scott macon healthcare review: july 2018...2 july 2018 healthcare review dear clients and friends,...
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SCOTT-MACON HEALTHCARE REVIEW:
JULY 2018
July 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
July 1—July 31, 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
J U L Y 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 July 2018. If
you haven’t done so already, please email me
at [email protected] to automati-
cally 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
transactions that either closed or were an-
nounced during July, along with the average
multiples for the major publicly-traded
healthcare, medical and pharmaceutical com-
panies.
In Technology Services in July, a pri-
vate equity firm acquired the Value-Based
Care Division of GE Healthcare for $1.1 bil-
lion; no financial metrics were released.
Publicly-traded ExlService closed on SCIO-
Inspire for $236 million in the analytics
realm. In Outsourcing Services, British pub-
lic company Huntsworth plc closed on Giant
Creative/Strategy in the healthcare advertis-
ing business for $80 million, or 11.4X
EBITDA; also in the ad space, Ashfield
Healthcare closed on Create Group for $58
million; and MTBC closed on Orion in the
Revenue Cycle and Practice Management
space for $12.6 million.
Turning next to Providers, publicly-
traded Myriad Genetics closed on Counsyl in
the Lab sector for $375 million, or 2.8X rev-
enues. In the hospice segment, the previously
announced combination of Humana with Cu-
ro Health closed for $1.4 billion, with back-
ing by two of the largest healthcare private
equity firms. The Non-Acute Provider area
was busy as always; acquirers included
Hanger and Team Health, and a wide variety
of private equity firms. In Long-Term Care,
HCR ManorCare sold out for $6.1 billion, or
16.8X EBITDA; Quality Care Properties was
acquired for $3.4 billion by Welltower at
14.3X EBITDA; and MBK picked up nine
senior living facilities for $382 million. In
Acute Care, RCCH announced its $5.6 bil-
3
lion deal for LifePoint at 8.5X EBITDA; and
Humana also closed on Kindred Healthcare in
the LTAC space for $4.2 billion, or 9.2X
EBITDA.
Looking next at the Product segments,
in Clinical Devices Boston Scientific an-
nounced its $310 million deal for Cryterion
Medical, and also closed on Claret Medical
for $270 million. In addition, Specialty Surgi-
cal Instrumentation announced a deal for the
electrosurgical and cauteries business and the
Bovie brand name for $97 million. In Non-
Clinical Devices, Zoetis closed on Abaxis in
the blood analysis equipment business for
$1.8 billion. In Disposables, Colgate-
Palmolive announced a deal for Vision Path in
the disposable lens business. In the Commer-
cial space, MedPlast closed on American
Technical/Greatbatch/UTI for $600 million, or
1.5X revenues; and publicly-traded Cambrex
announced its $425 million deal for Halo
Pharma businesses at 15.7X EBITDA. In
Pharmaceuticals, we continue seeing very
large deal volume related to cannabis, includ-
ing Aurora Cannabis picking up RedLeaf for
$2.2 billion; Canopy Growth announcing a
deal for Hiku Brands for $240 million; and
Aphria going after LATAM with its $147 mil-
lion offer.
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 the second quarter
at 15.6X (up from 15.2X in June 2018); Pro-
viders at 13.8X (up from 13.4X in June 2018);
and Products at 15.8X (up from 15.5X in June
2018). Technology services companies ended
July at 21.5X, while Outsourcing services
companies were 16.1X. The Insurance seg-
ment EBITDA multiple came in at 12.4X (up
from 11.4X in June 2018).
Finally, contact information for the
Scott-Macon Healthcare Investment Banking
Group Professionals appears on the back cov-
er. We welcome your call or email to discuss
your thoughts on this article.
Sincerely yours,
Nathan D. Cortright
Managing Director
Group Head – Healthcare Investment Banking
4
2.1x 1.9x2.9x2.5x
1.5x2.2x
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
3.0x 3.0x 3.1x 3.4x2.5x
NA NA
2.2x
Clinical Devices Non-Clinical Devices Disposables Commercial
PRODUCTS: Revenue Multiple
2.7x 3.3x
0.8xNA
1.8x 2.2x
Consumer Pharmaceuticals Distribution
Public Companies M&A Transactions
1.5x3.0x
2.1x 1.7x2.9x
NA NA
2.5x
NA NA
Insurance Technology Outsourcing India-Based Outsourcing Information
SERVICES: Revenue Multiple
2.9x2.2x 1.8x 1.3x 1.2x
2.8x
NA NA
1.6x0.7x
Labs Home Health & Hospice Non-Acute Long-Term Care Acute
PROVIDERS: Revenue Multiple
5
15.6x 13.8x15.8x
11.4x 12.2x16.5x
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
18.0x 17.8x20.3x 20.3x
NA NA NA
9.9x
Clinical Non-Clinical Disposables Commercial
PRODUCTS: EBITDA Multiple
12.4x
21.5x
16.1x12.3x
24.6x
NA NA
11.4x
NA NA
Insurance Technology Outsourcing India-Based Outsourcing Information
SERVICES: EBITDA Multiple
11.1x
22.8x
12.5x15.3x
10.5x
NA NA NA
15.5x
8.9x
Labs Home Health & Hospice Non-Acute Long-Term Care Acute
PROVIDERS: EBITDA Multiple
17.0x13.5x
9.8x
NA
29.6x
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 JULY 1—JULY 31, 2018) ($ Millions Except Per Share Data)
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
MEAN (INSURANCE) NA NA
MEDIAN (INSURANCE) NA NA
7/9/2018 ADP AdvancedMD, Inc. /
Nuesoft Technologies, Inc.
NA NA NA NA NA Provides Internet-based practice management
solutions for physicians’ offices, billing
companies, and university health centers.
Announced Bracket Global LLC /
CRF Health, Inc.
NA NA NA NA NA Develops electronic clinical outcome assessment
solutions for home and site-based phase I-IV
clinical trials for various therapeutic areas and
patient populations.
7/2/2018 Consolo Services Group, LLC /
ADS Data Systems, Inc.
NA NA NA NA NA Provides software solutions for community-based
health service providers.
7/27/2018 Elekta AB (publ) (OM:EKTA B) /
Acumyn Inc.
NA NA NA NA NA Develops radiology software for medical
equipment.
7/1/2018 Exl Service.com, LLC /
SCIOInspire, Corp.
$236.5 NA NA NA NA Provides healthcare analytics solutions and
services.
7/11/2018 Health Catalyst Inc. /
Medicity, Inc.
NA NA NA NA NA Develops software solutions for health information
exchange, business intelligence, and provider and
patient engagement.
7/24/2018 HealthLink Dimensions LLC /
Alert Services Corporation
NA NA NA NA NA Comprises a platform which connects hospital
and health system recruiting departments with
physician and advanced practitioner candidates.
7/24/2018 Identity Automation Systems, LLC /
HealthCast Inc.
NA NA NA NA NA Provides access and identity management
solutions to health care providers.
7/10/2018 Integrated Behavioral Health, Inc. /
Inflexxion, Inc.
NA NA NA NA NA Develops interactive technologies that help people
improve their lives through behavioral change.
7/16/2018 PlayMaker Health /
viaDirect Solutions
NA NA NA NA NA Provides online platform for market intelligence
and data analytics for Home Health, Hospice and
Post-Acute Facilities.
Announced Precision Medicine Group, Inc. /
ETHOS Health Communications, Inc.
NA NA NA NA NA Offers services in communications solutions for
clients in the health-care industry.
7/11/2018 Veritas Capital Fund Management, LLC /
VVC Holding Corp.
$1,050.0 NA NA NA NA Provides healthcare technology solutions.
MEAN (TECHNOLOGY) NA NA
MEDIAN (TECHNOLOGY) NA NA
Announced Arjo AB (publ) (OM:ARJO B) /
ReNu Medical, Inc.
NA NA NA NA NA Offers high level disinfection reprocessing
solutions for non-critical and semi-critical medical
devices to hospitals and medical facilities.
7/2/2018 Ashfield Healthcare Limited /
Create Group NYC, LLC
$58.4 NA NA NA NA Provides on-demand advertising services to the
healthcare industry.
7/18/2018 Brown & Brown, Inc. (NYSE:BRO) /
Certain Assets of Tricast Holdings, LLC, Tricast, LLC and PRx
Advisors, LLC
NA NA NA NA NA Comprises the business of providing pharmacy
benefit management consulting, rejected claims
analysis, prescription drug event audits, and
contract renegotiation services.
7/12/2018 Health Value Institute, Inc. /
Care Innovations, LLC
NA NA NA NA NA Provides validation services for organizations
involved in healthcare sector.
7/17/2018 Huntsworth plc (LSE:HNT) /
Giant Creative/Strategy, LLC
$80.0 $32.0 $7.0 2.5x 11.4x Operates as a healthcare advertising agency.
7/9/2018 iuvo BioScience, llc /
Oculos Clinical Research LLC
NA NA NA NA NA Provides research, development and clinical
testing services in the field of ophthalmology.
7/12/2018 Mediware Information Systems, Inc. /
Fazzi Associates, Inc.
NA NA NA NA NA Engages in conducting national best practice
research studies for home care agencies.
7/2/2018 MTBC Health, Inc.; MTBC Practice Management, Corp. /
Assets of Orion Healthcorp, Inc. and its 13 Affiliates
$12.6 NA NA NA NA Comprise revenue cycle, practice management,
and group purchasing organization assets.
7/11/2018 OMERS Private Equity /
Premise Health Holding Corp.
NA NA NA NA NA A worksite health and patient engagement
company, provides employee health care
services.
7/30/2018 Premier Research International LLC /
Regulatory Professionals, Inc.
NA NA NA NA NA Provides regulatory expertise and solutions,
including clinical, preclinical, CMC development,
quality assurance, and regulatory writing to
biotechnology, pharmaceutical, and medical
device companies.
7/17/2018 Publicis Healthcare Communications Group, Inc. /
PayerSciences, LLC
NA NA NA NA NA Operates as a health marketing agency that helps
biopharmaceutical manufacturers to navigate the
reimbursement environment.
7/11/2018 Synteract, Inc. /
Cu-Tech, LLC
NA NA NA NA NA Provides contract clinical research services to the
pharmaceutical industry.
SERVICES - INSURANCE
SERVICES - TECHNOLOGY
SERVICES - OUTSOURCING
7
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
7/17/2018 TiER1 Performance Solutions, LLC /
Compass Group, Inc.
NA NA NA NA NA Provides hospital clinical operations services for
hospitals and health systems.
MEAN (OUTSOURCING) 2.5x 11.4x
MEDIAN (OUTSOURCING) 2.5x 11.4x
MEAN (INFORMATION) NA NA
MEDIAN (INFORMATION) NA NA
MEAN (SERVICES) 2.5x 11.4x
MEDIAN (SERVICES) 2.5x 11.4x
7/2/2018 Cardinal Laboratories LLC /
All Assets of Seventh Wave Laboratories, LLC
$9.5 NA NA NA NA Comprises the business of providing pre clinical
testing services including, histopathology,
pharmacokinetics, investigative toxicology, and
pharmacology.
