.96 3,667.75 1,832.43 2.06 NM 18.1x NM
Welltower Inc. (NYSE:WELL) 72.33 27,170.36 42,564.10 4,498.00 2,010.61 1.47 NM 21.2x NM
MEAN (LONG-TERM CARE) 1.3x 15.1x 8.8x
MEDIAN (LONG-TERM CARE) 1.3x 15.3x 8.8x
PROVIDERS - LONG-TERM CARE
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
Community Health Systems, Inc. (NYSE:CYH) 4.75 536.28 14,341.28 13,760.00 846.00 (21.97) 1.0x 17.0x NM
HCA Healthcare, Inc. (NYSE:HCA) 143.99 49,555.67 83,913.67 45,965.00 8,767.00 8.93 1.8x 9.6x 16.1x
Tenet Healthcare Corporation (NYSE:THC) 26.07 2,672.13 19,232.13 18,672.00 2,629.00 (1.15) 1.0x 7.3x NM
Universal Health Services, Inc. (NYSE:UHS) 137.99 12,765.39 16,783.79 10,660.57 1,702.94 8.92 1.6x 9.9x 15.5x
MEAN (ACUTE) 1.4x 10.9x 15.8x
MEDIAN (ACUTE) 1.3x 9.7x 15.8x
MEAN (PROVIDERS) 1.8x 13.7x 15.2x
MEDIAN (PROVIDERS) 1.8x 11.8x 15.5x
ABIOMED, Inc. (NasdaqNM:ABMD) 332.68 14,983.75 14,573.30 690.25 202.09 4.13 NM NM NM
Accelerate Diagnostics, Inc. (NasdaqCM:AXDX) 14.77 800.52 737.67 5.97 (74.40) (1.50) NM NM NM
Accuray Incorporated (NasdaqNM:ARAY) 4.10 355.31 415.69 409.78 2.91 (0.28) 1.0x NM NM
Agilent Technologies, Inc. (NYSE:A) 72.35 23,062.98 22,618.98 4,914.00 1,138.00 0.97 4.6x 19.9x NM
Align Technology, Inc. (NasdaqNM:ALGN) 229.89 18,387.61 17,782.45 1,853.80 504.91 3.83 NM NM NM
Alliqua BioMedical, Inc. (NasdaqCM:ALQA) 2.76 13.81 2.72 19.97 (12.37) (5.96) 0.1x NM NM
Alphatec Holdings, Inc. (NasdaqNM:ATEC) 2.71 117.11 146.07 92.63 (14.25) (0.82) 1.6x NM NM
AngioDynamics, Inc. (NasdaqNM:ANGO) 21.49 797.74 862.08 344.21 50.74 0.43 2.5x 17.0x NM
Anika Therapeutics, Inc. (NasdaqGS:ANIK) 34.45 489.58 340.57 107.99 33.41 1.27 3.2x 10.2x 27.0x
AtriCure, Inc. (NasdaqNM:ATRC) 33.49 1,290.26 1,302.49 194.80 (18.63) (0.61) NM NM NM
Avinger, Inc. (NasdaqCM:AVGR) 0.31 7.27 5.41 7.80 (21.67) (7.45) 0.7x NM NM
Baxter International Inc. (NYSE:BAX) 68.55 36,478.27 37,089.27 11,060.00 2,487.00 2.20 3.4x 14.9x NM
Bio-Techne Corporation (NasdaqGS:TECH) 161.42 6,096.15 6,493.90 661.35 199.68 3.33 NM NM NM
BioTelemetry, Inc. (NasdaqGS:BEAT) 70.94 2,362.50 2,500.64 366.39 98.45 0.48 NM 25.4x NM
Boston Scientific Corporation (NYSE:BSX) 37.67 52,127.78 58,585.78 9,670.00 2,600.00 0.48 NM 22.5x NM
Bruker Corporation (NasdaqNM:BRKR) 33.14 5,186.81 5,165.61 1,872.50 328.10 0.63 2.8x 15.7x NM
Cardiovascular Systems, Inc. (NasdaqGS:CSII) 30.87 1,071.23 978.40 223.63 4.76 0.02 4.4x NM NM
Catalent, Inc. (NYSE:CTLT) 39.65 5,764.00 7,777.00 2,471.30 505.60 0.48 3.1x 15.4x NM
Conformis, Inc. (NasdaqGS:CFMS) 0.54 34.21 27.02 88.49 (29.05) (0.83) 0.3x NM NM
CONMED Corporation (NasdaqNM:CNMD) 67.96 1,911.62 2,342.88 839.75 137.52 2.50 2.8x 17.0x 27.2x
