SCOTT-MACON HEALTHCARE REVIEW: THIRD …...EagleDream Health, Inc. $26.0 NA NA NA NA Operates as a...

SCOTT-MACON HEALTHCARE REVIEW:

THIRD QUARTER 2017

Third Quarter 2017 Healthcare Review 2

Healthcare Overview, Mean Revenue Multiples 4

Healthcare Overview, Mean EBITDA Multiples 5

Analysis of Selected Healthcare, Medical and 6

Pharmaceutical Merger and Acquisition Transactions

July 1—September 30, 2017

Analysis of Selected 19

Publicly-Traded Healthcare, Medical and

Pharmaceutical Companies

Scott-Macon Professionals’ 30

Representative Closed Transactions

Scott-Macon Contact Information 31 CO

NT

EN

TS

2

T H I R D Q U A R T E R 2 0 1 7

H E A L T H C A R E R E V I E W

Dear Clients and Friends,

Scott-Macon is pleased to present our

Healthcare Review covering the third quarter of

2017. If you haven’t done so already, please email

me at [email protected] to automati-

cally continue receiving our publications in the fu-

ture as we are transitioning to digital publishing

with email distribution.

Pages four and five represent a visual snap-

shot of the average multiples for all of the health-

care, medical and pharmaceutical transactions that

either closed or were announced during the third

quarter, along with the average multiples for the

major publicly-traded healthcare, medical and

pharmaceutical companies.

In the Insurance Services segment, both An-

them and Magellan announced deals in the third

quarter, Anthem for Healthsun Health Plans and

Magellan for Senior Whole Health. In the Technol-

ogy Services sector, there was a surprising dearth

of blockbuster deals in the quarter, but lots of mid-

market activity. Japan’s Konica Minolta announced

its deal for inviCRO in the medical imaging analy-

sis arena for $285 million; Allscripts announced its

deal for McKesson’s healthcare technology busi-

ness for $185 million; and Japan’s Murata an-

nounced its deal for Vios Medical in the wireless

monitoring space for $101 million. In addition, Al-

phabet, Johnson & Johnson, and NextGen/Quality

Systems all closed healthcare technology deals in

the quarter. The Outsourcing Services sector had a

burst of activity in the quarter, including some

mega deals: PARAXEL in the Contract Research

space announced its going-private transaction for a

cool $5 billion, or 2.4X revenues and 14.6X

EBITDA; and also in the Contract Research sector

INC Research closed its InVentiv deal for $4.2 bil-

lion, or 2.0X revenues and 13.7X EBITDA. In ad-

dition, Fortive announced its $740 million deal for

Landauer; Pharmaceutical Research Associates

closed on Symphony Health for $530 million; and

Teladoc picked up Best Doctors for $440 million.

Turning next to the Providers areas, the

Laboratory segment saw the announced sale of

Ambry Genetics to a consortium for $1 billion.

Quest Diagnostics had a big quarter, closing on two

deals and announcing a third. In Home Health and

Hospice, Addus, HealthSouth, and LHC all closed

deals in the third quarter. The Non-Acute Providers

sector had an explosion of activity, including two

billion plus deals: Surgery Partners going-private

3

deal for $2.8 billion, or 2.5X revenues and 11.1X

EBITDA; and Air Medical’s deal for American

Medical Response for $2.4 billion. In Long-Term

Care, CommuniCare, Diversicare, Ensign Group,

MedEquities Realty Trust, Omega Healthcare and

Sienna Senior Living all closed or announced deals

last quarter. Once again, we also saw lots of Acute

Care activity. Surgery Partners closed on National

Specialty Hospitals for $760 million; HCA picked

up 4 hospitals in Houston for $750 million; and

Medical Properties Trust acquired a group of 9 fa-

cilities for $700 million.

Clinical Devices in the Products area had its

usual smattering of mega deals, including Fresen-

ius/Nxstage Medical for $2 billion, CooperSurgical

announcing its $1.1 billion deal for a division of

Teva, and Teleflex’s announced $1.1 billion deal

for NeoTract. In Non-Clinical Devices, Stryker

closed on Novadaq for $644 million. In Dispos-

ables Products, Philips closed on Spectranetics for

$2.1 billion. In Commercial Products, four multi-

billion deals closed: Cardinal Health’s deal for a

Medtronic division for $6.1 billion; Lonza/

Capsugel for $5.5 billion; Sabra Health Care REIT/

Care Capital Properties for $4.1 billion; and the go-

ing-private deal for Albany Molecular for $1.6 bil-

lion. The Pharmaceuticals area was of course busy

as always, with the largest deal being Thermo

Fisher’s $7.2 billion deal for Patheon. Lastly, the

Distribution area also saw a going-private deal for

PharMerica worth $1.4 billion, or 10.3X EBITDA.

Following the mergers and acquisitions

analysis, we present an analysis of publicly-traded

Services, Providers, and Products companies by

sector. Mean EBITDA multiples for Services com-

panies ended the third quarter at 15.5X (up from

14.1X in Q2 2017); Providers at 12.6X (up from

12.5X in Q2 2017); and Products at 15.6X (up

from 15.5X in Q2 2017). Technology services

companies ended the third quarter at 23.3X, while

Outsourcing services companies were 16.2X. The

Insurance segment EBITDA multiple came in at

12.9X (up from 10.4X in Q2 2017).

Finally, contact information for the Scott-

Macon Healthcare Investment Banking Group Pro-

fessionals appears on the back cover. We welcome

your call or email to discuss your thoughts on this

article.

Sincerely yours,

Nathan D. Cortright

Managing Director

Group Head – Healthcare Investment Banking

4

2.1x 1.7x2.9x

2.0x 1.8x2.5x

Services Providers Products

OVERALL: Revenue Multiple

H E A L T H C A R E O V E R V I E W M E A N R E V E N U E M U L T I P L E S

2.8x1.4x 1.7x 1.3x 1.0x

1.9x0.9x

2.8x

NA1.3x

Labs Home Health & Hospice Non-Acute Long-Term Care Acute

PROVIDERS: Revenue Multiple

3.2x 2.8x 2.7x 3.1x1.9x

NA NA

2.9x

Clinical Devices Non-Clinical Devices Disposables Commercial

PRODUCTS: Revenue Multiple

2.6x3.4x

0.7xNA

3.2x

0.6x

Consumer Pharmaceuticals Distribution

Public Companies M&A Transactions

1.3x

3.4x2.2x 1.8x 2.0x

NA1.0x

2.5x

NA1.0x

Insurance Technology Outsourcing India-Based Outsourcing Information

SERVICES: Revenue Multiple

5

15.5x12.6x

15.6x13.5x

10.3x

16.3x

Services Providers Products

OVERALL: EBITDA Multiple

H E A L T H C A R E O V E R V I E W M E A N E B I T D A M U L T I P L E S

17.5x 17.0x 17.9x 19.6x

12.5x

NA NA

17.0x

Clinical Non-Clinical Disposables Commercial

PRODUCTS: EBITDA Multiple

12.9x

23.3x

16.2x

9.6x

25.5x

NA NA

13.5x

NA NA

Insurance Technology Outsourcing India-Based Outsourcing Information

SERVICES: EBITDA Multiple

13.0x16.7x

11.5x14.9x

8.2x

NA NA

11.1x

NA

9.4x

Labs Home Health & Hospice Non-Acute Long-Term Care Acute

PROVIDERS: EBITDA Multiple

18.0x13.6x

10.5x

NA

18.2x

10.3x

Consumer Pharmaceuticals Distribution

Public Companies M&A Transactions

6

Date Acquirer / Target Price

Target

Revenue

Target

EBITDA2

Price/

Revenue

Price/

EBITDA2

Target Description

Announced Anthem, Inc. (NYSE:ANTM) /

Healthsun Health Plans, Inc.

NA NA NA NA NA Provides managed healthcare plans.

Announced Magellan Healthcare, Inc. /

Senior Whole Health, LLC

$400.0 NA NA NA NA Operates as a health maintenance organization.

Announced Paramount Care, Inc. /

Health Resources, Inc.

NA NA NA NA NA Provides group dental plans to employer groups.

7/12/2017 Unknown Buyer /

DentalPlans.com, Inc.

NA NA NA NA NA Provides dental insurance and savings plans for

individuals and families and other discount plans.

MEAN (INSURANCE) NA NA

MEDIAN (INSURANCE) NA NA

8/1/2017 340B Holdings, LLC /

eAudit Solutions Inc.

NA NA NA NA NA Develops virtual inventory management software

for healthcare industry.

7/18/2017 ABILITY Network Inc. /

Secure Bill Pay, LLC

NA NA NA NA NA Develops healthcare payment software.

Announced Allscripts Healthcare Solutions, Inc. (NasdaqGS:MDRX) /

McKesson Corporation, Hospital and Health System Business

$185.0 NA NA NA NA Comprises healthcare information technology

solutions.

8/14/2017 Alphabet Inc. (NasdaqGS:GOOGL) /

Senosis Health Inc.

NA NA NA NA NA Develops mobile health monitoring applications.

8/17/2017 American Imaging Management, Inc. /

Applied Pathways LLC

NA NA NA NA NA Develops cloud-based technology that allows

healthcare organizations to address issues

associated with managing the lifecycle of

evidence-based and knowledge-based processes

and workflows.

9/1/2017 American Medical Alert Corp. /

Providence St. Joseph Health, Providence Lifeline Medical Alert

Service

NA NA NA NA NA Comprises business operations that offer

healthcare monitoring services.

7/31/2017 Anju Software, Inc. /

DZS Software Solutions, Inc., Assets of ClinPlus

NA NA NA NA NA Comprises clinical solutions.

7/12/2017 Battery Ventures /

WebPT, Inc.

NA NA NA NA NA Develops electronic medical record and practice

management solutions for physical therapists,

occupational therapists, and speech-language

pathologists.

Announced Cannabis Sativa, Inc. (OTCPK:CBDS) /

PrestoCorp

$6.6 NA NA NA NA Operates an online telemedicine service that

allows patients to use secure and confidential

video conference technology to speak with a

licensed physician for medical marijuana

evaluation.

7/26/2017 CardioWise, Inc. /

Johns Hopkins Technology Ventures, Worldwide Rights To

SQuEEZ

NA NA NA NA NA Comprises heart function analysis software.

8/15/2017 Decision Resources, Inc. /

Context Matters, Inc.

NA NA NA NA NA Offers health economics data and technology

solutions.

9/25/2017 Generali Global Assistance /

CareLinx Incorporated

NA NA NA NA NA Operates an online platform that enables families

to find and manage caregivers.

9/21/2017 GTCR, LLC /

GreatCall, Inc.

NA NA NA NA NA Provides mobile health and safety solutions for

older adults and their family caregivers.

Announced InnerScope Advertising Agency, Inc. (OTCPK:INND) /

AUDServ, Inc.

$1.0 $1.0 NA 1.0x NA Provides marketing tools to clinic owners.

9/18/2017 Johnson & Johnson Vision Care, Inc. /

Sightbox, Inc.

NA NA NA NA NA Operates an online platform to provide

subscription based delivery service for daily

disposable contact lens wearers.

Announced Konica Minolta, Inc. (TSE:4902) /

inviCRO, LLC

$285.0 NA NA NA NA Provides a suite of services and software for

medical imaging analysis.

Announced Murata Electronics North America, Inc. /

Vios Medical, Inc.

$101.7 NA NA NA NA Develops wireless monitoring platform for

intensive healthcare applications.

9/5/2017 N. Harris Computer Corporation /

Amazing Charts, LLC

NA NA NA NA NA Provides electronic health/medical record software

and services to healthcare providers in solo and

small sized medical practices.

9/28/2017 N. Harris Computer Corporation /

MorCare, LLC

NA NA NA NA NA Develops enterprise software solutions for the

healthcare industry.

Announced Navicure, Inc. /

ZirMed, Inc.

NA NA NA NA NA Provides cloud-based claims management

solutions to healthcare providers and

organizations.

7/19/2017 Netsmart Technologies Inc. /

DeVero, Inc.

NA NA NA NA NA Develops SaaS based home healthcare and

hospice solutions.

8/16/2017 NextGen Healthcare Information Systems, LLC /

EagleDream Health, Inc.

$26.0 NA NA NA NA Operates as a healthcare analytics software and

services company.

Announced Paradigm Management Services, LLC /

ForeSight Medical, LLC

NA NA NA NA NA Designs and develops cost containment software

that provides suite of surgical management

solutions in the workers' compensation

marketplace.

SERVICES - INSURANCE

SERVICES - TECHNOLOGY

ANALYSIS OF SELECTED HEALTHCARE, MEDICAL AND PHARMACEUTICAL

SERVICES AND PRODUCTS MERGER & ACQUISITION TRANSACTIONS1

(CLOSED OR ANNOUNCED BETWEEN JULY 1—SEPTEMBER 30, 2017)

($ Millions Except Per Share Data)

7


Target

Revenue

Target

EBITDA2

Price/

Revenue

Price/

EBITDA2

Target Description

9/15/2017 Pivot Pharmaceuticals Inc. (OTCPK:PVOT.F) /

Altum Pharmaceuticals Inc., Worldwide Rights to BiPhasix

Transdermal Drug Delivery Technology

$4.5 NA NA NA NA Comprises drug delivery technology rights.

9/21/2017 Premier Diversified Holdings Inc. (OTCPK:PRDG.F) /

MyCare MedTech Inc.

NA NA NA NA NA Provides electronic healthcare solutions for

accessing virtual care through mobile health and

virtual health.

8/22/2017 SilverVue, Inc. /

Ergo Sum Healthcare, Inc.

NA NA NA NA NA Developing an online platform that includes

Medicare Access and Chip Reauthorization Act

ancillary products that help physicians practice

personalized medicine.

9/6/2017 SinglePoint, Inc. (OTCPK:SING) /

Dr. FeelGood

NA NA NA NA NA Focuses on developing proprietary delivery and

ordering technology for medical marijuana.

Announced Strathspey Crown LLC /

ALPHAEON Corporation, ShoutMD

NA NA NA NA NA Comprises a social media platform for medical

professionals.

9/11/2017 TeleHealthCare, Inc. /

TeleHealthCare, Inc., Prior to Reverse Merger with Head Trainer,

Inc. (OTCPK:TLLT)

NA NA NA NA NA Develops software platforms for the telehealth

industry.

8/25/2017 TheraManager, LLC /

DocuTrac, Inc.

NA NA NA NA NA Develops and markets behavior health software.

7/11/2017 TractManager, Inc. /

MedApproved, LLC

NA NA NA NA NA Develops software as a service-based product

approval workflow solution to review products and

services for hospital vendors.

8/8/2017 TransLogic Corporation /

Talyst Systems, LLC

NA NA NA NA NA Develops and provides enterprise solutions for

pharmacies, hospitals, and long term care

facilities.

8/22/2017 Vestar Capital Partners, Inc. /

Quest Analytics, L.L.C.

NA NA NA NA NA Designs and develops health plan provider

network management software for desktop,

server, and developer platforms.