7/31/2018 Myriad Genetics, Inc. (NasdaqGS:MYGN) /
Counsyl, Inc.
$375.0 $134.0 NA 2.8x NA Provides genetic testing and DNA analysis
services.
MEAN (LABS) 2.8x NA
MEDIAN (LABS) 2.8x NA
7/9/2018 Aveanna Healthcare /
Premier Healthcare Services, LLC
NA NA NA NA NA Provides home care services for pediatric and
adult patients.
7/18/2018 Bristol Hospice, LLC /
Optimal Health Services, Inc.
NA NA NA NA NA Provides hospice and home health services.
7/10/2018 Guardian Angels HomeCare, LLC /
Compassionate Care at Home
NA NA NA NA NA Provides live-in home care services.
7/11/2018 Humana Inc. (NYSE:HUM); TPG Capital, L.P.; Welsh, Carson,
Anderson & Stowe /
Curo Health Services, LLC
$1,400.0 NA NA NA NA Owns and operates hospice centers.
7/17/2018 Resource Search Company, Inc. /
Assisted Home Care Services
NA NA NA NA NA Provides home care services.
MEAN (HOME HEALTH & HOSPICE) NA NA
MEDIAN (HOME HEALTH & HOSPICE) NA NA
7/9/2018 AAD Dermatology Management, LLC /
Virginia Dermatology & Skin Cancer Center, PLLC
NA NA NA NA NA Operates a hospital that provides healthcare
services for skin cancer treatment and the
diseases of the skin, hair, and nails.
7/16/2018 ApolloMed Innovations, LLC /
Cosmedical Spa Group LLC
NA NA NA NA NA Provides aesthetic and wellness spa treatment
and services.
7/31/2018 Century Park Capital Partners, LLC /
Dominion Youth Services
NA NA NA NA NA Provides behavioral, and mental health services to
children and young adults.
7/10/2018 Civitas Solutions, Inc. (NYSE:CIVI) /
Creative Connections, Inc.
NA NA NA NA NA Provides community-based services for individuals
with intellectual and developmental disabilities.7/26/2018 CRH Medical Corporation (TSX:CRH) /
51% interest in a gastroenterology
NA NA NA NA NA Comprises anesthesia practice.
7/18/2018 Delphi Behavioral Health Group, LLC /
Family Recovery Specialists, PA
NA NA NA NA NA Provides adolescent and adult substance abuse
counseling, treatment, and consulting services.
7/3/2018 Ensign Group, Inc. (NasdaqGS:ENSG) /
McCall Rehabilitation and Care Center
NA NA NA NA NA Operates as a medical center.
7/16/2018 Epiphany Dermatology, PA /
Cherry Creek Dermatology, P.C.
NA NA NA NA NA Provides dermatology care services to patients.
Announced Evergreen Pacific Insurance Corporation /
Synergy Health Services
NA NA NA NA NA Provides natural health care, such as wellness
and rehabilitation, and exploration services.
7/30/2018 Hanger, Inc. (OTCPK:HNGR) /
O&P Patient Care Clinics
NA NA NA NA NA Comprises patient care clinics that provides
orthotic and prosthetic services.
7/1/2018 Millennium Physician Group, LLC /
Internal Medicine Associates of Lee County, MD, PA
NA NA NA NA NA Operates as a physician owned medical practice.
7/3/2018 Monroe Operations LLC /
NorthStar Academy, LLC
NA NA NA NA NA Provides therapeutic programs for teens and their
families.
Announced Ovation Fertility /
Midwest Fertility Specialists
NA NA NA NA NA Provides fertility care services.
Announced Penn State Milton S. Hershey Medical Center /
Schuylkill Valley Family Practice, P.C.
NA NA NA NA NA Provides care services to patients.
7/26/2018 Senior Care Centers of America, Inc. /
Sunrise Miami Adult Day Care Center and Two Minnesota Adult
Care Centers
NA NA NA NA NA Comprises adult day care centers that provides
personal healthcare services to elderly and
disabled adults.
7/17/2018 Smile Brands Group Inc. /
P3 Dental Group
NA NA NA NA NA Operates dental clinics.
Announced Suburban Pediatric Associates /
Premier Pediatric Group, Inc.
NA NA NA NA NA Provides pediatric services.
7/9/2018 Team Health Holdings, Inc. /
Premier Medical, P.C.
NA NA NA NA NA Provides emergency medicine services.
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
7/11/2018 UC Health, LLC /
Crescent Women's Medical Group Inc.
NA NA NA NA NA Operates as a medical center for women which
provides gynecological services.
Announced UC Health, LLC /
Reproductive Medicine Department of Kettering Health Network
NA NA NA NA NA Comprises a fertility clinic.
7/25/2018 Urgent Care Group /
MEDcare Urgent Care
NA NA NA NA NA Provides occupational medicine services and
workers’ compensation treatments.
7/18/2018 Western Dental Services, Inc. /
SmileCare Fremont Office of Coast Dental Services, LLC
NA NA NA NA NA Comprises an office providing dental and
orthodontic services.
7/10/2018 Western Dental Services, Inc. /
SmileCare Stockton
NA NA NA NA NA Pro+D26:N50vides dentistry and specialty dental
services that include apexification, biopsy,
bridges, sealants, tori removal, apexogenesis, and
braces.
MEAN (NON-ACUTE) NA NA
MEDIAN (NON-ACUTE) NA NA
Announced AHNP Precision Health, LLC /
Dementia Business of MPI Cognition
NA NA NA NA NA Comprises multi-modal treatment business.
7/2/2018 Atlas Senior Living, LLC; Veritas Senior Living /
East Ridge Residence
NA NA NA NA NA Comprises an independent living community.
7/16/2018 Avenir Senior Living, LLC /
Clarity Pointe Portfolio in Arkansas and Tennessee
NA NA NA NA NA Comprises assisted living facilities.
7/18/2018 CareTrust REIT, Inc. (NasdaqGS:CTRE) /
99 Bed Skilled Nursing Facility in Aberdeen, South Dakota
$9.7 NA NA NA NA Comprises healthcare facility.
7/16/2018 LCS Holdings, Inc. /
Laurel Circle
NA NA NA NA NA Owns and operates a retirement community
center for senior citizens.
7/17/2018 LTC Properties, Inc. (NYSE:LTC) /
Two Memory Care Communities Comprised of 88 Units and 133
Beds in Texas
$25.2 NA NA NA NA Comprises memory care communities for seniors.
7/6/2018 MBK Senior Living Ltd. /
Nine Senior Living Properties and their Operations in the U.S. of
WESTliving, LLC
$382.0 NA NA NA NA Comprises senior living properties.
7/26/2018 ProMedica Health System, Inc. /
HCR ManorCare, Inc.
$6,142.2 $3,741.1 $366.2 1.6x 16.8x Owns and operates skilled nursing and
rehabilitation centers, assisted living facilities,
memory care facilities, hospice and home care
agencies, and outpatient rehabilitation clinics.
7/12/2018 ValStone Asset Management LLC /
Peregrine Senior Living LLC
$6.7 NA NA NA NA Operates as a health management company that
provides care services primarily to seniors with
memory loss.
7/26/2018 Welltower Inc. (NYSE:WELL) /
Quality Care Properties, Inc. (NYSE:QCP)
$3,416.3 NM $239.6 NM 14.3x Actively managed real estate companies focused
on post-acute/skilled nursing and memory
care/assisted living properties.
MEAN (LONG-TERM CARE) 1.6x 15.5x
MEDIAN (LONG-TERM CARE) 1.6x 15.5x
Announced AHMC Healthcare Inc. /
Parkview Community Hospital Medical Center, Inc.
NA NA NA NA NA Operates as a non-profit hospital.
7/2/2018 AHMC Healthcare Inc.; Allied Physicians of California IPA; Apollo
Medical Holdings, Inc. (NasdaqCM:AMEH) /
PAMC, Ltd.
$33.0 NA NA NA NA Operates as a hospital.
7/31/2018 Allegiance Health Management, Inc. /
Mercy Regional Medical Center; PHC-Eunice, Inc.; PHC-Minden,
L.P.
NA NA NA NA NA Own and operate as hospitals.
Announced 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 Baptist Memorial Health Care Corporation /
45 Beds McKenzie Regional Hospital of Quorum Health
Corporation
NA NA NA NA NA Comprises a hospital that provides healthcare
services.
7/2/2018 Humana Inc.; TPG Capital, L.P.; Welsh, Carson, Anderson &
Stowe(NYSE:HUM) /
Kindred Healthcare, Inc. (NYSE:KND)
$4,171.8 $6,995.6 $453.8 0.6x 9.2x Provides healthcare services.
Announced Pipeline Health, LLC; TWG Partners, LLC /
Louis A. Weiss Memorial Hospital/; West Suburban Medical
Center/; Westlake Hospital
NA NA NA NA NA Comprises hospitals.
Announced RCCH HealthCare Partners /
LifePoint Health, Inc. (NasdaqGS:LPNT)
$5,594.6 $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.
7/13/2018 Sanders Trust LLC /
Warm Springs Rehabilitation Hospital of Kylie, LLC
$27.0 NA NA NA NA Owns and operates a hospital.
Announced Spectrum Health Systems, Inc. /
Lakeland HealthCare Inc.
NA NA NA NA NA Owns and operates hospitals.
MEAN (ACUTE) 0.7x 8.9x
MEDIAN (ACUTE) 0.7x 8.9x
MEAN (PROVIDERS) 1.5x 12.2x
MEDIAN (PROVIDERS) 1.3x 11.7x
PROVIDERS - LONG-TERM CARE
PROVIDERS - ACUTE
9
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
Announced Asahi Intecc USA, Inc. /
RetroVascular, Inc.
NA NA NA NA NA Offers a family of tools to allow the interventional
cardiologist to treat chronic total occlusions.
Announced B. Braun Medical Inc. /
Medisystems Corporation
NA NA NA NA NA Designs, manufactures, imports, and distributes
medical devices for use in dialysis and related
blood treatments.
7/9/2018 Becton, Dickinson and Company (NYSE:BDX) /
TVA Medical, Inc.
NA NA NA NA NA Develops minimally invasive therapies for end-
stage renal disease, peripheral vascular disease,
and other potential applications.
7/25/2018 Boston Scientific Corporation (NYSE:BSX) /
Claret Medical, Inc.
$270.0 NA NA NA NA Develops cerebral vascular protection systems for
transcatheter aortic valve implantation, and other
endovascular procedures and surgical aortic valve
replacement.
Announced Boston Scientific Corporation (NYSE:BSX) /
Cryterion Medical, Inc.