Corindus Vascular Robotics, Inc. (AMEX:CVRS) 1.22 233.41 237.78 10.30 (33.96) (0.22) NM NM NM
CryoLife, Inc. (NYSE:CRY) 30.32 1,120.85 1,304.14 247.87 25.74 (0.14) NM NM NM
Cutera, Inc. (NasdaqGS:CUTR) 20.50 285.03 258.14 164.88 (2.24) 1.32 1.6x NM 15.5x
Cytosorbents Corporation (NasdaqCM:CTSO) 10.44 330.45 315.45 21.07 (13.49) (0.50) NM NM NM
DexCom, Inc. (NasdaqNM:DXCM) 129.59 11,513.34 11,190.74 914.60 15.00 0.48 NM NM NM
Edwards Lifesciences Corporation (NYSE:EW) 162.01 33,868.07 33,465.87 3,633.60 1,100.60 3.32 NM NM NM
Ekso Bionics Holdings, Inc. (OTCBB:EKSO) - 116.51 109.11 10.49 (26.60) (0.53) NM NM NM
Endologix, Inc. (NasdaqNM:ELGX) 0.85 88.06 266.91 165.78 (40.93) (0.81) 1.6x NM NM
Enzo Biochem, Inc. (NYSE:ENZ) 3.08 145.35 85.86 104.71 (9.03) (0.22) 0.8x NM NM
EyePoint Pharmaceuticals, Inc. (NasdaqGM:EYPT) 2.36 224.15 185.85 3.06 (32.24) (1.46) NM NM NM
Fresenius SE & Co. KGaA (DB:FRE) 50.40 28,026.65 53,713.65 33,390.00 5,602.00 3.63 1.6x 9.6x 13.9x
GenMark Diagnostics, Inc. (NasdaqGM:GNMK) 5.21 291.53 277.60 67.40 (44.34) (0.97) 4.1x NM NM
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
Genomic Health, Inc. (NasdaqGS:GHDX) 79.05 2,855.55 2,672.28 376.97 37.84 0.51 NM NM NM
Glaukos Corporation (NYSE:GKOS) 65.88 2,373.54 2,235.71 168.85 (7.76) (0.39) NM NM NM
Globus Medical, Inc. (NYSE:GMED) 48.29 4,755.65 4,382.89 693.07 214.44 1.43 NM 20.4x NM
Hologic, Inc. (NasdaqNM:HOLX) 44.41 12,843.94 15,533.64 3,217.90 1,018.30 (0.40) 4.8x 15.3x NM
Illumina, Inc. (NasdaqNM:ILMN) 337.50 49,612.50 48,499.50 3,243.00 1,083.00 4.62 NM NM NM
Inogen, Inc. (NasdaqGS:INGN) 147.36 3,171.57 2,947.71 335.37 50.94 1.84 NM NM NM
Integer Holdings Corporation (NYSE:ITGR) 88.58 2,868.46 3,799.77 1,540.08 292.74 1.93 2.5x 13.0x NM
Integra LifeSciences Holdings Corporation
(NasdaqNM:IART) 53.63 4,568.18 5,787.76 1,457.73 359.68 0.97 4.0x 16.1x NM
Intersect ENT, Inc. (NasdaqGM:XENT) 30.01 916.96 812.94 105.22 (21.19) (0.70) NM NM NM
Intuitive Surgical, Inc. (NasdaqNM:ISRG) 530.87 60,625.49 57,497.49 3,560.40 1,342.50 6.69 NM NM NM
IRadimed Corporation (NasdaqCM:IRMD) 28.78 314.69 283.50 28.80 6.39 0.39 NM NM NM
LeMaitre Vascular, Inc. (NasdaqGM:LMAT) 27.89 546.14 500.52 103.33 25.66 1.05 4.8x 19.5x 26.6x
LivaNova PLC (NasdaqGS:LIVN) 101.19 4,926.44 5,004.08 1,088.33 166.16 (0.01) 4.6x NM NM
Masimo Corporation (NasdaqNM:MASI) 110.42 5,851.79 5,358.31 850.96 232.17 2.59 NM 23.1x NM
Medtronic plc (NYSE:MDT) 97.53 130,987.22 145,994.22 30,378.00 9,680.00 1.59 4.8x 15.1x NM
Meridian Bioscience, Inc. (NasdaqNM:VIVO) 18.94 803.11 793.53 213.57 52.56 0.56 3.7x 15.1x NM
NanoString Technologies, Inc. (NasdaqGM:NSTG) 17.27 531.39 486.59 111.93 (55.26) (2.45) 4.3x NM NM
