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SCOTT-MACON HEALTHCARE REVIEW:
APRIL 2016
April 2016 Healthcare Review 2
Healthcare Overview, Mean Revenue Multiples 4
Healthcare Overview, Mean EBITDA Multiples 5
Analysis of Selected Healthcare 6
Merger and Acquisition Transactions
April 1—April 30, 2016
Analysis of Selected 13
Publicly-Traded Healthcare Companies
CO
NT
EN
TS
2
A P R I L 2 0 1 6
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 April 2016. If
you haven’t done so already, please email
me at [email protected] to auto-
matically continue receiving our publica-
tions 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
transactions that either closed or were an-
nounced during April, along with the aver-
age multiples for the major publicly-traded
healthcare, medical and pharmaceutical
companies.
The Technology Services space wit-
nessed three significant deals in April: All-
scripts’ $950 million acquisition of
Netsmart in the behavioral solutions arena;
Veritas Capital’s announced deal for Medi-
Connect Global and Verisk Health for $820
million; and ResMed’s $800 million buyout
of Brightree, representing 18.6X EBITDA.
Outsourcing Services deals included the
going-private deal for ExamWorks for $1.9
billion, or 16.7X EBITDA, and the Charles
River/WIL deal in the contract research
sector for $585 million. In addition, in the
Information Services segment, IBM closed
on analytics player Truven for $3.6 billion.
On the Provider side, several signifi-
cant deals closed or were announced in the
Non-Acute sector. The behavioral com-
pany Meadows of Wickenburg announced
its sale to a private equity company for
$180 million; publicly-traded Envision
Healthcare closed on Emergency Physi-
cians Medical Group for $120 million; and
Encore Rehabilitation acquired Metro Ther-
apy and Select Medical Rehabilitation for
$73 million. The Acute Care segment again
saw brisk activity as more and more hospi-
tals seek to bulk up—Columbia Medical
and Forest Park are teaming up in Texas;
3
Adventist is acquiring Bert Fish in Florida;
and Florida Hospital System is picking up
New Smyrna.
Moving to the Products area, Abbott
Labs agreed to acquire St. Jude Medical for
a cool $30 billion, or 18.5X EBITDA. In
other Clinical Device deals, Halyard Health
is acquiring Medsystems for $174 million;
and Compagnie Industrielle De Delle an-
nounced its deal for Alcoa Remmele for
$102 million, or 1.5X revenues. In the Non
-Clinical Device area, Auris Surgical Ro-
botics announced its acquisition of Hansen
Medical for $93 million, and Repligen
closed on ATOLL for $24 million. In addi-
tion, in the Disposables area, Stryker con-
tinued its purchase spree by closing on the
Sage Products deal for $2.8 billion. In the
Commercial Products area, Gentherm
closed on Cincinnati Sub-Zero Products for
$65 million. The Pharmaceuticals space--as
usual--had several blockbuster deals:
AbbVie/Stemcentrx for $9.8 billion; San-
ofi/Medivation for $8.5 billion; and Gilead/
Nimbus Apollo for $1.2 billion.
Following the mergers and acquisi-
tions analysis, we present an analysis of
publicly-traded Services, Providers, and
Products companies by sector. Mean
EBITDA multiples for Services companies
ended April at 13.2X (down from 13.3X in
March); Providers at 12.2X (up from 11.8X
in March); and Products at 14.8X (up from
14.7X in March). Technology services
companies ended April at 18.5X, while
Outsourcing services companies were
13.3X. The Insurance segment EBITDA
multiple came in at 10.3X (up from 10.2X
in March).
Finally, contact information for the
Scott-Macon Healthcare Investment Bank-
ing Group Professionals appears on the
back cover. We welcome your call or email
to discuss your thoughts on this article.
Sincerely yours,
Nathan D. Cortright
Managing Director
Group Head – Healthcare Investment Banking
4
1.9x 2.0x2.8x2.4x
NA1.4x
Services Providers Products
OVERALL: Revenue Multiple
H E A L T H C A R E O V E R V I E W M E A N R E V E N U E M U L T I P L E S
2.6x1.1x
2.4x1.5x 1.2x
NA NA NA NA NA
Labs Home Health & Hospice Non-Acute Long-Term Care Acute
PROVIDERS: Revenue Multiple
3.0x 2.9x 3.1x 3.0x1.9x
NA NA1.0x
Clinical Devices Non-Clinical Devices Disposables Commercial
PRODUCTS: Revenue Multiple
2.6x 3.0x
0.7xNA NA 0.2x
Consumer Pharmaceuticals Distribution
Public Companies M&A Transactions
1.0x
2.9x1.8x 2.1x 2.8x
NA NA
2.4x
NA NA
Insurance Technology Outsourcing India-Based Outsourcing Information
SERVICES: Revenue Multiple
5
13.2x 12.2x14.8x
17.7x
NA
15.6x
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
16.1x 17.1x14.8x
18.1x17.4x
NA NA NA
Clinical Non-Clinical Disposables Commercial
PRODUCTS: EBITDA Multiple
10.3x
18.5x
13.3x10.8x
16.1x
NA
18.6x 16.7x
NA NA
Insurance Technology Outsourcing India-Based Outsourcing Information
SERVICES: EBITDA Multiple
11.0x13.1x 12.8x 13.9x
8.7x
NA NA NA NA NA
Labs Home Health Non-Acute Long-Term Care Acute
PROVIDERS: EBITDA Multiple
12.2x 13.3x 11.4x
NA
19.3x
8.4x
Consumer Pharmaceuticals Distribution
Public Companies M&A Transactions
6
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
4/15/2016 Ameritas Life Insurance Corp. /
Security Health Insurance Company of America; Security Life
Insurance Company of America
NA NA NA NA NA Provide life, health, and disability insurance
products to consumers and employer groups.
4/7/2016 Centerbridge Partners, L.P. /
Superior Vision Services, Inc.
NA NA NA NA NA Provides vision and eye care plans for members.
Announced Fairview Health Services, Inc. /
UCare Minnesota, Inc.
NA NA NA NA NA Provides health insurance plans that offer health
coverage and services.
4/13/2016 Kaiser Foundation Health Plan Inc., Endowment Arm /
Group Health Cooperative
NA NA NA NA NA Provides medical coverage and care.
Announced Molina Healthcare, Inc. (NYSE:MOH) /
Today's Options of New York, Inc.
$41.3 NA NA NA NA Offers a Medicaid Managed Care health insurance
program for eligible individuals.
Announced Unum Group (NYSE:UNM) /
H&J Capital, LLC
NA NA NA NA NA Provides life and health insurance products for
individuals, health plans, and employer groups.
MEAN (INSURANCE) NA NA
MEDIAN (INSURANCE) NA NA
4/4/2016 ABILITY Network Inc. /
eHealth Data Solutions LLC
NA NA NA NA NA Provides data analytics solutions for nurses,
doctors, and healthcare administrators.
4/8/2016 Accruent, LLC /
Mainspring Healthcare Solutions, Inc.
NA NA NA NA NA Provides hospital operations management
solutions.
4/19/2016 Allscripts Healthcare Solutions, Inc. (NasdaqGS:MDRX); GI
Partners, LLC /
Netsmart Technologies Inc.
$950.0 NA NA NA NA Provides software and technology solutions for
the health and human services community.
4/14/2016 athenahealth, Inc. (NasdaqGS:ATHN) /
Arsenal Health
NA NA NA NA NA Offers a predictive and data analytics software for
patient scheduling.
4/27/2016 CloudMedx Inc. /
Gyrus Labs, Inc.
NA NA NA NA NA Develops and offers a technology platform of
artificial Intelligence for personalized health care.
4/3/2016 e-MDs, Inc. /
McKesson Corporation, Ambulatory Software Technology Assets
NA NA NA NA NA Comprises software solutions for the healthcare
industry.
4/11/2016 ExamWorks Group, Inc. (NYSE:EXAM) /
Prizm LLC
NA NA NA NA NA Provides technology and customer services to the
medical management industry.
4/28/2016 GE Healthcare Limited /
Caradigm USA LLC
NA NA NA NA NA Develops and offers population health
management and healthcare analytics software.
4/1/2016 KAI Innovations Inc. /
Trimara Corporation
NA NA NA NA NA Operates as a medical technology company.
4/6/2016 Lightbeam Health Solutions, LLC /
Browsersoft, Inc.
NA NA NA NA NA Designs and develops software for the healthcare
industry.
4/4/2016 Medidata Solutions, Inc. (NasdaqGS:MDSO) /
Intelemage, LLC
NA NA NA NA NA Offers a wide area network that helps
pharmaceutical and medical device companies,
hospitals and healthcare facilities, surgeons and
radiologists, and professional sports leagues and
teams in acquiring, collecting, viewing, analyzing,
managing, and distributing medical images.
Announced Midmark Corporation /
Versus Technology, Inc. (OTCPK:VSTI)
NA NA NA NA NA Specializes in developing real-time locating
systems for the healthcare industry.
Announced Navihealth, Inc. /
Curaspan Health Group, Inc.
NA NA NA NA NA Develops electronic patient-transition networks for
hospitals, post-acute providers, payers, and
transportation companies.
4/4/2016 ResMed Inc. (NYSE:RMD) /
Brightree LLC
$800.0 NM $43.0 NM 18.6x Offers cloud-based software solutions to the post-
acute care industry.
4/18/2016 RJD Green, Inc. (OTCPK:RJDG) /
Iosoft Inc.
NA NA NA NA NA Designs and develops software for medical billing,
healthcare claims adjudication, automotive
warranty payments, and electronic payments
between healthcare payers and providers, and
other platform developments.
4/3/2016 Roper Technologies, Inc. (NYSE:ROP) /
GeneInsight LLC
NA NA NA NA NA Provides a software solution that offers big data
variant analysis pipeline, diagnostic laboratory
knowledge-management, clinical provider access,
and networking infrastructure.
4/5/2016 SwervePay, LLC /
Symbiosis Health Inc.
NA NA NA NA NA Develops and delivers payment solutions that
improve patient payments and delivering a
consumer focused patient experience.
4/4/2016 Transaction Data Systems, Inc. /
vMEDEX
NA NA NA NA NA Operates a SaaS based medication therapy
management platform.
4/5/2016 Vendor Credentialing Service LLC /
Computer Technology Corporation
NA NA NA NA NA Engages in the design and development of
credentialing software for health care
organizations.
SERVICES - TECHNOLOGY
SERVICES - INSURANCE
ANALYSIS OF SELECTED HEALTHCARE
MERGER & ACQUISITION TRANSACTIONS1
(CLOSED OR ANNOUNCED BETWEEN APRIL 1—APRIL 30, 2016)
($ Millions Except Per Share Data)
7
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
Announced Veritas Capital /
MediConnect Global, Inc.; Verisk Health, Inc.
$820.0 NA NA NA NA Operates as a healthcare information technology
company that provides healthcare analytics
solutions.
MEAN (TECHNOLOGY) NA 18.6x
MEDIAN (TECHNOLOGY) NA 18.6x
4/19/2016 American Securities Management L.P.; Leonard Green &
Partners, L.P. /
NAPA Management Services Corporation
NA NA NA NA NA A medical practice management organization.
4/21/2016 Aptuit LLC /
Exquiron Biotech AG
NA NA NA NA NA Provides early phase drug discovery solutions.
4/5/2016 Arthur J Gallagher & Co. (NYSE:AJG) /
Capitol Benefits Group Inc.
NA NA NA NA NA Provides consulting services for employee
benefits insurance.
4/12/2016 Arthur J Gallagher & Co. (NYSE:AJG) /
Insurance Plans Agency, Inc.
NA NA NA NA NA Offers insurance brokerage services for employee
benefits, workers’ compensation/employers
liability, and life insurance solutions.
4/4/2016 Charles River Laboratories International, Inc. (NYSE:CRL) /
WIL Research Company, Inc.
$585.0 NA NA NA NA Operates as a global contract research
organization.
4/4/2016 Cumberland Consulting Group, LLC /
Oleen Pinnacle Healthcare Consulting LLC
NA NA NA NA NA Operates as a healthcare consulting company
that provides business and IT services to the
healthcare industry.
Announced Leonard Green & Partners, L.P. /
ExamWorks Group, Inc. (NYSE:EXAM)
$1,932.8 $819.6 $115.7 2.4x 16.7x Provides independent medical examinations, peer
and bill reviews, Medicare compliance, case
management, record retrieval, document
management, and other related services.
4/19/2016 MTS Health Investors, LLC /
Avadyne Health, Inc.
NA NA NA NA NA Provides outsourced revenue cycle management
services and technology solutions to hospital
clients.
4/7/2016 Professional Data Systems, Inc. /
Stemp Systems Group, Inc.
NA NA NA NA NA Provides information technology, consulting, and
technical services to healthcare and other sectors.
4/19/2016 Receivables Outsourcing, Inc. /
Prospective Payment Specialists, Inc.