9/19/2017 Viverae, Inc. /

SimplyWell LLC

NA NA NA NA NA Provides clinically-based integrated health

solutions.

7/10/2017 Waud Capital Partners, L.L.C. /

Integrated Practice Solutions, Inc.

NA NA NA NA NA Designs and develops chiropractic software

technology solutions for the chiropractic industry.

MEAN (TECHNOLOGY) 1.0x NA

MEDIAN (TECHNOLOGY) 1.0x NA

Announced 3i Group plc (LSE:III) /

Cirtec Medical Systems, LLC

NA NA NA NA NA Medical device consulting company that provides

outsourced engineering, design, and contract

manufacturing services for the medical device

industry.

9/14/2017 Adecco Group AG (SWX:ADEN) /

BioBridges, LLC

NA NA NA NA NA Operates as a clinical consulting which represents

and manages the careers of professionals

servicing the pharma, biotech, and medical device

industries.

8/15/2017 Ares Management, L.P. (NYSE:ARES) /

DMG Practice Management Solutions, LLC

NA NA NA NA NA Provides management services to affiliated

physician practices.

Announced Avista Healthcare Public Acquisition Corp. (NasdaqCM:AHPA) /

Envigo, Inc.

NA NA NA NA NA Provides essential products and research services

for pharmaceutical, crop protection, and chemical

companies.

8/8/2017 Aya Healthcare, Inc. /

RN & Allied Specialties, Inc.

NA NA NA NA NA Provides nurse and allied staffing services.

7/5/2017 Brightree LLC /

AllCall Connect LLC

NA NA NA NA NA Provides live call center services for continuous

positive airway pressure patient resupply.

7/10/2017 Camden Group /

Novia Strategies, Inc.

NA NA NA NA NA Provides consulting services to healthcare

organizations.

8/2/2017 Collidion Inc. /

CalAsia Pharmaceuticals, Inc.

NA NA NA NA NA Offers pharmaceutical drug discovery and

development services.

9/18/2017 Comprehensive Pharmacy Services, Inc. /

Pharmacy Systems, Inc.

NA NA NA NA NA Provides hospital pharmacy management and

clinical consulting services.

9/5/2017 Covance Laboratories, Inc. /

Analytical Testing Services Business

$8.5 NA NA NA NA Comprises contaminant testing, raw material

testing, and finished product testing services for

pharmaceutical markets.

7/5/2017 Cross Country Healthcare, Inc. (NasdaqGS:CCRN) /

Advantage RN, LLC

$86.8 $100.0 $10.0 0.9x 8.7x Provides nurses and healthcare professionals for

travel assignments for hospitals and medical

facilities.

9/14/2017 Eastridge Workforce Solutions /

Metropolitan Employment Corporation of America, Inc.

NA NA NA NA NA Provides temporary labor and workforce solutions

for healthcare product manufacturers.

7/17/2017 eMids Technologies Inc. /

Encore Health Resources, LLC

NA NA NA NA NA Provides information technology consulting

services for the healthcare market.

7/5/2017 Envision Healthcare Corporation (NYSE:EVHC) /

Infinity HealthCare, Inc.

NA NA NA NA NA Provides emergency department management

and other healthcare management services to

clinicians, hospitals, and regional medical centers.

Announced EpiSource, LLC /

Peak Payer Solutions Inc.

NA NA NA NA NA Provides health assessments and chart retrieval

and reviews to healthcare industry.

8/17/2017 EQT Partners AB /

Certara, L.P.

$850.0 NA NA NA NA Operates as a biosimulation and regulatory writing

consultancy company for pharmaceutical and

related industries.

SERVICES - OUTSOURCING

8


Target

Revenue

Target

EBITDA2

Price/

Revenue

Price/

EBITDA2

Target Description

8/16/2017 eSolutions, Inc. /

RemitDATA Inc.

NA NA NA NA NA Provides comparative analytics solutions with

multiple ways to access application programming

interfaces, benchmarking, and peer comparison

tools for payers, providers, billing companies, and

other healthcare services companies.

8/9/2017 Evolution Research Group, LLC /

Endeavor Clinical Trials, LLC

NA NA NA NA NA Offers clinical trials.

Announced Fidelity National Financial Ventures (NYSE:FNFV) /

T-System Inc.

$200.0 NA NA NA NA Provides clinical, financial, operational, and

regulatory solutions for hospitals and urgent care

clinics.

7/6/2017 Fishawack Communications Ltd. /

Carling Group of Companies

NA NA NA NA NA Provides healthcare marketing and medical

education services.

Announced Fortive Corporation (NYSE:FTV) /

Landauer, Inc. (NYSE:LDR)

$740.7 $153.4 $43.7 4.8x 17.0x Provides technical and analytical services, and

outsourced medical physics services.

8/31/2017 Genex Services, LLC /

TJ Holdings, Inc.

NA NA NA NA NA Workers’ compensation utilization management

company.

7/13/2017 Genoa, a QoL Healthcare Company, LLC /

Medication Management Systems, Inc.

NA NA NA NA NA Engages in designing, delivering, and

implementing medication therapy management

programs.

8/1/2017 INC Research Holdings, Inc. (NasdaqGS:INCR) /

inVentiv Health Inc.

$4,195.8 $2,156.2 $306.0 2.0x 13.7x Provides outsourced services to pharmaceutical,

biotechnology, medical device and diagnostics,

and healthcare industries.

9/1/2017 Innovatus Imaging Corporation /

Bayer Corporation, Multi-Vendor Service Business

NA NA NA NA NA Comprises third-party medical device service

business.

8/11/2017 Insight Imaging, Inc. /

LG Medical Technologies, Inc.

NA NA NA NA NA Engages in the rental of diagnostic imaging

technologies to hospitals and medical centers.

8/22/2017 ISG Group, LLC /

AIA Credentialing & Consulting Services LLC

NA NA NA NA NA Offers credentials verification and provider

enrollment services to the healthcare industry.

Announced JustKapital Limited (ASX:JKL) /

National Health Finance, DM, LLC

$97.1 NA NM NA NM Facilitates health services to accident victims on a

lien basis.

9/20/2017 Knack Global, LLC /

Compliance Specialists, Inc., Revenue Cycle Management and

Compliance Services Business

NA NA NA NA NA Provides revenue cycle management and

compliance services business to healthcare

providers.

7/5/2017 McKesson Specialty Health /

intraFUSION, Inc.

NA NA NA NA NA Provides infusion center management services.

Announced Medica Health Plans, Inc. /

Mayo Clinic Health Solutions

NA NA NA NA NA Provides medical care, research, and education

solutions for people to improve individual and

population health.

7/24/2017 Medicine Man Technologies, Inc. (OTCPK:MDCL) /

Denver Consulting Group LLC

$3.4 NA NA NA NA Provides medical cannabis and marijuana

business consulting services that include

cannabis compliance audits, dispensary

employee handbooks, compassionate care

program, dispensary branding, nutrient

management plan and other services.

Announced Mitsui & Co., Ltd. (TSE:8031) /

Accountable Healthcare Holdings Corp.

NA NA NA NA NA Provides healthcare staffing services.

9/6/2017 MModal IP LLC /

Landmark Transcription, Inc.

NA NA NA NA NA Provides medical transcription services to

hospitals, clinics, and physicians practices.

9/12/2017 Moss Adams LLP /

Rona Consulting Group LLC

NA NA NA NA NA Offers management consulting services to

integrated health care systems, hospitals and

clinics, and medical suppliers.

7/28/2017 MTS Health Investors, LLC /

Medical Knowledge Group, LLC

NA NA NA NA NA Provides medical communications, healthcare

consulting, and data analytic services.

7/13/2017 New Wave Holdings, Inc. (OTCPK:NWAV) /

PAO Group, Inc.

$251.0 NA NA NA NA Offers physician management services.

7/27/2017 Novation Companies, Inc. (OTCPK:NOVC) /

Healthcare Staffing, Inc.

$24.0 NA NA NA NA Provides healthcare staffing services.

9/29/2017 Pamplona Capital Management LLP /

PAREXEL International Corporation (NasdaqGS:PRXL)

$5,007.4 $2,097.0 $342.8 2.4x 14.6x Provides clinical research and logistics, medical

communications, consulting, commercialization,

and advanced technology products and services

for pharmaceutical, biotechnology, and medical

device industries.

7/11/2017 Pan-American Life Insurance Group, Inc. /

HolaDoctor, Inc.

NA NA NA NA NA Develops and operates bilingual health and

wellness portals for Hispanic consumers and

businesses.

9/1/2017 Payment Data Systems, Inc. (NasdaqCM:PYDS) /

Singular Payments, LLC

$3.7 NA NA NA NA Provides payment processing services for

healthcare and utilities industries.

9/6/2017 Pharmaceutical Research Associates, Inc. /

Symphony Health Solutions

$530.0 NA NA NA NA Provides data, applications, analytics, and

consulting services to life sciences companies.

8/9/2017 Pinnacle Group, LLC /

Clinical Benchmarking, LLC

NA NA NA NA NA Provides healthcare consulting services.

9/6/2017 Precision for Medicine, Inc. /

Agility Clinical, Inc.

NA NA NA NA NA Contract research organization which provides

clinical trial services.

7/10/2017 Press Ganey Holdings, Inc. /

Soyring Consulting, Inc.

NA NA NA NA NA Provides clinical and operational consulting

assistance to hospitals and healthcare facilities.

Announced Pro-Claim Plus, Inc. /

Physicians Health Plan of Northern Indiana, Inc.

NA NA NA NA NA Offers various health insurance products for

individuals, families, and businesses.

9/1/2017 Resource Optimization & Innovation, LLC /

Healthcare Purchasing Alliance, LLC

NA NA NA NA NA Provides healthcare supplies sourcing solutions.

8/9/2017 Sverica Capital Management, LLC /

Women's Health USA, Inc.

NA NA NA NA NA Provides back room business support solutions

and services to physician practices.

9


Target

Revenue

Target

EBITDA2

Price/

Revenue

Price/

EBITDA2

Target Description

9/6/2017 Tabula Rasa Healthcare, Inc. (NasdaqGM:TRHC) /

SinfoníaRx, Inc.

NA NA NA NA NA Provides medication management services.

7/14/2017 Teladoc, Inc. (NYSE:TDOC) /

Best Doctors, Inc.

$440.0 NA NM NA NM Provides access to the medical experts and

treating physicians to have a better diagnosis and

treatment plan.

7/17/2017 UDG Healthcare plc (LSE:UDG) /

Cambridge BioMarketing Group, LLC

$35.0 NA NA NA NA Operates as a health care marketing

communications agency that provides traditional

and digital marketing communications services to

the healthcare industry.

8/17/2017 United Claim Solutions, LLC /

INETICO, Inc.

NA NA NA NA NA Provides healthcare claims and care management

services to customers in the insurance industry.


Key Health Medical Solutions, Inc.

NA NA NA NA NA Provides medical lien funding services to

healthcare facilities, medical providers, and

attorneys.

7/5/2017 VRI, Inc. /

Healthcom Inc.

NA NA NA NA NA Provides medical alert services, medication

management, telehealth and online patient

monitoring services.

8/14/2017 Xtend Healthcare LLC /

ELIPSe, Inc.

NA NA NA NA NA Provides health information management and

revenue cycle consulting services to healthcare

providers.

MEAN (OUTSOURCING) 2.5x 13.5x

MEDIAN (OUTSOURCING) 2.2x 14.2x

9/1/2017 CareCapital Advisors; Clayton, Dubilier & Rice, Inc.; Hillhouse

Capital Management, Ltd. /

Carestream Dental LLC

NA NA NA NA NA Offers orthodontists new patient education

software.

7/18/2017 Cello Group Plc (AIM:CLL) /

Advantage Healthcare Inc.

$4.5 $4.5 NA 1.0x NA Provides market research services for healthcare

sector.

Announced General Atlantic LLC; Silver Lake /

A Place for Mom, Inc.

NA NA NA NA NA Offers information and selected options based

upon individual and personal needs and helps

families in finding nursing homes, respite care

facilities, and assisted living communities.

9/5/2017 Levine Leichtman Capital Partners /

Therapeutic Research Center

NA NA NA NA NA Provides medication learning solutions for

healthcare providers and professionals.

8/3/2017 PatientPoint, LLC /

Patient Education Network

NA NA NA NA NA Provides Oncology-specific and healthy living

content using an LED screen in the patients'

waiting rooms.

7/15/2017 Provia Laboratories, LLC /

Vault Dental Stem Cell Client Base and Distribution Rights

NA NA NA NA NA Comprises dental stem cell bank client base and

distribution rights.

MEAN (INFORMATION) 1.0x NA

MEDIAN (INFORMATION) 1.0x NA

MEAN (SERVICES) 2.0x 13.5x

MEDIAN (SERVICES) 1.5x 14.2x

9/5/2017 Ancor Capital Partners /

Alliance Family of Companies, Inc.; APF Furniture

NA NA NA NA NA Comprises medical diagnostic testing facilities and

engineered wood components manufacturing

operations for the furniture and upholstery

industry.

Announced Avista Capital Holdings, L.P. /

Miraca Life Sciences, Inc.

NA NA NA NA NA Operates clinical pathology laboratories that

provide diagnostic services in the fields of

dermatology, gastroenterology, hematology, and

urology.

8/1/2017 EVIO Inc. /

Viridis Analytics, Inc.

$1.0 NA NA NA NA Operates a cannabis and marijuana testing

laboratory.

8/3/2017 Genesis Biotechnology Group, LLC /

4path, Ltd.

NA NA NA NA NA Provides pathology laboratory services.

9/29/2017 Health-Right Discoveries, Inc. /

Common Compounds, Inc.; EXpharmaRX, LLC

NA NA NA NA NA Provides dispensing, billing, management of

claims, and urine toxicology services to physicians

and also offers in-office ancillary opportunities

and third party billing services to physicians and

clinics.

Announced Innovation Network Corporation of Japan; Konica Minolta

Healthcare Americas, Inc. /

Ambry Genetics Corp.

$1,000.0 NA NA NA NA Provides clinical diagnostics testing services for

genetic diseases.

Announced Invitae Corporation (NYSE:NVTA) /

CombiMatrix Corporation (NasdaqCM:CBMX)

$30.0 $14.8 NM 2.0x NM Provides clinical molecular diagnostic laboratory

services.

Announced Invitae Corporation (NYSE:NVTA) /

Good Start Genetics, Inc.

$40.0 $22.5 NA 1.8x NA Provides genetic screening of inherited diseases.

Announced Pragmin Prognosis Inc. /

CYNOGEN Inc.

$2.9 NA NA NA NA Provides lab services and solutions for diagnosis

of cancer.

7/18/2017 Quest Diagnostics Incorporated (NYSE:DGX) /

ClearPoint Diagnostic Laboratories, LLC

NA NA NA NA NA Provides routine, anatomic, and reference test

services to physicians.