Natus Medical Incorporated (NasdaqNM:BABY) 35.38 1,182.31 1,242.30 521.34 42.49 (0.56) 2.4x 29.2x NM
Nevro Corp. (NYSE:NVRO) 41.51 1,251.78 1,144.30 377.31 (13.93) (1.47) 3.0x NM NM
NuVasive, Inc. (NasdaqNM:NUVA) 63.69 3,275.10 3,802.50 1,087.44 228.82 0.49 3.5x 16.6x NM
Nxstage Medical, Inc. (NasdaqNM:NXTM) 28.24 1,883.18 1,814.96 425.99 21.68 (0.08) 4.3x NM NM
Orthofix Medical Inc. (NasdaqNM:OFIX) 60.25 1,139.98 1,066.95 448.86 55.37 0.34 2.4x 19.3x NM
Quidel Corporation (NasdaqNM:QDEL) 60.82 2,392.48 2,490.86 504.59 150.71 1.00 4.9x 16.5x NM
ResMed Inc. (NYSE:RMD) 111.79 15,930.05 16,229.47 2,404.82 712.65 2.32 NM 22.8x NM
REVA Medical, Inc. (ASX:RVA) 0.20 83.01 164.68 NM (20.73) (0.04) NM NM NM
ReWalk Robotics Ltd. (NasdaqCM:RWLK) 0.23 12.39 19.58 6.48 (20.38) (0.74) 3.0x NM NM
SeaSpine Holdings Corporation (NasdaqGS:SPNE) 19.66 364.35 359.83 139.40 (23.17) (2.21) 2.6x NM NM
Second Sight Medical Products, Inc. (NasdaqCM:EYES) 1.08 78.60 73.63 8.24 (33.30) (0.54) NM NM NM
Sientra, Inc. (NasdaqGS:SIEN) 17.00 486.19 417.90 60.17 (66.53) (3.29) NM NM NM
Smith & Nephew plc (LSE:SN.) 14.25 12,439.15 13,505.46 4,869.00 1,249.00 0.82 2.8x 10.8x 17.4x
Sonova Holding AG (SWX:SOON) 161.35 10,534.87 10,840.74 2,696.22 609.44 6.38 4.0x 17.8x 25.3x
STAAR Surgical Company (NasdaqNM:STAA) 38.01 1,677.44 1,581.43 117.62 6.77 0.09 NM NM NM
Stryker Corporation (NYSE:SYK) 175.46 65,654.90 70,647.90 13,276.00 3,575.00 3.24 NM 19.8x NM
T2 Biosystems, Inc. (NasdaqGM:TTOO) 4.44 195.53 179.64 10.37 (43.25) (1.41) NM NM NM
Tandem Diabetes Care, Inc. (NasdaqGM:TNDM) 36.82 2,112.34 1,998.76 147.96 (48.29) (3.82) NM NM NM
TransEnterix, Inc. (AMEX:TRXC) 3.11 672.13 609.82 19.98 (49.02) (0.65) NM NM NM
Utah Medical Products, Inc. (NasdaqNM:UTMD) 94.89 354.34 304.99 42.44 21.99 3.37 NM 13.9x 28.2x
Varian Medical Systems, Inc. (NYSE:VAR) 123.39 11,242.86 10,702.96 2,919.10 573.10 1.62 3.7x 18.7x NM
Wright Medical Group N.V. (NasdaqNM:WMGI) 27.96 3,497.28 3,903.89 815.65 98.07 (1.11) 4.8x NM NM
Zimmer Biomet Holdings, Inc. (NYSE:ZBH) 117.02 23,869.31 32,552.31 7,951.00 2,626.40 8.57 4.1x 12.4x 13.7x
MEAN (CLINICAL) 3.1x 17.3x 21.6x
MEDIAN (CLINICAL) 3.1x 16.6x 25.3x
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
Cerus Corporation (NasdaqNM:CERS) 5.25 712.37 623.22 60.62 (48.82) (0.42) NM NM NM
Getinge AB (OM:GETI B) 94.00 25,602.74 35,848.74 23,653.00 919.00 (2.67) 1.5x NM NM
Haemonetics Corporation (NYSE:HAE) 107.28 5,544.69 5,688.28 938.52 170.97 0.40 NM NM NM
Harvard Bioscience, Inc. (NasdaqGM:HBIO) 3.95 147.31 201.70 133.04 10.33 (0.18) 1.5x 19.5x NM
IDEXX Laboratories, Inc. (NasdaqNM:IDXX) 203.76 17,570.97 18,441.25 2,169.98 557.89 3.72 NM NM NM