NA NA NA NA NA Provides compliance and revenue cycle services
to teaching hospitals, regional medical centers,
and critical access hospitals.
4/4/2016 Rosen, Sapperstein & Friedlander /
SHR Associates, Inc.
NA NA NA NA NA Provides health care consulting, marketing, and
management services for physicians and health
care entities.
4/21/2016 Teleradiology Specialists, PLLC /
Stat Read, LLC
NA NA NA NA NA Provides radiology report reading services.
MEAN (OUTSOURCING) 2.4x 16.7x
MEDIAN (OUTSOURCING) 2.4x 16.7x
4/7/2016 International Business Machines Corporation (NYSE:IBM) /
Truven Holding Corp.
$3,566.6 NM NM NM NM Provides analytic solutions and services for
healthcare industry.
MEAN (INFORMATION) NA NA
MEDIAN (INFORMATION) NA NA
MEAN (SERVICES) 2.4x 17.7x
MEDIAN (SERVICES) 2.4x 17.7x
4/1/2016 Aurora Diagnostics Holdings, LLC /
Pacific Pathology Associates, Inc.
NA NA NA NA NA Provides pathology services to hospitals and
physicians.
4/5/2016 California Cryobank, Inc. /
Southern Cord, Inc.
NA NA NA NA NA Operates a blood bank that provides cord blood
banking and cord tissue banking services.
4/25/2016 Eurofins Scientific SE (ENXTPA:ERF) /
PerkinElmer Labs, Inc.
NA NA NA NA NA Provides research and development services for
prenatal screening protocols for open neural tube
defects, Down syndrome, trisomy 18, and trisomy
13.
4/4/2016 Sterigenics International, Inc. /
Nelson Laboratories, Inc.
NA NA NA NA NA Provides life-cycle microbiology testing services
for medical device, pharmaceutical, and natural
product industries.
MEAN (LABS) NA NA
MEDIAN (LABS) NA NA
4/4/2016 LHC Group, Inc. (NasdaqGS:LHCG) /
Northern Arizona Healthcare, Home Health Agencies in Flagstaff
and Cottonwood and One Hospice Agency
NA NA NA NA NA Comprises home health and hospice service
agencies.
4/8/2016 LifeLinks,LLC /
Aging Family Services, Inc.
NA NA NA NA NA Provides professional geriatric care management
services to older adults.
MEAN (HOME HEALTH & HOSPICE) NA NA
MEDIAN (HOME HEALTH & HOSPICE) NA NA
SERVICES - OUTSOURCING
PROVIDERS - LABS
PROVIDERS - HOME HEALTH & HOSPICE
SERVICES - INFORMATION
8
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
4/4/2016 AAC Holdings, Inc. (NYSE:AAC) /
Wetsman Forensic Medicine, L.L.C.
$20.5 NA NA NA NA Operates a network of addition treatment centers.
Announced Adventist Health System/West Inc. /
Colusa Regional Medical Center, Inc., Three Rural Health
Clinics
NA NA NA NA NA Comprises three healthcare clinics.
4/27/2016 Assurance Health and Wellness Center, Inc. /
Arizona Counseling & Treatment Services, LLC
NA NA NA NA NA Provides healthcare counseling and therapy
services.
4/5/2016 Atwal Eye Care /
Anthone Eye Center
NA NA NA NA NA Operates as an eye care center that specializes in
cataract surgery.
4/19/2016 Behavioral Health Group, Inc. /
Two Opioid Treatment Programs in Spartanburg and Aiken,
South Carolina
NA NA NA NA NA Comprises treatment centers that provide opioid
addiction treatment services.
4/8/2016 Clay County Medical Center /
Clay Center Family Physicians
NA NA NA NA NA Offers medical care services.
4/12/2016 Colorado Kidney Care P.C. /
Denver Nephrologists, P.C.
NA NA NA NA NA Provides nephrology services.
Announced DaVita HealthCare Partners Inc. (NYSE:DVA) /
Mountain View Medical Group, P.C.
NA NA NA NA NA Operates as a multiple-physician medical practice
group.
4/11/2016 DuPage Medical Group, Ltd. /
Wunderlich, M.D., S.C.
NA NA NA NA NA Provides physician directed health care services.
4/6/2016 Encore Rehabilitation Services, LLC /
Evergreen Rehabilitation, LLC
NA NA NA NA NA Provides physical, occupational, and speech
therapy services to long-term care communities
and outpatient therapy centers.
4/6/2016 Encore Rehabilitation Services, LLC /
Metro Therapy, Inc.; Select Medical Rehabilitation Services, Inc.
$72.5 NA NA NA NA Community-based providers of contract therapy
services.
Announced Ensign Group, Inc. (NasdaqGS:ENSG) /
Legend Healthcare, LLC
NA NA NA NA NA Provides healthcare services through its
healthcare and rehabilitation centers.
4/7/2016 Envision Healthcare Holdings, Inc. (NYSE:EVHC) /
Emergency Physicians Medical Group, PC
$120.0 NA NA NA NA Provides physician staffing, and local and regional
management services to emergency departments,
urgent care centers, clinical decision units, and
hospitalist programs.
Announced Global Medical REIT, Inc. (OTCPK:GMRE) /
Medical Office Building and Eye Surgery Center in Wyomissing,
PA
$9.2 NA NA NA NA Comprises an eye surgery center and a medical
office building.
Announced HealthRIGHT 360 /
Prototypes, Centers for Innovation in Health, Mental Health and
Social Services
NA NA NA NA NA Provides residential and outpatient addiction
treatment, detoxification, mental health services,
prevention and education, vocational training, and
parenting support services for men, women, and
children.
Announced Kohlberg & Company, L.L.C. /
Meadows of Wickenburg, Inc.
$180.0 NA NA NA NA Provides addiction and psychological trauma
treatment services.
4/4/2016 McKesson Specialty Health /
Vantage Oncology, LLC
NA NA NA NA NA Owns and operates cancer treatment facilities.
Announced Millennium Management LLC /
Southern Winds Hospital
NA NA NA NA NA A 72-bed psychiatric facility.
Announced Physicians Realty Trust (NYSE:DOC) /
Forty seven Medical Office Facilities
$611.1 NA NA NA NA Comprises healthcare facilities.
Announced Post Acute Medical, LLC /
Healthsouth Rehabilitation Hospital Of Beaumont LLC
NA NA NA NA NA Owns and operates a rehabilitation hospital.
4/5/2016 Premier HealthNet /
Upper Valley ENT
NA NA NA NA NA Offers ears, nose, and throat treatment services.
4/4/2016 Professional Orthopedic and Sports Physical Therapy, P.C. /
Moore Physical Therapy and Fitness
NA NA NA NA NA Operates a rehabilitation clinic.
4/14/2016 Prototypes, Centers for Innovation in Health, Mental Health and
Social Services /
HealthRIGHT 360
NA NA NA NA NA Provides residential and outpatient addiction
treatment, detoxification, mental health services,
prevention and education, vocational training, and
parenting support services.
4/4/2016 Sheridan Healthcare, Inc. /
North Florida Anesthesia Consultants, Inc.
NA NA NA NA NA Provides anesthetic services for surgery centers
and physician offices.
4/4/2016 Team Health Holdings, Inc. (NYSE:TMH) /
Children's Emergency Services, Inc.
NA NA NA NA NA Provides emergency healthcare services.
Announced TPG Capital, L.P. /
Cancer Treatment Services International L.P.
NA NA NA NA NA Builds and operates a network of integrated
cancer treatment facilities.
4/1/2016 Transitional Living Inc. /
Sojourner Recovery Services, Inc.
NA NA NA NA NA Provides alcohol and drug addiction treatment
and mental health services.
4/5/2016 UrgeMedical Group, Inc. /
ACSH Primary Care of Virginia, LLC; ACSH Urgent Care of
Virginia, LLC
$0.6 NA NA NA NA Owns and operates urgent care centers.
4/25/2016 Urgent Care Hawaii, LLC /
Three Medical Corner Urgent Care Centers in Kailua, Kapolei
and Honolulu
NA NA NA NA NA Comprises urgent care centers.
4/22/2016 Waud Capital Partners, L.L.C. /
Dimensional Management Corporation
NA NA NA NA NA Offers dental care services and operates 23
dental offices.
4/14/2016 West Clinic, P.C. /
Margaret West Comprehensive Breast Center
NA NA NA NA NA Comprises a healthcare facility.
MEAN (NON-ACUTE) NA NA
MEDIAN (NON-ACUTE) NA NA
PROVIDERS - NON-ACUTE
9
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
4/4/2016 CareTrust REIT, Inc. (NasdaqGS:CTRE) /
Cedar Falls Health Care Center
$5.0 NA NA NA NA Comprises an 82-bed skilled nursing facility.
4/4/2016 CareTrust REIT, Inc. (NasdaqGS:CTRE) /
Victory Park Nursing Home; Victoria Retirement Community
NA NA NA NA NA Victory Park Nursing Home and Victoria
Retirement Community comprises nursing and
retirement facilities.
4/22/2016 Chartwell Retirement Residences (TSX:CSH.UN) /
Chartwell Kamloops Retirement Residences
$9.2 NA NA NA NA Comprises a seniors housing community.
Announced Chartwell Retirement Residences (TSX:CSH.UN) /
Lord Lansdowne Retirement Residence Inc.
$53.9 NA NA NA NA Owns and operates a retirement facility.
Announced Chartwell Retirement Residences (TSX:CSH.UN) /
Wedgewood Retirement Resort
$28.9 NA NA NA NA An assisted living facility.
4/1/2016 Civitas Senior Healthcare, LLC /
Kilgore AL Management LLC
NA NA NA NA NA Operates retirement communities.
4/21/2016 Civitas Senior Healthcare, LLC /
Two Senior Living Communities in East Texas
NA NA NA NA NA Comprises two senior care facilities.
Announced Ensign Group, Inc. (NasdaqGS:ENSG) /
2 Nursing Facilities totaling 245 beds in Texas
$24.6 NA NA NA NA Comprises nursing facilities.
4/4/2016 Mainstreet Investment Company, LLC /
Kingsway Arms Retirement Residences Inc.
NA NA NM NA NM Owns, operates, and manages independent and
assisted living retirement housing properties.
4/6/2016 National Health Investors Inc. (NYSE:NHI) /
8 Skilled Nursing Facilities In Texas
$118.5 NA NA NA NA Comprises 8 skilled nursing facilities consisting
931 beds.
Announced National Health Investors Inc. (NYSE:NHI) /
Legend Healthcare, LLC, 4 Skilled Nursing Facilities in Texas
$56.0 NA NA NA NA Comprises skilled nursing facilities.
Announced Sienna Senior Living Inc. (TSX:SIA) /
50% in Pacific Seniors Management General Partnership and
Portfolio of Seniors Housing Assets in BC
NA NA NA NA NA Comprises senior living communities.
Announced Strawberry Fields REIT Ltd. /
Seven Nursing Homes in Tennessee and One Nursing Home in
Kentucky
$74.0 NA NA NA NA Comprise eight nursing homes.
4/1/2016 Welcov Healthcare, LLC /
Prairie View Healthcare Community
NA NA NA NA NA Operates a 52-bed nursing facility, providing
transitional, long-term, and memory care.
MEAN (LONG-TERM CARE) NA NA
MEDIAN (LONG-TERM CARE) NA NA
4/1/2016 Adventist Health System, Inc. /
Bert Fish Medical Center, Inc.
$40.0 NA NA NA NA Operates as a community hospital that provides
healthcare services.
4/4/2016 Columbia Medical Center of Plano Subsidiary, L.P. /
Forest Park Medical Center at Frisco, LLC
$96.3 NA NA NA NA Operates as a hospital.
4/1/2016 Community Health Systems, Inc. (NYSE:CYH) /
Physicians' Specialty Hospital, LLC
NA NA NA NA NA Operates a hospital.
4/1/2016 Florida Hospital System, Inc. /
Florida Hospital New Smyrna
$40.0 NA NA NA NA Operates as a community hospital that provides
healthcare services.
4/1/2016 Hospice Care of the Southwest /
BSA Health System
NA NA NA NA NA Operates as a hospital.
Announced Lehigh Valley Health Network, Inc. /
Schuylkill Health System
NA NA NA NA NA A 126-bed acute care general acute care medical
center.
Announced Methodist Health System, Inc. /
Forest Park Medical Center at Southlake, LLC
$17.6 NA NA NA NA Owns and operates a chain of hospitals.
Announced Nautic Partners, LLC /
Kindred Healthcare, Inc., 12 Long Term Acute Care Hospitals
$27.5 NA NA NA NA Comprises 12 hospitals.