7/18/2017 Quest Diagnostics Incorporated (NYSE:DGX) /

Med Fusion LLC

NA NA NA NA NA Provides clinical laboratory services for hospitals

and their admitting staff.

SERVICES - INFORMATION

PROVIDERS - LABS

10


Target

Revenue

Target

EBITDA2

Price/

Revenue

Price/

EBITDA2

Target Description

Announced Quest Diagnostics Incorporated (NYSE:DGX) /

Shiel Medical Laboratory, Inc.

NA NA NA NA NA Engages in the operation of clinical laboratories.

MEAN (LABS) 1.9x NA

MEDIAN (LABS) 1.9x NA

8/1/2017 Addus HomeCare Corporation (NasdaqGS:ADUS) /

Options Services, Inc.

$23.2 $20.0 NA 1.2x NA Provides in-home care services.

Announced Associated Home Care LLC /

Intercity Home Care Inc.

NA NA NA NA NA Provides home health care services for the elderly

and disabled.

9/14/2017 Authority Brands, LLC /

Homewatch International, Inc.

NA NA NA NA NA Provides home elderly care services.

8/22/2017 FootPrints Home Care Inc. /

A Nurse in the Family, LLC

NA NA NA NA NA Provides in-home care services to aging seniors.

8/1/2017 Freedom Home Care, LLC /

Elder Care Services, Inc.

NA NA NA NA NA Offers home healthcare services for aging adults

or disabled individuals.

7/31/2017 HealthSouth Corporation (NYSE:HLS) /

Two Home Health Locations in Texas

NA NA NA NA NA Comprises two healthcare facilities.

9/6/2017 Hearts at Home, LLC /

Cornerstone Assisted Home Care, Inc.

NA NA NA NA NA Offers home elder care services.

9/6/2017 Holdings CL, Inc. /

Beyond Faith Homecare & Rehab LLC Hospice LLC

NA NA NA NA NA Offers nursing, physical, occupational and speech

therapies, home health aides, social workers, and

hospice care services for the elderly.

9/1/2017 LHC Group, Inc. (NasdaqGS:LHCG) /

CHRISTUS Health, Inc., Home Care And Hospice Services And

LTACH Facilities

NA NA NA NA NA Offer home health, hospice, community-based,

and long-term acute-care services.

8/9/2017 Multicultural Homecare Inc. /

Independence Healthcare Corporation

NA NA NA NA NA Provides personal care, nursing services, and

home healthcare services.

Announced Northern Family Home Care LLC /

AME, LLC

$1.0 NA NA NA NA Provides in-home care and services to seniors.

9/22/2017 Nova Leap Health RI, LLC /

All About Home Care, LLC

$1.2 $2.1 NA 0.6x NA Home health care agency which provides

personal care, homemaking, and companionship

services.

8/10/2017 SAILS Group, Inc. /

Special Care Agency, Inc.

NA NA NA NA NA Provides home care and support services for

seniors and individuals with developmental

disabilities.

8/11/2017 SH Franchising, LLC /

Handle With Care In-Home Care & Assistance, LLC

NA NA NA NA NA Provides home healthcare services for elderly

people or those recovering from illness or injury.

8/17/2017 Thrive Skilled Pediatric Care, LLC /

Health & Home Services, Inc.

NA NA NA NA NA Offers home healthcare and nursing services.


BrightStar Group Holdings, Inc., Plano Franchise

NA NA NA NA NA Comprises home care and medical staffing

franchisee.

MEAN (HOME HEALTH & HOSPICE) 0.9x NA

MEDIAN (HOME HEALTH & HOSPICE) 0.9x NA

9/5/2017 A+ Dental Care /

Folsom Dental Group

NA NA NA NA NA Provides general dentistry, orthodontics, and

implant services.

7/5/2017 Addiction & Mental Health Services, Inc. /

Red Oak Recovery, LLC

NA NA NA NA NA Operates a healthcare facility for trauma-informed

substance abuse and dual diagnosis treatment for

young adults.

Announced Air Medical Group Holdings, Inc. /

American Medical Response, Inc.

$2,400.0 NA NA NA NA Provides ground and air-based emergency

medical transportation services.

Announced AMITA Health /

Presence Health Network

NA NA NA NA NA Offers addiction and behavioral health, cancer

care, emergency care, heart and vascular care,

imaging, immediate care, maternity, neurology

and stroke, orthopedics, rehabilitation, robotic

surgery, senior care, and weight loss surgery

services.

Announced Anne Carlsen Center For Children /

Dakota Orofacial Myology, Ltd.

NA NA NA NA NA Offers speech therapy, myology, and other

healthcare services.

8/3/2017 Arkansas Urology, P.A. /

Conway Urology, PA

NA NA NA NA NA Provides urological care services through a

network of physicians.

9/15/2017 AthletiCo Ltd. /

Work Center, Inc.

NA NA NA NA NA Provides rehabilitation and services to injured

workers.

9/26/2017 Autism Learning Partners /

Aspire Autism, LLC

NA NA NA NA NA Provides behavioral therapy and supports

services.

7/18/2017 Autism Spectrum Therapies, Inc. /

Autism Family Center, Inc.

NA NA NA NA NA Provides autism therapy programs.

8/31/2017 Bain Capital Private Equity, LP /

Surgery Partners, Inc. (NasdaqGS:SGRY)

$2,787.1 $1,138.5 $250.9 2.5x 11.1x Comprises ambulatory surgery centers and

surgical hospitals that offer non-emergency

surgical procedures in various specialties,

including gastrointestinal, general surgery,

ophthalmology, orthopedics, and pain

management.

7/19/2017 BayMark Health Services Inc. /

Valley Alliance Treatment Services, Inc.

NA NA NA NA NA Provides medication-assisted treatment and

counseling services for opioid addiction and

dependency.

PROVIDERS - HOME HEALTH & HOSPICE

PROVIDERS - NON-ACUTE

11


Target

Revenue

Target

EBITDA2

Price/

Revenue

Price/

EBITDA2

Target Description

9/5/2017 Bellin Health Systems, Inc. /

Gastroenterology Associates

NA NA NA NA NA Owns and operates a medical practice clinic.

8/21/2017 Bentall Kennedy Management (U.S.) Limited Partnership /

Oregon Clinic Gateway Medical Office Building LLC

NA NA NA NA NA Operates a medical and day surgery practice

facility.

Announced Berks Community Health Center /

All About Children Pediatric Partners, P.C.

NA NA NA NA NA Owns and operates healthcare facility providing

health and preventive care services to children.

Announced CCMP Capital Advisors, LP /

Eating Recovery Center LLC

NA NA NA NA NA Provides eating disorder treatment services for

men, women, children, and adolescents.

Announced Centerbridge Partners, L.P.; Superior Vision Services, Inc. /

100% stake in Davis Vision Incorporated And Minority Stake in

Visionworks, Inc.

NA NA NA NA NA Provide eye care services.

9/5/2017 Centers Health Care, LLC /

Capital Living and Rehabilitation Centres

$85.0 NA NA NA NA Owns and operates a hospital which provides

nursing, medical, rehabilitation, educational, and

nutrition services.

7/24/2017 Centre Partners Management LLC /

Chesapeake Eye Care Company, LLC

NA NA NA NA NA Owns and operates an eye care center.

7/5/2017 Civitas Solutions, Inc. (NYSE:CIVI) /

Country Life Care Center

NA $9.0 NA NA NA Owns and operates a rehabilitation and post-

acute care facility.

8/18/2017 Commonwealth Pain Associates, PLLC /

Advanced Pain Medicine, PSC

NA NA NA NA NA Provides medical consultations, treatment, and

recommendations for pain and spinal disorders.

8/14/2017 CORDENTAL Group /

Forest Park Dental

NA NA NA NA NA Provides dental care services.

8/1/2017 CORDENTAL Group /

Konikoff Dental Associates, Inc.

NA NA NA NA NA Provides dental health services.

8/1/2017 CRH Medical Corporation (TSX:CRH) /

Gastroenterology Anesthesia Practice In West Florida

NA NA NA NA NA Provides anesthesia services to an ambulatory

surgical center.

8/8/2017 Crossroads Holding, LLC /

Center of HOPE of Myrtle Beach, LLC

NA NA NA NA NA An abuse treatment center which provides

outpatient medication-assisted treatment services.

7/1/2017 DaVita Medical Group Talbert California, P.C. /

Park Avenue Medical, Inc.; Winter Park Health Center, Inc.

NA NA NA NA NA Operate as family medicine group practices.

Announced Employee Health Systems Medical Group, Inc. /

MultiCultural Medical Group, Inc.

NA NA NA NA NA Provides healthcare services.

9/5/2017 Ensign Group, Inc. (NasdaqGS:ENSG) /

Desert Blossom Health and Rehabilitation Center; Pueblo Springs

Rehabilitation Center

NA NA NA NA NA Operates healthcare facilities.

9/8/2017 eResearchTechnology, Inc. /

Biomedical Systems Corporation

NA NA NA NA NA Provides non-invasive diagnostic services, clinical

trials, and products.

8/25/2017 Exos Partners, LLC /

EXOS Physical Therapy and Sports Medicine, LLC

NA NA NA NA NA Provides physical therapy and athletic training

services.

8/3/2017 Gastro Health, PL /

Gastrointestinal Center of Hialeah, LLC

NA NA NA NA NA Operates an ambulatory surgery services.

9/25/2017 Global Medical REIT, Inc. (NYSE:GMRE) /

Norvin Austin Rehab LLC

$40.7 NA NA NA NA Operates an inpatient rehabilitation facility.

8/28/2017 Go Eco Group (OTCPK:LIBE) /

Integro Health Services, Inc.

$0.1 NA NA NA NA Owns and operates a behavioral health hospital.

9/27/2017 Groupe Ergo Ressources /

Centre Regional d'Ergotherapie pour le Developpement de

I'Enfant

NA NA NA NA NA Offers rehabilitation services.

8/3/2017 Gryphon Investors Inc. /

Ob Hospitalist Group, Inc.

NA NA NA NA NA Provides on-site board certified obstetrics and

gynecology physician support services to its

hospital partners.

7/11/2017 Harborview Medical Services Pc /

Regenerative Sciences, Inc.

NA NA NA NA NA Provides stem cell and blood platelet procedures

for treating orthopedic injuries, arthritis, and other

degenerative conditions.

Announced Healthcare Realty Trust Incorporated (NYSE:HR) /

Portfolio of 15 Medical Office Buildings in the Atlanta, Georgia

$703.3 NA NA NA NA Comprises medical facilities.

7/25/2017 JourneyPure LLC /

Center for Professional Excellence Inc.

NA NA NA NA NA Owns and operates a treatment center for

professionals with addiction and other behavioral

impairments.

Announced KKR & Co. L.P. (NYSE:KKR) /

Covenant Surgical Partners, Inc.

NA NA NA NA NA Owns and operates ambulatory surgery centers.

9/5/2017 Kohlberg & Company, L.L.C. /

SpecialtyCare, Inc.

NA NA NA NA NA Provides outsourced clinical services for hospitals

and other healthcare providers.

Announced MedEquities Realty Trust, Inc. (NYSE:MRT) /

Behavioral Facilities In Las Vegas And Dallas

$25.0 NA NA NA NA Comprises four behavioral health and substance

abuse treatment facilities.

9/28/2017 MEDNAX, Inc. (NYSE:MD) /

Jefferson Radiology, P.C.

NA NA NA NA NA Provides diagnostic and therapeutic radiology

services.

8/23/2017 MEDNAX, Inc. (NYSE:MD) /

Radiology Associates of South Florida, PA

NA NA NA NA NA Provides radiological services to patients in

hospitals and outpatient centers.

Announced Meridian Behavioral Health Systems, LLC /

Highland Hospital Association Inc.

NA NA NA NA NA Operates a psychiatric hospital for adults, children

and adolescents.

9/6/2017 MMC Health Services, Inc.; Petra Capital Partners, LLC; /

Alternative Behavior Strategies, Inc.

NA NA NA NA NA Provides health care services.

7/31/2017 Mount Carmel Health System, Inc. /

Mount Carmel Medical Group Grove City Family Health

NA NA NA NA NA Operates a heath care facility for pediatric,

geriatric, and men's and women's health services.

7/6/2017 ncgCARE Inc. /

Appalachian Community Services, Inc.

NA NA NA NA NA Offers mental health care, substance abuse

treatment, and social services for individuals.

8/29/2017 ncgCARE Inc. /

Starlight Behavioral Health Services, Inc.

NA NA NA NA NA Offers nursing services, home healthcare,

assessments, behavioral support planning, and

person-centered support for individuals and

families.

12


Target

Revenue

Target

EBITDA2

Price/

Revenue

Price/

EBITDA2

Target Description

8/4/2017 Nephrology Associates, P.C. /

Signature Nephrology Group, PC

NA NA NA NA NA Owns and operates clinics and offers treatment

for chronic kidney disease, kidney transplant,

kidney stones, dialysis, hypertension, diabetic

nephropathy, lupus nephritis, proteinuria,

polycystic kidney disease, and pregnancy related

renal issues.

Announced New Look Vision Group Inc. (TSX:BCI) /

IRIS The Visual Group Inc.

$92.9 NA NA NA NA Provides eye care services for patients.

Announced New MainStream Capital /

Essex Specialized Surgical Institute, LLC

NA NA NA NA NA Operates as an ophthalmologic and ambulatory

surgery center.

9/14/2017 Nobilis Health Corp. (AMEX:HLTH) /

DeRosa Medical, P.C.

$0.9 NA NA NA NA Operates a healthcare practice that offers health

and wellness, medically supervised weight loss,

and chronic health condition management

services.

7/19/2017 North Memorial Health Care, Inc. /

Multicare Associates, Inc.

NA NA NA NA NA Owns and operates clinics that offer primary care,

chronic care, specialty care, and occupational

health services.

8/10/2017 Platinum Dermatology Partners, LLC /

Pediatric Dermatology of North Texas, P.A.

NA NA NA NA NA Offers dermatology-focused physician services.

7/1/2017 Pyramid Healthcare, Inc. /

Meadow Haven Recovery Services, LLC

NA NA NA NA NA Offers residential care for eating disorders.

8/8/2017 RadNet, Inc. (NasdaqGM:RDNT) /

Diagnostic Imaging Associates, P.A.

NA NA NA NA NA Owns and operates imaging centers.

7/19/2017 Redwood Dental Group /

Affordable Dental Care PLLC; Holly Dental Care; Signature Smiles

NA NA NA NA NA Provide dentistry services.

7/8/2017 Regional Women's Health Group, LLC /

OB/GYN of East Brunswick

NA NA NA NA NA Provides obstetrical care and gynecological

procedures and treatments for women.

Announced Rothman Institute /

Trenton Orthopaedic Group, P.A.

NA NA NA NA NA Provides orthopedic care services.

9/12/2017 Schweiger Dermatology Group LLC /

Island Dermatology, P.C.

NA NA NA NA NA Provides dermatology services.