Invacare Corporation (NYSE:IVC) 5.50 182.61 316.33 978.12 (4.18) (1.83) 0.3x NM NM
Omnicell, Inc. (NasdaqGS:OMCL) 77.23 3,060.33 3,201.00 775.38 77.03 1.08 4.1x NM NM
Pacific Biosciences of California, Inc. (NasdaqGS:PACB) 7.82 1,164.41 1,063.05 84.04 (83.65) (0.73) NM NM NM
PerkinElmer, Inc. (NYSE:PKI) 87.06 9,684.49 11,437.55 2,663.28 533.29 1.15 4.3x 21.4x NM
STERIS plc (NYSE:STE) 73.64 6,474.90 7,143.30 2,695.59 618.91 3.68 2.6x 11.5x 20.0x
Surmodics, Inc. (NasdaqGS:SRDX) 60.59 811.79 747.12 81.34 7.20 (0.34) NM NM NM
Thermo Fisher Scientific Inc. (NYSE:TMO) 249.55 100,462.94 118,318.94 23,898.00 5,939.00 6.34 5.0x 19.9x NM
Waters Corporation (NYSE:WAT) 198.58 15,041.59 14,105.67 2,392.19 835.48 0.70 NM 16.9x NM
MEAN (NON-CLINICAL) 2.8x 17.9x 20.0x
MEDIAN (NON-CLINICAL) 2.6x 19.5x 20.0x
Atrion Corporation (NasdaqNM:ATRI) 773.22 1,432.59 1,367.09 151.55 50.60 18.92 NM 27.0x NM
Avanos Medical, Inc. (NYSE:AVNS) 47.71 2,262.81 2,098.61 648.70 61.60 (0.03) 3.2x NM NM
Becton, Dickinson and Company (NYSE:BDX) 252.75 67,802.19 88,142.19 15,983.00 4,755.00 0.60 NM 18.5x NM
ICU Medical, Inc. (NasdaqNM:ICUI) 240.49 4,927.44 4,573.00 1,429.79 334.34 3.97 3.2x 13.7x NM
Merit Medical Systems, Inc. (NasdaqNM:MMSI) 63.05 3,457.26 3,614.17 840.40 132.27 0.75 4.3x 27.3x NM
Nipro Corporation (TSE:8086) 1,543.00 253,728.38 664,304.38 415,819.00 64,511.00 60.90 1.6x 10.3x 25.3x
Retractable Technologies, Inc. (AMEX:RVP) 0.67 21.72 12.01 34.52 (2.29) (0.09) 0.3x NM NM
Teleflex Incorporated (NYSE:TFX) 275.42 12,664.40 14,461.20 2,401.87 664.24 1.42 NM 21.8x NM
Terumo Corporation (TSE:4543) 6,685.00 2,477,392.95 2,575,166.95 588,162.00 143,536.00 245.64 4.4x 17.9x 27.2x
MEAN (DISPOSABLES) 2.8x 19.5x 26.3x
MEDIAN (DISPOSABLES) 3.2x 18.5x 26.3x
Bio-Rad Laboratories, Inc. (NYSE:BIO) 274.46 8,221.59 7,801.59 2,293.86 346.60 42.26 3.4x 22.5x 6.5x
Cambrex Corporation (NYSE:CBM) 47.83 1,605.18 1,833.04 579.01 176.62 3.93 3.2x 10.4x 12.2x
Cantel Medical Corp. (NYSE:CMD) 85.88 3,583.03 3,713.94 884.75 164.43 2.09 4.2x 22.6x NM
ChromaDex Corporation (NasdaqCM:CDXC) 3.55 194.78 166.92 30.02 (31.58) (0.63) NM NM NM
DENTSPLY SIRONA Inc. (NasdaqNM:XRAY) 37.78 8,407.85 9,916.65 4,017.60 756.90 (7.36) 2.5x 13.1x NM
Exact Sciences Corporation (NasdaqCM:EXAS) 77.98 9,583.78 9,079.88 398.89 (112.55) (1.18) NM NM NM
Fluidigm Corporation (NasdaqGS:FLDM) 8.20 322.45 455.96 108.38 (39.83) (1.40) 4.2x NM NM
Hill-Rom Holdings, Inc. (NYSE:HRC) 96.96 6,523.80 8,314.90 2,848.00 569.40 3.73 2.9x 14.6x 26.0x
Ion Beam Applications SA (ENXTBR:IBAB) 16.50 483.73 522.82 250.48 (12.16) (1.42) 2.1x NM NM