$310.8 NA NA NA NA Focuses on developing a single-shot cryoablation
platform for the treatment of atrial fibrillation.7/17/2018 CeQur SA /
Assets of Calibra Medical, Inc.
NA NA NA NA NA Comprises medical devices manufacturing
business.
7/2/2018 Halyard Health, Inc. (NYSE:HYH) /
CoolSystems, Inc.
$65.0 $35.0 NA 1.9x NA Manufactures and distributes sports medicine and
orthopedic medical devices that help athletes and
patients recover faster from injury or orthopedic
surgery.
7/31/2018 Hologic, Inc. (NasdaqGS:HOLX) /
Faxitron Bioptics, LLC
$85.0 $27.0 NA 3.2x NA Manufactures cabinet X-ray systems.
7/11/2018 Key Surgical LLC /
Encompas Unlimited, Inc.
NA NA NA NA NA Manufactures and distributes endoscopy
accessories and supplies.
Announced Otsuka Holdings Co., Ltd. (TSE:4578) /
ReCor Medical, Inc.
NA NA NA NA NA Provides a therapeutic non-focused ultrasound
system for performing renal denervation in
patients with resistant hypertension.
Announced SIM Co. Ltd. /
Verisante Technology Inc. (TSXV:VRS)
NA NA NA NA NA Engages in commercializing skin cancer detection
systems.
Announced Specialty Surgical Instrumentation Inc. /
Electrosurgical and Cauteries Business and Bovie® Brand
$97.0 NA NA NA NA Provides battery operated cauteries for precise
hemostasis in ophthalmology and manufactures
electrosurgical devices and technologies.
Announced Telcare, LLC /
Substantially All Assets of ActiveCare, Inc.
$8.1 NA NA NA NA Comprises the business of developing,
distributing, and marketing biometric monitoring
devices to insurance companies, disease
management companies, third-party
administrators, and self-insured companies.
7/2/2018 Young Innovations, Inc. /
Promident, LLC
NA NA NA NA NA Manufactures dental hand pieces, preventive
consumables, infection control products and
rotary instruments.
MEAN (CLINICAL DEVICES) 2.5x NA
MEDIAN (CLINICAL DEVICES) 2.5x NA
7/9/2018 Biodesix, Inc. /
Integrated Diagnostics Inc.
NA NA NA NA NA Engages in developing and creating laboratory-
developed blood-based molecular diagnostics
tools that assist physicians with the early
diagnosis of complex diseases with a non-invasive
blood test, such as lung cancer by simultaneously
monitoring disease molecular markers.7/31/2018 Zoetis Inc. (NYSE:ZTS) /
Abaxis, Inc. (NasdaqGS:ABAX)
$1,827.8 NM NM NM NM Develops, manufactures, markets, and sells
portable blood analysis systems for use in human
or veterinary patient care to provide rapid blood
constituent measurements.
MEAN (NON-CLINICAL DEVICES) NA NA
MEDIAN (NON-CLINICAL DEVICES) NA NA
Announced Colgate-Palmolive Company (NYSE:CL) /
Vision Path, Inc.
NA NA NA NA NA Offers daily disposable spherical lenses.
MEAN (DISPOSABLES) NA NA
MEDIAN (DISPOSABLES) NA NA
Announced Cambrex Corporation (NYSE:CBM) /
8121117 Canada Inc.; Halo Pharma, Inc.; Halo Pharmaceutical
Canada Inc.
$425.0 $105.0 $27.0 4.1x 15.7x Provides pharmaceutical contract development
and manufacturing services.
7/18/2018 Graham Partners /
Medbio Inc.
NA NA NA NA NA Provides contract manufacturing services for
medical and biotech industries.
7/19/2018 Hamilton Thorne Ltd. (TSXV:HTL) /
All Assets of Zander Scientific Inc.
$0.5 $0.4 $0.1 1.2x 4.0x Comprises air purification equipment and related
consumables business.
7/2/2018 MedPlast, LLC /
American Technical Molding Inc.; Greatbatch Medical SAS; UTI
Holdings LLC
$600.0 $400.0 NA 1.5x NA Comprise healthcare equipment manufacturing
business.
PRODUCTS - CLINICAL DEVICES
PRODUCTS - NON-CLINICAL DEVICES
PRODUCTS - COMMERCIAL
PRODUCTS - DISPOSABLES
10
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
7/12/2018 SK Holdings Co., Ltd. (KOSE:A034730) /
AMPAC Fine Chemicals LLC
NA NA NA NA NA Operates as a custom manufacturer of active
pharmaceutical ingredients and registered
intermediates for the pharmaceutical industry
globally.
MEAN (COMMERCIAL) 2.2x 9.9x
MEDIAN (COMMERCIAL) 1.5x 9.9x
MEAN (CONSUMER PRODUCTS) NA NA
MEDIAN (CONSUMER PRODUCTS) NA NA
7/27/2018 1992 Co-Invest Fund; 1992 Multi-Strategy Fund; 1992 Tactical
Fund; Pernix Ireland Pain Limited; Whitebox Advisors, LLC;
Whitebox Caja Blanca Fund, LP /
Substantially all of the assets of Orexigen Therapeutics, Inc.
$73.5 NA NA NA NA Comprises pharmaceutical product manufacturing
business.
Announced ABcann Global Corporation (TSXV:ABCN) /
Canna Farms Limited
$98.0 NM $3.3 NM 29.6x Engages in the production of medical cannabis.
7/30/2018 Aleafia Health Inc. (TSXV:ALEF) /
160,000 Square Feet Greenhouse Facility in Niagara Region
$7.5 NA NA NA NA Comprises greenhouse facility and growing
equipment for medical cannabis.
Announced Aphria Inc. (TSX:APH) /
LATAM Holdings Inc.
$147.4 NA NA NA NA Produces medical cannabis.
Announced Atlas Growers Ltd. /
Coastline Canada Inc.
NA NA NA NA NA Operates as a medical marijuana company.
7/25/2018 Aurora Cannabis Inc. (TSX:ACB) /
MedReleaf Corp. (TSX:LEAF)
$2,221.6 NM NM NM NM Produces and sells cannabis-based
pharmaceutical products.
7/19/2018 Beleave Inc. (CNSX:BE) /
Seven Oaks Inc.
$2.3 NA NA NA NA Produces and markets medical cannabis.
Announced Broome Capital Inc. (TSXV:BCP) /
Pasha Brands Ltd.
NA NA NA NA NA Produces and distributes licensed cannabis and
cannabis related products for medical purposes.
Announced C21 Investments Inc. (CNSX:CXXI) /
Silver State Cultivation LLC; Silver State Relief LLC
$37.8 $28.5 NA 1.3x NA Cultivate, produce, and retail cannabis.
Announced Canadian Silver Hunter Inc. (TSXV:AGH.H) /
MariGrow Inc.
NA NA NA NA NA Produces medical and recreational cannabis and
cannabis products.
7/6/2018 CannaRoyalty Corp. (CNSX:CRZ) /
Licensed Distribution and Manufacturing Facility in Sonoma
County
$2.4 NA NA NA NA Comprises cannabis production and distribution
facility.
7/12/2018 CannAssist International Corporation /
Xceptor LLC
NA NA NA NA NA Manufactures and sells cannabidiol chemical
compounds products for cannabis and hemp.
Announced Canopy Growth Corporation (TSX:WEED) /
Hiku Brands Company Ltd. (CNSX:HIKU)
$240.8 NM NM NM NM Focuses on cultivation and sale of medical
cannabis.
Announced Catalent Pharma Solutions, Inc. /
Juniper Pharmaceuticals, Inc. (NasdaqGS:JNP)
$121.9 $54.3 NM 2.3x NM Focuses on developing novel intra-vaginal
therapeutics that address unmet medical needs in
women’s health.
7/16/2018 Edge Pharmacy Services, LLC /
Apolab ULC
NA NA NA NA NA Develops unit dose compounded pharmaceutical
products.
Announced FSD Pharma Inc. (CNSX:HUGE) /
FSD Atlantic Pharma Inc.
$9.7 NA NA NA NA Produces and market of legal cannabis.
Announced KDA Group Inc. (TSXV:KDA) /
CanNorth Medic Inc.
NA NA NA NA NA Manufactures and processes cannabis for medical
purposes.
7/9/2018 Livewire Ergogenics, Inc. (OTCPK:LVVV) /
Mojave Jane, LLC
NA NA NA NA NA Manufactures cannabis extracts and concentrates
for both recreational and medical cannabis users.
7/23/2018 Mayne Pharma Group Limited (ASX:MYX) /
Generic Efudex
$30.0 NA NA NA NA Comprises an antineoplastic topical cream.
Announced Micelle BioPharma, Inc. /
All Assets of Sancilio Pharmaceuticals Company, Inc.
$19.6 NA NA NA NA Comprises pharmaceutical products development
business.
7/24/2018 Nabriva Therapeutics plc (NasdaqGS:NBRV) /
Zavante Therapeutics, Inc.
$162.9 NA NM NA NM Manufactures pharmaceutical products, such as
antibacterial agents to treat serious infections.
7/3/2018 NanoSensors, Inc. (OTCPK:NNSR) /
NanoSensors, Inc. Prior to Reverse Merger with Green Zebra
Media
NA NA NA NA NA A development stage company that intends to
develop smokable pre-measured cannabis
capsules.
7/16/2018 NewBridge Global Ventures, Inc. (OTCPK:NBGV) /
27 Acre Farm Located in Mendocino, California
NA NA NA NA NA Comprises a cannabis farm.
Announced Nutritional High International Inc. (OTCPK:SPLI.F) /
Bright Green Lights LLC
$1.3 NA NA NA NA Produces and distributes medical cannabis
lozenges, mints, and compositions.
Announced Seelos Therapeutics, Inc. /
Apricus Biosciences, Inc. (NasdaqCM:APRI)
NA NA NM NA NM Focuses on the development of product
candidates in the areas of urology and
rheumatology.
Announced União Química Farmacêutica Nacional S.A. /
Bio-Technology Factory in Atlanta of Elanco US, Inc.
NA NA NA NA NA Manufactures pharmaceutical products.
MEAN (PHARMACEUTICALS) 1.8x 29.6x
MEDIAN (PHARMACEUTICALS) 1.8x 29.6x
7/10/2018 High Hampton Holdings Corp. (CNSX:HC) /
Bravo Distro LLC
$3.5 NA NA NA NA Distributes medical cannabis.
Announced Leviathan Cannabis Group Inc. (CNSX:EPIC) /
Pulse Rx Inc.
$4.2 $1.9 NA 2.2x NA Offers pharmacy services for long term care and
retirement homes.
PRODUCTS - DISTRIBUTION
PRODUCTS - CONSUMER
PRODUCTS - PHARMACEUTICALS
11
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
7/12/2018 Unknown Buyer /
Letco Medical LLC
NA NA NA NA NA Supplies fine pharmaceutical ingredients,
pharmacy equipment, and specialty
pharmaceuticals to compounding and specialty
pharmacies internationally.