MEAN (ACUTE) NA NA
MEDIAN (ACUTE) NA NA
MEAN (PROVIDERS) NA NA
MEDIAN (PROVIDERS) NA NA
Announced Abbott Laboratories (NYSE:ABT) /
St. Jude Medical Inc. (NYSE:STJ)
$29,849.8 NM $1,610.5 NM 18.5x Develops, manufactures, and distributes
cardiovascular medical devices for cardiac rhythm
management, cardiovascular, and atrial fibrillation
therapy areas worldwide.
4/6/2016 Adavium Medical, Inc. /
Alka Tecnologia; Hemogram Industria e Comercio
NA NA NA NA NA Manufactures clinical diagnostic equipment.
4/7/2016 Alcon Holdings, Inc. /
Transcend Medical, Inc.
NA NA NA NA NA Engages in the development of medical devices
for the treatment of glaucoma.
4/21/2016 Bionik Laboratories Corp. (OTCBB:BNKL) /
Interactive Motion Technologies, Inc.
NA NA NA NA NA Provides robotic solutions for patients with
neurological conditions.
4/1/2016 BioTelemetry, Inc. (NasdaqGS:BEAT) /
DELTA Danish Electronics, Light & Acoustics, ePatch Division
$9.0 NA NA NA NA Comprises extended-wear cardiac monitor
manufacturing business.
4/6/2016 CareDx, Inc. (NasdaqGM:CDNA) /
Allenex AB (publ) (OM:ALNX)
$43.3 $16.3 $2.7 2.6x 16.2x Develops, manufactures, markets, and sells
products that facilitate transplantation of blood
stem cells and organs worldwide.
Announced Compagnie Industrielle De Delle S.A. /
Alcoa Remmele Medical Operations
$102.0 $70.0 NA 1.5x NA Manufactures implants, devices, disposable
instruments, and components.
PROVIDERS - ACUTE
PROVIDERS - LONG-TERM CARE
PRODUCTS - CLINICAL DEVICES
10
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
4/14/2016 CryoLife Inc. (NYSE:CRY) /
Genesee BioMedical, Inc., PhotoFix Bovine Pericardium Patch
$2.3 $1.4 NA 1.6x NA Comprises a clinically effective tissue substitute
that is biocompatible without toxicity and used in
atrial and ventricular repairs, great vessel repair,
congenital defects, and pericardial closure.
4/14/2016 Ethicon, Inc. /
NeuWave Medical, Inc.
NA NA NA NA NA Develops and commercializes energy-based
minimally invasive medical devices to physicians
and medical centers worldwide.
Announced Halyard Health, Inc. (NYSE:HYH) /
Medsystems Holdings, Inc.
$174.0 NA NA NA NA Develops, manufactures, and markets enteral
access devices for hospitals, nursing homes, and
home care providers.
4/18/2016 Imperium Partners Group /
ProTom International, Inc.; ProTom International, LLC
$15.7 NA NA NA NA Manufacture and market proton radiotherapy
systems.
4/21/2016 Nexeon MedSystems, Inc. /
NeuroTek Medical Inc., A Portfolio of Neuromodulation Patents
NA NA NA NA NA Comprises electrode design and occipital nerve
stimulation for the treatment of migraine
headaches.
4/7/2016 OSF Ventures /
Pulse Therapeutics, Inc.
NA NA NA NA NA Develops and markets a magnetism-based
solution to destroy blood clots in the endovascular
system for deep vein thrombosis and neurological
stroke.
4/21/2016 Stryker Corporation (NYSE:SYK) /
CareFusion Corporation, CareFusion Vertebral Compression
Fracture Portfolio of Products
NA NA NA NA NA Comprises minimally-invasive systems used in
vertebroplasty and vertebral augmentation
procedures.
4/5/2016 Stryker Corporation (NYSE:SYK) /
Physio-Control International, Inc.
NA NA NA NA NA Develops, manufactures, sells, and services
automated external defibrillators, defibrillators,
monitors, and emergency medical response
products and services.
4/11/2016 Stryker Corporation (NYSE:SYK) /
Safe Wire LLC
NA NA NA NA NA Comprises spine product portfolio, including the Y-
Wire guidewire and Tiger Jamshidi Needle Family
for use in minimally invasive spine surgery.
4/1/2016 Stryker Corporation (NYSE:SYK) /
Synergetics USA, Inc., Neuro Portfolio
NA NA NA NA NA Comprises business division offering neuro
surgical products.
4/18/2016 Tricol International Group Limited /
HemCon Medical Technologies, Inc.
$3.6 NA NA NA NA Develops, manufactures, and markets hemostatic
solutions for the control of bleeding resulting from
trauma or surgery.
Announced Zimmer Biomet Holdings, Inc. (NYSE:ZBH) /
Cayenne Medical, Inc.
NA NA NA NA NA Designs, develops, and markets soft tissue
reconstruction solutions for the knee, shoulder,
and extremities.
MEAN (CLINICAL DEVICES) 1.9x 17.4x
MEDIAN (CLINICAL DEVICES) 1.6x 17.4x
Announced Auris Surgical Robotics, Inc. /
Hansen Medical, Inc. (NasdaqGM:HNSN)
$93.3 NM NM NM NM Develops, manufactures, and sells medical
robotics designed for the positioning,
manipulation, and control of catheters and
catheter-based technologies.
4/4/2016 JAMM Technologies LLC /
VeriTeQ Corporation, Portfolio of Assets
NA NA NA NA NA Comprises implantable radio frequency
identification technology (RFID) components, UDI
business, and related intellectual properties.
4/6/2016 LGC Limited /
Douglas Scientific LLC
NA NA NA NA NA Designs and manufactures laboratory
instruments.
4/4/2016 McKesson Specialty Health /
BioLogics, Inc.
NA NA NA NA NA Designs and manufactures laboratory and
medical instrumentation for the clinical, research,
chemical, environmental, industrial, and
pharmaceutical laboratories.
4/1/2016 Repligen Corporation (NasdaqGS:RGEN) /
ATOLL GmbH
$24.7 NA NA NA NA Develops "High Throughput" techniques and pre-
packed chromatography columns for both
downstream process development as well as
clinical manufacturing for pharmaceutical
companies.
4/6/2016 Twist Bioscience Corporation /
Genome Compiler Corporation
NA NA NA NA NA Provides design tools, plasmids and parts
repositories, connections to DNA synthesis
providers, and lab automation services that help
to generate combinatorial design for projects.
MEAN (NON-CLINICAL DEVICES) NA NA
MEDIAN (NON-CLINICAL DEVICES) NA NA
4/1/2016 Stryker Corporation (NYSE:SYK) /
Sage Products LLC
$2,775.0 NM NA NM NA Manufactures and sells disposable health and
personal care products. It offers products for safe
patient handling, oral hygiene, prepackaged
bathing, hair care, incontinence care, sacrum
protection, heel protection, preoperative care, and
solving flushing problems.
PRODUCTS - DISPOSABLES
PRODUCTS - NON-CLINICAL DEVICES
11
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
Announced Bemis Company, Inc. (NYSE:BMS) /
SteriPack Ltd, Packaging Operations
NA NA NA NA NA Comprises medical device packaging operations.
4/1/2016 Gentherm Incorporated (NasdaqGS:THRM) /
Cincinnati Sub-Zero Products, Inc.
$65.0 $63.0 NA 1.0x NA Designs, develops, and markets temperature
management equipment for medical and
industrial industries.
4/4/2016 Griffin-American Healthcare REIT III, Inc. /
Senior Housing Facility in Pennsylvania & Six Medical Office
buildings
$69.6 NA NA NA NA Comprises medical office buildings and senior
housing facility.
Announced Healthcare Trust of America, Inc. (NYSE:HTA) /
Medical Office Buildings in New England and Midwest
$210.0 NA NA NA NA Comprises medical office buildings of 668,000
square feet.
MEAN (COMMERCIAL) 1.0x NA
MEDIAN (COMMERCIAL) 1.0x NA
Announced Johnson & Johnson Consumer Inc. /
NeoStrata Company, Inc.
NA NA NA NA NA Develops and markets therapeutic and cosmetic
dermatological products.
4/25/2016 Johnson & Johnson Consumer Inc. /
Procter & Gamble Company, Hipoglós Brand
NA NA NA NA NA Comprises a diaper rash cream brand.
MEAN (CONSUMER PRODUCTS) NA NA
MEDIAN (CONSUMER PRODUCTS) NA NA
Announced AbbVie Inc. (NYSE:ABBV) /
Stemcentrx, Inc.
$9,800.0 NA NA NA NA Develops therapies that cure and significantly
improve survival for cancer patients.
4/12/2016 Adamis Pharmaceuticals Corporation (NasdaqCM:ADMP) /
US Compounding, Inc.
$14.8 NA NA NA NA Provides compounded medications to patients,
physician clinics, hospitals, and surgery centers.
4/21/2016 Allergan plc (NYSE:AGN) /
Topokine Therapeutics, Inc.
$85.0 NA NA NA NA Develops topical prescription medications.
4/1/2016 ANI Pharmaceuticals, Inc. (NasdaqGM:ANIP) /
Cranford Pharmaceuticals, LLC, Inderal LA assets
$60.0 NA NA NA NA Comprises new drug application and trademark
for Inderal LA as well as finished goods inventory.
Announced Clinic Network /
Medicinal Cannabis Resource Centre Inc.
$1.2 NA NA NA NA Provides medical marijuana services.
4/15/2016 Elorac, Inc. /
Gideon Pharmaceuticals, Inc.
NA NA NA NA NA Manufactures pharmaceutical products.
Announced Female Health Company (NasdaqCM:FHCO) /
Aspen Park Pharmaceuticals, Inc.
$13.7 NA NA NA NA Develops, markets, and commercializes
pharmaceutical and consumer health products for
men’s and women’s health, and oncology.
Announced Gilead Sciences Inc. (NasdaqGS:GILD) /
Nimbus Apollo, Inc.
$1,200.0 NA NA NA NA Researches and develops drugs that treats non-
alcoholic steatohepatitis.
Announced Madrigal Pharmaceuticals, Inc. /
Synta Pharmaceuticals Corp. (NasdaqGM:SNTA)
NA NA NA NA NA Focuses on the research, development, and
commercialization of novel oncology medicines for
cancer patients.
4/15/2016 NanoAntibiotics Inc. (OTCPK:NNAB) /
LAT Pharma LLC
$2.4 NA NA NA NA Develops a treatment for ascites due to liver
cirrhosis.
4/6/2016 Pragma Pharmaceuticals, LLC /
Shionogi Inc., Keflex Product Line
NA NA NA NA NA Comprises cephalosporin antibiotic used for
treatment of the infections including respiratory
tract infections, otitis media, skin and skin
structure infections, bone infections, and
genitourinary tract infections.
Announced Recipharm AB (publ) (OM:RECI B) /
Cirrus Pharmaceuticals, Inc.
NA NA NA NA NA Operates as a contract pharmaceutical
development company.
Announced Sanofi (ENXTPA:SAN) /
Medivation, Inc. (NasdaqGS:MDVN)
$8,488.8 NM $441.0 NM 19.3x Focuses on the development and
commercialization of medical therapies to treat
serious diseases.
Announced True Nature Holding, Inc. (OTCPK:TNTY) /
Integrity Compounding Pharmacy, LLC
$1.0 NA NA NA NA Develops and provides compounding
pharmaceutical products.
MEAN (PHARMACEUTICALS) NA 19.3x
MEDIAN (PHARMACEUTICALS) NA 19.3x
4/26/2016 Allied 100, LLC /
Lifeguard Medical Solutions, LLC
NA NA NA NA NA Distributes automated external defibrillators.
Announced Diplomat Pharmacy, Inc. (NYSE:DPLO) /
Valley Campus Pharmacy, Inc.
$75.8 $400.0 $9.0 0.2x 8.4x Provides patient enrollment, pharmacy, nursing,
and financial assistance services.
4/8/2016 Diversis Capital, LLC /
Caligor Rx, Inc.
NA NA NA NA NA A licensed wholesaler and distributor of
pharmaceutical supplies.
4/1/2016 Medline Industries, Inc. /
Medical Mart Supplies Limited
NA NA NA NA NA Engages in the wholesale distribution, sale, and
supply of medical products for acute care, primary
care, continuing care, and home health care
applications.
4/8/2016 Mesa Laboratories Inc. (NasdaqGS:MLAB) /
Autoclave Testing Services, Inc.; Autoclave Testing Supplies,
Inc.
NA NA NA NA NA Distribute dental sterilizer testing products.
4/7/2016 New Look Vision Group Inc. (TSX:BCI) /
Five Retail Optical Outlets Operating In The Greater Montreal,
Quebec Region
$4.0 NA NA NA NA Comprises 5 retail optical outlets.
PRODUCTS - DISTRIBUTION
PRODUCTS - PHARMACEUTICALS
PRODUCTS - CONSUMER
PRODUCTS - COMMERCIAL
12
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
4/1/2016 Patterson Companies, Inc. (NasdaqGS:PDCO) /
Kreisers, Inc.
NA NA NA NA NA Distributes medical equipment and supplies.