Luminex Corporation (NasdaqNM:LMNX) 29.37 1,309.31 1,162.42 312.88 59.51 0.40 3.7x 19.5x NM
Mettler-Toledo International Inc. (NYSE:MTD) 636.66 15,945.17 16,852.37 2,895.69 717.43 15.72 NM 23.5x NM
Natera, Inc. (NasdaqGS:NTRA) 17.32 1,070.79 1,028.78 244.05 (122.58) (2.57) 4.2x NM NM
PRODUCTS - NON-CLINICAL DEVICES
PRODUCTS - DISPOSABLES
PRODUCTS - COMMERCIAL
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
Neogen Corporation (NasdaqGS:NEOG) 64.86 3,372.42 3,146.00 407.67 87.59 1.27 NM NM NM
OraSure Technologies, Inc. (NasdaqNM:OSUR) 12.70 777.87 627.53 177.37 37.28 0.28 3.5x 16.8x NM
Oxford Immunotec Global PLC (NasdaqGM:OXFD) 15.06 397.00 357.14 105.34 (16.82) (0.44) 3.4x NM NM
QIAGEN N.V. (NYSE:QGEN) 35.44 8,018.02 8,890.61 1,495.54 491.93 0.38 NM 18.1x NM
Quotient Limited (NasdaqGM:QTNT) 7.89 428.68 502.62 26.13 (62.88) (1.99) NM NM NM
Rockwell Medical, Inc. (NasdaqGM:RMTI) 3.31 188.60 170.89 61.37 (30.61) (0.62) 2.8x NM NM
Trinity Biotech plc (NasdaqGS:TRIB) 2.94 61.53 107.90 97.06 8.03 (1.88) 1.1x 13.4x NM
TrovaGene, Inc. (NasdaqCM:TROV) 0.70 16.05 0.98 0.49 (14.57) (1.96) 2.0x NM NM
Veracyte, Inc. (NasdaqGM:VCYT) 12.24 496.19 443.62 85.85 (22.34) (0.80) NM NM NM
West Pharmaceutical Services, Inc. (NYSE:WST) 109.56 8,116.17 8,015.07 1,710.50 350.90 2.05 4.7x 22.8x NM
MEAN (COMMERCIAL) 3.2x 17.9x 14.9x
MEDIAN (COMMERCIAL) 3.4x 18.1x 12.2x
Cooper Companies Inc. (NYSE:COO) 278.83 13,701.62 15,840.32 2,532.80 775.80 2.81 NM 20.4x NM
EssilorLuxottica Société anonyme (ENXTPA:EL) 112.15 39,813.50 42,193.50 7,357.00 1,524.00 3.38 NM 27.7x NM
Insulet Corporation (NasdaqNM:PODD) 83.93 4,958.35 5,252.99 529.44 25.00 (0.23) NM NM NM
Nutrisystem, Inc. (NasdaqGS:NTRI) 37.19 1,085.46 992.91 692.73 88.35 1.86 1.4x 11.2x 20.0x
USANA Health Sciences, Inc. (NYSE:USNA) 122.38 2,934.25 2,612.83 1,163.34 195.46 3.58 2.2x 13.4x NM
MEAN (CONSUMER) 1.8x 18.2x 20.0x
MEDIAN (CONSUMER) 1.8x 16.9x 20.0x
Abbott Laboratories (NYSE:ABT) 74.05 130,056.46 146,529.46 30,402.00 7,123.00 0.46 4.8x 20.6x NM
AbbVie Inc. (NYSE:ABBV) 94.27 141,802.47 174,232.47 32,187.00 13,497.00 4.79 NM 12.9x 19.7x
AcelRx Pharmaceuticals, Inc. (NasdaqGM:ACRX) 3.37 257.45 207.76 2.28 (31.77) (0.84) NM NM NM
Achillion Pharmaceuticals, Inc. (NasdaqGS:ACHN) 2.89 400.60 118.70 - (79.05) (0.56) NM NM NM
Acorda Therapeutics, Inc. (NasdaqNM:ACOR) 20.43 971.62 852.13 590.68 196.09 (3.15) 1.4x 4.3x NM
Adamas Pharmaceuticals, Inc. (NasdaqGM:ADMS) 10.24 279.92 183.80 21.30 (117.23) (5.10) NM NM NM
Akorn, Inc. (NasdaqGS:AKRX) 6.86 860.88 1,404.64 726.69 13.95 (2.02) 1.9x NM NM
Alexion Pharmaceuticals, Inc. (NasdaqGS:ALXN) 123.15 27,474.35 29,122.35 3,912.10 1,886.20 0.69 NM 15.4x NM