Announced Walgreens Boots Alliance, Inc. (NasdaqGS:WBA) /
Pharmacy-Related Operations in Orlando, California and Texas of
DaVita Inc.
NA NA NA NA NA Comprises pharmacy related operations business.
MEAN (DISTRIBUTION) 2.2x NA
MEDIAN (DISTRIBUTION) 2.2x NA
MEAN (PRODUCTS) 2.2x 16.5x
MEDIAN (PRODUCTS) 2.0x 15.7x
1) Source: Financial Information from SEC filings and other publicly-available sources
2) EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization
3) NA: Not Available
4) NM: Not Meaningful
12
ANALYSIS OF SELECTED PUBLICLY-TRADED
HEALTHCARE, MEDICAL AND PHARMACEUTICAL
SERVICES AND PRODUCTS COMPANIES1
(JULY 31, 2018) ($ 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
Aetna Inc. (NYSE:AET) 188.39 61,622.37 63,173.37 60,743.00 6,096.00 10.61 1.0x 10.4x 17.8x
Amerisafe, Inc. (NasdaqGS:AMSF) 62.80 1,209.59 1,173.51 377.30 82.65 2.61 3.1x 14.2x 24.1x
Anthem, Inc. (NYSE:ANTM) 253.00 65,768.28 80,996.18 90,580.80 6,082.80 16.43 0.9x 13.3x 15.4x
Centene Corporation (NYSE:CNC) 130.33 26,751.10 26,557.10 48,652.00 2,259.00 5.88 0.5x 11.8x 22.2x
Cigna Corporation (NYSE:CI) 179.42 43,661.52 46,240.52 43,574.00 4,967.00 10.25 1.1x 9.3x 17.5x
CNO Financial Group, Inc. (NYSE:CNO) 20.35 3,405.70 6,767.00 4,223.50 915.20 1.27 1.6x 7.4x 16.0x
Humana Inc. (NYSE:HUM) 314.18 43,256.98 39,695.98 55,009.00 3,435.00 9.67 0.7x 11.6x NM
Independence Holding Company (NYSE:IHC) 34.75 514.13 499.00 336.96 31.99 2.84 1.5x 15.6x 12.2x
Molina Healthcare, Inc. (NYSE:MOH) 104.09 6,420.79 4,729.79 18,921.00 886.00 (0.85) 0.2x 5.3x NM
ProAssurance Corporation (NYSE:PRA) 41.30 2,213.42 2,541.70 844.18 140.31 1.45 3.0x 18.1x 28.5x
Triple-S Management Corporation (NYSE:GTS) 35.51 829.04 647.02 2,967.73 34.10 0.48 0.2x 19.0x NM
Trupanion, Inc. (NasdaqGM:TRUP) 41.60 1,347.28 1,331.34 272.82 1.55 (0.08) 4.9x NM NM
UnitedHealth Group Incorporated (NYSE:UNH) 253.22 243,339.67 261,865.67 213,657.00 18,108.00 12.01 1.2x 14.5x 21.1x
WellCare Health Plans, Inc. (NYSE:WCG) 267.42 11,971.69 8,056.99 18,033.20 789.90 10.76 0.4x 10.2x 24.9x
MEAN (INSURANCE) 1.5x 12.4x 20.0x
MEDIAN (INSURANCE) 1.1x 11.8x 19.4x
Allscripts Healthcare Solutions, Inc. (NasdaqNM:MDRX) 12.24 2,178.14 4,254.57 2,006.24 117.15 (0.03) 2.1x NM NM
Castlight Health, Inc. (NYSE:CSLT) 3.30 449.01 378.71 145.36 (52.45) (0.43) 2.6x NM NM
Cerner Corporation (NasdaqNM:CERN) 62.08 20,599.03 20,123.24 5,148.92 1,291.53 2.50 3.9x 15.6x 24.8x
CompuGroup Medical Societas Europaea (DB:COP) 47.18 2,345.96 2,632.37 624.32 120.67 0.72 4.2x 21.8x NM
Computer Programs and Systems, Inc. (NasdaqNM:CPSI) 31.20 421.40 561.73 283.96 34.89 (1.09) 2.0x 16.1x NM
Craneware plc (AIM:CRW) 21.50 573.24 534.61 62.14 18.77 0.53 NM 28.5x NM
Evolent Health, Inc. (NYSE:EVH) 20.20 1,556.73 1,489.81 468.43 (24.20) (0.80) 3.2x NM NM
HealthEquity, Inc. (NasdaqGS:HQY) 75.50 4,684.48 4,414.64 244.01 76.02 0.90 NM NM NM
Inovalon Holdings, Inc. (NasdaqGS:INOV) 10.65 1,621.66 1,413.34 476.03 78.50 (0.02) 3.0x 18.0x NM
Medidata Solutions, Inc. (NasdaqGS:MDSO) 74.31 4,399.01 4,368.76 586.96 90.73 0.88 NM NM NM
Model N, Inc. (NYSE:MODN) 18.65 569.38 571.84 148.15 (11.09) (0.97) 3.9x NM NM
Quality Systems, Inc. (NasdaqGS:QSII) 20.13 1,292.06 1,309.51 533.30 40.51 0.02 2.5x NM NM
RaySearch Laboratories AB (publ) (OM:RAY B) 115.40 3,956.23 3,921.53 574.56 157.15 3.00 NM 25.0x NM
Simulations Plus, Inc. (NasdaqCM:SLP) 17.75 308.23 301.01 29.24 11.85 0.49 NM 25.4x NM
Veeva Systems Inc. (NYSE:VEEV) 75.63 10,848.30 9,929.99 721.35 170.31 0.97 NM NM NM
MEAN (TECHNOLOGY) 3.0x 21.5x 24.8x
MEDIAN (TECHNOLOGY) 3.0x 21.8x 24.8x
AMN Healthcare Services, Inc. (NYSE:AMN) 60.50 2,895.23 3,160.77 2,084.08 249.19 3.00 1.5x 12.7x 20.2x
SERVICES - OUTSOURCING
SERVICES - TECHNOLOGY
SERVICES - INSURANCE
13
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
athenahealth, Inc. (NasdaqGS:ATHN) 150.71 6,104.06 6,145.66 1,286.50 242.50 2.73 4.8x 25.3x NM
BioScrip, Inc. (NasdaqNM:BIOS) 2.65 339.07 874.89 725.65 44.07 (0.42) 1.2x 19.9x NM
Cegedim SA (ENXTPA:CGM) 33.00 459.79 696.85 457.44 49.38 0.50 1.5x 14.1x NM
CorVel Corporation (NasdaqNM:CRVL) 57.35 1,086.15 1,012.81 571.14 71.27 2.03 1.8x 14.2x 28.2x
Cross Country Healthcare, Inc. (NasdaqNM:CCRN) 11.73 426.97 492.89 863.02 39.72 1.05 0.6x 12.4x 11.1x
eHealth, Inc. (NasdaqGS:EHTH) 23.74 450.89 420.12 171.96 (29.73) (2.22) 2.4x NM NM
Envision Healthcare Corporation (NYSE:EVHC) 44.26 5,350.54 10,028.64 8,143.50 1,005.10 (13.72) 1.2x 10.0x NM
EPS Holdings, Inc. (TSE:4282) 2,139.00 98,001.94 81,407.94 64,307.00 9,043.50 99.45 1.3x 9.0x 21.5x
Express Scripts Holding Company (NasdaqNM:ESRX) 79.46 44,634.35 57,308.45 100,473.40 7,229.10 8.21 0.6x 7.9x 9.7x
Healthcare Services Group, Inc. (NasdaqNM:HCSG) 40.26 2,968.77 2,921.19 1,996.31 104.22 0.94 1.5x 28.0x NM
HMS Holdings Corp. (NasdaqNM:HMSY) 23.93 1,991.37 2,147.48 562.38 115.85 0.42 3.8x 18.5x NM
ICON Public Limited Company (NasdaqGS:ICLR) 139.16 7,485.95 7,481.39 2,157.20 430.70 5.38 3.5x 17.4x 25.9x
Syneos Health, Inc. (NasdaqGS:SYNH) 49.28 5,064.55 7,848.94 3,472.40 441.82 (1.75) 2.3x 17.8x NM
Magellan Health, Inc. (NasdaqNM:MGLN) 72.75 1,783.69 2,364.36 6,729.82 236.92 4.44 0.4x 10.0x 16.4x
ASGN Incorporated (NYSE:ASGN) 90.30 4,723.07 5,919.30 2,909.77 292.13 3.12 2.0x 20.3x 28.9x
PRA Health Sciences, Inc. (NasdaqGS:PRAH) 105.14 6,736.97 7,951.51 2,351.57 383.23 1.70 3.4x 20.7x NM
IQVIA Holdings Inc. (NYSE: IQV ) 121.94 24,703.45 34,759.45 8,475.00 1,786.00 5.98 4.1x 19.5x 20.4x
Stericycle, Inc. (NasdaqGS:SRCL) 69.86 5,978.38 8,661.78 3,548.90 685.30 1.93 2.4x 12.6x NM
Teladoc, Inc. (NYSE:TDOC) 59.85 4,152.18 4,242.88 329.99 (36.66) (2.08) NM NM NM
MEAN (OUTSOURCING) 2.1x 16.1x 20.3x
MEDIAN (OUTSOURCING) 1.8x 15.8x 20.4x
Firstsource Solutions Limited (BSE:532809) 71.95 49,644.69 54,487.74 35,733.28 4,618.09 5.06 1.5x 11.8x 14.2x
HCL Technologies Limited (NSEI:HCLTECH) 965.10 1,343,811.71 1,285,404.78 8,008.05 1,834.85 0.99 NM NM NM
Hexaware Technologies Limited (BSE:532129) 464.90 1,172.00 1,115.00 41,836.14 6,606.44 18.26 0.0x 0.2x 25.5x
Infosys Limited (NSEI:INFY) 1,365.10 2,981,552.14 2,747,692.94 11,119.00 2,977.00 1.11 NM NM NM
KPIT Technologies Limited (BSE:532400) 296.75 56,447.60 52,954.64 38,090.61 3,872.87 13.79 1.4x 13.7x 21.5x
Mphasis Limited (BSE:526299) 1,153.85 223,075.93 205,256.04 68,284.57 11,510.60 47.54 3.0x 17.8x 24.3x
NIIT Technologies Limited (BSE:532541) 1,229.15 75,448.00 68,999.00 31,074.00 4,950.50 50.80 2.2x 13.9x 24.2x