7/17/2017 SGF Atlanta /

Georgia Reproductive Specialists, LLC

NA NA NA NA NA Provides fertility treatment services.

7/19/2017 Silver Oak Services Partners, LLC /

Redwood Dental Group

NA NA NA NA NA Provides dental care services.

Announced Skyline Healthcare, LLC /

Whitehall OpCo, LLC

$26.0 NA NA NA NA Provides nursing and rehabilitation services.

Announced SSM Health /

Agnesian Healthcare, Inc.; Monroe Clinic, Inc.

NA NA NA NA NA Provides healthcare services.

8/30/2017 SuperCare Health Inc. /

Founders Healthcare, LLC, Respiratory Assets of California

NA NA NA NA NA Offers respiratory care services.

9/5/2017 TorQuest Partners, Inc. /

Amenity Health Care LP

NA NA NA NA NA Offers pharmacy and medical services.

9/7/2017 U.S. Anesthesia Partners, Inc. /

Florida Anesthesia Associates P.A.; Jacksonville Anesthesia

Corporation, Inc.

NA NA NA NA NA Provide anesthesia services.

8/29/2017 U.S. Dermatology Partners /

Skin Spectrum; Southwest Skin Specialists

NA NA NA NA NA Provide cosmetic dermatology services.

7/17/2017 U.S. Healthworks, Inc. /

DeKalb Medical Center, Inc., WorksWell Clinic at 1045 Sycamore

Drive, Decatur

NA NA NA NA NA Comprises a medical clinic.

7/5/2017 U.S. Healthworks, Inc. /

Mosaic Life Care, Occupational Medicine Clinic In St. Joseph,

Missouri

NA NA NA NA NA Comprises a health care facility.

7/5/2017 U.S. Physical Therapy, Inc. (NYSE:USPH) /

Nine Clinic Physical Therapy Practice

$27.2 $8.6 NA 3.2x NA Comprises nine clinics that provide physical

therapy services.

9/14/2017 UDG Healthcare plc (LSE:UDG) /

MicroMass Communications, Inc.

$75.8 NA NA NA NA Provides behavior change and communications

services.

8/17/2017 University Clinical Health, Inc. /

Podiatry Centers of Memphis P.C.

NA NA NA NA NA Offers podiatry medical services.


David Chiropractic Limited Liability Company

NA NA NA NA NA Owns and operates healthcare centers that

provide alternative treatment for musculoskeletal

pains and injuries.

Announced Unknown Buyer /

Integrated Care Alliance, LLC

NA NA NA NA NA Provides disability therapy services.


Somers Smiles

NA NA NA NA NA Offers dental care services.

7/12/2017 Vision Care Specialists, Inc. /

Accent Optics Inc.

NA NA NA NA NA Offers optometry services.

8/25/2017 Western Dental Services, Inc. /

Children's Dental Group, Eight Offices Across California

NA NA NA NA NA Comprises eight dental care facilities.

9/7/2017 Western Dental Services, Inc. /

Pediatric Management Service Corporation

NA NA NA NA NA Offers pediatric care services.

MEAN (NON-ACUTE) 2.8x 11.1x

MEDIAN (NON-ACUTE) 2.8x 11.1x

9/13/2017 Bridge Investment Group, LLC /

SHI Carlisle Palm Beach

$77.2 NA NA NA NA Provides assisted living and memory care

facilities.

PROVIDERS - LONG-TERM CARE

13


Target

Revenue

Target

EBITDA2

Price/

Revenue

Price/

EBITDA2

Target Description

Announced Capital Senior Living Corporation (NYSE:CSU) /

A Community In New York

$20.0 NA NA NA NA Comprises a senior living facility.

8/1/2017 CareTrust REIT, Inc. (NasdaqGS:CTRE) /

Memory Care Cottages In White Bear Lake

$7.8 NA NA NA NA Comprises a 30 unit memory care healthcare

community.

Announced CareTrust REIT, Inc. (NasdaqGS:CTRE) /

Seven Skilled Nursing Facilities in Idaho

$65.5 NA NA NA NA Comprises seven skilled nursing facilities.

9/5/2017 CareTrust REIT, Inc. (NasdaqGS:CTRE) /

Three Skilled Nursing Facilities In Greater Dallas-Fort Worth Area

$20.2 NA NA NA NA Comprises nursing facilities.

9/6/2017 CommuniCare Health Services, Inc. /

Kindred Healthcare Inc., 16 Skilled Nursing Centers

NA NA NA NA NA Comprises skilled nursing facilities.

7/5/2017 Diversicare Healthcare Services, Inc. (NasdaqCM:DVCR) /

103 Bed Skilled Nursing Center in Selma, Alabama

$8.8 NA NA NA NA Comprises a healthcare facility, including certain

land, improvements, furniture, fixtures and

equipment, personal property, and intangible

property.


Medallion Post Acute Rehabilitation; Villas at Sunny Acres

NA NA NA NA NA Operate post-acute care, skilled nursing and

assisted living facilities.


Parkside Senior Living

NA NA NA NA NA Owns and operates senior living facility.

8/8/2017 EvoLve Senior Living; National Health Investors Inc. (NYSE:NHI) /

40-Unit Memory Care Community in Rye, New Hamspshire

$10.0 NA NA NA NA Comprises memory care community.

8/10/2017 Fantasia Investment III LLC; Summit Healthcare Operating

Partnership, L.P. /

Nine Skilled Nursing Facilities In The Northeast

NA NA NA NA NA Comprises nine skilled nursing facilities.

7/6/2017 Griffin-American Healthcare REIT III, Inc. /

Fox Grape Skilled Nursing Facility Portfolio

$65.5 NA NA NA NA Comprises five skilled nursing properties.

7/5/2017 Harbert Management Corporation /

Two Senior Living Facilities In Albuquerque, New Mexico and

Wheat Ridge, Colorado

NA NA NA NA NA Comprises senior living facilities.

7/31/2017 MedEquities Realty Trust, Inc. (NYSE:MRT) /

Magnolia Health Systems Inc., Two Skilled Nursing Facilities in

Indiana

$15.0 NA NA NA NA Comprises two skilled nursing facilities totaling

160 licensed beds.

7/5/2017 MedEquities Realty Trust, Inc. (NYSE:MRT) /

Woodlake at Tolland Nursing and Rehabilitation Center

$10.0 NA NA NA NA Owns and operates a nursing center.

8/31/2017 Omega Healthcare Investors, Inc. (NYSE:OHI) /

15 Skilled Nursing Facilities in Indiana

$190.0 NA NA NA NA Comprises 15 skilled nursing facilities.

Announced Premier Healthcare Management /

Washington County Health Center Auxiliary, Inc.

$29.6 NA NA NA NA Operates a 288-bed nursing home.

7/2/2017 Premier Healthcare Management, LLC /

Armstrong County Health Center

$5.9 NA NA NA NA Operates as a skilled nursing facility.

9/21/2017 Sagora Senior Living, Inc. /

Isle at Kingwood

NA NA NA NA NA Comprises assisted living community.

7/5/2017 Sienna Senior Living Inc. (TSX:SIA) /

Kawartha Lakes Retirement Residence

$15.6 NA NA NA NA Owns and operates retirement residence and

independent and assisted living suites.

7/5/2017 Sienna Senior Living Inc. (TSX:SIA) /

Retirement Suites of Kawartha Lakes

$15.6 NA NA NA NA Owns and operates retirement residence and

independent and assisted living suites.

7/18/2017 Windward Life Care /

Lifeline Healthcare

NA NA NA NA NA Offers assisted living and senior nursing services.

MEAN (LONG-TERM CARE) NA NA

MEDIAN (LONG-TERM CARE) NA NA

Announced Appalachian Regional Healthcare, Inc. /

Highlands Regional Medical Center in Prestonsburg, Kentucky

NA NA NA NA NA Comprises medical facilities.

Announced Ardent Health Services /

East Texas Medical Center Regional Healthcare System

NA NA NA NA NA A not-for-profit organization which operates

primary, secondary, and tertiary healthcare

facilities.

9/13/2017 Ardent Health Services; Board of Regents of The University of

Texas System /

East Texas Medical Center Regional Healthcare System, East

Texas Medical Center Athens

NA NA NA NA NA Comprises a hospital.

7/3/2017 Baptist Health, Inc. /

Fishermen's Hospital, Inc.

NA NA NA NA NA Operates as a community healthcare hospital.

Announced Carolinas HealthCare System Cleveland /

UNC Health Care System

NA NA NA NA NA Operates a network of hospitals and community

clinics.

Announced Cooper University Health Care /

Lourdes Medical Centre; Our Lady Of Lourdes Healthcare

Services; St Francis Medical Center

NA NA NA NA NA Companies operate hospitals.

Announced HCA Healthcare, Inc. (NYSE:HCA) /

Sebring Hospital Management Associates, LLC

NA NA NA NA NA Operates as a hospital.

Announced HCA Healthcare, Inc. (NYSE:HCA) /

Weatherford Texas Hospital Company, LLC

NA NA NA NA NA Operates a hospital.

7/31/2017 HCA Holdings, Inc. /

Four Hospitals in Houston

$750.0 $575.0 $80.0 1.3x 9.4x Comprises four hospitals.

Announced HealthPartners, Inc. /

Hutchinson Health Care

NA NA NA NA NA Provides health care services.

Announced Iron Stone Strategic Capital Partners /

North Philadelphia Health System

$8.5 NA NA NA NA Operates hospitals.

9/14/2017 Jefferson Health System, Inc. /

Kennedy Health System, Inc.

NA NA NA NA NA Provides healthcare services through its acute-

care hospital and ambulatory campuses.

Announced Marshfield Clinic, Inc. /

Rusk County Memorial Hospital

NA NA NA NA NA Operates as a general medical and surgical

hospital.

PROVIDERS - ACUTE

14


Target

Revenue

Target

EBITDA2

Price/

Revenue

Price/

EBITDA2

Target Description

9/29/2017 Medical Properties Trust, Inc. (NYSE:MPW) /

8 Acute Care Hospitals and One Behavioral Health Facility

$700.0 NA NA NA NA Comprises 10 acute care hospitals and one

behavioral health facility.

Announced Premier Healthcare Management /

Wexford Care Center, Inc.

NA NA NA NA NA Owns and operates a hospital.

7/3/2017 Prime Healthcare Services, Inc. /

Mission Regional Medical Center

NA NA NA NA NA Operates as a non-profit community hospital.

8/31/2017 Regional Health /

Providence Toppenish Hospital; Yakima HMA, LLC

$45.0 NA NA NA NA Operate healthcare facilities.

9/29/2017 Steward Health Care System, LLC /

IASIS Healthcare LLC

NA NA NA NA NA Owns and operates acute care hospitals in urban

and suburban markets.

8/1/2017 Stony Brook University Hospital /

Stony Brook Southampton Hospital

NA NA NA NA NA Operates a hospital offering various inpatient and

outpatient services.

8/31/2017 Surgery Partners, Inc. (NasdaqGS:SGRY) /

National Specialty Hospitals, Inc.

$760.0 NA NA NA NA Owns and operates a chain of surgical hospitals

and ambulatory surgery centers.

9/29/2017 Tower Health /

Community Health Systems, Inc., Five Pennsylvania Hospitals

NA NA NA NA NA Comprises five healthcare facilities.

9/1/2017 University of Pittsburgh Medical Center /

PinnacleHealth System Inc.

NA NA NA NA NA Operates a not-for-profit hospital and healthcare

system.

Announced Unknown Buyer /

LTAC Hospital of Louisiana - Denham Springs, L.L.C.

NA NA NA NA NA Owns and operates a hospital.

Announced US HealthVest, LLC /

Waukegan Illinois Hospital Company, LLC, Vista Medical Center

West in Waukegan, Illinois

NA NA NA NA NA Comprises business operation that operates a

hospital.

MEAN (ACUTE) 1.3x 9.4x

MEDIAN (ACUTE) 1.3x 9.4x

MEAN (PROVIDERS) 1.8x 10.3x

MEDIAN (PROVIDERS) 1.8x 10.3x

8/3/2017 A&E Medical Corporation /

RTI Surgical, Inc., Cardiothoracic Closure Business

$60.0 NA NA NA NA Comprises a business that manufactures

cardiothoracic sternal metal cable and plating

systems.

9/14/2017 Altaris Capital Partners, LLC /

G&H Wire Company, Inc.

NA NA NA NA NA Manufactures and supplies clinical solutions for

the orthodontic community.

8/31/2017 Argentum Medical, LLC /

Alliqua BioMedical, Inc., TheraBond Assets

$3.8 NA NA NA NA Comprises contact dressings and wraps for burn

care, surgical site care, and wound care.

8/21/2017 Cagan McAfee Capital Partners, Investment Arm /

Minimally Invasive Devices, Inc.

NA NA NA NA NA Develops laparoscopic visualization systems.

Announced Centinel Spine, Inc. /

DePuy Synthes, Inc., Prodisc Assets

NA NA NA NA NA Comprises prodisc manufacturing business

operations.

7/3/2017 CONMED Corporation (NasdaqGS:CNMD) /

MedShape, Inc., ExoShape® ACL Product Line

NA NA NA NA NA Comprises fasteners that are used to fixate soft

tissue grafts in anterior cruciate ligament

reconstruction surgery.

Announced CooperSurgical Inc. /

Teva Women's Health, Inc., Global Rights and Business of

PARAGARD Intrauterine Device

$1,100.0 NM NA NM NA Comprises global rights and business of

PARAGARD intrauterine device.

Announced Dynatronics Corporation (NasdaqCM:DYNT) /

Bird and Cronin, Inc.

$15.5 $24.0 NA 0.6x NA Manufactures orthopedic soft goods, sports

medicine related items, and specialty patient care

products for healthcare professionals and their

patients.

7/31/2017 Ebner Medical, LLC /

Wiggins Medical

NA NA NA NA NA Manufactures surgical instruments.

7/13/2017 Entellus Medical, Inc. (NasdaqGM:ENTL) /

Spirox, Inc.

$81.3 NA NA NA NA Developed a medical device to treat nasal valve

collapse.

7/18/2017 Flexicare Medical Ltd. /

NeoForce, Inc.

$0.7 NA NA NA NA Develops and distributes various pulmonary

resuscitation solutions for the inpatient and

ambulatory neonatal markets.

Announced Fresenius Medical Care Holdings, Inc. /

Nxstage Medical, Inc. (NasdaqGS:NXTM)

$2,013.3 NM NM NM NM Develops, manufactures, and markets products

and services for patients suffering from chronic or

acute kidney failure.

7/11/2017 Galen Partners /

CDx Diagnostics, Inc.

NA NA NA NA NA Develops and delivers instruments for detection

and prevention of cancers of the esophagus, oral

cavity, pharynx, and larynx.

9/11/2017 Herbert Dental Group /

WandDental, Inc.

NA NA NA NA NA Manufactures computer-assisted anesthesia

equipment.