4/1/2016 Patterson Companies, Inc. (NasdaqGS:PDCO) /
Midwest Medical Supply Company, Inc.
NA NA NA NA NA Operates as a healthcare distributor.
MEAN (DISTRIBUTION) 0.2x 8.4x
MEDIAN (DISTRIBUTION) 0.2x 8.4x
MEAN (PRODUCTS) 1.4x 15.6x
MEDIAN (PRODUCTS) 1.5x 17.4x
1) Source: Financial Information from SEC filings and other publicly-available sources
2) EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization
3) NA: Not Available
4) NM: Not Meaningful
13 ANALYSIS OF SELECTED
PUBLICLY-TRADED HEALTHCARE COMPANIES1
(APRIL 30, 2016)
($ Millions Except Per Share Data)
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Aetna Inc. (NYSE:AET) 112.27 39,361.86 43,441.56 60,826.20 5,402.80 6.64 0.7x 8.0x 16.9x
Amerisafe, Inc. (NasdaqGS:AMSF) 53.88 1,030.72 951.43 402.17 116.13 4.17 2.4x 8.2x 12.9x
Anthem, Inc. (NYSE:ANTM) 140.77 37,015.89 52,598.89 80,393.50 5,599.10 8.89 0.7x 9.4x 15.8x
Centene Corp. (NYSE:CNC) 61.96 10,562.32 11,572.32 22,948.00 957.00 2.23 0.5x 12.1x 27.8x
Cigna Corp. (NYSE:CI) 138.54 35,433.95 38,712.95 37,876.00 4,024.00 8.04 1.0x 9.6x 17.2x
CNO Financial Group, Inc. (NYSE:CNO) 18.37 3,290.04 6,770.44 3,794.00 747.55 1.39 1.8x 9.1x 13.2x
Humana Inc. (NYSE:HUM) 177.07 26,386.58 28,236.58 54,289.00 2,574.00 8.44 0.5x 11.0x 21.0x
Independence Holding Co. (NYSE:IHC) 15.37 265.34 299.13 524.72 38.05 1.66 0.6x 7.9x 9.3x
Molina Healthcare, Inc. (NYSE:MOH) 51.76 2,928.86 2,390.86 14,939.00 482.00 2.44 0.2x 5.0x 21.2x
ProAssurance Corporation (NYSE:PRA) 47.73 2,533.56 2,642.46 772.08 179.85 2.11 3.4x 14.7x 22.6x
Triple-S Management Corporation (NYSE:GTS) 26.04 640.90 479.24 2,902.74 81.68 2.02 0.2x 5.9x 12.9x
Trupanion, Inc. (NYSE:TRUP) 12.47 356.37 338.42 146.96 (14.23) (0.62) 2.3x NM NM
UnitedHealth Group Incorporated (NYSE:UNH) 131.68 125,123.57 150,073.57 165,878.00 12,728.00 6.22 0.9x 11.8x 21.2x
Universal American Corp (NYSE:UAM) 7.44 609.64 577.06 1,491.62 22.50 (0.06) 0.4x 25.6x NM
WellCare Health Plans, Inc. (NYSE:WCG) 89.99 3,982.06 2,787.16 13,890.20 450.20 2.67 0.2x 6.2x NM
MEAN (INSURANCE) 1.0x 10.3x 17.7x
MEDIAN (INSURANCE) 0.7x 9.2x 17.1x
Accretive Health, Inc. (OTCPK:ACHI) 2.37 255.29 150.77 117.24 (118.32) (0.87) 1.3x NM NM
Allscripts Healthcare Solutions, Inc. (NasdaqNM:MDRX) 13.40 2,505.40 3,025.29 1,386.39 112.45 (0.01) 2.2x 26.9x NM
Castlight Health, Inc. (NYSE:CSLT) 3.60 348.79 228.36 75.32 (78.19) (0.85) 3.0x NM NM
Cerner Corporation (NasdaqNM:CERN) 56.14 18,968.81 19,060.77 4,352.47 1,206.17 1.54 4.4x 15.8x NM
CompuGroup Medical SE (DB:COP) 39.27 1,952.75 2,349.17 600.98 100.28 0.84 3.9x 23.4x NM
Computer Programs & Systems Inc. (NasdaqNM:CPSI) 51.33 693.42 657.64 182.17 33.26 1.62 3.6x 19.8x NM
Craneware plc (AIM:CRW) 11.63 312.37 267.73 46.36 14.14 0.37 NM 18.9x NM
Evolent Health, Inc. (NYSE:EVH) 12.01 721.68 851.74 96.88 (31.53) 6.93 NM NM 1.7x
HealthEquity, Inc. (NasdaqGS:HQY) 25.15 1,452.86 1,329.08 126.79 34.74 0.28 NM NM NM
Imprivata, Inc. (NYSE:IMPR) 12.12 304.33 253.27 119.12 (17.00) (0.94) 2.1x NM NM
Inovalon Holdings, Inc. (NasdaqGS:INOV) 17.10 2,606.27 2,159.76 437.27 140.38 0.45 4.9x 15.4x NM
Medidata Solutions, Inc. (NasdaqGS:MDSO) 43.63 2,496.20 2,425.57 404.30 43.89 0.33 NM NM NM
Model N, Inc. (NYSE:MODN) 10.68 288.85 218.50 96.15 (17.82) (0.88) 2.3x NM NM
Quality Systems Inc. (NasdaqGS:QSII) 14.08 857.28 752.46 492.95 57.04 0.54 1.5x 13.2x 26.1x
RaySearch Laboratories AB (publ) (OM:RAY B) 14.46 495.72 488.27 47.10 11.53 0.24 NM NM NM
Simulations Plus, Inc. (NasdaqCM:SLP) 8.06 137.26 130.19 19.66 8.99 0.27 NM 14.5x 29.8x
SERVICES - TECHNOLOGY
SERVICES - INSURANCE
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
Veeva Systems Inc. (NYSE:VEEV) 27.51 3,690.55 3,344.34 409.22 88.55 0.38 NM NM NM
MEAN (TECHNOLOGY) 2.9x 18.5x 19.2x
MEDIAN (TECHNOLOGY) 2.7x 17.4x 26.1x
Advisory Board Company (NasdaqGS:ABCO) 31.64 1,293.85 1,774.95 768.35 102.69 (2.84) 2.3x 17.3x NM
Air Methods Corp. (NasdaqNM:AIRM) 36.98 1,467.42 2,172.61 1,085.69 286.50 2.74 2.0x 7.6x 13.5x
Albany Molecular Research Inc. (NasdaqGS:AMRI) 15.05 521.93 861.87 402.36 49.68 (0.07) 2.1x 17.3x NM
AMN Healthcare Services Inc. (NYSE:AHS) 35.51 1,704.22 1,913.26 1,463.07 154.93 1.68 1.3x 12.3x 21.1x
athenahealth, Inc. (NasdaqGS:ATHN) 133.30 5,233.80 5,431.45 974.44 75.58 0.55 NM NM NM
BioScrip, Inc. (NasdaqNM:BIOS) 2.64 181.58 662.90 982.22 8.85 (4.56) 0.7x NM NM
Cegedim SA (ENXTPA:CGM) 27.46 383.25 579.77 462.84 59.91 1.52 1.3x 9.7x 18.1x
CorVel Corporation (NasdaqNM:CRVL) 45.20 884.88 858.38 497.49 64.13 1.36 1.7x 13.4x NM
Cross Country Healthcare, Inc. (NasdaqNM:CCRN) 12.43 407.28 495.19 767.42 35.09 0.14 0.6x 14.1x NM
eHealth, Inc. (NasdaqGS:EHTH) 11.19 203.75 137.06 202.10 26.31 0.85 0.7x 5.2x 13.2x
Envision Healthcare Holdings, Inc. (NYSE:EVHC) 22.63 4,233.57 7,144.44 5,447.92 607.07 0.76 1.3x 11.8x 29.8x
EPS Holdings, Inc. (TSE:4282) 12.95 584.23 512.09 434.32 65.13 0.83 1.2x 7.9x 15.5x
ExamWorks Group, Inc. (NYSE:EXAM) 36.05 1,486.64 1,974.02 819.57 115.67 0.13 2.4x 17.1x NM
Express Scripts Holding Company (NasdaqNM:ESRX) 73.73 46,636.88 61,465.18 101,644.00 6,793.00 3.80 0.6x 9.0x 19.4x
Healthcare Services Group Inc. (NasdaqNM:HCSG) 37.85 2,738.94 2,637.46 1,466.41 101.64 0.84 1.8x 26.0x NM
Healthways Inc. (NasdaqNM:HWAY) 11.65 421.00 648.39 769.95 29.64 (1.17) 0.8x 21.9x NM
HMS Holdings Corp. (NasdaqNM:HMSY) 16.89 1,418.86 1,471.05 474.22 90.29 0.28 3.1x 16.3x NM
ICON Public Limited Company (NasdaqGS:ICLR) 67.58 3,714.12 3,874.22 1,587.27 349.04 4.19 2.4x 11.1x 16.1x
INC Research Holdings, Inc. (NasdaqGS:INCR) 48.13 2,599.17 3,016.00 1,018.91 217.98 1.87 3.0x 13.8x 25.7x
Magellan Health, Inc. (NasdaqNM:MGLN) 70.46 1,744.63 1,847.66 4,597.40 209.47 1.21 0.4x 8.8x NM
On Assignment Inc. (NYSE:ASGN) 36.06 1,923.60 2,618.45 2,217.00 235.49 1.42 1.2x 11.1x 25.4x
PAREXEL International Corporation (NasdaqNM:PRXL) 61.10 3,280.48 3,597.18 2,080.68 338.59 2.67 1.7x 10.6x 22.9x
PRA Health Sciences, Inc. (NasdaqGS:PRAH) 47.45 2,873.34 3,657.89 1,416.20 255.57 0.77 2.6x 14.3x NM
Quintiles Transnational Holdings Inc. (NYSE:Q) 69.07 8,253.95 9,978.84 4,326.42 769.89 3.08 2.3x 13.0x 22.4x
Stericycle, Inc. (NasdaqGS:SRCL) 95.56 8,104.93 11,223.42 3,196.77 815.67 2.89 3.5x 13.8x NM
Team Health Holdings, Inc. (NYSE:TMH) 41.83 3,086.77 5,466.62 3,597.25 362.37 1.12 1.5x 15.1x NM
Teladoc, Inc. (NYSE:TDOC) 12.15 470.30 359.42 77.38 (48.98) (2.91) 4.6x NM NM
MEAN (OUTSOURCING) 1.8x 13.3x 20.3x
MEDIAN (OUTSOURCING) 1.7x 13.2x 20.3x
Firstsource Solutions Limited (BSE:532809) 0.62 416.05 569.80 465.75 57.85 0.05 1.2x 9.8x 11.5x
HCL Technologies Ltd. (NSEI:HCLTECH) 11.30 15,942.51 14,637.69 6,235.40 1,337.66 0.79 2.3x 10.9x 14.3x
Hexaware Technologies Limited (BSE:532129) 3.64 1,172.00 1,115.00 471.69 79.35 0.20 2.4x 14.1x 18.6x
Infosys Limited (NSEI:INFY) 18.20 41,594.62 36,656.82 9,501.00 2,624.00 0.90 3.9x 14.0x 20.3x
KPIT Technologies Limited (BSE:532400) 2.40 453.87 427.01 486.50 62.93 0.21 0.9x 6.8x 11.3x
SERVICES - OUTSOURCING
SERVICES - INDIA-BASED OUTSOURCING
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
MphasiS Limited (BSE:526299) 7.36 1,546.87 1,226.88 906.02 126.22 0.51 1.4x 9.7x 14.3x
NIIT Technologies Limited (BSE:532541) 7.10 434.44 397.49 393.99 67.00 0.45 1.0x 5.9x 15.7x
Tata Consultancy Services Limited (NSEI:TCS) 38.19 75,258.27 70,973.23 16,393.24 4,611.05 1.86 4.3x 15.4x 20.5x
Tech Mahindra Limited (NSEI:TECHM) 7.32 7,105.67 6,516.06 3,906.77 625.26 0.41 1.7x 10.4x 17.7x
Wipro Ltd. (BSE:507685) 8.34 20,483.42 17,867.07 7,732.03 1,631.40 0.55 2.3x 11.0x 15.3x
MEAN (INDIA-BASED OUTSOURCING) 2.1x 10.8x 16.0x
MEDIAN (INDIA-BASED OUTSOURCING) 2.0x 10.7x 15.5x
Everyday Health, Inc. (NYSE:EVDY) 5.80 192.25 273.20 231.99 24.13 (0.36) 1.2x 11.3x NM
Connecture, Inc. (NasdaqGM:CNXR) 2.31 51.09 94.07 95.85 5.75 (0.34) 1.0x 16.4x NM
Healthstream Inc. (NasdaqNM:HSTM) 22.62 717.60 567.11 215.92 24.90 0.23 2.6x 22.8x NM