Alimera Sciences, Inc. (NasdaqGM:ALIM) 1.02 71.48 127.50 41.00 (12.87) 0.16 3.1x NM 6.6x
Allergan plc (NYSE:AGN) 156.60 52,818.98 75,205.58 16,033.80 7,441.80 7.71 4.7x 10.1x 20.3x
Amphastar Pharmaceuticals, Inc. (NasdaqGS:AMPH) 21.72 1,001.26 1,002.75 265.38 4.23 (0.13) 3.8x NM NM
Ampio Pharmaceuticals, Inc. (AMEX:AMPE) 0.64 67.89 59.22 - (12.08) (0.12) NM NM NM
ANI Pharmaceuticals, Inc. (NasdaqGM:ANIP) 55.59 658.56 820.19 191.74 72.77 0.03 4.3x 11.3x NM
Antares Pharma, Inc. (NasdaqCM:ATRS) 3.61 568.72 565.62 58.77 (12.52) (0.10) NM NM NM
Aradigm Corporation (NasdaqCM:ARDM) 0.74 11.22 32.58 4.38 (12.12) (1.09) NM NM NM
Array BioPharma Inc. (NasdaqNM:ARRY) 15.93 3,394.24 3,110.94 126.28 (115.95) (0.65) NM NM NM
Arrowhead Pharmaceuticals, Inc. (NasdaqGS:ARWR) 14.52 1,278.10 1,219.44 13.60 (50.39) (0.68) NM NM NM
Assertio Therapeutics, Inc. (NasdaqGS:ASRT) 4.99 318.74 782.36 363.58 183.45 0.44 2.2x 4.3x 11.3x
Astellas Pharma Inc. (TSE:4503) 1,744.50 3,357,024.00 3,054,029.00 1,307,658.00 366,826.00 94.09 2.3x 8.3x 18.5x
AstraZeneca PLC (LSE:AZN) 61.17 77,490.04 91,533.82 21,450.00 3,772.00 1.91 4.3x 24.3x NM
PRODUCTS - PHARMACEUTICALS
PRODUCTS - CONSUMER
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
Bausch Health Companies Inc. (NYSE:BHC) 24.35 27,899.20 57,468.90 8,422.00 3,343.00 (9.38) NM 17.2x NM
BioDelivery Sciences International, Inc. (NasdaqCM:BDSI) 3.65 258.02 259.06 50.12 (27.39) (0.94) NM NM NM
Bristol-Myers Squibb Company (NYSE:BMY) 53.46 87,257.35 87,844.35 22,037.00 6,342.00 0.87 4.0x 13.9x NM
Clovis Oncology, Inc. (NasdaqGS:CLVS) 17.21 907.17 877.62 82.08 (296.96) (6.24) NM NM NM
Compugen Ltd. (NasdaqGM:CGEN) 3.46 197.90 163.00 17.80 (21.26) (0.42) NM NM NM
Corcept Therapeutics Incorporated (NasdaqCM:CORT) 13.93 1,608.52 1,413.33 237.70 86.51 1.19 NM 16.3x 11.7x
Curis, Inc. (NasdaqGM:CRIS) 0.86 28.40 34.71 10.94 (31.12) (1.05) 3.2x NM NM
DURECT Corporation (NasdaqGM:DRRX) 0.89 144.04 122.62 34.48 (7.89) (0.07) 3.6x NM NM
Egalet Corporation (OTCPK:EGLT.Q) 0.01 0.55 80.93 29.66 (38.16) (1.49) 2.7x NM NM
Eli Lilly and Company (NYSE:LLY) 118.64 116,603.27 121,373.87 24,277.80 7,789.00 0.43 5.0x 15.6x NM
Elite Pharmaceuticals, Inc. (OTCPK:ELTP) 0.08 68.84 81.84 7.66 (8.09) (0.01) NM NM NM
Endo International plc (NasdaqNM:ENDP) 12.03 2,698.87 9,842.74 2,929.33 23.45 (4.33) 3.4x NM NM
Foamix Pharmaceuticals Ltd. (NasdaqGM:FOMX) 3.99 216.59 107.57 3.78 (76.41) (1.97) NM NM NM
GlaxoSmithKline plc (LSE:GSK) 16.22 79,688.07 102,772.07 30,263.00 7,719.00 0.38 3.4x 13.3x NM
Heska Corporation (NasdaqCM:HSKA) 103.98 789.13 785.91 129.42 12.21 0.16 NM NM NM
ImmunoGen, Inc. (NasdaqGS:IMGN) 5.51 821.49 520.35 79.48 (119.33) (1.04) NM NM NM