Tata Consultancy Services Limited (NSEI:TCS) 1,940.20 7,428,201.57 7,053,821.57 1,277,810.00 341,870.00 71.10 NM 20.6x 27.3x
Tech Mahindra Limited (NSEI:TECHM) 680.75 601,873.90 524,703.90 317,130.80 50,544.80 43.75 1.7x 10.4x 15.6x
Wipro Limited (BSE:507685) 276.80 1,246,092.01 1,041,923.01 548,387.00 101,576.00 17.23 1.9x 10.3x 16.1x
MEAN (INDIA-BASED OUTSOURCING) 1.7x 12.3x 21.1x
MEDIAN (INDIA-BASED OUTSOURCING) 1.7x 12.7x 22.9x
HealthStream, Inc. (NasdaqNM:HSTM) 28.08 907.06 741.52 254.64 29.00 0.42 2.9x 25.6x NM
National Research Corporation (NasdaqGS:NRC) 37.95 933.90 898.48 118.30 37.96 0.93 NM 23.7x NM
MEAN (INFORMATION) 2.9x 24.6x NM
MEDIAN (INFORMATION) 2.9x 24.6x NM
MEAN (SERVICES) 2.1x 15.6x 20.5x
MEDIAN (SERVICES) 1.8x 14.3x 21.3x
SERVICES - INDIA-BASED OUTSOURCING
SERVICES - INFORMATION
14
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Charles River Laboratories International, Inc. (NYSE:CRL) 124.30 5,955.44 6,917.95 1,905.81 449.39 2.65 3.6x 15.4x NM
Global Cord Blood Corporation (NYSE:CO) 7.81 943.64 266.93 936.77 330.45 1.99 0.3x 0.8x 3.9x
Genomic Health, Inc. (NasdaqGS:GHDX) 53.68 1,899.23 1,768.85 359.53 23.47 0.11 4.9x NM NM
Invitae Corporation (NYSE:NVTA) 8.84 594.09 602.45 85.55 (116.49) (2.68) NM NM NM
Laboratory Corporation of America Holdings (NYSE:LH) 175.34 17,867.15 24,128.55 10,978.60 2,079.10 12.63 2.2x 11.6x 13.9x
NeoGenomics, Inc. (NasdaqCM:NEO) 14.00 1,128.64 1,257.74 270.09 28.73 (0.03) 4.7x NM NM
Quest Diagnostics Incorporated (NYSE:DGX) 107.72 14,721.73 18,539.73 7,831.00 1,571.00 5.81 2.4x 11.8x 18.5x
Sonic Healthcare Limited (ASX:SHL) 26.08 11,076.22 13,690.84 5,318.80 867.50 1.09 2.6x 15.8x 23.9x
MEAN (LABS) 2.9x 11.1x 15.1x
MEDIAN (LABS) 2.6x 11.8x 16.2x
Addus HomeCare Corporation (NasdaqGS:ADUS) 66.15 763.91 742.66 456.91 34.65 1.34 1.6x 21.4x NM
Amedisys, Inc. (NasdaqNM:AMED) 93.63 2,977.56 3,077.37 1,579.88 150.76 2.07 1.9x 20.4x NM
Chemed Corporation (NYSE:CHE) 316.03 5,084.73 5,175.46 1,726.79 257.69 11.31 3.0x 20.1x 28.0x
LHC Group, Inc. (NasdaqNM:LHCG) 86.08 2,826.32 3,020.59 1,353.90 103.32 2.41 2.2x 29.2x NM
MEAN (HOME HEALTH) 2.2x 22.8x 28.0x
MEDIAN (HOME HEALTH) 2.1x 20.9x 28.0x
AAC Holdings, Inc. (NYSE:AAC) 10.39 255.59 552.89 310.60 41.83 (0.90) 1.8x 13.2x NM
Acadia Healthcare Company, Inc. (NasdaqGS:ACHC) 39.48 3,485.07 6,655.45 2,949.21 593.83 2.58 2.3x 11.2x 15.3x
Civitas Solutions, Inc. (NYSE:CIVI) 16.35 599.61 1,310.13 1,540.94 150.83 0.09 0.9x 8.7x NM
Concord Medical Services Holdings Limited (NYSE:CCM) 3.88 168.25 471.40 330.98 (93.80) (6.56) 1.4x NM NM
CoreCivic, Inc. (NYSE:CXW) 25.64 3,039.46 4,452.75 1,760.73 402.78 1.40 2.5x 11.1x 18.3x
DaVita Inc. (NYSE:DVA) 70.28 12,263.86 22,600.31 11,298.82 2,343.88 3.82 2.0x 9.6x 18.4x
The GEO Group, Inc. (NYSE: GEO) 25.88 3,157.49 5,751.31 2,284.16 406.07 1.21 2.5x 14.2x 21.4x
Hanger, Inc. (OTCPK:HNGR) 17.50 641.49 1,124.12 1,041.08 83.67 (3.02) 1.1x 13.4x NM
Encompass Health Corporation (NYSE:EHC) 75.63 7,473.75 10,521.55 4,109.20 865.30 3.04 2.6x 12.2x 24.9x
MEDNAX, Inc. (NYSE:MD) 42.79 3,999.11 5,913.73 3,597.55 589.46 3.71 1.6x 10.0x 11.5x
The Providence Service Corporation (NasdaqGS:PRSC) 70.08 905.26 896.99 1,630.43 69.30 3.79 0.6x 12.9x 18.5x
RadNet, Inc. (NasdaqNM:RDNT) 13.40 646.41 1,252.07 924.57 110.72 (0.13) 1.4x 11.3x NM
Select Medical Holdings Corporation (NYSE:SEM) 20.80 2,788.48 6,911.02 4,719.30 560.96 1.49 1.5x 12.3x 14.0x
U.S. Physical Therapy, Inc. (NYSE:USPH) 104.75 1,327.13 1,465.02 431.58 67.32 1.72 3.4x 21.8x NM
MEAN (NON-ACUTE) 1.8x 12.5x 17.8x
MEDIAN (NON-ACUTE) 1.7x 12.2x 18.3x
Brookdale Senior Living Inc. (NYSE:BKD) 9.59 1,798.82 6,423.67 3,795.18 575.87 (5.47) 1.7x 11.2x NM
Capital Senior Living Corporation (NYSE:CSU) 9.99 311.02 1,299.85 461.81 79.12 (1.04) 2.8x 16.4x NM
Ensign Group, Inc. (NasdaqNM:ENSG) 36.07 1,880.36 2,130.11 1,947.82 160.83 1.32 1.1x 13.2x 27.3x
Five Star Senior Living Inc. (NasdaqCM:FVE) 1.30 65.70 27.57 1,128.41 1.56 (0.45) 0.0x 17.7x NM
Genesis Healthcare, Inc. (NYSE:GEN) 1.51 150.62 4,466.81 5,189.27 345.12 (6.23) 0.9x 12.9x NM
Sabra Health Care REIT, Inc. (NasdaqGS:SBRA) 21.61 3,852.68 7,137.26 509.53 435.74 1.43 NM 16.4x 15.1x
PROVIDERS - LONG-TERM CARE
PROVIDERS - LABS
PROVIDERS - HOME HEALTH & HOSPICE
PROVIDERS - NON-ACUTE
15
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Ventas, Inc. (NYSE:VTR) 56.38 20,096.03 30,615.68 3,645.89 1,865.58 3.48 NM 16.4x 16.2x
Welltower Inc. (NYSE:WELL) 62.60 23,286.04 36,081.70 4,347.54 1,991.84 1.49 NM 18.1x NM
MEAN (LONG-TERM CARE) 1.3x 15.3x 19.5x
MEDIAN (LONG-TERM CARE) 1.1x 16.4x 16.2x
Community Health Systems, Inc. (NYSE:CYH) 3.34 376.97 14,473.97 13,975.00 806.00 (20.08) 1.0x 18.0x NM
HCA Healthcare, Inc. (NYSE:HCA) 124.23 43,393.44 77,581.44 45,210.00 8,443.00 7.92 1.7x 9.2x 15.7x
LifePoint Health, Inc. (NasdaqNM:LPNT) 64.80 2,509.41 5,429.41 6,239.00 660.70 1.08 0.9x 8.2x NM
Tenet Healthcare Corporation (NYSE:THC) 37.63 3,840.17 20,378.17 18,776.00 2,496.00 (4.68) 1.1x 8.2x NM
Universal Health Services, Inc. (NYSE:UHS) 122.10 11,526.95 15,519.50 10,553.52 1,701.02 8.53 1.5x 9.1x 14.3x
MEAN (ACUTE) 1.2x 10.5x 15.0x
MEDIAN (ACUTE) 1.1x 9.1x 15.0x
MEAN (PROVIDERS) 1.9x 13.8x 17.7x
MEDIAN (PROVIDERS) 1.7x 12.9x 17.3x
ABIOMED, Inc. (NasdaqNM:ABMD) 354.53 15,909.98 15,549.47 641.29 183.22 3.59 NM NM NM
Accelerate Diagnostics, Inc. (NasdaqCM:AXDX) 21.95 1,184.92 1,090.48 4.45 (68.47) (1.28) NM NM NM
Accuray Incorporated (NasdaqNM:ARAY) 3.85 329.71 392.75 403.21 5.84 (0.34) 1.0x NM NM
Agilent Technologies, Inc. (NYSE:A) 66.04 21,129.64 20,237.64 4,720.00 1,141.00 0.73 4.3x 17.7x NM
Align Technology, Inc. (NasdaqNM:ALGN) 356.65 28,585.37 27,872.75 1,733.77 474.31 3.61 NM NM NM
Alliqua BioMedical, Inc. (NasdaqCM:ALQA) 2.12 10.61 21.91 20.82 (9.15) (5.61) 1.1x NM NM
Alphatec Holdings, Inc. (NasdaqNM:ATEC) 2.70 114.43 131.95 92.73 (8.41) (0.81) 1.4x NM NM
AngioDynamics, Inc. (NasdaqNM:ANGO) 21.14 779.77 795.97 344.29 49.40 0.44 2.3x 16.1x NM
Anika Therapeutics, Inc. (NasdaqGS:ANIK) 40.03 583.78 444.48 108.38 34.80 1.22 4.1x 12.8x NM
AtriCure, Inc. (NasdaqNM:ATRC) 28.65 1,003.90 1,020.37 187.01 (18.51) (0.62) NM NM NM
Avinger, Inc. (NasdaqCM:AVGR) 1.34 10.32 3.43 8.25 (30.00) (49.25) 0.4x NM NM
Baxter International Inc. (NYSE:BAX) 72.45 38,795.95 39,395.95 11,000.00 2,348.00 1.66 3.6x 16.8x NM
Bio-Techne Corporation (NasdaqGS:TECH) 160.64 6,035.87 6,251.93 642.99 199.26 3.29 NM NM NM
BioTelemetry, Inc. (NasdaqGS:BEAT) 52.50 1,717.97 1,881.03 348.78 84.57 (0.05) NM 22.2x NM