IMS Health Holdings, Inc. (NYSE:IMS) 26.64 8,784.05 12,593.05 3,063.00 740.00 0.49 4.1x 17.0x NM
National Research Corp. (NasdaqGS:NRCI.B) 36.51 429.12 392.79 102.34 30.56 0.71 3.8x 12.9x NM
Press Ganey Holdings, Inc. (NYSE:PGND) 30.47 1,696.58 1,850.62 318.69 28.39 (0.75) NM NM NM
WebMD Health Corp. (NasdaqNM:WBMD) 62.74 2,256.25 2,417.77 636.40 146.50 1.48 3.8x 16.5x NM
MEAN (INFORMATION) 2.8x 16.1x NM
MEDIAN (INFORMATION) 3.2x 16.4x NM
MEAN (SERVICES) 1.9x 13.2x 18.2x
MEDIAN (SERVICES) 1.7x 12.6x 17.7x
Charles River Laboratories International, Inc. (NYSE:CRL) 79.27 3,733.71 4,490.78 1,363.30 312.63 3.15 3.3x 14.4x 25.2x
China Cord Blood Corporation (NYSE:CO) 6.24 499.72 206.50 103.08 40.35 0.20 2.0x 5.1x NM
Foundation Medicine, Inc. (NasdaqGS:FMI) 15.95 551.75 344.38 93.20 (79.39) (2.73) 3.7x NM NM
Genomic Health Inc. (NasdaqGS:GHDX) 26.28 867.42 772.47 287.46 (21.84) (1.03) 2.7x NM NM
Invitae Corporation (NYSE:NVTA) 9.54 305.06 188.24 8.38 (84.87) (3.18) NM NM NM
Laboratory Corp. of America Holdings (NYSE:LH) 125.32 12,794.38 18,508.78 9,028.60 1,743.30 5.77 2.1x 10.6x 21.7x
Neogenomics Inc. (NasdaqCM:NEO) 8.14 617.53 693.75 136.48 12.62 (0.11) NM NM NM
Quest Diagnostics Inc. (NYSE:DGX) 75.17 10,633.34 14,505.34 7,517.00 1,481.00 5.16 1.9x 9.8x 14.6x
Sonic Healthcare Limited (ASX:SHL) 14.79 6,137.24 8,070.01 3,378.61 529.54 0.65 2.4x 15.2x 22.9x
MEAN (LABS) 2.6x 11.0x 21.1x
MEDIAN (LABS) 2.4x 10.6x 22.3x
Addus HomeCare Corporation (NasdaqGS:ADUS) 18.50 210.24 209.13 347.50 19.59 0.84 0.6x 10.7x 22.0x
Almost Family Inc. (NasdaqNM:AFAM) 42.01 432.24 547.98 532.21 40.45 2.05 1.0x 13.5x 20.5x
Amedisys Inc. (NasdaqNM:AMED) 51.49 1,721.31 1,794.67 1,266.49 88.14 (0.09) 1.4x 20.4x NM
Chemed Corp. (NYSE:CHE) 129.78 2,158.52 2,288.16 1,557.13 223.21 6.38 1.5x 10.3x 20.3x
LHC Group, Inc. (NasdaqNM:LHCG) 40.34 725.01 833.28 797.12 80.00 1.84 1.0x 10.4x 21.9x
MEAN (HOME HEALTH) 1.1x 13.1x 21.2x
MEDIAN (HOME HEALTH) 1.0x 10.7x 21.2x
AAC Holdings, Inc. (NYSE:AAC) 20.59 473.27 594.96 194.15 27.85 0.48 3.1x 21.4x NM
SERVICES - INFORMATION
PROVIDERS - LABS
PROVIDERS - HOME HEALTH & HOSPICE
PROVIDERS - NON-ACUTE
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
Acadia Healthcare Company, Inc. (NasdaqGS:ACHC) 63.19 5,524.55 9,062.49 2,045.52 433.60 1.68 4.4x 20.9x NM
Adeptus Health Inc. (NYSE:ADPT) 68.12 992.22 1,172.67 396.00 48.26 1.30 3.0x 24.3x NM
Alliance Healthcare Services, Inc. (NasdaqGM:AIQ) 7.19 75.92 710.64 473.05 116.78 0.62 1.5x 6.1x 11.6x
AmSurg Corp. (NasdaqNM:AMSG) 80.98 4,377.45 7,509.94 2,566.88 679.28 3.18 2.9x 11.1x 25.5x
Civitas Solutions, Inc. (NYSE:CIVI) 20.04 743.52 1,358.44 1,378.10 130.89 0.05 1.0x 10.4x NM
Concord Medical Services Holdings Limited (NYSE:CCM) 4.89 219.72 376.55 94.95 33.18 (0.27) 4.0x 11.3x NM
Corrections Corporation of America (NYSE:CXW) 30.42 3,573.16 5,000.77 1,793.09 436.62 1.88 2.8x 11.5x 16.2x
DaVita HealthCare Partners Inc. (NYSE:DVA) 73.90 15,500.84 23,801.44 13,772.60 2,494.02 1.25 1.7x 9.5x NM
The GEO Group, Inc. (NYSE: GEO) 32.03 2,363.12 4,543.39 1,926.12 350.73 1.93 2.4x 13.0x 16.6x
Hanger, Inc. (OTCPK:HNGR) 6.89 233.41 - 1,060.75 158.86 1.65 NM NM 4.2x
HEALTHSOUTH Corp. (NYSE:HLS) 41.46 3,731.98 7,045.58 3,280.00 744.70 2.08 2.1x 9.5x 20.0x
MEDNAX, Inc. (NYSE:MD) 71.29 6,631.79 8,010.40 2,893.23 637.48 3.59 2.8x 12.6x 19.8x
Providence Service Corp. (NasdaqGS:PRSC) 49.84 740.94 1,037.14 1,695.45 108.29 (2.08) 0.6x 9.6x NM
RadNet, Inc. (NasdaqNM:RDNT) 5.05 238.72 882.88 809.63 101.34 0.17 1.1x 8.7x 29.7x
Select Medical Holdings Corporation (NYSE:SEM) 13.38 1,756.69 4,482.24 3,683.36 384.49 0.99 1.2x 11.7x 13.5x
Surgical Care Affiliates, Inc. (NasdaqGS:SCAI) 48.35 1,932.57 3,178.41 1,080.00 260.47 3.07 2.9x 12.2x 15.7x
US Physical Therapy Inc. (NYSE:USPH) 49.86 623.39 695.89 327.13 55.46 1.77 2.1x 12.5x 28.2x
VCA Inc. (NasdaqGS:WOOF) 62.97 5,113.13 6,018.80 2,197.66 426.44 2.67 2.7x 14.1x 23.6x
MEAN (NON-ACUTE) 2.4x 12.8x 18.7x
MEDIAN (NON-ACUTE) 2.5x 11.6x 18.2x
Brookdale Senior Living Inc. (NYSE:BKD) 18.46 3,522.45 9,866.67 4,237.31 811.69 (2.48) 2.3x 12.2x NM
Capital Senior Living Corp. (NYSE:CSU) 20.06 600.60 1,353.19 410.99 73.15 (0.50) 3.3x 18.5x NM
Ensign Group, Inc. (NasdaqNM:ENSG) 22.56 1,174.41 1,230.17 1,341.83 121.19 1.06 0.9x 10.2x 21.3x
Five Star Quality Care Inc. (NYSE:FVE) 2.44 120.71 203.30 1,124.70 26.97 (0.84) 0.2x 7.5x NM
Welltower Inc. (NYSE:HCN) 69.42 24,736.61 39,118.04 3,775.69 1,904.10 2.34 NM 20.5x 29.7x
Sabra Health Care REIT, Inc. (NasdaqGS:SBRA) 21.09 1,376.61 2,760.84 245.85 210.19 0.53 NM 13.1x NM
Genesis Healthcare, Inc. (NYSE:GEN) 2.52 386.96 5,493.22 5,518.70 543.88 (4.96) 1.0x 10.1x NM
Ventas, Inc. (NYSE:VTR) 62.12 21,004.76 32,448.87 3,331.02 1,718.17 1.34 NM 18.9x NM
MEAN (LONG-TERM CARE) 1.5x 13.9x 25.5x
MEDIAN (LONG-TERM CARE) 1.0x 12.6x 25.5x
Community Health Systems, Inc. (NYSE:CYH) 19.08 2,151.93 19,751.93 19,525.00 2,293.00 1.00 1.0x 8.6x 19.0x
HCA Holdings, Inc. (NYSE:HCA) 80.62 31,906.84 63,266.84 39,678.00 7,869.00 4.99 1.6x 8.0x 16.2x
Kindred Healthcare Inc. (NYSE:KND) 14.76 1,257.12 4,419.58 7,054.91 562.50 (1.12) 0.6x 7.9x NM
LifePoint Health, Inc. (NasdaqNM:LPNT) 67.56 2,933.18 5,642.68 5,531.30 635.50 3.60 1.0x 8.9x 18.7x
Tenet Healthcare Corp. (NYSE:THC) 31.69 3,145.35 19,832.35 19,254.00 2,241.00 (2.46) 1.0x 8.8x NM
PROVIDERS - LONG-TERM CARE
PROVIDERS - ACUTE
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
Universal Health Services Inc. (NYSE:UHS) 133.68 13,005.49 16,554.88 9,267.90 1,692.33 6.96 1.8x 9.8x 19.2x
MEAN (ACUTE) 1.2x 8.7x 18.3x
MEDIAN (ACUTE) 1.0x 8.7x 18.9x
MEAN (PROVIDERS) 2.0x 12.2x 19.9x
MEDIAN (PROVIDERS) 1.9x 10.9x 20.2x
ABIOMED, Inc. (NasdaqNM:ABMD) 97.14 4,120.43 3,924.24 303.14 62.97 2.82 NM NM NM
Accelerate Diagnostics, Inc. (NasdaqCM:AXDX) 12.55 642.55 510.14 0.15 (43.76) (1.01) NM NM NM
Accuray Incorporated (NasdaqNM:ARAY) 5.36 433.76 493.62 405.58 7.38 (0.30) 1.2x NM NM
Agilent Technologies, Inc. (NYSE:A) 40.92 13,412.35 13,217.35 4,040.00 823.00 1.40 3.3x 16.1x 29.2x
Align Technology Inc. (NasdaqNM:ALGN) 72.19 5,787.84 5,239.77 886.12 211.24 1.83 NM 24.8x NM
Alliqua BioMedical, Inc. (NasdaqCM:ALQA) 0.91 25.47 11.52 15.04 (24.04) (1.13) 0.8x NM NM
Alphatec Holdings, Inc. (NasdaqNM:ATEC) 0.22 22.54 115.50 185.28 15.13 (1.79) 0.6x 7.6x NM
Analogic Corporation (NasdaqGS:ALOG) 78.99 980.90 860.83 530.85 67.91 1.47 1.6x 12.7x NM
AngioDynamics Inc. (NasdaqNM:ANGO) 12.25 443.79 546.67 347.77 45.84 (0.04) 1.6x 11.9x NM
Anika Therapeutics Inc. (NasdaqGS:ANIK) 45.66 674.40 558.56 99.76 57.84 2.23 NM 9.7x 20.5x
AtriCure, Inc. (NasdaqNM:ATRC) 15.90 526.20 516.93 135.30 (21.39) (1.09) 3.8x NM NM
Avinger, Inc. (NasdaqGM:AVGR) 11.58 146.99 133.50 10.71 (39.39) (4.38) NM NM NM
Baxter International Inc. (NYSE:BAX) 44.22 24,328.69 23,506.69 9,940.00 1,524.75 6.63 2.4x 15.4x 6.7x
Bio-Techne Corp. (NasdaqGS:TECH) 93.18 3,465.49 3,518.15 481.32 191.63 2.81 NM 18.4x NM
BioTelemetry, Inc. (NasdaqGS:BEAT) 15.73 438.78 439.18 175.38 32.38 0.40 2.5x 13.6x NM
Boston Scientific Corporation (NYSE:BSX) 21.92 29,684.46 35,023.46 7,595.00 1,936.50 (0.03) 4.6x 18.1x NM
Bruker Corporation (NasdaqNM:BRKR) 28.30 4,605.96 4,411.16 1,623.80 228.20 0.60 2.7x 19.3x NM
Cardiovascular Systems Inc. (NasdaqGS:CSII) 13.98 457.11 391.78 177.99 (44.13) (1.49) 2.2x NM NM
Catalent, Inc. (NYSE:CTLT) 29.53 3,677.17 5,434.37 1,834.60 407.80 1.79 3.0x 13.3x 16.5x
Cepheid (NasdaqNM:CPHD) 28.54 2,074.30 2,066.28 550.72 (2.94) (0.78) 3.8x NM NM
ConforMIS, Inc. (NasdaqGS:CFMS) 12.39 517.32 400.62 66.09 (53.34) (2.60) NM NM NM
CONMED Corporation (NasdaqNM:CNMD) 41.42 1,149.46 1,641.16 722.43 119.13 0.78 2.3x 13.8x NM
Corindus Vascular Robotics Inc. (AMEX:CVRS) 1.05 124.88 89.93 2.70 (26.47) (0.25) NM NM NM
CR Bard Inc. (NYSE:BCR) 212.17 15,556.03 16,483.63 3,449.40 1,043.30 1.48 4.8x 15.8x NM