Announced JANA Partners LLC /

Zimmer Biomet Holdings, Inc. (NYSE:ZBH)

NA NA NA NA NA Designs, manufactures, and markets

musculoskeletal healthcare products and

solutions.

7/25/2017 LongueVue Capital, LLC /

Zavation Medical Products, LLC

NA NA NA NA NA Designs, develops, manufactures, and distributes

spinal implants, instruments, and biologics.

7/24/2017 Modular Medical, Inc. /

Quasuras Inc.

NA NA NA NA NA Manufactures a device which delivers daily insulin

to people with diabetes.

Announced Natus Medical Incorporated (NasdaqGS:BABY) /

Integra LifeSciences Holdings Corporation, Neurosurgery Business

Assets

$47.5 $50.0 NA 1.0x NA Comprises neurosurgery medical instruments

manufacturing business.

Announced Neuro Spinal Hospital /

Accuray Incorporated, CyberKnife and Radixact Systems

NA NA NA NA NA Comprises healthcare equipment.

PRODUCTS - CLINICAL DEVICES

15


Target

Revenue

Target

EBITDA2

Price/

Revenue

Price/

EBITDA2

Target Description

7/20/2017 NeuroOne Medical Technologies Corporation (OTCPK:OSOK) /

NeuroOne Medical Technologies Corporation, Prior to Reverse

Merger with NeuroOne, Inc.

NA NA NA NA NA Focuses on development and commercialization

of thin film electrode technologies used for

continuous electroencephalogram and stereo-

electroencephalography recording and treatment

through brain stimulation and ablation for patients

suffering from brain related disorders.

9/7/2017 NuVasive, Inc. (NasdaqGS:NUVA) /

Vertera Inc.

NA NA NA NA NA Develops, manufactures, and commercializes

spine implants, using patented porous PEEK

technology.

7/21/2017 Philips Holding USA Inc. /

Electrical Geodesics, Inc. (AIM:EGI)

$37.4 $16.3 NM 2.3x NM Designs, develops, and commercializes a range of

non-invasive neurodiagnostic products used to

monitor and interpret brain activity.

8/23/2017 Salter Labs Inc. /

InnoMed Technologies Inc.; IntuBrite LLC; Parker Medical Inc.

NA NA NA NA NA Develop and manufacture airway management

products.

Announced Siemens Healthineers, Inc. /

Epocal Inc.

NA NA NA NA NA Offers a wireless bedside blood testing solution

that provides lab results directly to a hand-held

mobile computer.

7/25/2017 Sientra, Inc. (NasdaqGS:SIEN) /

Miramar Labs, Inc. (OTCPK:MRLB)

$34.0 $20.0 NM 1.7x NM Focuses on developing and commercializing

products utilizing its proprietary microwave

technology platform.

7/25/2017 SunTech Medical, Inc. /

CAS Medical Systems, Inc., Non-invasive Blood Pressure

Monitoring Product Line

$6.5 $3.6 NA 1.8x NA Comprises non-invasive blood pressure

monitoring product line.

8/31/2017 Team Youn Bio Medicine International Corp. Limited /

Eternity Healthcare, Inc. (OTCPK:ETAH)

$1.1 NA NA NA NA Manufactures and sells medical devices.

Announced Teleflex Urology Limited /

NeoTract, Inc.

$1,100.0 NM NA NM NA Develops and manufactures minimally invasive

medical devices that address unmet needs in the

field of urology.

7/13/2017 Temasek Capital Management Pte Ltd /

Global Healthcare Exchange, LLC

NA NA NA NA NA Provides supply chain solutions for healthcare

providers/suppliers, group purchasing

organizations, healthcare manufacturers, and

distributors worldwide.

Announced Weigao International Medical Hong Kong Limited /

Argon Medical Devices, Inc.

$850.0 $225.4 $68.0 3.8x 12.5x Manufactures and sells medical devices for

interventional radiology, vascular surgery,

interventional cardiology, and critical care

procedures.

MEAN (CLINICAL DEVICES) 1.9x 12.5x

MEDIAN (CLINICAL DEVICES) 1.8x 12.5x

9/5/2017 Bio-Techne Corporation (NasdaqGS:TECH) /

Trevigen, Inc.

NA NA NA NA NA Manufactures and develops products and

technologies for cancer research, drug discovery,

genetic toxicology, regenerative medicine, and

stem cell work.

7/11/2017 Inmar, Inc. /

Aethon Inc., MedEx Product Line

NA NA NA NA NA Comprises pharmacy logistics management

solutions through software and connected

hardware device.

7/12/2017 Med Tech Solutions /

Constellation, Inc., Health Information Technology Business

NA NA NA NA NA Offers HIPAA compliance services and health

information technology solutions.

Announced Skyline Medical Inc. (NasdaqCM:SKLN) /

CytoBioScience, Inc.

NA NA NA NA NA Manufactures devices that allow researchers,

medical institutions, and pharmaceutical

companies to understand how human cells react

to medicine.

9/1/2017 Stryker Corporation (NYSE:SYK) /

Novadaq Technologies Inc. (TSX:NDQ)

$644.5 $83.4 NM NM NM Develops, manufactures, and markets

fluorescence imaging products for use by

surgeons in the operating room and other clinical

settings.

7/7/2017 ThermoGenesis Corp. /

SynGen Inc.

NA NA NA NA NA Develops, designs, and manufactures cell

separation tools and accessories that focus on the

recovery of target cells and depletion of

contaminating cells.

8/14/2017 Vision Technologies Systems, Inc. /

Aethon Inc.

$36.0 NA NA NA NA Develops autonomous mobile delivery robot

systems that transport medications, meals, and

materials through hospitals.

MEAN (NON-CLINICAL DEVICES) NA NA

MEDIAN (NON-CLINICAL DEVICES) NA NA

7/13/2017 MedPlast Inc. /

Coastal Life Technologies, Inc.

NA NA NA NA NA Manufactures sterile and single-use disposable

surgical devices.

7/11/2017 Nexcore Technology, Inc. /

Phase 2 Medical Manufacturing, Inc.

NA NA NA NA NA Focuses on manufacturing and packaging single

use disposable medical devices.

8/9/2017 Philips Holding USA Inc. /

Spectranetics Corporation (NasdaqGS:SPNC)

$2,073.4 NM NM NM NM Develops, manufactures, markets, and distributes

single-use medical devices used in minimally

invasive procedures in the cardiovascular system.

MEAN (DISPOSABLES) NA NA

MEDIAN (DISPOSABLES) NA NA

PRODUCTS - DISPOSABLES

PRODUCTS - NON-CLINICAL DEVICES

16


Target

Revenue

Target

EBITDA2

Price/

Revenue

Price/

EBITDA2

Target Description

Announced 3SBio Inc. (SEHK:1530); CITIC Private Equity Funds Management

Co., Ltd.; CPEChina Fund IIA, L.P.; CT Biomanufacturing Limited;

Thunderpure International Limited /

Therapure Biopharma Inc., Contract Development and

Manufacturing Business

$297.9 $68.3 $18.6 4.4x 16.0x Comprises contract development and

manufacturing business operations.

7/30/2017 Cardinal Health, Inc. (NYSE:CAH) /

Medtronic plc, Patient Care, Deep Vein Thrombosis and Nutritional

Insufficiency Businesses

$6,059.1 $2,400.0 NA 2.5x NA Comprises the business operations of

manufacturing compression systems and anti-

embolism stockings to reduce the incidence of

Deep Vein Thrombosis and Pulmonary Embolism.

8/31/2017 Carlyle Group LP (NasdaqGS:CG); GTCR, LLC /

Albany Molecular Research, Inc. (NasdaqGS:AMRI)

$1,593.5 $628.7 $71.8 2.5x 22.2x A contract research and manufacturing company

which provides integrated drug discovery,

development, and manufacturing services.

Announced Catalent Pharma Solutions, Inc. /

Cook Pharmica LLC

$950.0 NM NA NM NA Provides contract development and

manufacturing services to pharmaceutical and

biopharmaceutical companies.

7/19/2017 Diaxonhit (ENXTPA:ALEHT) /

Innominata, Inc.

$2.0 NA NA NA NA Develops, manufactures, and markets infectious

disease and autoimmunity diagnostic products for

laboratory use.

7/24/2017 Hikma Pharmaceuticals LLC /

Unilife Medical Solutions, Inc., Assets Related to Unifill Nexus

Product Line

NA NA NA NA NA Comprises medical supplies manufacturing

facility.

8/2/2017 Hoya Corp. (TSE:7741) /

Performance Optics, LLC

$476.0 NA $29.8 NA 16.0x Manufactures optical lenses.

9/18/2017 J.H. Whitney & Co., LLC /

Accupac, Inc.

NA NA NA NA NA Manufactures, fills, and packages a range of

consumer commodity, over-the-counter, and

prescription products for pharmaceutical and

consumer products companies.

8/31/2017 KAREP Master JV, LLC /

Sentio Healthcare Properties, Inc.

$745.4 NM $40.7 NM 18.3x Comprises a real estate investment trust.

7/5/2017 Katena Products, Inc. /

NuPak Medical Ltd.

NA NA NA NA NA Provides medical device contract manufacturing

services.

7/6/2017 Lonza Group Ltd (SWX:LONN) /

Capsugel Inc.

$5,500.0 NA $344.0 NA 16.0x Develops dosage forms and solutions for the

healthcare industry.

9/7/2017 National Seating & Mobility, Inc. /

Rehab division of Dynamic Healthcare Services

NA NA NA NA NA Manufactures rehabilitation medical equipment.

8/2/2017 National Seating & Mobility, Inc. /

Wright & Filippis, Inc., Mobility Division

NA NA NA NA NA Comprises custom mobility products

manufacturing division.

9/12/2017 QPharma, Inc. /

MedStart Connect

NA NA NA NA NA Comprises business operation that operates a

platform which enables pharmaceutical samples

to be conveniently and securely stored for

distribution by physician.

Announced Quidel Corporation (NasdaqGS:QDEL) /

Alere Inc., Triage MeterPro Assets and B-type Naturietic Peptide

Assay Business

$440.0 $197.0 NA 2.2x NA Comprises diagnostic tests for infectious

diseases.

8/31/2017 Resilience Capital Partners LLC /

MD MedTech, LLC; Wetsco, Inc.

NA NA NA NA NA Offers medical device repair services and also

designs and manufactures specialty medical

ultrasound products for the original equipment

manufacturers, third-party repair, and research

markets.

8/28/2017 Resonetics, LLC /

Aduro Laser

NA NA NA NA NA Manufactures laser micro-machined medical

grade components.

8/17/2017 Sabra Health Care REIT, Inc. (NasdaqGS:SBRA) /

Care Capital Properties, Inc. (NYSE:CCP)

$4,076.2 NM $308.2 NM 13.2x Focuses on owning, acquiring, and leasing skilled

nursing facilities and other healthcare assets

operated by private regional and local care

providers.

7/19/2017 StoneCalibre, LLC /

Alpha-Tec Systems, Inc.

NA NA NA NA NA Develops products for mycobacteriology and

parasitology laboratories.


RadQual, LLC

NA NA NA NA NA Develops, manufactures, and distributes quality

control products for the nuclear medicine and

PET imaging communities.

MEAN (COMMERCIAL) 2.9x 17.0x

MEDIAN (COMMERCIAL) 2.5x 16.0x

Announced CNRP Mining Inc. (CNSX:CND) /

1127466 B.C. Ltd.

$11.1 NA NA NA NA Develops health care and nutraceutical products

focused on enhancing pain relief, awareness,

sleep, libido, energy, and recovery.

Announced MeriCal, Inc. /

Pro Pac Labs, Inc.

NA NA NA NA NA Contract manufacturer that engages in the

research, development, formulation, manufacture,

microbial testing, and packaging of dietary

supplements and herbal products.

Announced Mondias Natural Products Inc. /

Laboratoire Holizen Inc.

NA NA NA NA NA Manufactures and distributes homeopathic and

natural products.

MEAN (CONSUMER PRODUCTS) NA NA

MEDIAN (CONSUMER PRODUCTS) NA NA

PRODUCTS - COMMERCIAL

PRODUCTS - CONSUMER

17


Target

Revenue

Target

EBITDA2

Price/

Revenue

Price/

EBITDA2

Target Description

8/3/2017 Aclaris Life Sciences, Inc. /

Confluence Life Sciences, Inc.

$109.4 NA NA NA NA Operates as a KINect technology based company

that focuses on drug design to identify

mechanistically novel drugs.

9/13/2017 AGIC Capital; Hubei Province Yangtze River Economic Belt

Industry Fund Management Co.,Ltd.; Humanwell Healthcare

(Group) Co.,Ltd. (SHSE:600079) /

Ritedose Corporation

$605.0 NA NA NA NA Provides blow-fill-seal contract manufacturing

services for small fill volume pharmaceutical unit

dose sterile and non-sterile liquids.

Announced Alchemist Mining Inc. (CNSX:AMS) /

Better Cannabis Genetics Corporation

NA NA NA NA NA Engages in research and development of

cannabis strains.

7/24/2017 Alpine Immune Sciences, Inc. (NasdaqGM:ALPN) /

Nivalis Therapeutics, Inc.

NA NA NA NA NA Focuses on the discovery and development of

product candidates for patients with cystic

fibrosis.

9/25/2017 Audax Group, Inc. /

WellSpring Pharmaceutical Corporation

NA NA NA NA NA Manufactures, markets, and distributes

prescription and over-the-counter medicines.

Announced Avara Pharmaceutical Services, Inc. /

GlaxoSmithKline plc, Consumer Healthcare Manufacturing Facility

in Aiken, South Carolina

NA NA NA NA NA Comprises a consumer healthcare manufacturing

facility.

Announced Betta Pharmaceuticals Co.,Ltd (SZSE:300558) /

Equinox Science, LLC

$40.0 NA NA NA NA Engages in development of X-82 compound for

tumor indications.

9/14/2017 Cannabis Care Canada Inc. /

Mettrum (Bennett North) Ltd.

$5.3 NA NA NA NA Produces dried cannabis and cannabis extracts

for medical purposes.

8/28/2017 Canopy Growth Corporation (TSX:WEED) /

Spot Therapeutics Inc.

$1.8 NA NA NA NA Produces and sells medical marijuana.

7/17/2017 Creative Pharmacy Solutions Central, LLC /

Imprimis Pharmaceuticals, Inc., Sinus Related Business and

Pennsylvania Based Pharmacy

$0.9 NA NA NA NA Comprises certain intellectual property rights,

trademarks, copyrights, inventories, equipment,

customer lists, databases, permits, licenses, and

assignment of lease obligation for a Pennsylvania

based pharmacy.

Announced Creso Pharma Limited (ASX:CPH) /

Mernova Medicinal Inc.

$8.1 NA NA NA NA Produces medicinal cannabis.

Announced Emergent BioSolutions Inc. (NYSE:EBS) /

ACAM2000

$125.0 NA NA NA NA Comprises the business of manufacturing and

distributing vaccine to cure smallpox.