Boston Scientific Corporation (NYSE:BSX) 33.61 46,480.10 52,765.10 9,500.00 2,571.00 0.38 NM 20.5x NM
Bruker Corporation (NasdaqNM:BRKR) 32.40 5,056.99 5,002.49 1,841.50 309.70 0.58 2.7x 16.2x NM
Cardiovascular Systems, Inc. (NasdaqGS:CSII) 37.93 1,261.48 1,165.74 217.04 7.00 0.05 NM NM NM
Catalent, Inc. (NYSE:CTLT) 41.70 6,041.16 8,416.06 2,395.00 484.60 0.48 3.5x 17.4x NM
Conformis, Inc. (NasdaqGS:CFMS) 0.96 58.47 30.89 77.93 (43.42) (1.01) 0.4x NM NM
CONMED Corporation (NasdaqNM:CNMD) 74.00 2,075.13 2,512.20 827.56 135.09 2.56 3.0x 18.6x 28.9x
Corindus Vascular Robotics, Inc. (AMEX:CVRS) 1.01 190.68 179.04 10.36 (33.48) (0.21) NM NM NM
CryoLife, Inc. (NYSE:CRY) 29.80 1,091.64 1,283.80 227.27 19.39 (0.15) NM NM NM
Cutera, Inc. (NasdaqGS:CUTR) 40.00 545.38 521.41 156.32 4.76 1.98 3.3x NM 20.2x
Cytosorbents Corporation (NasdaqCM:CTSO) 12.00 360.52 349.30 19.15 (13.01) (0.49) NM NM NM
DexCom, Inc. (NasdaqNM:DXCM) 95.13 8,379.52 8,184.32 832.50 (2.90) (0.06) NM NM NM
Edwards Lifesciences Corporation (NYSE:EW) 142.45 29,827.03 29,619.33 3,548.50 1,073.00 3.04 NM 27.6x NM
Ekso Bionics Holdings, Inc. (OTCBB:EKSO) - 106.22 92.36 8.44 (29.07) (0.64) NM 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
Endologix, Inc. (NasdaqNM:ELGX) 5.09 427.61 607.65 180.83 (28.90) (0.78) 3.4x NM NM
Enzo Biochem, Inc. (NYSE:ENZ) 4.42 208.47 146.53 108.43 (3.66) (0.10) 1.4x NM NM
EyePoint Pharmaceuticals, Inc. (NasdaqGM:EYPT) 2.27 169.14 165.65 2.95 (21.53) (0.59) NM NM NM
Fresenius SE & Co. KGaA (DB:FRE) 66.20 36,732.74 62,342.74 33,495.00 5,679.00 3.58 1.9x 11.0x 18.5x
GenMark Diagnostics, Inc. (NasdaqGM:GNMK) 6.68 372.43 345.77 63.21 (48.92) (1.05) NM NM NM
Genomic Health, Inc. (NasdaqGS:GHDX) 53.68 1,899.23 1,768.85 359.53 23.47 0.11 4.9x NM NM
Glaukos Corporation (NYSE:GKOS) 41.61 1,452.44 1,338.68 165.36 (0.30) (0.17) NM NM NM
Globus Medical, Inc. (NYSE:GMED) 51.48 5,017.59 4,648.41 675.57 214.47 1.35 NM 21.7x NM
Hologic, Inc. (NasdaqNM:HOLX) 42.91 11,676.79 14,365.19 3,207.40 1,037.50 (0.29) 4.5x 13.8x NM
Illumina, Inc. (NasdaqNM:ILMN) 324.36 47,680.92 46,827.92 3,103.00 1,019.00 4.40 NM NM NM
Inogen, Inc. (NasdaqGS:INGN) 199.25 4,228.19 4,039.89 275.99 43.88 1.17 NM NM NM
Integer Holdings Corporation (NYSE:ITGR) 71.45 2,287.38 3,819.65 1,521.16 287.06 2.80 2.5x 13.3x 25.5x
Integra LifeSciences Holdings Corporation
(NasdaqNM:IART) 62.33 5,306.25 6,594.15 1,370.71 334.27 0.86 4.8x 19.7x NM
Intersect ENT, Inc. (NasdaqGM:XENT) 32.35 974.89 871.65 102.87 (17.67) (0.60) NM NM NM
Intuitive Surgical, Inc. (NasdaqNM:ISRG) 508.19 57,805.39 54,881.49 3,447.30 1,315.30 6.78 NM NM NM
Invuity, Inc. (NasdaqGM:IVTY) 4.00 96.17 97.15 40.83 (28.75) (1.91) 2.4x NM NM
IRadimed Corporation (NasdaqCM:IRMD) 23.00 245.10 215.59 26.88 5.46 0.21 NM NM NM
K2M Group Holdings, Inc. (NasdaqGS:KTWO) 20.37 883.97 948.24 271.91 (13.11) (0.91) 3.5x NM NM
LeMaitre Vascular, Inc. (NasdaqGM:LMAT) 36.00 695.25 642.31 103.99 26.57 1.08 NM 24.2x NM
LivaNova PLC (NasdaqGS:LIVN) 110.13 5,334.22 5,454.07 1,067.51 185.55 0.68 NM 29.4x NM
Masimo Corporation (NasdaqNM:MASI) 99.42 5,148.34 4,778.85 833.73 226.35 2.23 NM 21.1x NM
Medtronic plc (NYSE:MDT) 90.23 121,964.71 136,616.71 29,953.00 9,499.00 2.27 4.6x 14.4x NM
Meridian Bioscience, Inc. (NasdaqNM:VIVO) 15.80 669.04 665.05 210.17 50.64 0.57 3.2x 13.1x 27.7x
NanoString Technologies, Inc. (NasdaqGM:NSTG) 11.73 348.98 337.79 119.93 (35.14) (1.78) 2.8x NM NM
Natus Medical Incorporated (NasdaqNM:BABY) 36.50 1,212.76 1,277.23 513.34 39.80 (0.65) 2.5x NM NM
Nevro Corp. (NYSE:NVRO) 56.26 1,686.61 1,573.83 363.93 (9.53) (1.31) 4.3x NM NM
NuVasive, Inc. (NasdaqNM:NUVA) 58.05 2,975.64 3,535.14 1,063.19 230.01 0.83 3.3x 15.4x NM
Nxstage Medical, Inc. (NasdaqNM:NXTM) 28.07 1,866.57 1,818.56 404.41 14.39 (0.22) 4.5x NM NM
Orthofix Medical Inc. (NasdaqNM:OFIX) 60.49 1,141.02 1,047.91 442.40 55.95 0.58 2.4x 18.7x NM
Quidel Corporation (NasdaqNM:QDEL) 67.86 2,541.80 2,666.86 373.19 112.14 0.34 NM 23.8x NM
ResMed Inc. (NYSE:RMD) 105.78 15,098.86 15,204.58 2,340.20 680.22 2.19 NM 22.4x NM
REVA Medical, Inc. (ASX:RVA) 0.28 116.07 189.79 NM (20.74) 0.01 NM NM NM
ReWalk Robotics Ltd. (NasdaqCM:RWLK) 0.88 30.48 35.90 6.83 (21.40) (1.04) NM NM NM
SeaSpine Holdings Corporation (NasdaqGS:SPNE) 13.96 205.81 196.55 135.31 (22.46) (2.14) 1.5x NM NM
Second Sight Medical Products, Inc. (NasdaqCM:EYES) 1.60 106.61 101.60 7.93 (30.37) (0.54) NM NM NM
Sientra, Inc. (NasdaqGS:SIEN) 20.47 576.92 588.86 43.73 (51.61) (3.72) NM NM NM
Smith & Nephew plc (LSE:SN.) 13.21 11,524.67 12,590.98 4,869.00 1,249.00 0.82 2.6x 10.1x 16.1x
Sonova Holding AG (SWX:SOON) 182.80 11,941.82 12,172.23 2,645.93 588.48 6.11 4.6x 20.7x 29.9x
STAAR Surgical Company (NasdaqNM:STAA) 30.85 1,283.99 1,270.97 109.32 6.49 0.08 NM NM NM
Stryker Corporation (NYSE:SYK) 163.25 61,053.95 66,335.95 13,040.00 3,564.00 2.83 NM 18.6x NM
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
T2 Biosystems, Inc. (NasdaqGM:TTOO) 5.99 252.30 266.57 9.01 (46.39) (1.62) NM NM NM
Tandem Diabetes Care, Inc. (NasdaqGM:TNDM) 27.56 1,465.92 1,456.52 128.70 (45.48) (5.10) NM NM NM
TransEnterix, Inc. (AMEX:TRXC) 5.35 1,091.28 1,017.09 14.74 (48.85) (0.80) NM NM NM
Utah Medical Products, Inc. (NasdaqNM:UTMD) 97.00 361.86 315.99 42.18 22.26 2.53 NM 14.2x NM
Varian Medical Systems, Inc. (NYSE:VAR) 115.45 10,564.22 10,050.72 2,888.20 596.60 1.54 3.5x 16.8x NM
Wright Medical Group N.V. (NasdaqNM:WMGI) 25.43 2,694.81 3,467.62 766.34 81.74 (0.46) 4.5x NM NM
Zimmer Biomet Holdings, Inc. (NYSE:ZBH) 125.52 25,514.62 34,546.72 7,927.40 2,719.70 8.27 4.4x 12.7x 15.2x
MEAN (CLINICAL) 3.0x 18.0x 22.8x
MEDIAN (CLINICAL) 3.2x 17.6x 22.9x
Cerus Corporation (NasdaqNM:CERS) 7.41 967.33 891.29 56.02 (47.46) (0.43) NM NM NM
Getinge AB (OM:GETI B) 94.80 25,820.68 36,906.68 22,914.00 3,077.00 3.16 1.6x 12.0x 30.0x
Haemonetics Corporation (NYSE:HAE) 97.64 5,097.47 5,170.99 922.32 147.71 0.43 NM NM NM
Harvard Bioscience, Inc. (NasdaqGM:HBIO) 5.70 205.09 199.46 123.12 8.08 (0.19) 1.6x 24.7x NM
IDEXX Laboratories, Inc. (NasdaqNM:IDXX) 244.93 21,275.41 22,132.97 2,116.51 540.80 3.45 NM NM NM
Invacare Corporation (NYSE:IVC) 17.85 591.98 687.50 971.83 (9.72) (2.25) 0.7x NM NM
Omnicell, Inc. (NasdaqGS:OMCL) 59.50 2,313.24 2,465.84 757.86 71.67 0.95 3.3x NM NM
Pacific Biosciences of California, Inc. (NasdaqGS:PACB) 3.80 501.13 435.74 89.42 (80.58) (0.73) 4.9x NM NM
PerkinElmer, Inc. (NYSE:PKI) 79.18 8,760.03 10,656.68 2,543.24 500.05 1.34 4.2x 21.3x NM
STERIS plc (NYSE:STE) 73.64 6,474.90 7,143.30 2,620.00 598.10 3.39 2.7x 11.9x 21.7x