Infinity Pharmaceuticals, Inc. (NasdaqGS:INFI) 1.33 75.63 33.46 22.00 (11.26) (0.20) 1.5x NM NM
Innoviva, Inc. (NasdaqGS:INVA) 18.26 1,844.99 2,173.59 250.67 227.52 1.70 NM 9.6x 10.7x
INSYS Therapeutics, Inc. (NasdaqGM:INSY) 6.01 446.36 345.80 97.21 (84.96) (1.71) 3.6x NM NM
Ironwood Pharmaceuticals, Inc. (NasdaqGS:IRWD) 13.82 2,129.10 2,377.01 310.16 (107.27) (1.68) NM NM NM
Jazz Pharmaceuticals PLC (NasdaqGS:JAZZ) 151.20 9,120.62 9,648.43 1,850.86 902.70 8.47 NM 10.7x 17.9x
Johnson & Johnson (NYSE:JNJ) 146.90 393,982.56 405,877.56 81,382.00 27,975.00 0.57 5.0x 14.5x NM
Karyopharm Therapeutics Inc. (NasdaqGS:KPTI) 10.40 631.36 424.59 31.66 (161.17) (2.96) NM NM NM
Lannett Company, Inc. (NYSE:LCI) 5.90 229.82 906.47 684.66 226.07 (7.30) 1.3x 4.0x NM
Mallinckrodt Public Limited Company (NYSE:MNK) 23.79 1,982.02 7,882.02 3,305.20 1,457.20 20.42 2.4x 5.4x 1.2x
Merck & Co., Inc. (NYSE:MRK) 79.34 206,313.87 219,994.87 41,729.00 13,971.00 1.24 NM 15.7x NM
Mylan N.V. (NasdaqGS:MYL) 33.86 17,459.28 31,386.68 11,594.10 3,776.60 1.05 2.7x 8.3x NM
Neos Therapeutics, Inc. (NasdaqGM:NEOS) 1.96 96.07 139.42 41.70 (45.17) (1.94) 3.3x NM NM
Novartis AG (SWX:NOVN) 90.96 210,115.11 227,023.12 52,588.00 16,211.00 5.71 4.3x 14.0x 15.9x
Novo Nordisk A/S (CPSE:NOVO B) 306.00 733,804.63 717,740.63 110,091.00 49,461.00 15.75 NM 14.5x 19.4x
OPKO Health, Inc. (NasdaqGS:OPK) 3.74 2,093.75 2,258.79 1,030.89 (135.94) (0.53) 2.2x NM NM
Osiris Therapeutics, Inc. (NasdaqGM:OSIR) 12.05 416.04 375.68 134.58 5.06 0.16 2.8x NM NM
Pacira Pharmaceuticals, Inc. (NasdaqGS:PCRX) 48.33 1,987.05 1,887.87 321.24 26.43 (0.10) NM NM NM
Pernix Therapeutics Holdings, Inc. (NasdaqGM:PTX) 0.40 5.86 336.32 127.92 11.93 (6.26) 2.6x 28.2x NM
Perrigo Company plc (NYSE:PRGO) 62.28 8,461.15 11,275.35 4,819.60 991.80 0.88 2.3x 11.4x NM
Pfizer Inc. (NYSE:PFE) 46.23 267,231.34 291,969.34 53,373.00 21,388.00 3.96 NM 13.7x 11.7x
Phibro Animal Health Corporation (NasdaqGM:PAHC) 33.90 1,368.73 1,617.20 826.72 125.85 1.62 2.0x 12.9x 20.9x
Progenics Pharmaceuticals, Inc. (NasdaqGS:PGNX) 5.19 438.78 336.47 16.27 (47.30) (0.75) NM NM NM
Recro Pharma, Inc. (NasdaqCM:REPH) 6.57 141.11 158.75 78.61 (33.78) (3.15) 2.0x NM NM
Rigel Pharmaceuticals, Inc. (NasdaqNM:RIGL) 2.83 471.59 355.96 6.65 (100.89) (0.64) NM NM NM
Roche Holding AG (SWX:ROG) 259.10 221,009.56 235,551.56 57,725.00 22,157.00 12.17 4.1x 10.6x 21.3x
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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
Sanofi (ENXTPA:SAN) 79.81 98,687.90 120,299.90 35,316.00 9,729.50 3.21 3.4x 12.4x 24.9x
Sarepta Therapeutics, Inc. (NasdaqGS:SRPT) 129.47 9,128.97 8,751.56 273.90 (217.76) (3.77) NM NM NM