8/16/2017 Evotec AG (XTRA:EVT) /

Aptuit LLC

$300.0 $92.9 $11.6 3.2x 25.8x Provides drug discovery and development

services.

Announced Foundation Consumer Healthcare, LLC /

Teva Pharmaceutical Industries Limited, Four Product Lines

$675.0 $140.0 NA 4.8x NA Comprises contraception products.

7/10/2017 Golden Leaf Holdings Ltd. (DB:9GL) /

Chalice Farms, LLC

$37.0 $28.5 NA 1.3x NA Produces and distributes medical cannabis.

Announced Haitong International ZhongHua Finance Acquisition Fund I /

Obagi Medical Products, Inc.

$190.0 NA NA NA NA Specialty pharmaceutical company, develops,

markets, and sells topical aesthetic and

therapeutic prescription skin care systems.

7/11/2017 Harvest Inc. /

Modern Flower

NA NA NA NA NA Produces and distributes marijuana and cannabis

products for patients.

Announced iAnthus Capital Holdings, Inc. (OTCPK:ITHU.F) /

100% in Citiva LLC; 100% in Citiva Medical, LLC

$18.0 NA NA NA NA Develop and manufacture cannabinoid products.

8/23/2017 Indoor Harvest Corp (OTCPK:INQD) /

Alamo CBD, LLC

$3.3 NA NA NA NA Produces medical grade cannabidiol oil.

7/31/2017 Inspyr Therapeutics, Inc. (OTCPK:NSPX) /

Lewis and Clark Pharmaceuticals LLC

$3.7 NA NA NA NA Focuses on early stage pharmaceutical

development for addressing the areas of arthritis,

diabetes, glaucoma, and atherosclerosis.

8/14/2017 Janssen Pharmaceuticals, Inc. /

Cerecor Inc., CERC-501

$45.0 NA NA NA NA Comprises an oral kappa opioid receptor for

treatment of major depressive disorder.

8/1/2017 Kitrinor Metals Inc. (TSXV:KIT) /

Scythian Biosciences Inc.

NA NA NA NA NA Produces and sells medical marijuana.

9/25/2017 Mallinckrodt Public Limited Company (NYSE:MNK) /

InfaCare Pharmaceutical Corporation

$425.0 NA NA NA NA Engages in the development and

commercialization of pharmaceuticals for the

neonatal and pediatric patient population.

Announced Melinta Therapeutics, Inc. /

Cempra, Inc. (NasdaqGS:CEMP)

NA NA NA NA NA Focuses on developing anti-infectives for the

acute care and community settings to meet critical

medical needs in the treatment of infectious

diseases.

7/31/2017 Napo Pharmaceuticals, Inc. /

Jaguar Animal Health, Inc.

NA NA NA NA NA Focuses on developing and commercializing

gastrointestinal products for human and animal

prescription use.

7/17/2017 Norgine B.V. /

Merus Labs International Inc. (TSX:MSL)

$247.8 $78.2 $31.1 3.3x 8.2x Specialty pharmaceutical company which owns,

markets, and distributes pharmaceutical products.

9/1/2017 OXIS International, Inc. (OTCPK:OXIS) /

Georgetown Translational Pharmaceuticals, Inc.

$0.2 NA NA NA NA Manufactures treatment products for central

nervous system disorders, including neuropathic

pain, refractory epilepsies, myasthenia gravis, and

motion sickness.

9/7/2017 Prasco, LLC /

Aprecia Pharmaceuticals Company

NA NA NA NA NA Develops and manufactures pharmaceutical

products.

9/29/2017 Ravencrest Resources Inc. (CNSX:RVT) /

Alberta Green Biotech Inc.

$0.3 NA NA NA NA Engages in producing medical marijuana.

Announced Recro Pharma, Inc. (NasdaqCM:REPH) /

Cornell University, Novel Neuromuscular Blocking Agents

$8.4 NA NA NA NA Comprises two novel neuromuscular blocking

agents and a proprietary chemical reversal agent

which provides rapid induction of neuromuscular

blockade at the onset of use and the novel

reversal agent will provide for more rapid reversal

of the neuromuscular blockade.

PRODUCTS - PHARMACEUTICALS

18


Target

Revenue

Target

EBITDA2

Price/

Revenue

Price/

EBITDA2

Target Description

Announced Regenxbio Inc. (NasdaqGS:RGNX) /

Dimension Therapeutics, Inc. (NasdaqGS:DMTX)

$43.8 $14.9 NM 2.9x NM Focuses on discovering and developing

therapeutic products for people living with rare

and metabolic diseases associated with the liver.

8/27/2017 Sanofi Pasteur Inc. /

Protein Sciences Corporation

$750.0 NA NA NA NA Develops, manufactures, and commercializes

vaccines and biopharmaceuticals for the

prevention and treatment of various diseases.

Announced Seattle Genetics, Inc. (NasdaqGS:SGEN) /

Bristol-Myers Squibb Company, Manufacturing Facility in Bothell

NA NA NA NA NA Comprises pharmaceutical manufacturing

business operations.

7/31/2017 Silver State Trading Inc. /

Trokie Collective Inc.

NA NA NA NA NA Comprises a pharmaceutical lozenge that allows

the delivery of medicinal cannabis that is

consistent, controllable, and repeatable.

9/27/2017 Sofie Biosciences, Inc. /

Zevacor Pharma, Inc.

NA NA NA NA NA Develops, manufactures, and distributes PET and

SPECT radiopharmaceuticals and provides

associated educational services used in nuclear

medicine and molecular imaging.

Announced Terra Tech Corp. (OTCPK:TRTC) /

50% of NuLeaf Reno Production LLC; 50% of NuLeaf Sparks

Cultivation LLC

NA NA NA NA NA Produce medical cannabis products.

8/28/2017 Thermo Fisher (CN) Luxembourg S.à r.l. /

Patheon N.V. (NYSE:PTHN)

$7,205.3 $1,933.0 $351.2 3.7x 20.5x Provides outsourced pharmaceutical development

and manufacturing services.


IndUS Pharmaceuticals, Inc.

$0.7 NA NA NA NA Discovers and develops novel small molecule

drugs for the treatment of cancer, diabetes, and

infectious diseases.

7/25/2017 Vertex Pharmaceuticals (Europe) Limited /

Concert Pharmaceuticals Inc., CT-656 Drug & Related Assets

$250.0 NA NA NA NA Comprises drugs and related assets for the

treatment of cystic fibrosis.

MEAN (PHARMACEUTICALS) 3.2x 18.2x

MEDIAN (PHARMACEUTICALS) 3.3x 20.5x

9/5/2017 Alpha Imaging, LLC /

Medical Imaging Systems, Inc.

NA NA NA NA NA Distributes healthcare equipment.

7/31/2017 Atlas Medical and Scientific Gases /

Medgas LLC

NA NA NA NA NA Supplies medical and scientific gases.

Announced Dealmed Medical Supplies LLC. /

Vantage Medical Supplies, Inc.

NA NA NA NA NA Distributes medical and surgical equipment.

9/11/2017 Diplomat Pharmacy, Inc. (NYSE:DPLO) /

Focus Rx Pharmacy Services Inc.

NA NA NA NA NA Provides home infusion and specialty prescription

management services.

8/28/2017 Hammond, Kennedy, Whitney & Company Inc. /

Allied Vision Group, Inc.

NA NA NA NA NA Distributes contact lenses, optical products, and

pet medication products.

Announced KKR & Co. L.P. (NYSE:KKR); Walgreens Boots Alliance, Inc.

(NasdaqGS:WBA) /

PharMerica Corporation (NYSE:PMC)

$1,363.5 $2,205.8 $133.0 0.6x 10.3x Operates as an institutional pharmacy services

company.

9/6/2017 McKesson Canada Corporation /

Uniprix Inc.

NA NA NA NA NA Owns and operates a retail pharmacy chain.

8/1/2017 Owens & Minor, Inc. (NYSE:OMI) /

Byram Healthcare Centers, Inc.

$380.0 NA NA NA NA Supplies disposable medical devices to patients

with chronic diseases.

7/20/2017 Ridgemont Equity Partners /

HemaSource, Inc.

NA NA NA NA NA Distributes medical disposable products and

capital items used in the blood therapies markets.

MEAN (DISTRIBUTION) 0.6x 10.3x

MEDIAN (DISTRIBUTION) 0.6x 10.3x

MEAN (PRODUCTS) 2.5x 16.3x

MEDIAN (PRODUCTS) 2.5x 16.0x

1) Source: Financial Information from SEC filings and other publicly-available sources

2) EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization

3) NA: Not Available

4) NM: Not Meaningful

PRODUCTS - DISTRIBUTION

19 ANALYSIS OF SELECTED PUBLICLY-TRADED

HEALTHCARE, MEDICAL AND PHARMACEUTICAL

SERVICES AND PRODUCTS COMPANIES1

(SEPTEMBER 30, 2017)

($ Millions Except Per Share Data)

Company Name (Ticker Symbol)

Stock

Price Market Cap2 TEV3

LTM4

Revenue

LTM4

EBITDA5

LTM4

Diluted EPS

Before Extra

TEV3/

Revenue

TEV3/

EBITDA5

P/ Diluted

EPS Before

Extra

Aetna Inc. (NYSE:AET) 159.01 52,743.62 58,512.62 62,197.00 6,056.00 4.51 0.9x 9.7x NM

Amerisafe, Inc. (NasdaqGS:AMSF) 58.20 1,119.77 1,065.80 384.23 95.81 3.43 2.8x 11.1x 17.0x

Anthem, Inc. (NYSE:ANTM) 189.88 49,859.58 62,804.48 88,026.30 5,754.20 10.58 0.7x 10.9x 18.0x

Centene Corporation (NYSE:CNC) 96.77 16,690.47 17,188.47 43,646.00 2,186.00 4.53 0.4x 7.9x 21.4x

Cigna Corporation (NYSE:CI) 186.94 47,067.40 48,278.40 40,527.00 4,212.00 8.67 1.2x 11.5x 21.6x

CNO Financial Group, Inc. (NYSE:CNO) 23.34 3,944.96 7,489.66 4,148.60 935.40 2.29 1.8x 8.0x 10.2x

Humana Inc. (NYSE:HUM) 243.63 35,208.73 32,166.73 53,868.00 2,661.00 12.16 0.6x 12.1x 20.0x

Independence Holding Company (NYSE:IHC) 25.25 377.09 359.74 310.93 28.93 1.82 1.2x 12.4x 13.8x

Molina Healthcare, Inc. (NYSE:MOH) 68.76 3,927.43 2,936.43 18,508.00 106.00 (2.86) 0.2x 27.7x NM

ProAssurance Corporation (NYSE:PRA) 54.65 2,919.04 3,227.95 890.60 212.38 2.80 3.6x 15.2x 19.5x

Triple-S Management Corporation (NYSE:GTS) 23.68 574.76 435.22 2,943.74 21.98 0.75 0.1x 19.8x NM

Trupanion, Inc. (NasdaqGM:TRUP) 26.41 792.18 773.89 213.74 0.34 (0.15) 3.6x NM NM

UnitedHealth Group Incorporated (NYSE:UNH) 195.85 189,359.52 210,545.52 192,604.00 15,567.00 8.32 1.1x 13.5x 23.5x

WellCare Health Plans, Inc. (NYSE:WCG) 171.74 7,643.91 4,793.41 15,361.40 623.20 5.69 0.3x 7.7x NM

MEAN (INSURANCE) 1.3x 12.9x 18.3x

MEDIAN (INSURANCE) 1.0x 11.5x 19.5x

Allscripts Healthcare Solutions, Inc. (NasdaqNM:MDRX) 14.23 2,570.11 4,284.46 1,657.39 160.09 (1.05) 2.6x 26.8x NM

Castlight Health, Inc. (NYSE:CSLT) 4.30 566.26 475.81 115.24 (48.77) (0.44) 4.1x NM NM

Cerner Corporation (NasdaqNM:CERN) 71.32 23,648.47 23,554.89 4,898.40 1,371.45 1.98 4.8x 17.2x NM

CompuGroup Medical Societas Europaea (DB:COP) 56.35 2,802.08 3,198.06 665.40 125.89 1.05 4.8x 25.4x NM

Computer Programs and Systems, Inc. (NasdaqNM:CPSI) 29.55 406.48 548.14 260.97 28.51 0.39 2.1x 19.2x NM

Craneware plc (AIM:CRW) 17.76 478.97 424.08 57.80 17.31 0.49 NM 24.5x NM

Evolent Health, Inc. (NYSE:EVH) 17.80 1,171.63 1,203.25 361.53 (51.15) (1.22) 3.3x NM NM

HealthEquity, Inc. (NasdaqGS:HQY) 50.58 3,059.52 2,849.22 202.47 61.84 0.67 NM NM NM

Inovalon Holdings, Inc. (NasdaqGS:INOV) 17.05 2,486.09 2,206.06 419.99 67.35 0.12 NM NM NM

Medidata Solutions, Inc. (NasdaqGS:MDSO) 78.06 4,566.74 4,470.28 508.77 76.83 0.62 NM NM NM

Model N, Inc. (NYSE:MODN) 14.95 434.94 440.13 124.07 (29.98) (1.35) 3.5x NM NM

Quality Systems, Inc. (NasdaqGS:QSII) 15.73 996.78 1,018.44 518.34 61.27 0.36 2.0x 16.6x NM

RaySearch Laboratories AB (publ) (OM:RAY B) 21.28 729.42 722.10 69.36 25.26 0.52 NM 28.6x NM

Simulations Plus, Inc. (NasdaqCM:SLP) 15.50 267.30 259.05 21.83 9.15 0.32 NM 28.3x NM

Veeva Systems Inc. (NYSE:VEEV) 56.41 7,932.18 7,207.53 617.44 154.55 0.78 NM NM NM

MEAN (TECHNOLOGY) 3.4x 23.3x NM

MEDIAN (TECHNOLOGY) 3.4x 25.0x NM

SERVICES - TECHNOLOGY

SERVICES - INSURANCE

20


Stock


LTM4

Revenue

LTM4

EBITDA5

LTM4

Diluted EPS

Before Extra

TEV3/

Revenue

TEV3/

EBITDA5

P/ Diluted

EPS Before

Extra

Advisory Board Company (NasdaqGS:ABCO) 53.63 2,186.31 2,644.46 799.15 120.83 2.63 3.3x 21.9x 20.4x

AMN Healthcare Services, Inc. (NYSE:AMN) 45.70 2,191.17 2,505.82 1,945.47 236.01 2.37 1.3x 10.6x 19.3x

athenahealth, Inc. (NasdaqGS:ATHN) 124.36 4,965.68 5,174.48 1,151.40 127.70 0.79 4.5x NM NM

BioScrip, Inc. (NasdaqNM:BIOS) 2.75 350.56 864.30 900.58 25.07 (0.62) 1.0x NM NM

Cegedim SA (ENXTPA:CGM) 38.18 532.32 814.79 520.20 38.26 (0.85) 1.6x 21.3x NM

CorVel Corporation (NasdaqNM:CRVL) 54.40 1,020.31 985.30 527.84 70.78 1.59 1.9x 13.9x NM