Surmodics, Inc. (NasdaqGS:SRDX) 58.80 779.57 713.53 78.36 8.32 (0.18) NM NM NM
Thermo Fisher Scientific Inc. (NYSE:TMO) 234.53 94,356.89 112,839.89 23,094.00 5,781.00 5.93 4.9x 19.5x NM
Waters Corporation (NYSE:WAT) 197.27 15,454.69 14,354.64 2,379.75 823.68 0.64 NM 17.4x NM
MEAN (NON-CLINICAL) 3.0x 17.8x 25.8x
MEDIAN (NON-CLINICAL) 3.0x 18.5x 25.8x
Atrion Corporation (NasdaqNM:ATRI) 688.00 1,274.07 1,219.09 147.49 50.07 18.92 NM 24.3x NM
Avanos Medical, Inc. (NYSE:AVNS) 55.20 2,595.31 2,934.21 634.10 32.10 (0.34) 4.6x NM NM
Becton, Dickinson and Company (NYSE:BDX) 250.37 66,899.32 88,425.32 14,747.00 4,269.00 2.44 NM 20.7x NM
ICU Medical, Inc. (NasdaqNM:ICUI) 286.80 5,823.19 5,554.07 1,432.86 263.42 0.83 3.9x 21.1x NM
Merit Medical Systems, Inc. (NasdaqNM:MMSI) 54.30 2,969.43 3,339.48 798.08 117.00 0.37 4.2x 28.5x NM
Nipro Corporation (TSE:8086) 1,361.00 226,554.45 619,921.45 395,397.00 63,085.00 64.51 1.6x 9.8x 21.1x
Retractable Technologies, Inc. (AMEX:RVP) 0.79 25.81 14.87 35.24 (2.46) (0.11) 0.4x NM NM
Teleflex Incorporated (NYSE:TFX) 272.71 12,420.18 14,273.03 2,326.91 643.85 1.91 NM 22.2x NM
Terumo Corporation (TSE:4543) 6,130.00 2,184,223.31 2,352,730.31 587,775.00 150,077.00 242.06 4.0x 15.7x 25.3x
MEAN (DISPOSABLES) 3.1x 20.3x 23.2x
MEDIAN (DISPOSABLES) 3.9x 21.1x 23.2x
Bio-Rad Laboratories, Inc. (NYSE:BIO) 306.65 9,146.50 8,818.61 2,211.62 314.09 25.48 4.0x 28.1x 12.0x
Cambrex Corporation (NYSE:CBM) 62.50 2,060.00 1,872.43 586.87 186.35 3.66 3.2x 10.0x 17.1x
Cantel Medical Corp. (NYSE:CMD) 92.71 3,866.87 3,983.96 848.57 164.31 2.18 4.7x 24.2x NM
ChromaDex Corporation (NasdaqCM:CDXC) 4.48 245.80 205.22 24.40 (20.92) (0.47) NM 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
DENTSPLY SIRONA Inc. (NasdaqNM:XRAY) 48.11 10,942.07 12,305.57 4,098.40 830.80 (7.03) 3.0x 14.8x NM
Exact Sciences Corporation (NasdaqCM:EXAS) 58.45 7,147.88 6,598.12 353.17 (102.09) (1.03) NM NM NM
Fluidigm Corporation (NasdaqGS:FLDM) 6.40 249.06 365.97 104.17 (40.42) (1.48) 3.5x NM NM
Hill-Rom Holdings, Inc. (NYSE:HRC) 94.20 6,255.34 8,180.14 2,827.10 555.90 3.44 2.9x 14.7x 27.4x
Ion Beam Applications SA (ENXTBR:IBAB) 22.36 655.53 671.00 287.42 (7.57) (1.34) 2.3x NM NM
Luminex Corporation (NasdaqNM:LMNX) 33.86 1,505.01 1,376.36 314.58 62.18 0.76 4.4x 22.1x NM
Mettler-Toledo International Inc. (NYSE:MTD) 592.51 14,939.45 15,828.73 2,859.65 695.32 14.79 NM 22.8x NM
Natera, Inc. (NasdaqGS:NTRA) 22.96 1,354.93 1,364.50 223.90 (121.83) (2.53) NM NM NM
Neogen Corporation (NasdaqGS:NEOG) 82.40 4,264.77 4,053.96 402.25 87.25 1.21 NM NM NM
OraSure Technologies, Inc. (NasdaqNM:OSUR) 16.79 1,025.26 881.77 175.98 30.72 0.27 NM 28.7x NM
Oxford Immunotec Global PLC (NasdaqGM:OXFD) 13.11 340.44 304.40 106.14 (18.89) (0.98) 2.9x NM NM
QIAGEN N.V. (NYSE:QGEN) 36.12 8,200.54 9,089.44 1,481.60 494.73 0.33 NM 18.4x NM
Quotient Limited (NasdaqGM:QTNT) 7.55 377.12 456.61 25.79 (60.35) (2.03) NM NM NM
Rockwell Medical, Inc. (NasdaqGM:RMTI) 4.06 210.18 182.08 57.66 (27.15) (0.55) 3.2x NM NM
Trinity Biotech plc (NasdaqGS:TRIB) 4.68 97.95 143.70 98.96 8.67 (1.89) 1.5x 16.6x NM
TrovaGene, Inc. (NasdaqCM:TROV) 0.78 17.98 12.49 0.52 (14.79) (3.95) NM NM NM
Veracyte, Inc. (NasdaqGM:VCYT) 10.83 427.15 428.65 79.91 (24.39) (0.90) NM NM NM
West Pharmaceutical Services, Inc. (NYSE:WST) 109.65 8,067.81 8,038.71 1,677.00 346.50 2.00 4.8x 23.2x NM
MEAN (COMMERCIAL) 3.4x 20.3x 18.8x
MEDIAN (COMMERCIAL) 3.2x 22.1x 17.1x
Cooper Companies Inc. (NYSE:COO) 260.50 12,791.62 15,110.52 2,338.80 750.10 2.65 NM 20.1x NM
Essilor International Société Anonyme (ENXTPA:EI) 126.20 27,486.84 29,866.84 7,357.00 1,524.00 3.38 4.1x 19.6x NM
Insulet Corporation (NasdaqNM:PODD) 83.16 4,885.19 5,106.52 500.14 19.88 (0.30) NM NM NM
Nutrisystem, Inc. (NasdaqGS:NTRI) 40.00 1,180.70 1,097.15 691.63 89.25 1.81 1.6x 12.3x 22.1x
USANA Health Sciences, Inc. (NYSE:USNA) 132.25 3,197.35 2,898.59 1,128.34 181.76 3.30 2.6x 15.9x NM
MEAN (CONSUMER) 2.7x 17.0x 22.1x
MEDIAN (CONSUMER) 2.6x 17.8x 22.1x
Abbott Laboratories (NYSE:ABT) 65.54 114,903.93 133,153.93 29,575.00 6,840.00 0.46 4.5x 19.5x NM
AbbVie Inc. (NYSE:ABBV) 92.23 139,642.12 168,040.12 30,946.00 12,872.00 4.03 NM 13.1x 22.9x
AcelRx Pharmaceuticals, Inc. (NasdaqGM:ACRX) 2.80 163.14 129.38 3.39 (31.00) (0.90) NM NM NM
Achillion Pharmaceuticals, Inc. (NasdaqGS:ACHN) 2.58 356.92 53.30 - (87.38) (0.62) NM NM NM
Acorda Therapeutics, Inc. (NasdaqNM:ACOR) 24.95 1,174.31 1,179.06 588.93 184.93 (3.42) 2.0x 6.4x NM
Adamas Pharmaceuticals, Inc. (NasdaqGM:ADMS) 23.78 641.64 550.21 10.69 (111.12) (4.94) NM NM NM
Akorn, Inc. (NasdaqGS:AKRX) 18.52 2,319.79 2,826.91 763.49 63.62 (1.48) 3.7x NM NM
Alexion Pharmaceuticals, Inc. (NasdaqGS:ALXN) 132.96 29,631.35 31,650.05 3,744.70 1,707.60 (0.45) NM 18.5x NM
Alimera Sciences, Inc. (NasdaqGM:ALIM) 1.06 74.24 164.36 39.65 (14.46) (0.35) 4.1x NM NM
Allergan plc (NYSE:AGN) 184.09 62,418.22 86,072.52 16,156.70 7,416.60 (4.15) NM 11.6x NM
Amphastar Pharmaceuticals, Inc. (NasdaqGS:AMPH) 17.45 813.42 801.81 241.90 3.33 (0.09) 3.3x NM NM
Ampio Pharmaceuticals, Inc. (AMEX:AMPE) 2.97 256.37 248.85 - (14.92) (0.39) NM NM NM
ANI Pharmaceuticals, Inc. (NasdaqGM:ANIP) 66.95 789.10 939.66 189.20 72.32 0.00 5.0x 13.0x 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
Antares Pharma, Inc. (NasdaqCM:ATRS) 2.67 418.72 415.54 55.96 (16.15) (0.13) NM NM NM
Aradigm Corporation (NasdaqCM:ARDM) 1.42 20.73 34.83 14.25 (7.87) (0.79) 2.4x NM NM
Array BioPharma Inc. (NasdaqNM:ARRY) 15.39 3,241.70 2,910.65 84.93 (107.05) (0.67) NM NM NM
Arrowhead Pharmaceuticals, Inc. (NasdaqGS:ARWR) 14.57 1,276.00 1,186.33 22.22 (40.20) (0.58) NM NM NM
Astellas Pharma Inc. (TSE:4503) 1,817.50 3,569,176.10 3,235,733.10 1,306,830.00 336,001.00 87.99 2.5x 9.6x 20.7x
AstraZeneca PLC (LSE:AZN) 58.65 74,289.83 87,585.73 22,342.00 4,476.00 2.11 3.9x 19.6x 27.8x
Bausch Health Companies Inc. (NYSE:BHC) 21.74 27,899.20 57,468.90 8,505.00 3,095.00 (4.70) NM 18.6x NM
BioDelivery Sciences International, Inc. (NasdaqCM:BDSI) 2.68 158.77 194.96 43.01 (39.29) (0.96) 4.5x NM NM
Bristol-Myers Squibb Company (NYSE:BMY) 58.75 95,872.77 97,285.77 21,600.00 5,971.00 0.22 4.5x 16.3x NM
Clovis Oncology, Inc. (NasdaqGS:CLVS) 44.14 2,319.51 2,138.43 76.13 (268.69) (5.78) NM NM NM
Compugen Ltd. (NasdaqGM:CGEN) 3.15 179.93 159.40 10.00 (28.09) (0.57) NM NM NM
Corcept Therapeutics Incorporated (NasdaqCM:CORT) 13.13 1,513.04 1,387.67 189.26 69.25 1.13 NM 20.0x 11.6x
Curis, Inc. (NasdaqGM:CRIS) 1.57 52.01 43.30 10.53 (39.15) (1.34) 4.1x NM NM