CryoLife Inc. (NYSE:CRY) 12.40 404.41 432.15 155.08 21.05 0.23 2.8x 20.5x NM
Cutera, Inc. (NasdaqGS:CUTR) 11.66 150.75 102.34 98.11 (1.99) (0.21) 1.0x NM NM
Cynosure, Inc. (NasdaqGS:CYNO) 48.94 1,124.84 1,003.18 359.21 48.85 0.81 2.8x 20.5x NM
Cytosorbents Corporation (NasdaqCM:CTSO) 4.32 109.77 102.26 4.79 (9.19) (0.33) NM NM NM
Derma Sciences Inc. (NasdaqCM:DSCI) 3.48 90.08 49.26 84.47 (16.81) (0.79) 0.6x NM NM
DexCom, Inc. (NasdaqNM:DXCM) 64.38 5,371.35 5,266.55 445.40 (51.90) (0.79) NM NM NM
Edwards Lifesciences Corp. (NYSE:EW) 106.21 22,491.32 22,141.72 2,600.70 746.70 2.35 NM 29.7x NM
Ekso Bionics Holdings, Inc. (OTCBB:EKSO) - 102.21 82.89 8.66 (20.63) (0.26) NM NM NM
EndoChoice Holdings, Inc. (NYSE:GI) 5.52 143.57 118.31 72.30 (40.94) (2.82) 1.6x NM NM
PRODUCTS - CLINICAL DEVICES
18
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Endologix Inc. (NasdaqNM:ELGX) 11.21 916.65 911.85 153.61 (41.96) (0.75) NM NM NM
Entellus Medical, Inc. (NasdaqGM:ENTL) 14.54 273.62 226.86 61.57 (14.85) (1.06) 3.7x NM NM
Enzo Biochem Inc. (NYSE:ENZ) 4.98 229.54 197.23 99.42 (8.24) 0.36 2.0x NM 14.0x
Exactech Inc. (NasdaqNM:EXAC) 22.74 320.55 327.44 245.76 40.76 1.06 1.3x 8.0x 21.5x
Fresenius SE & Co KGaA (DB:FRE) 73.04 39,859.68 64,468.28 30,003.80 5,376.05 2.69 2.1x 12.0x 27.2x
GenMark Diagnostics, Inc. (NasdaqGM:GNMK) 5.91 252.87 217.30 39.41 (38.13) (1.00) NM NM NM
Genomic Health Inc. (NasdaqGS:GHDX) 26.28 867.42 772.47 287.46 (21.84) (1.03) 2.7x NM NM
Glaukos Corporation (NYSE:GKOS) 18.84 609.84 528.52 71.70 (6.03) (2.13) NM NM NM
Globus Medical, Inc. (NYSE:GMED) 25.04 2,391.55 2,110.53 536.65 185.04 1.17 3.9x 11.4x 21.4x
Greatbatch, Inc. (NYSE:GB) 34.80 1,070.96 2,779.39 971.33 169.86 (1.02) 2.9x 16.4x NM
Heartware International Inc. (NasdaqGS:HTWR) 33.36 584.92 532.41 276.84 (23.84) (4.21) 1.9x NM NM
Hologic Inc. (NasdaqNM:HOLX) 33.59 9,365.89 12,454.39 2,761.50 1,001.10 0.71 4.5x 12.4x NM
Illumina Inc. (NasdaqNM:ILMN) 134.99 19,853.98 19,590.88 2,219.76 749.53 3.10 NM 26.1x NM
Inogen, Inc. (NasdaqGS:INGN) 48.86 971.09 888.51 159.01 29.06 0.56 NM NM NM
Integra LifeSciences Holdings Corporation
(NasdaqNM:IART) 70.82 2,635.84 3,288.76 916.97 204.11 0.19 3.6x 16.1x NM
Intersect ENT, Inc. (NasdaqGM:XENT) 20.05 567.08 442.78 60.49 (26.11) (1.02) NM NM NM
Intuitive Surgical, Inc. (NasdaqNM:ISRG) 626.36 23,839.49 22,031.09 2,434.00 885.50 16.49 NM 24.9x NM
Invuity, Inc. (NasdaqGM:IVTY) 6.80 91.13 59.32 21.03 (33.50) (4.94) 2.8x NM NM
IRadimed Corporation (NasdaqCM:IRMD) 16.37 180.64 157.09 33.20 13.02 0.67 4.7x 12.1x 24.5x
K2M Group Holdings, Inc. (NasdaqGS:KTWO) 16.26 674.55 674.33 221.39 (10.51) (0.86) 3.0x NM NM
Landauer Inc. (NYSE:LDR) 34.74 332.87 452.12 150.30 36.88 1.44 3.0x 12.3x 24.1x
LDR Holding Corporation (NasdaqGS:LDRH) 26.95 787.42 678.10 163.26 (16.22) (0.57) 4.2x NM NM
LeMaitre Vascular, Inc. (NasdaqGM:LMAT) 16.58 304.07 276.62 78.92 15.55 0.45 3.5x 17.8x NM
LivaNova PLC (LSE:LIVN) 53.13 2,603.80 2,660.28 623.56 96.35 (1.36) 4.3x 27.6x NM
Masimo Corporation (NasdaqNM:MASI) 43.35 2,169.94 2,223.06 623.21 116.13 1.55 3.6x 19.1x 28.0x
Medtronic plc (NYSE:MDT) 79.15 110,892.57 129,485.57 28,435.00 8,574.00 1.69 4.6x 15.1x NM
Meridian Bioscience, Inc. (NasdaqNM:VIVO) 19.11 803.60 750.18 191.79 62.94 0.84 3.9x 11.9x 22.7x
NanoString Technologies, Inc. (NasdaqGM:NSTG) 15.92 312.65 304.84 62.67 (38.87) (2.40) 4.9x NM NM
Natus Medical Inc. (NasdaqNM:BABY) 31.87 1,056.96 975.68 373.80 69.47 1.14 2.6x 14.0x 28.0x
Nevro Corp. (NYSE:NVRO) 67.25 1,903.10 1,729.17 69.61 (61.75) (2.54) NM NM NM
NuVasive, Inc. (NasdaqNM:NUVA) 52.94 2,638.16 3,001.81 833.83 165.15 0.49 3.6x 18.2x NM
Nxstage Medical, Inc. (NasdaqNM:NXTM) 16.12 1,037.74 995.56 336.12 3.49 (0.24) 3.0x NM NM
Orthofix International N.V. (NasdaqNM:OFIX) 43.76 797.75 757.90 405.41 50.57 0.54 1.9x 15.0x NM
Ossur Hf. (ICSE:OSSRU) 3.91 1,718.62 1,788.39 483.44 89.18 0.12 3.7x 20.1x NM
pSivida Corp. (NasdaqGM:PSDV) 2.87 97.79 76.70 1.73 (19.60) (0.69) NM NM NM
Quidel Corp. (NasdaqNM:QDEL) 17.30 559.36 550.70 182.65 13.02 (0.41) 3.0x NM NM
ResMed Inc. (NYSE:RMD) 55.80 7,834.87 7,551.98 1,773.13 497.95 2.44 4.3x 15.2x 22.9x
REVA Medical, Inc. (ASX:RVA) 0.83 351.38 412.51 NM (22.46) (0.24) NM NM NM
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
ReWalk Robotics Ltd. (NasdaqGM:RWLK) 9.06 112.07 94.16 3.75 (24.74) (2.10) NM NM NM
SeaSpine Holdings Corporation (NasdaqGS:SPNE) 14.92 165.51 132.41 133.18 (19.64) (4.99) 1.0x NM NM
Second Sight Medical Products, Inc. (NasdaqCM:EYES) 4.73 170.37 160.13 8.30 (20.57) (0.58) NM NM NM
Sientra, Inc. (NasdaqGS:SIEN) 8.12 146.70 33.90 38.11 (23.93) (2.61) 0.9x NM NM
Smith & Nephew plc (LSE:SN.) 16.92 15,113.85 16,463.47 4,634.00 1,188.00 0.46 3.6x 13.9x NM
Sonova Holding AG (SWX:SOON) 133.70 8,807.75 8,617.34 2,097.47 480.83 5.27 4.1x 17.9x 25.4x
The Spectranetics Corporation (NasdaqNM:SPNC) 17.00 727.32 963.00 248.76 (15.08) (1.16) 3.9x NM NM
St. Jude Medical Inc. (NYSE:STJ) 76.20 21,641.12 27,374.12 5,644.00 1,610.50 2.49 4.9x 17.0x NM
STAAR Surgical Company (NasdaqNM:STAA) 7.71 309.66 300.98 77.12 (2.94) (0.17) 3.9x NM NM
Stryker Corporation (NYSE:SYK) 109.01 40,767.68 40,760.68 10,062.00 2,717.00 4.27 4.1x 15.0x 25.5x
Syneron Medical Ltd. (NasdaqGS:ELOS) 7.13 247.49 176.53 277.85 5.86 (0.17) 0.6x NM NM
T2 Biosystems, Inc. (NasdaqGM:TTOO) 9.17 222.66 179.69 3.72 (44.38) (2.23) NM NM NM
Tandem Diabetes Care, Inc. (NasdaqGM:TNDM) 11.13 337.81 313.49 80.60 (62.85) (2.38) 3.9x NM NM
TransEnterix, Inc. (AMEX:TRXC) 1.50 171.81 153.08 - (40.78) (0.59) NM NM NM
Unilife Corporation (ASX:UNS) 0.10 96.75 179.99 14.06 (79.15) (0.14) NM NM NM
Utah Medical Products Inc. (NasdaqNM:UTMD) 66.90 251.32 223.76 40.01 19.29 3.29 NM 11.6x 20.4x
Varian Medical Systems, Inc. (NYSE:VAR) 81.18 7,752.90 7,600.03 3,117.71 612.73 4.04 2.4x 12.4x 20.1x
Wright Medical Group N.V. (NasdaqNM:WMGI) 18.78 1,906.91 2,346.66 415.46 (43.21) (3.68) NM NM NM
Zimmer Biomet Holdings, Inc. (NYSE:ZBH) 115.77 23,019.05 33,126.25 6,767.40 2,476.30 0.41 4.9x 13.4x NM
MEAN (CLINICAL) 3.0x 16.1x 22.1x
MEDIAN (CLINICAL) 3.0x 15.1x 22.8x
Abaxis, Inc. (NasdaqNM:ABAX) 45.32 1,026.14 896.72 218.90 53.28 1.36 4.1x 16.8x NM
Cerus Corporation (NasdaqNM:CERS) 6.26 622.00 533.99 34.22 (59.38) (0.61) NM NM NM
Getinge AB (OM:GETI B) 21.17 5,044.32 7,545.46 3,690.30 682.77 0.73 2.0x 11.1x 29.0x
Haemonetics Corporation (NYSE:HAE) 32.43 1,648.99 1,970.86 909.68 126.37 (1.09) 2.2x 15.6x NM
Hansen Medical, Inc. (NasdaqGM:HNSN) 4.05 76.91 90.17 16.07 (35.09) (4.89) NM NM NM
Harvard Bioscience Inc. (NasdaqGM:HBIO) 2.97 101.10 113.27 108.66 3.64 (0.57) 1.0x NM NM
IDEXX Laboratories, Inc. (NasdaqNM:IDXX) 84.35 7,551.95 8,423.54 1,636.97 380.46 2.07 NM 22.1x NM
Invacare Corporation (NYSE:IVC) 11.24 361.63 374.06 1,110.87 14.73 (0.86) 0.3x 25.4x NM
Omnicell, Inc. (NasdaqGS:OMCL) 31.86 1,143.14 1,317.11 539.34 66.18 0.66 2.4x 19.9x NM
Pacific Biosciences of California, Inc. (NasdaqGS:PACB) 9.65 839.42 763.10 94.26 (47.73) (0.40) NM NM NM
PerkinElmer Inc. (NYSE:PKI) 50.42 5,555.73 6,330.69 2,262.36 420.53 1.88 2.8x 15.1x 26.8x
Steris Plc (NYSE:STE) 73.64 6,474.90 7,143.30 2,042.22 324.38 1.46 3.5x 22.0x NM
SurModics, Inc. (NasdaqGS:SRDX) 20.12 261.48 218.81 66.52 26.15 0.65 3.3x 8.4x NM
Thermo Fisher Scientific, Inc. (NYSE:TMO) 144.25 56,758.42 70,967.62 17,341.40 4,227.00 4.98 4.1x 16.8x 29.0x
Waters Corporation (NYSE:WAT) 130.16 10,541.03 9,754.67 2,057.17 663.20 5.66 4.7x 14.7x 23.0x
PRODUCTS - NON-CLINICAL DEVICES
20
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
ZELTIQ Aesthetics, Inc. (NasdaqGS:ZLTQ) 29.90 1,175.38 1,127.06 252.32 6.12 1.02 4.5x NM 29.3x
MEAN (NON-CLINICAL) 2.9x 17.1x 27.4x
MEDIAN (NON-CLINICAL) 3.0x 16.8x 29.0x
ATRION Corp. (NasdaqNM:ATRI) 397.30 723.16 694.77 145.73 51.33 15.47 4.8x 13.5x 25.7x