Cross Country Healthcare, Inc. (NasdaqNM:CCRN) 14.23 519.31 521.42 854.40 38.83 0.27 0.6x 13.4x NM

eHealth, Inc. (NasdaqGS:EHTH) 23.89 442.81 376.73 182.74 (4.31) (0.35) 2.1x NM NM

Envision Healthcare Corporation (NYSE:EVHC) 44.95 5,360.93 12,117.93 6,038.40 982.60 (0.26) 2.0x 12.3x NM

EPS Holdings, Inc. (TSE:4282) 19.18 884.36 756.65 526.58 82.39 0.84 1.4x 9.2x 22.7x

Express Scripts Holding Company (NasdaqNM:ESRX) 63.32 36,570.40 49,209.90 100,275.80 7,159.50 5.76 0.5x 6.9x 11.0x

Healthcare Services Group, Inc. (NasdaqNM:HCSG) 53.97 3,949.79 3,888.84 1,666.67 129.75 1.14 2.3x 30.0x NM

HMS Holdings Corp. (NasdaqNM:HMSY) 19.86 1,669.18 1,857.81 495.50 92.81 0.35 3.7x 20.0x NM

ICON Public Limited Company (NasdaqGS:ICLR) 113.88 6,154.24 6,188.02 1,718.31 393.57 4.93 3.6x 15.7x 23.1x

INC Research Holdings, Inc. (NasdaqGS:INCR) 52.30 5,414.42 5,716.94 1,032.70 226.74 1.63 NM 25.2x NM

Magellan Health, Inc. (NasdaqNM:MGLN) 86.30 2,042.60 2,403.20 5,280.28 242.58 3.51 0.5x 9.9x 24.6x

On Assignment, Inc. (NYSE:ASGN) 53.68 2,834.57 3,395.39 2,530.13 263.01 2.04 1.3x 12.9x 26.3x

PRA Health Sciences, Inc. (NasdaqGS:PRAH) 76.17 4,772.17 5,497.50 1,698.48 250.95 1.55 3.2x 21.9x NM

Quintiles IMS Holdings, Inc. (NYSE:Q) 95.07 20,450.09 28,706.09 6,969.00 1,507.00 0.35 4.1x 19.0x NM

Stericycle, Inc. (NasdaqGS:SRCL) 71.62 6,111.96 8,939.87 3,606.67 777.58 (0.25) 2.5x 11.5x NM

Teladoc, Inc. (NYSE:TDOC) 33.15 1,878.09 1,681.63 157.27 (40.34) (1.51) NM NM NM

MEAN (OUTSOURCING) 2.2x 16.2x 21.0x

MEDIAN (OUTSOURCING) 2.0x 13.9x 22.7x

Firstsource Solutions Limited (BSE:532809) 0.64 435.50 512.70 547.75 64.06 0.06 0.9x 8.0x 10.4x

HCL Technologies Limited (NSEI:HCLTECH) 13.39 19,112.96 17,819.84 7,168.74 1,607.54 0.90 2.5x 11.1x 14.9x

Hexaware Technologies Limited (BSE:532129) 4.13 1,172.00 1,115.00 586.61 98.13 0.24 1.9x 11.4x 17.1x

Infosys Limited (NSEI:INFY) 13.78 31,492.98 26,359.79 10,358.00 2,811.00 0.95 2.5x 9.4x 14.5x

KPIT Technologies Limited (BSE:532400) 1.84 347.05 322.61 523.88 46.17 0.19 0.6x 7.0x 10.0x

MphasiS Limited (BSE:526299) 9.46 1,827.11 1,481.25 943.23 147.59 0.59 1.6x 10.0x 16.1x

NIIT Technologies Limited (BSE:532541) 8.29 509.43 419.75 439.50 67.97 0.69 1.0x 6.2x 12.1x

Tata Consultancy Services Limited (NSEI:TCS) 37.30 71,394.15 66,627.40 18,297.10 4,936.63 2.04 3.6x 13.5x 18.3x

Tech Mahindra Limited (NSEI:TECHM) 7.01 6,844.11 5,760.60 4,573.46 634.80 0.50 1.3x 9.1x 14.1x

Wipro Limited (BSE:507685) 4.30 20,816.64 17,398.16 8,521.02 1,690.91 0.27 2.0x 10.3x 15.8x

MEAN (INDIA-BASED OUTSOURCING) 1.8x 9.6x 14.3x

MEDIAN (INDIA-BASED OUTSOURCING) 1.7x 9.7x 14.7x

Connecture, Inc. (NasdaqGM:CNXR) 0.67 15.33 109.81 82.18 (8.20) (1.02) 1.3x NM NM

SERVICES - OUTSOURCING

SERVICES - INDIA-BASED OUTSOURCING

SERVICES - INFORMATION

21


Stock


LTM4

Revenue

LTM4

EBITDA5

LTM4

Diluted EPS

Before Extra

TEV3/

Revenue

TEV3/

EBITDA5

P/ Diluted

EPS Before

Extra

HealthStream, Inc. (NasdaqNM:HSTM) 23.37 745.19 629.50 238.45 23.61 0.14 2.6x 26.7x NM

National Research Corporation (NasdaqGS:NRCI.B) 53.41 977.17 947.75 114.11 39.02 0.91 NM 24.3x NM

MEAN (INFORMATION) 2.0x 25.5x NM

MEDIAN (INFORMATION) 2.0x 25.5x NM

MEAN (SERVICES) 2.1x 15.5x 17.5x

MEDIAN (SERVICES) 1.9x 13.2x 17.5x

Charles River Laboratories International, Inc. (NYSE:CRL) 108.02 5,141.08 6,162.86 1,807.40 435.90 3.79 3.4x 14.1x 28.5x

China Cord Blood Corporation (NYSE:CO) 11.12 1,262.40 713.82 119.66 51.07 0.30 NM 14.0x NM

Foundation Medicine, Inc. (NasdaqGS:FMI) 40.20 1,448.07 1,376.56 119.58 (140.79) (4.47) NM NM NM

Genomic Health, Inc. (NasdaqGS:GHDX) 32.09 1,111.78 1,001.98 334.47 2.61 (0.15) 3.0x NM NM

Invitae Corporation (NYSE:NVTA) 9.37 457.36 424.96 40.19 (99.29) (2.73) NM NM NM

Laboratory Corporation of America Holdings (NYSE:LH) 150.97 15,368.75 21,212.65 9,666.50 1,858.80 7.14 2.2x 11.4x 21.1x

NeoGenomics, Inc. (NasdaqCM:NEO) 11.13 883.59 1,009.64 249.02 26.72 (0.33) 4.1x NM NM

Quest Diagnostics Incorporated (NYSE:DGX) 93.64 12,773.01 16,389.01 7,588.00 1,444.00 4.96 2.2x 11.3x 18.9x

Sonic Healthcare Limited (ASX:SHL) 16.40 6,888.64 8,875.37 3,930.74 637.02 0.78 2.3x 13.9x 20.9x

MEAN (LABS) 2.8x 13.0x 22.4x

MEDIAN (LABS) 2.6x 13.9x 21.0x

Addus HomeCare Corporation (NasdaqGS:ADUS) 35.30 405.97 434.13 411.40 33.42 1.39 1.1x 13.0x 25.3x

Almost Family, Inc. (NasdaqNM:AFAM) 53.70 749.87 898.65 715.89 40.38 1.47 1.3x 22.3x NM

Amedisys, Inc. (NasdaqNM:AMED) 55.96 1,894.92 1,928.04 1,454.85 105.65 1.17 1.3x 18.2x NM

Chemed Corporation (NYSE:CHE) 202.05 3,231.16 3,342.41 1,617.01 226.52 4.03 2.1x 14.8x NM

LHC Group, Inc. (NasdaqNM:LHCG) 70.92 1,296.56 1,416.19 961.62 92.03 2.26 1.5x 15.4x NM

MEAN (HOME HEALTH) 1.4x 16.7x 25.3x

MEDIAN (HOME HEALTH) 1.3x 15.4x 25.3x

AAC Holdings, Inc. (NYSE:AAC) 9.93 238.92 428.76 266.82 30.06 (0.20) 1.6x 14.3x NM

Acadia Healthcare Company, Inc. (NasdaqGS:ACHC) 47.76 4,197.20 7,410.62 2,832.64 574.61 0.09 2.6x 12.9x NM

Civitas Solutions, Inc. (NYSE:CIVI) 18.45 689.35 1,296.82 1,456.33 150.24 0.52 0.9x 8.6x NM

Concord Medical Services Holdings Limited (NYSE:CCM) 3.51 153.30 388.90 59.98 (7.98) (1.06) NM NM NM

CoreCivic, Inc. (NYSE:CXW) 26.77 3,163.65 4,534.27 1,821.15 452.80 1.80 2.5x 10.0x 14.9x

DaVita Inc. (NYSE:DVA) 59.39 11,355.38 20,722.37 15,014.18 2,448.28 6.57 1.4x 8.5x 9.0x

The GEO Group, Inc. (NYSE: GEO) 26.90 3,286.32 5,891.12 2,248.64 390.97 1.43 2.6x 15.1x 18.9x

Hanger, Inc. (OTCPK:HNGR) 10.99 387.31 904.60 1,012.10 69.52 (0.09) 0.9x 13.0x NM

HealthSouth Corporation (NYSE:HLS) 46.35 4,576.35 7,603.95 3,773.40 817.10 2.74 2.0x 9.3x 16.9x

MEDNAX, Inc. (NYSE:MD) 43.12 3,993.75 5,715.34 3,337.32 628.40 3.14 1.7x 9.1x 13.7x

The Providence Service Corporation (NasdaqGS:PRSC) 54.08 730.17 751.87 1,606.21 68.15 (2.32) 0.5x 11.0x NM

RadNet, Inc. (NasdaqNM:RDNT) 11.55 545.93 1,168.92 908.61 118.35 0.19 1.3x 9.9x NM

Select Medical Holdings Corporation (NYSE:SEM) 19.20 2,552.39 5,837.61 4,258.12 474.80 0.63 1.4x 12.3x NM

PROVIDERS - LABS

PROVIDERS - HOME HEALTH & HOSPICE

PROVIDERS - NON-ACUTE

22


Stock


LTM4

Revenue

LTM4

EBITDA5

LTM4

Diluted EPS

Before Extra

TEV3/

Revenue

TEV3/

EBITDA5

P/ Diluted

EPS Before

Extra

U.S. Physical Therapy, Inc. (NYSE:USPH) 61.45 773.12 925.34 377.24 60.41 1.58 2.5x 15.3x NM

MEAN (NON-ACUTE) 1.7x 11.5x 14.7x

MEDIAN (NON-ACUTE) 1.6x 11.0x 14.9x

Brookdale Senior Living Inc. (NYSE:BKD) 10.60 1,974.55 6,981.96 4,078.03 758.50 (2.65) 1.7x 9.2x NM

Capital Senior Living Corporation (NYSE:CSU) 12.55 380.85 1,374.81 458.22 77.74 (1.62) 3.0x 17.7x NM

Ensign Group, Inc. (NasdaqNM:ENSG) 22.59 1,149.12 1,401.26 1,751.13 121.76 0.86 0.8x 11.5x 26.3x

Five Star Senior Living Inc. (NasdaqCM:FVE) 1.55 77.59 118.13 1,129.71 13.10 (0.51) 0.1x 9.0x NM

Welltower Inc. (NYSE:HCN) 70.28 25,924.79 38,454.77 4,187.94 2,047.78 3.21 NM 18.8x 21.9x

Sabra Health Care REIT, Inc. (NasdaqGS:SBRA) 21.94 3,857.72 5,055.10 251.10 210.73 1.19 NM 24.0x 18.5x

Genesis Healthcare, Inc. (NYSE:GEN) 1.16 109.88 4,794.70 5,453.11 450.30 (1.91) 0.9x 10.6x NM

Ventas, Inc. (NYSE:VTR) 65.13 23,196.06 35,250.95 3,523.62 1,884.58 1.98 NM 18.7x NM

MEAN (LONG-TERM CARE) 1.3x 14.9x 22.2x

MEDIAN (LONG-TERM CARE) 0.9x 14.6x 21.9x

Community Health Systems, Inc. (NYSE:CYH) 7.68 859.67 15,522.67 17,478.00 1,780.00 (5.55) 0.9x 8.7x NM

HCA Healthcare, Inc. (NYSE:HCA) 79.59 28,751.86 61,376.86 42,267.00 8,203.00 7.46 1.5x 7.5x 10.7x

Kindred Healthcare, Inc. (NYSE:KND) 6.80 591.73 3,914.23 7,081.40 470.57 (9.46) 0.6x 8.3x NM

LifePoint Health, Inc. (NasdaqNM:LPNT) 57.90 2,322.72 5,262.02 6,415.90 760.40 4.47 0.8x 6.9x 13.0x

Tenet Healthcare Corp. (NYSE:THC) 16.43 1,656.48 18,799.48 19,324.00 2,074.00 (1.96) 1.0x 9.1x NM

Universal Health Services, Inc. (NYSE:UHS) 110.94 10,612.51 14,733.03 10,110.77 1,710.98 7.36 1.5x 8.6x 15.1x

MEAN (ACUTE) 1.0x 8.2x 12.9x

MEDIAN (ACUTE) 0.9x 8.5x 13.0x

MEAN (PROVIDERS) 1.7x 12.6x 18.4x

MEDIAN (PROVIDERS) 1.5x 11.5x 18.7x

ABIOMED, Inc. (NasdaqNM:ABMD) 168.60 7,435.63 7,200.37 474.78 110.92 1.71 NM NM NM

Accelerate Diagnostics, Inc. (NasdaqCM:AXDX) 22.45 1,241.45 1,106.23 1.29 (61.92) (1.23) NM NM NM

Accuray Incorporated (NasdaqNM:ARAY) 4.00 334.99 403.56 383.41 0.64 (0.36) 1.1x NM NM

Agilent Technologies, Inc. (NYSE:A) 64.20 20,661.36 20,182.36 4,394.00 1,021.00 1.94 4.6x 19.8x NM

Align Technology, Inc. (NasdaqNM:ALGN) 186.27 14,929.65 14,327.68 1,238.62 306.55 2.92 NM NM NM

Alliqua BioMedical, Inc. (NasdaqCM:ALQA) 0.37 18.29 27.96 19.93 (16.79) (1.12) 1.4x NM NM

Alphatec Holdings, Inc. (NasdaqNM:ATEC) 2.26 24.54 69.55 106.16 (2.79) (3.01) 0.7x NM NM

Analogic Corporation (NasdaqGS:ALOG) 83.75 1,043.17 895.07 486.37 42.01 (5.96) 1.8x 21.3x NM

AngioDynamics, Inc. (NasdaqNM:ANGO) 17.09 627.47 673.20 346.96 47.67 0.10 1.9x 14.1x NM