Depomed, Inc. (NasdaqGS:DEPO) 8.86 563.38 1,093.84 418.68 166.11 (0.67) 2.6x 6.6x NM
DURECT Corporation (NasdaqGM:DRRX) 1.47 237.71 213.41 34.69 (11.81) (0.01) NM NM NM
Egalet Corporation (NasdaqCM:EGLT) 0.29 15.33 43.30 26.97 (52.80) (1.43) 1.6x NM NM
Eli Lilly and Company (NYSE:LLY) 98.81 100,698.53 106,123.23 23,873.90 7,377.00 (0.14) 4.4x 14.4x NM
Elite Pharmaceuticals, Inc. (OTCPK:ELTP) 0.11 89.20 99.91 7.46 (8.07) (0.01) NM NM NM
Endo International plc (NasdaqNM:ENDP) 12.44 2,783.96 10,075.24 3,131.79 455.68 (7.01) 3.2x 22.1x NM
Foamix Pharmaceuticals Ltd. (NasdaqGM:FOMX) 5.75 232.90 185.51 3.65 (76.50) (2.06) NM NM NM
GlaxoSmithKline plc (LSE:GSK) 15.82 77,711.40 100,990.40 30,014.00 7,859.00 0.33 3.4x 12.9x NM
Heska Corporation (NasdaqCM:HSKA) 100.25 747.75 741.62 128.80 19.90 0.78 NM NM NM
ImmunoGen, Inc. (NasdaqGS:IMGN) 9.30 1,383.64 1,038.58 77.03 (105.55) (1.24) NM NM NM
Infinity Pharmaceuticals, Inc. (NasdaqGS:INFI) 1.77 99.24 51.43 6.00 (34.40) (0.80) NM NM NM
Innoviva, Inc. (NasdaqGS:INVA) 14.15 1,436.33 1,817.31 237.63 213.11 1.48 NM 8.5x 9.6x
INSYS Therapeutics, Inc. (NasdaqGM:INSY) 6.66 491.57 377.12 128.64 (59.03) (3.34) 2.9x NM NM
Ironwood Pharmaceuticals, Inc. (NasdaqGS:IRWD) 19.28 2,929.43 3,138.67 331.29 (85.58) (0.75) NM NM NM
Jazz Pharmaceuticals PLC (NasdaqGS:JAZZ) 173.08 10,434.43 11,307.71 1,687.25 758.60 7.30 NM 14.9x 23.7x
Johnson & Johnson (NYSE:JNJ) 132.52 355,438.51 372,781.51 80,684.00 26,460.00 0.50 4.6x 14.1x NM
Juniper Pharmaceuticals, Inc. (NasdaqGS:JNP) 11.50 127.70 110.82 54.26 1.74 0.05 2.0x NM NM
Karyopharm Therapeutics Inc. (NasdaqGS:KPTI) 17.78 1,075.44 944.52 31.43 (143.09) (2.81) NM NM NM
Lannett Company, Inc. (NYSE:LCI) 12.75 484.68 1,213.11 652.77 228.43 1.20 1.9x 5.3x 10.6x
Mallinckrodt Public Limited Company (NYSE:MNK) 23.45 1,948.34 8,250.04 3,265.80 1,323.60 19.22 2.5x 6.2x 1.2x
Merck & Co., Inc. (NYSE:MRK) 65.87 177,210.32 193,768.32 41,259.00 11,610.00 0.48 4.7x 16.7x NM
Mylan N.V. (NasdaqGS:MYL) 37.31 19,232.37 33,878.77 11,872.70 3,586.70 1.35 2.9x 9.4x 27.6x
Neos Therapeutics, Inc. (NasdaqGM:NEOS) 5.45 158.03 180.73 30.12 (52.09) (2.34) NM NM NM
Novartis AG (SWX:NOVN) 83.24 193,261.67 212,617.62 52,220.00 15,730.00 5.88 4.1x 13.5x 14.1x
Novo Nordisk A/S (CPSE:NOVO B) 318.15 769,008.02 758,723.02 110,174.00 50,892.00 15.72 NM 14.9x 20.2x
OPKO Health, Inc. (NasdaqGS:OPK) 5.62 3,144.24 3,253.44 1,056.04 (161.38) (0.57) 3.1x NM NM
Osiris Therapeutics, Inc. (NasdaqGM:OSIR) 10.96 378.32 350.77 123.17 (2.13) (0.06) 2.8x NM NM
Pacira Pharmaceuticals, Inc. (NasdaqGS:PCRX) 40.20 1,637.44 1,577.66 305.13 17.65 (0.28) NM NM NM
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
Pernix Therapeutics Holdings, Inc. (NasdaqGM:PTX) 2.35 27.90 279.79 144.47 28.23 (5.94) 1.9x 9.9x NM
Perrigo Company plc (NYSE:PRGO) 80.52 11,148.97 13,786.67 4,969.20 1,130.00 0.91 2.8x 12.2x NM
Pfizer Inc. (NYSE:PFE) 39.93 233,573.37 263,746.37 53,244.00 21,478.00 3.74 5.0x 12.3x 10.7x
Phibro Animal Health Corporation (NasdaqGM:PAHC) 47.90 1,931.58 2,165.40 803.03 123.34 1.44 2.7x 17.6x NM
Progenics Pharmaceuticals, Inc. (NasdaqGS:PGNX) 7.99 588.64 548.80 13.65 (51.08) (0.65) NM NM NM
Recro Pharma, Inc. (NasdaqCM:REPH) 5.18 106.23 108.91 77.44 (31.07) (3.00) 1.4x NM NM
Rigel Pharmaceuticals, Inc. (NasdaqNM:RIGL) 2.82 461.30 367.00 0.90 (87.70) (0.65) NM NM NM
Roche Holding AG (SWX:ROG) 243.05 208,012.24 222,554.24 57,725.00 22,157.00 12.17 3.9x 10.0x 20.0x
Sanofi (ENXTPA:SAN) 74.37 92,028.73 113,640.73 34,968.00 9,380.00 2.59 3.2x 12.1x 28.7x
Sarepta Therapeutics, Inc. (NasdaqGS:SRPT) 116.24 7,617.33 6,999.15 202.85 (118.84) (2.78) NM NM NM
Supernus Pharmaceuticals, Inc. (NasdaqGM:SUPN) 52.95 2,742.62 2,571.12 335.09 123.25 1.37 NM 20.9x NM
Takeda Pharmaceutical Company Limited (TSE:4502) 4,675.00 3,666,672.41 4,434,090.41 1,772,125.00 387,331.00 152.91 2.5x 11.4x NM
Taro Pharmaceutical Industries Ltd. (NYSE:TARO) 112.26 4,426.13 3,008.75 661.91 321.39 5.27 4.5x 9.4x 21.3x
Teligent, Inc. (NasdaqGS:TLGT) 4.18 223.68 334.49 61.91 (13.07) (0.39) NM NM NM
Teva Pharmaceutical Industries Limited (NYSE:TEVA) 23.94 24,382.47 58,893.47 20,781.00 5,501.00 (10.08) 2.8x 10.7x NM
TherapeuticsMD, Inc. (NasdaqGS:TXMD) 5.22 1,131.87 1,050.63 16.08 (94.02) (0.44) NM NM NM
Zoetis Inc. (NYSE:ZTS) 86.48 41,708.45 45,023.45 5,588.00 2,170.00 2.28 NM 20.7x NM
Zogenix, Inc. (NasdaqGM:ZGNX) 56.75 1,998.93 1,726.97 - (119.35) (4.36) NM NM NM
MEAN (PHARMACEUTICALS) 3.3x 13.5x 18.0x
MEDIAN (PHARMACEUTICALS) 3.2x 13.0x 20.2x
AmerisourceBergen Corporation (NYSE:ABC) 81.83 17,986.57 20,964.17 163,762.51 2,384.58 4.88 0.1x 8.8x 16.8x
Aceto Corporation (NasdaqGS:ACET) 3.27 100.68 355.01 737.10 55.08 (5.93) 0.5x 6.4x NM
Cardinal Health, Inc. (NYSE:CAH) 49.95 15,518.72 22,934.72 136,809.00 2,910.00 0.81 0.2x 7.9x NM
CVS Health Corporation (NYSE:CVS) 64.86 65,939.68 88,895.68 185,944.00 12,619.00 6.52 0.5x 7.0x 9.9x
Diplomat Pharmacy, Inc. (NYSE:DPLO) 20.78 1,538.73 2,129.10 5,038.59 91.30 0.04 0.4x 23.3x NM
Henry Schein, Inc. (NasdaqNM:HSIC) 79.41 12,231.13 14,780.66 13,026.25 1,101.71 2.64 1.1x 13.4x NM
McKesson Corporation (NYSE:MCK) 125.60 25,091.23 34,431.23 209,913.00 3,930.00 (1.87) 0.2x 8.8x NM
Medicines Company (NasdaqGS:MDCO) 39.73 2,923.68 3,339.14 25.90 (259.73) (4.17) NM NM NM
Owens & Minor, Inc. (NYSE:OMI) 18.87 1,166.01 1,975.45 9,554.65 194.42 (2.38) 0.2x 10.2x NM
Patterson Companies, Inc. (NasdaqNM:PDCO) 24.52 2,268.86 3,222.11 5,465.68 303.71 2.16 0.6x 10.6x 11.4x
PetMed Express, Inc. (NasdaqGS:PETS) 37.13 757.75 663.20 281.53 55.63 1.99 2.4x 11.9x 18.7x
Premier, Inc. (NasdaqGS:PINC) 37.40 1,997.31 2,055.12 1,630.40 666.11 (6.65) 1.3x 3.1x NM
Prestige Brands Holdings, Inc. (NYSE:PBH) 35.73 1,848.35 3,808.76 1,038.59 349.51 6.37 3.7x 10.9x 5.6x
Rite Aid Corporation (NYSE:RAD) 2.01 2,120.76 5,156.27 21,480.94 523.52 (0.34) 0.2x 9.8x NM
Vitamin Shoppe, Inc. (NYSE:VSI) 8.35 202.33 323.00 1,168.89 57.73 (10.86) 0.3x 5.6x NM
MEAN (DISTRIBUTION) 0.8x 9.8x 12.5x
MEDIAN (DISTRIBUTION) 0.5x 9.3x 11.4x
MEAN (PRODUCTS) 2.9x 15.8x 19.2x
MEDIAN (PRODUCTS) 3.0x 14.9x 20.2x
PRODUCTS - DISTRIBUTION
21
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 2018 © Scott-Macon, Ltd.
22
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cific focus on the healthcare, medical and pharmaceutical services and products industries. Founded in 1973, Scott-Macon has
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Senior Associate
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