Becton, Dickinson and Company (NYSE:BDX) 161.26 34,157.53 45,360.53 11,217.00 2,870.00 3.24 4.0x 15.8x NM
Halyard Health, Inc. (NYSE:HYH) 28.16 1,312.68 1,761.28 1,568.40 166.70 (9.15) 1.1x 10.6x NM
ICU Medical, Inc. (NasdaqNM:ICUI) 99.34 1,590.39 1,213.00 339.67 99.85 2.73 3.6x 12.1x NM
Merit Medical Systems, Inc. (NasdaqNM:MMSI) 20.25 896.77 1,120.01 546.35 76.93 0.51 2.0x 14.6x NM
Nipro Corporation (TSE:8086) 10.05 1,706.16 4,873.60 2,987.06 474.75 0.59 1.6x 10.3x 17.0x
Retractable Technologies, Inc. (AMEX:RVP) 2.61 74.70 61.10 29.19 (2.35) 0.20 2.1x NM 13.1x
Teleflex Incorporated (NYSE:TFX) 155.78 6,791.31 7,463.91 1,798.15 425.59 5.12 4.2x 17.5x NM
Terumo Corporation (TSE:4543) 39.54 14,679.23 15,048.11 4,345.22 998.35 1.00 3.5x 15.1x NM
Vascular Solutions Inc. (NasdaqNM:VASC) 34.95 607.12 576.16 150.75 24.08 0.46 3.8x 23.9x NM
MEAN (DISPOSABLES) 3.1x 14.8x 18.6x
MEDIAN (DISPOSABLES) 3.5x 14.6x 17.0x
Bio-Rad Laboratories, Inc. (NYSE:BIO) 141.85 4,162.05 3,811.79 2,019.44 294.81 3.85 1.9x 12.9x NM
Cambrex Corporation. (NYSE:CBM) 48.24 1,534.53 1,448.93 451.15 138.00 1.95 3.2x 10.5x 24.8x
Cantel Medical Corp. (NYSE:CMN) 66.99 2,793.63 2,906.00 598.40 120.27 1.32 4.9x 24.2x NM
ChromaDex Corporation (NasdaqCM:CDXC) 4.45 162.47 162.45 22.01 (1.82) (0.08) NM NM NM
DENTSPLY SIRONA Inc. (NasdaqNM:XRAY) 59.60 14,025.30 14,881.50 2,674.30 592.40 1.76 NM 25.1x NM
Exact Sciences Corporation (NasdaqCM:EXAS) 7.02 684.10 384.24 39.44 (151.32) (1.71) NM NM NM
Fluidigm Corporation (NasdaqGS:FLDM) 9.58 276.82 377.53 114.71 (49.23) (1.86) 3.3x NM NM
Hill-Rom Holdings, Inc. (NYSE:HRC) 48.35 3,161.26 5,190.86 2,342.20 405.70 0.59 2.2x 12.8x NM
Ion Beam Applications, S.A. (ENXTBR:IBAB) 41.17 1,170.98 1,113.67 293.63 30.62 2.28 3.8x NM NM
Luminex Corporation (NasdaqNM:LMNX) 20.10 853.58 713.05 242.95 54.22 0.89 2.9x 13.2x 22.6x
Mettler-Toledo International Inc. (NYSE:MTD) 357.95 9,618.12 10,110.70 2,395.45 540.79 12.48 4.2x 18.7x 28.7x
Natera, Inc. (NasdaqGS:NTRA) 9.82 501.33 312.88 190.36 (53.30) (2.68) 1.6x NM NM
Neogen Corp. (NasdaqGS:NEOG) 47.24 1,772.62 1,647.46 309.81 67.01 0.96 NM 24.6x NM
OraSure Technologies, Inc. (NasdaqNM:OSUR) 7.18 404.99 303.67 119.72 13.75 0.14 2.5x 22.1x NM
Oxford Immunotec Global PLC (NasdaqGM:OXFD) 10.46 236.04 152.79 62.78 (21.45) (1.12) 2.4x NM NM
Qiagen NV (NasdaqGS:QGEN) 22.46 5,233.31 5,856.94 1,280.94 350.89 0.52 4.6x 16.7x NM
Quotient Limited (NasdaqGM:QTNT) 10.53 267.43 289.98 17.38 (44.07) (1.51) NM NM NM
Rockwell Medical, Inc. (NasdaqGM:RMTI) 9.25 476.62 405.94 55.35 (14.28) (0.29) NM NM NM
Trinity Biotech plc (NasdaqGS:TRIB) 11.50 267.96 271.21 98.47 15.98 0.27 2.8x 17.0x NM
TrovaGene, Inc. (NasdaqCM:TROV) 4.02 119.73 68.71 0.31 (24.89) (1.21) NM NM NM
Veracyte, Inc. (NasdaqGM:VCYT) 5.80 161.56 127.50 49.50 (31.42) (1.30) 2.6x NM NM
VWR Corporation (NasdaqGS:VWR) 26.64 3,501.01 5,353.71 4,318.80 450.70 1.17 1.2x 11.9x 22.8x
PRODUCTS - DISPOSABLES
PRODUCTS - COMMERCIAL
21
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
West Pharmaceutical Services, Inc. (NYSE:WST) 71.20 5,177.13 5,202.73 1,426.00 202.68 1.15 3.6x 25.7x NM
MEAN (COMMERCIAL) 3.0x 18.1x 24.7x
MEDIAN (COMMERCIAL) 2.8x 17.0x 23.8x
Alere Inc. (NYSE:ALR) 39.00 3,374.85 7,107.84 2,496.41 552.00 (0.41) 2.8x 12.9x NM
Cooper Companies Inc. (NYSE:COO) 153.08 7,407.70 8,775.74 1,801.53 545.73 3.94 4.9x 16.1x NM
Essilor International SA (ENXTPA:EI) 129.47 27,424.75 30,285.65 7,294.05 1,754.00 3.80 4.2x 17.3x NM
Insulet Corporation (NasdaqNM:PODD) 33.30 1,903.41 1,969.91 357.29 (36.19) (1.30) NM NM NM
Nutraceutical International Corporation (NasdaqGS:NUTR) 23.59 220.32 263.66 223.48 41.41 1.76 1.2x 6.4x 13.4x
Nutrisystem, Inc. (NasdaqGS:NTRI) 22.02 641.48 625.97 462.61 51.67 0.89 1.4x 12.1x 24.7x
USANA Health Sciences Inc. (NYSE:USNA) 118.44 1,414.67 1,271.46 918.50 151.64 7.18 1.4x 8.4x 16.5x
MEAN (CONSUMER) 2.6x 12.2x 18.2x
MEDIAN (CONSUMER) 2.1x 12.5x 16.5x
Abbott Laboratories (NYSE:ABT) 38.90 57,164.29 60,155.29 20,393.00 4,397.75 1.41 2.9x 13.7x 27.5x
AbbVie Inc. (NYSE:ABBV) 61.00 98,681.85 121,936.85 23,777.00 10,157.00 3.33 NM 12.0x 18.3x
AcelRx Pharmaceuticals, Inc. (NasdaqGM:ACRX) 3.38 153.16 60.61 22.11 (15.07) (0.58) 2.7x NM NM
Achillion Pharmaceuticals, Inc. (NasdaqGS:ACHN) 8.55 1,168.27 709.39 66.12 (14.41) (0.04) NM NM NM
Acorda Therapeutics, Inc. (NasdaqNM:ACOR) 25.85 1,182.62 1,044.95 508.71 54.31 0.30 2.1x 19.2x NM
Adamas Pharmaceuticals, Inc. (NasdaqGM:ADMS) 16.88 362.47 255.67 1.92 (57.00) (2.86) NM NM NM
Aegerion Pharmaceuticals, Inc. (NasdaqGS:AEGR) 2.85 84.00 274.28 239.89 (19.29) (2.55) 1.1x NM NM
Akorn, Inc. (NasdaqGS:AKRX) 25.45 2,912.32 3,959.30 593.08 208.27 0.34 NM 19.0x NM
Alexion Pharmaceuticals, Inc. (NasdaqGS:ALXN) 139.28 31,297.15 33,690.70 2,704.75 978.72 0.66 NM NM NM
Alimera Sciences, Inc. (NasdaqGM:ALIM) 2.22 99.91 170.23 22.44 (36.44) (0.69) NM NM NM
Allergan plc (NYSE:AGN) 216.56 85,568.26 132,116.76 15,071.00 5,932.90 (8.44) NM 22.3x NM
Amphastar Pharmaceuticals, Inc. (NasdaqGS:AMPH) 12.30 552.24 527.27 251.52 9.86 (0.06) 2.1x NM NM
Ampio Pharmaceuticals, Inc. (AMEX:AMPE) 4.21 218.99 197.88 1.16 (32.17) (0.62) NM NM NM
ANI Pharmaceuticals, Inc. (NasdaqGM:ANIP) 45.47 520.88 479.62 76.32 39.60 1.32 NM 12.1x NM
Antares Pharma Inc. (NasdaqCM:ATRS) 1.10 170.42 122.51 45.66 (18.89) (0.14) 2.7x NM NM
Aradigm Corporation (NasdaqCM:ARDM) 4.86 72.55 41.08 23.43 (16.94) (1.17) 1.8x NM NM
Array BioPharma Inc. (NasdaqNM:ARRY) 3.19 457.25 447.75 33.58 (110.92) 0.00 NM NM NM
Arrowhead Research Corp. (NasdaqGS:ARWR) 5.79 345.24 268.80 0.26 (75.33) (1.51) NM NM NM
Astellas Pharma, Inc. (TSE:4503) 14.01 29,779.64 26,609.39 11,315.75 2,927.06 0.71 2.4x 9.1x 19.8x
AstraZeneca PLC (LSE:AZN) 57.48 72,691.55 87,036.52 24,766.00 6,354.00 2.30 3.5x 13.7x 25.0x
BioDelivery Sciences International, Inc. (NasdaqCM:BDSI) 3.38 180.72 126.04 48.23 (33.88) (0.72) 2.6x NM NM
Bristol-Myers Squibb Company (NYSE:BMY) 72.18 120,490.60 123,103.60 16,910.00 4,977.00 0.93 NM 24.7x NM
Carbylan Therapeutics, Inc. (NasdaqGM:CBYL) 0.73 19.28 (29.84) 0.03 (20.90) (1.30) NM 1.4x NM
Cempra, Inc. (NasdaqGS:CEMP) 16.93 815.91 681.85 16.02 (101.22) (2.30) NM NM NM
Clovis Oncology, Inc. (NasdaqGS:CLVS) 13.91 533.94 285.24 - (299.01) (9.79) NM NM NM
PRODUCTS - PHARMACEUTICALS
PRODUCTS - CONSUMER
22
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
Compugen Ltd. (NasdaqGM:CGEN) 6.78 342.90 262.13 9.28 (19.81) (0.40) NM NM NM
Corcept Therapeutics Incorporated (NasdaqCM:CORT) 4.77 523.32 510.41 50.29 (3.29) (0.06) NM NM NM
Curis, Inc. (NasdaqGM:CRIS) 2.00 258.08 200.05 7.88 (31.97) (0.48) NM NM NM
DepoMed Inc. (NasdaqGS:DEPO) 17.38 1,060.09 1,656.83 342.74 86.92 (1.26) 4.8x 19.1x NM
DURECT Corporation (NasdaqGM:DRRX) 1.34 180.49 171.14 19.12 (20.24) (0.19) NM NM NM
Egalet Corporation (NasdaqGM:EGLT) 6.82 166.35 77.06 22.83 (48.10) (2.94) 3.4x NM NM
Egalet Corporation (NasdaqGM:EGLT) 6.82 166.35 77.06 22.83 (48.10) (2.94) 3.4x NM NM
Eli Lilly and Company (NYSE:LLY) 75.53 79,704.32 84,843.12 20,179.10 5,095.30 2.17 4.2x 16.7x NM
Elite Pharmaceuticals, Inc. (OTCPK:ELTP) 0.33 227.60 281.69 8.54 (13.93) (0.06) NM NM NM
Endo International plc (NasdaqNM:ENDP) 27.00 6,011.84 14,372.74 3,268.72 712.54 (1.52) 4.4x 20.2x NM
Flamel Technologies SA (NasdaqGM:FLML) 11.46 461.04 317.35 173.21 102.97 0.93 1.8x 3.1x 12.3x
Foamix Pharmaceuticals Ltd. (NasdaqGM:FOMX) 6.31 193.33 138.26 0.85 (16.84) (0.59) NM NM NM
GlaxoSmithKline plc (LSE:GSK) 21.35 103,362.72 127,111.65 35,330.55 9,547.75 0.18 3.6x 13.3x NM
Heska Corporation (NasdaqCM:HSKA) 30.60 203.07 212.30 104.60 13.64 0.74 2.0x 15.6x NM
ImmunoGen, Inc. (NasdaqGS:IMGN) 6.85 596.37 413.45 65.21 (104.47) (1.50) NM NM NM
Impax Laboratories Inc. (NasdaqGS:IPXL) 33.35 2,464.23 2,548.48 860.47 165.77 0.54 3.0x 15.4x NM
Infinity Pharmaceuticals, Inc. (NasdaqGS:INFI) 5.80 286.47 41.24 109.07 (124.92) (2.62) 0.4x NM NM