Supernus Pharmaceuticals, Inc. (NasdaqGM:SUPN) 47.42 2,478.03 2,523.47 381.40 145.97 1.83 NM 17.3x 26.0x
Takeda Pharmaceutical Company Limited (TSE:4502) 4,255.00 3,337,090.54 4,024,347.54 1,769,725.00 407,985.00 178.72 2.3x 9.9x 23.8x
Taro Pharmaceutical Industries Ltd. (NYSE:TARO) 107.92 4,210.97 2,794.01 644.27 293.87 5.92 4.3x 9.5x 18.2x
Teligent, Inc. (NasdaqGS:TLGT) 2.06 110.29 226.09 65.19 (9.26) (0.52) 3.5x NM NM
Teva Pharmaceutical Industries Limited (NYSE:TEVA) 21.54 21,943.50 54,786.50 19,693.00 5,201.00 (10.87) 2.8x 10.5x NM
TherapeuticsMD, Inc. (NasdaqGS:TXMD) 5.03 1,196.54 1,079.80 15.13 (113.53) (0.52) NM NM NM
Zoetis Inc. (NYSE:ZTS) 93.87 45,099.92 50,146.92 5,721.00 2,231.00 2.38 NM 22.5x NM
Zogenix, Inc. (NasdaqGM:ZGNX) 41.09 1,724.47 1,185.34 - (130.74) (3.93) NM NM NM
MEAN (PHARMACEUTICALS) 3.1x 13.0x 16.7x
MEDIAN (PHARMACEUTICALS) 3.2x 12.9x 18.4x
AmerisourceBergen Corporation (NYSE:ABC) 88.90 18,840.89 21,127.99 167,939.64 2,153.36 7.53 0.1x 9.8x 11.8x
Aceto Corporation (NasdaqGS:ACET) 1.62 49.90 312.78 690.51 (0.68) (9.55) 0.5x NM NM
Cardinal Health, Inc. (NYSE:CAH) 54.83 16,336.12 23,292.12 139,381.00 2,947.00 2.35 0.2x 7.9x 23.3x
CVS Health Corporation (NYSE:CVS) 80.20 103,714.57 124,912.57 188,055.00 12,662.00 3.04 0.7x 9.9x 26.4x
Diplomat Pharmacy, Inc. (NYSE:DPLO) 15.48 1,152.08 1,774.17 5,286.97 106.61 0.03 0.3x 16.6x NM
Henry Schein, Inc. (NasdaqNM:HSIC) 89.20 13,597.44 16,361.46 13,144.85 1,106.16 2.56 1.2x 14.8x NM
McKesson Corporation (NYSE:MCK) 124.50 24,324.34 33,044.34 210,927.00 4,053.00 0.56 0.2x 8.2x NM
Medicines Company (NasdaqGS:MDCO) 22.13 1,628.52 2,166.45 14.73 (244.53) (4.76) NM NM NM
Owens & Minor, Inc. (NYSE:OMI) 7.63 475.11 1,990.68 9,685.56 240.35 (2.54) 0.2x 8.3x NM
Patterson Companies, Inc. (NasdaqNM:PDCO) 25.37 2,368.80 3,136.88 5,516.90 220.94 1.66 0.6x 14.2x 15.3x
PetMed Express, Inc. (NasdaqGS:PETS) 24.09 493.29 406.17 286.22 56.61 2.08 1.4x 7.2x 11.6x
Premier, Inc. (NasdaqGS:PINC) 39.66 2,527.72 2,492.52 1,672.24 721.79 (15.43) 1.5x 3.5x NM
Prestige Consumer Healthcare Inc. (NYSE:PBH) 38.82 2,008.47 3,867.39 1,019.92 342.89 6.42 3.8x 11.3x 6.1x
Rite Aid Corporation (NYSE:RAD) 1.11 1,169.08 4,563.56 21,557.29 522.94 (0.85) 0.2x 8.7x NM
Vitamin Shoppe, Inc. (NYSE:VSI) 7.80 183.31 243.74 1,159.80 55.52 (0.66) 0.2x 4.4x NM
MEAN (DISTRIBUTION) 0.8x 9.6x 15.7x
MEDIAN (DISTRIBUTION) 0.4x 8.7x 13.5x
MEAN (PRODUCTS) 2.8x 15.2x 18.2x
MEDIAN (PRODUCTS) 2.9x 14.9x 19.0x
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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22
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