Innocoll Holdings plc (NasdaqGM:INNL) 7.80 189.90 164.18 2.81 (51.87) (27.81) NM NM NM
Innoviva, Inc. (NasdaqGS:INVA) 12.34 1,404.93 1,971.25 71.23 48.48 (0.03) NM NM NM
INSYS Therapeutics, Inc. (NasdaqGM:INSY) 14.49 1,036.47 872.84 321.99 90.04 0.69 2.7x 9.7x 20.9x
Ironwood Pharmaceuticals, Inc. (NasdaqGS:IRWD) 10.45 1,511.08 1,453.17 149.56 (90.46) (1.00) NM NM NM
Jazz Pharmaceuticals PLC (NasdaqGS:JAZZ) 150.70 9,109.02 9,324.74 1,324.80 667.60 5.23 NM 14.0x 28.8x
Johnson & Johnson (NYSE:JNJ) 112.08 309,154.75 290,639.75 70,182.00 22,263.50 5.49 4.1x 13.1x 20.4x
Juniper Pharmaceuticals, Inc. (NasdaqGS:JNP) 6.79 73.34 63.13 37.56 (0.60) (0.20) 1.7x NM NM
Karyopharm Therapeutics, Inc. (NasdaqGS:KPTI) 9.30 333.69 158.06 0.25 (118.44) (3.32) NM NM NM
Lannett Company, Inc. (NYSE:LCI) 19.18 702.77 1,570.85 432.12 227.39 3.14 3.6x 6.9x 6.1x
Mallinckrodt Public Limited Company (NYSE:MNK) 62.52 6,996.92 12,906.52 3,592.50 1,591.10 3.29 3.6x 8.1x 19.0x
Meda AB (OM:MEDA A) 18.46 6,746.87 9,644.66 2,327.52 761.11 0.38 4.1x 12.7x NM
Merck & Co. Inc. (NYSE:MRK) 54.84 151,890.96 165,092.96 39,498.00 14,428.00 1.56 4.2x 11.4x NM
Mylan N.V. (NasdaqGS:MYL) 41.71 20,466.59 26,447.79 9,748.90 2,828.70 1.56 2.7x 9.3x 26.7x
Neos Therapeutics, Inc. (NasdaqGM:NEOS) 9.07 145.56 89.04 3.79 (24.12) (4.38) NM NM NM
Novartis AG (SWX:NOVN) 76.34 181,788.47 204,879.08 49,967.00 14,840.00 2.78 4.1x 13.8x 27.5x
Novo Nordisk A/S (CPSE:NOVO B) 55.83 141,732.17 140,433.09 16,804.59 7,683.96 2.05 NM 18.3x 27.2x
Opko Health, Inc. (NYSE:OPK) 10.75 5,867.78 5,824.35 491.74 (18.59) (0.06) NM NM NM
Osiris Therapeutics, Inc. (NasdaqGM:OSIR) 5.61 193.28 149.99 86.60 4.41 0.05 1.7x NM NM
Pacira Pharmaceuticals, Inc. (NasdaqGS:PCRX) 54.11 2,011.08 1,958.04 256.16 15.33 (0.09) NM NM NM
Pernix Therapeutics Holdings, Inc. (NasdaqGM:PTX) 0.75 47.93 320.59 175.85 23.66 (2.78) 1.8x 13.6x NM
Perrigo Company plc (NYSE:PRGO) 96.67 13,843.37 19,400.27 5,539.00 1,331.20 0.08 3.5x 14.6x NM
23
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
Pfizer Inc. (NYSE:PFE) 32.71 202,536.35 218,665.35 48,851.00 18,754.00 1.11 4.5x 11.7x 29.5x
Phibro Animal Health Corporation (NasdaqGM:PAHC) 20.74 817.11 1,096.85 751.34 107.77 1.89 1.5x 10.2x 11.0x
Progenics Pharmaceuticals, Inc. (NasdaqGS:PGNX) 5.31 371.41 297.52 8.68 (36.75) (0.56) NM NM NM
Recro Pharma, Inc. (NasdaqCM:REPH) 6.91 64.39 74.37 51.95 3.82 0.21 1.4x 19.5x NM
Rigel Pharmaceuticals, Inc. (NasdaqNM:RIGL) 2.83 256.27 130.00 28.90 (50.30) (0.58) 4.5x NM NM
Roche Holding AG (SWX:ROG) 252.90 215,965.47 233,040.96 50,342.09 19,065.93 10.27 4.6x 12.2x 24.6x
Sagent Pharmaceuticals, Inc. (NasdaqGS:SGNT) 11.64 382.23 334.83 318.30 22.98 (0.67) 1.1x 14.6x NM
Sanofi (ENXTPA:SAN) 82.59 106,715.00 115,326.35 39,370.20 12,141.11 3.85 2.9x 9.5x 21.5x
Sarepta Therapeutics, Inc. (NasdaqGS:SRPT) 14.19 648.01 478.91 1.25 (205.56) (5.20) NM NM NM
SciClone Pharmaceuticals, Inc. (NasdaqGS:SCLN) 13.20 655.04 553.64 157.26 41.67 0.56 3.5x 13.3x 23.6x
Sucampo Pharmaceuticals, Inc. (NasdaqNM:SCMP) 10.78 459.56 603.63 153.18 66.04 0.73 3.9x 9.1x 14.8x
Supernus Pharmaceuticals, Inc. (NasdaqGM:SUPN) 17.16 847.83 792.83 144.43 18.57 0.28 NM NM NM
Takeda Pharmaceutical Company Limited (TSE:4502) 49.25 38,724.10 40,901.69 15,233.74 2,767.91 (1.19) 2.7x 14.8x NM
Taro Pharmaceutical Industries Ltd. (NYSE:TARO) 139.74 5,985.52 4,808.76 929.86 604.38 13.51 NM 8.0x 10.3x
Teligent, Inc. (NasdaqGS:TLGT) 5.52 292.71 314.51 49.24 0.68 (0.12) NM NM NM
Teva Pharmaceutical Industries Limited (NYSE:TEVA) 54.45 49,422.25 55,866.25 19,652.00 6,445.00 1.82 2.8x 8.7x 29.9x
TherapeuticsMD, Inc. (AMEX:TXMD) 8.25 1,619.09 1,554.39 20.14 (85.13) (0.49) NM NM NM
Valeant Pharmaceuticals International, Inc. (TSX:VRX) 33.36 27,899.20 57,468.90 10,441.50 5,101.00 (0.85) NM 11.3x NM
Zoetis Inc. (NYSE:ZTS) 47.03 23,355.10 27,092.10 4,765.00 1,455.00 0.68 NM 18.6x NM
Zogenix, Inc. (NasdaqGM:ZGNX) 10.25 253.91 120.94 27.18 (48.11) (1.94) 4.4x NM NM
MEAN (PHARMACEUTICALS) 3.0x 13.3x 21.2x
MEDIAN (PHARMACEUTICALS) 2.9x 13.3x 21.5x
AmerisourceBergen Corporation (NYSE:ABC) 85.10 19,416.36 22,940.00 139,082.25 1,638.49 1.80 0.2x 14.0x NM
Aceto Corp. (NasdaqGS:ACET) 22.43 662.85 722.19 557.56 76.02 1.35 1.3x 9.5x 16.6x
Cardinal Health, Inc. (NYSE:CAH) 78.46 25,839.23 28,921.23 117,710.00 3,024.00 4.17 0.2x 9.6x 18.8x
CVS Health Corporation (NYSE:CVS) 100.50 110,650.50 135,613.50 160,173.00 12,027.00 4.59 0.8x 11.3x 21.9x
Diplomat Pharmacy, Inc. (NYSE:DPLO) 30.29 1,997.00 2,089.98 3,366.63 81.22 0.41 0.6x 25.7x NM
Henry Schein, Inc. (NasdaqNM:HSIC) 168.70 13,858.33 15,140.71 10,629.72 928.03 5.69 1.4x 16.3x 29.6x
McKesson Corporation (NYSE:MCK) 167.82 38,361.47 45,135.47 189,131.00 4,294.00 9.55 0.2x 10.5x 17.6x
Medicines Company (NasdaqGS:MDCO) 35.59 2,475.98 2,681.36 309.01 (222.50) (3.32) NM NM NM
Owens & Minor Inc. (NYSE:OMI) 36.39 2,287.13 2,698.66 9,772.95 273.05 1.65 0.3x 9.9x 22.1x
Patterson Companies, Inc. (NasdaqNM:PDCO) 43.35 4,187.74 5,335.97 5,432.15 492.59 2.20 1.0x 10.8x 19.7x
PetMed Express, Inc. (NasdaqGS:PETS) 18.30 368.65 305.93 229.29 32.39 1.00 1.3x 9.4x 18.3x
PharMerica Corporation (NYSE:PMC) 23.64 726.56 1,130.76 2,028.50 135.70 1.14 0.6x 8.3x 20.7x
Premier, Inc. (NasdaqGS:PINC) 33.81 1,530.06 1,447.59 1,090.78 355.29 (9.63) 1.3x 4.1x NM
Prestige Brands Holdings, Inc. (NYSE:PBH) 56.78 2,995.39 4,393.45 788.44 295.64 2.07 NM 14.9x 27.4x
Rite Aid Corporation (NYSE:RAD) 8.05 8,434.38 15,304.05 30,736.66 1,349.60 0.16 0.5x 11.3x NM
PRODUCTS - DISTRIBUTION
24
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
Vitamin Shoppe, Inc. (NYSE:VSI) 27.37 664.25 772.56 1,266.55 133.94 1.82 0.6x 5.8x 15.0x
MEAN (DISTRIBUTION) 0.7x 11.4x 20.7x
MEDIAN (DISTRIBUTION) 0.6x 10.5x 19.7x
MEAN (PRODUCTS) 2.8x 14.8x 21.8x
MEDIAN (PRODUCTS) 2.8x 14.0x 22.1x
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
Note: Disclaimer
In the preparation of the information contained in this document, Scott-Macon, Ltd. has endeavored to present information that is as accurate and cur-
rent as possible from sources believed to be reliable. However, inadvertent errors can occur. Therefore, the information is provided “as is”, without any
representation or warranty of any kind, expressed or implied. Any reproduction, retransmission, republication, or other use of all or part of this docu-
ment is expressly prohibited, unless written permission has been granted by Scott-Macon, Ltd. All other rights are reserved.
Copyright 2016 © Scott-Macon, Ltd.
ABOUT SCOTT-MACON
Scott-Macon is an investment banking firm providing corporate advisory services to a broad range of industries, including a spe-
cific focus on the healthcare, medical and pharmaceutical services and products industries. Founded in 1973, Scott-Macon has
20 senior professionals with an average of 20 years’ experience in investment banking.
SERVICES AND CAPABILITIES
Corporate Sales — Assisting privately-held and publicly-traded companies to arrange sale, divestiture and merger transac-
tions as well as corporate valuations for board or management use.
Acquisition Advisory — Providing assistance in identifying acquisition prospects, contacting companies, and negotiating ac-
quisition transactions.
Capital Raising — Arranging for the private placement of equity and debt securities.
Strategic Planning — Planning overall corporate objectives, reviewing strategic alternatives, and creating plans for maximiz-
ing value.
HEALTHCARE INVESTMENT BANKING GROUP
PROFESSIONALS
Robert B. Dimmitt
Senior Managing Director
Leslie S. Lau
Vice President
Joshua H. Keatts
Assistant Vice President
Peter J. Moreno
Associate
Nathan D. Cortright
Group Head
Jeffrey M. Tepper
Managing Director
Spencer R. Berg
Assistant Vice President
George B. James
Senior Associate
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