Anika Therapeutics, Inc. (NasdaqGS:ANIK) 58.00 850.19 707.32 111.36 56.02 2.25 NM 12.6x 25.8x

AtriCure, Inc. (NasdaqNM:ATRC) 22.37 768.06 771.84 166.00 (19.62) (1.02) 4.6x NM NM

Avinger, Inc. (NasdaqGM:AVGR) 0.38 9.10 37.62 15.95 (46.30) (2.46) 2.4x NM NM

Baxter International Inc. (NYSE:BAX) 62.75 34,190.65 33,820.65 10,283.00 2,227.00 1.64 3.3x 15.2x NM

Bio-Techne Corporation (NasdaqGS:TECH) 120.89 4,520.46 4,706.52 563.00 186.35 2.03 NM 25.3x NM

BioTelemetry, Inc. (NasdaqGS:BEAT) 33.00 1,067.88 1,065.79 211.19 41.34 1.49 NM 25.8x 22.1x

PROVIDERS - LONG-TERM CARE

PROVIDERS - ACUTE

PRODUCTS - CLINICAL DEVICES

23


Stock


LTM4

Revenue

LTM4

EBITDA5

LTM4

Diluted EPS

Before Extra

TEV3/

Revenue

TEV3/

EBITDA5

P/ Diluted

EPS Before

Extra

Boston Scientific Corporation (NYSE:BSX) 29.17 40,024.95 45,664.95 8,714.00 2,312.00 0.56 NM 19.8x NM

Bruker Corporation (NasdaqNM:BRKR) 29.75 4,726.05 4,723.95 1,664.00 275.00 1.00 2.8x 17.2x 29.7x

Cardiovascular Systems, Inc. (NasdaqGS:CSII) 28.15 928.72 841.20 204.91 5.43 (0.06) 4.1x NM NM

Catalent, Inc. (NYSE:CTLT) 39.92 5,264.66 7,037.46 2,075.40 407.50 0.87 3.4x 17.3x NM

ConforMIS, Inc. (NasdaqGS:CFMS) 3.52 157.82 119.01 79.26 (54.78) (1.36) 1.5x NM NM

CONMED Corporation (NasdaqNM:CNMD) 52.47 1,465.18 1,921.52 772.61 123.91 0.56 2.5x 15.5x NM

Corindus Vascular Robotics, Inc. (AMEX:CVRS) 1.52 284.69 250.92 4.26 (34.71) (0.26) NM NM NM

C. R. Bard, Inc. (NYSE:BCR) 320.50 23,291.23 23,971.63 3,827.50 1,184.70 7.62 NM 20.2x NM

CryoLife, Inc. (NYSE:CRY) 22.70 759.23 775.58 183.16 23.56 0.33 4.2x NM NM

Cutera, Inc. (NasdaqGS:CUTR) 41.35 579.11 528.16 133.84 7.29 0.47 3.9x NM NM

Cytosorbents Corporation (NasdaqCM:CTSO) 6.20 174.43 167.97 12.18 (10.41) (0.37) NM NM NM

DexCom, Inc. (NasdaqNM:DXCM) 48.93 4,234.99 4,065.59 632.70 (63.30) (0.76) NM NM NM

Edwards Lifesciences Corporation (NYSE:EW) 109.31 23,081.68 22,966.68 3,232.40 1,045.50 3.30 NM 22.0x NM

Ekso Bionics Holdings, Inc. (OTCBB:EKSO) - 31.20 27.49 7.49 (27.14) (1.59) 3.7x NM NM

Endologix, Inc. (NasdaqNM:ELGX) 4.46 372.12 525.29 190.75 (54.38) (0.94) 2.8x NM NM

Entellus Medical, Inc. (NasdaqGM:ENTL) 18.46 469.49 427.92 80.80 (26.99) (1.65) NM NM NM

Enzo Biochem, Inc. (NYSE:ENZ) 10.47 487.36 424.09 107.80 0.53 (0.05) 3.9x NM NM

Exactech, Inc. (NasdaqNM:EXAC) 32.95 472.77 477.85 262.96 43.51 0.05 1.8x 11.0x NM

Fresenius SE & Co. KGaA (DB:FRE) 80.95 44,872.03 76,173.29 36,233.88 6,764.40 3.64 2.1x 11.3x 22.2x

GenMark Diagnostics, Inc. (NasdaqGM:GNMK) 9.63 526.45 454.11 50.59 (49.93) (1.22) NM NM NM

Genomic Health, Inc. (NasdaqGS:GHDX) 32.09 1,111.78 1,001.98 334.47 2.61 (0.15) 3.0x NM NM

Glaukos Corporation (NYSE:GKOS) 33.00 1,136.32 1,032.53 139.94 8.15 (0.04) NM NM NM

Globus Medical, Inc. (NYSE:GMED) 29.72 2,861.79 2,549.61 595.44 207.13 1.11 4.3x 12.3x 26.8x

Hologic, Inc. (NasdaqNM:HOLX) 36.69 10,290.57 12,945.27 2,982.80 1,005.70 2.68 4.3x 12.9x 13.7x

Illumina, Inc. (NasdaqNM:ILMN) 199.20 29,083.20 28,444.20 2,487.37 666.78 4.98 NM NM NM

Inogen, Inc. (NasdaqGS:INGN) 95.10 1,971.08 1,826.87 221.89 36.52 1.15 NM NM NM

Integer Holdings Corporation (NYSE:ITGR) 51.15 1,615.86 3,234.61 1,414.29 275.57 0.58 2.3x 11.7x NM

Integra LifeSciences Holdings Corporation

(NasdaqNM:IART) 50.48 3,941.39 4,667.15 1,046.80 240.98 0.82 4.5x 19.4x NM

Intersect ENT, Inc. (NasdaqGM:XENT) 31.15 909.25 809.22 87.16 (19.71) (0.70) NM NM NM

Intuitive Surgical, Inc. (NasdaqNM:ISRG) 1,045.88 38,994.39 37,170.99 2,870.20 1,081.90 20.88 NM NM NM

Invuity, Inc. (NasdaqGM:IVTY) 8.90 151.75 148.36 36.63 (35.61) (2.52) 4.1x NM NM

IRadimed Corporation (NasdaqCM:IRMD) 9.60 101.59 77.76 24.35 4.51 0.24 3.2x 17.2x NM

K2M Group Holdings, Inc. (NasdaqGS:KTWO) 21.21 918.37 955.27 248.68 (2.00) (0.96) 3.8x NM NM

Landauer, Inc. (NYSE:LDR) 67.30 660.22 741.21 153.36 39.95 1.93 4.8x 18.6x NM

LeMaitre Vascular, Inc. (NasdaqGM:LMAT) 37.42 711.84 681.72 96.40 23.12 0.70 NM 29.5x NM

LivaNova PLC (NasdaqGS:LIVN) 70.06 3,375.62 3,460.34 1,212.40 191.69 0.56 2.9x 18.1x NM

Masimo Corporation (NasdaqNM:MASI) 86.56 4,495.94 4,164.49 730.06 182.11 6.10 NM 22.9x 14.2x

Medtronic plc (NYSE:MDT) 77.77 105,346.58 126,394.58 29,934.00 9,193.00 2.97 4.2x 13.7x 26.2x

Meridian Bioscience, Inc. (NasdaqNM:VIVO) 14.30 603.50 604.01 198.07 52.80 0.50 3.0x 11.4x 28.6x

24


Stock


LTM4

Revenue

LTM4

EBITDA5

LTM4

Diluted EPS

Before Extra

TEV3/

Revenue

TEV3/

EBITDA5

P/ Diluted

EPS Before

Extra

NanoString Technologies, Inc. (NasdaqGM:NSTG) 16.16 407.31 356.11 101.82 (35.93) (2.12) 3.5x NM NM

Natus Medical Incorporated (NasdaqNM:BABY) 37.50 1,224.14 1,253.33 445.49 48.00 0.58 2.8x 26.1x NM

Nevro Corp. (NYSE:NVRO) 90.88 2,675.79 2,554.02 277.91 (22.57) (1.37) NM NM NM

NuVasive, Inc. (NasdaqNM:NUVA) 55.46 2,817.58 3,348.19 1,021.20 225.78 0.64 3.3x 14.8x NM

Nxstage Medical, Inc. (NasdaqNM:NXTM) 27.60 1,827.06 1,778.13 378.01 14.26 (0.08) 4.7x NM NM

Orthofix International N.V. (NasdaqNM:OFIX) 47.25 858.58 814.25 418.71 45.74 0.42 1.9x 17.8x NM

Össur hf. (ICSE:OSSRU) 4.44 1,900.27 2,043.55 543.50 92.59 0.12 3.8x 22.1x NM

pSivida Corp. (NasdaqGM:PSDV) 1.20 47.25 30.35 7.54 (15.70) (0.52) 4.0x NM NM

Quidel Corporation (NasdaqNM:QDEL) 43.86 1,466.69 1,442.76 214.11 39.38 (0.00) NM NM NM

ResMed Inc. (NYSE:RMD) 76.96 10,951.44 11,208.12 2,066.74 568.89 2.40 NM 19.7x NM

REVA Medical, Inc. (ASX:RVA) 0.58 240.98 330.56 NM (22.12) (0.05) NM NM NM

ReWalk Robotics Ltd. (NasdaqCM:RWLK) 1.45 31.53 31.26 7.50 (24.63) (1.89) 4.2x NM NM

SeaSpine Holdings Corporation (NasdaqGS:SPNE) 11.22 140.83 132.54 130.35 (21.74) (3.17) 1.0x NM NM

Second Sight Medical Products, Inc. (NasdaqCM:EYES) 1.20 68.15 50.02 5.14 (32.85) (0.71) NM NM NM

Sientra, Inc. (NasdaqGS:SIEN) 15.40 297.33 246.83 28.68 (35.42) (2.67) NM NM NM

Smith & Nephew plc (LSE:SN.) 18.07 15,783.87 17,434.58 4,677.00 1,315.00 0.98 3.7x 13.3x 18.4x

Sonova Holding AG (SWX:SOON) 169.56 11,077.26 11,497.58 2,395.19 522.13 5.34 4.8x 22.0x NM

STAAR Surgical Company (NasdaqNM:STAA) 12.45 511.80 505.21 84.48 (0.67) (0.13) NM NM NM

Stryker Corporation (NYSE:SYK) 142.02 53,124.47 56,702.47 11,957.00 3,285.00 4.48 4.7x 17.3x NM

T2 Biosystems, Inc. (NasdaqGM:TTOO) 4.20 150.34 145.48 3.89 (49.26) (1.97) NM NM NM

Tandem Diabetes Care, Inc. (NasdaqGM:TNDM) 0.73 36.67 83.55 81.51 (76.17) (2.51) 1.0x NM NM

TransEnterix, Inc. (AMEX:TRXC) 1.43 212.41 195.56 5.05 (47.82) (0.47) NM NM NM

Unilife Corporation (OTCPK:UNIS.Q) 0.08 1.35 118.15 11.21 (56.71) (5.07) NM NM NM

Utah Medical Products, Inc. (NasdaqNM:UTMD) 73.55 273.53 239.72 39.60 20.09 3.49 NM 11.9x 21.1x

Varian Medical Systems, Inc. (NYSE:VAR) 100.06 9,185.60 8,895.70 3,273.10 643.00 3.69 2.7x 13.8x 27.1x

Wright Medical Group N.V. (NasdaqNM:WMGI) 25.87 2,663.25 3,265.78 707.24 58.57 (1.35) 4.6x NM NM

Zimmer Biomet Holdings, Inc. (NYSE:ZBH) 117.09 23,675.12 33,909.42 7,777.60 2,805.00 3.51 4.4x 12.1x NM

MEAN (CLINICAL) 3.2x 17.5x 23.0x

MEDIAN (CLINICAL) 3.4x 17.3x 24.0x

Abaxis, Inc. (NasdaqNM:ABAX) 44.65 1,013.14 875.83 227.78 49.81 1.42 3.8x 17.6x NM

Cerus Corporation (NasdaqNM:CERS) 2.73 297.95 264.50 36.83 (61.75) (0.61) NM NM NM

Getinge AB (OM:GETI B) 18.73 5,100.33 7,542.77 3,596.34 692.09 0.56 2.1x 10.9x NM

Haemonetics Corporation (NYSE:HAE) 44.87 2,360.45 2,491.73 887.11 164.54 0.08 2.8x 15.1x NM

Harvard Bioscience, Inc. (NasdaqGM:HBIO) 3.75 130.63 139.17 100.79 3.21 (0.13) 1.4x NM NM

IDEXX Laboratories, Inc. (NasdaqNM:IDXX) 155.49 13,570.52 14,452.74 1,862.27 467.99 2.91 NM NM NM

Invacare Corporation (NYSE:IVC) 15.75 517.71 595.53 980.13 (13.64) (1.93) 0.6x NM NM

Omnicell, Inc. (NasdaqGS:OMCL) 51.05 1,912.01 2,079.51 680.15 42.68 (0.21) 3.1x NM NM

Pacific Biosciences of California, Inc. (NasdaqGS:PACB) 5.25 606.86 517.34 95.83 (75.40) (0.92) NM NM NM

PRODUCTS - NON-CLINICAL DEVICES

25


Stock


LTM4

Revenue

LTM4

EBITDA5

LTM4

Diluted EPS

Before Extra

TEV3/

Revenue

TEV3/

EBITDA5

P/ Diluted

EPS Before

Extra

PerkinElmer, Inc. (NYSE:PKI) 68.97 7,601.50 8,076.81 2,142.34 416.05 1.95 3.8x 19.4x NM

Steris Plc (NYSE:STE) 73.64 6,474.90 7,143.30 2,582.34 521.33 1.40 2.8x 13.7x NM

Surmodics, Inc. (NasdaqGS:SRDX) 31.00 406.41 362.70 71.21 15.58 0.46 NM 23.3x NM

Thermo Fisher Scientific Inc. (NYSE:TMO) 189.20 75,719.21 92,004.21 19,199.10 4,812.10 5.75 4.8x 19.1x NM

Waters Corporation (NYSE:WAT) 179.52 14,329.93 13,116.45 2,211.84 766.04 6.63 NM 17.1x 27.1x

MEAN (NON-CLINICAL) 2.8x 17.0x 27.1x

MEDIAN (NON-CLINICAL) 2.8x 17.4x 27.1x

Atrion Corporation (NasdaqNM:ATRI) 672.00 1,244.44 1,197.14 145.80 48.82 17.85 NM 24.5x NM

Becton, Dickinson and Company (NYSE:BDX) 195.95 44,591.36 49,732.36 12,158.00 3,190.00 3.45 4.1x 15.6x NM

Halyard Health, Inc. (NYSE:HYH) 45.03 2,107.03 2,532.13 1,602.30 182.00 1.04 1.6x 13.9x NM

ICU Medical, Inc. (NasdaqNM:ICUI) 185.85 3,679.79 3,513.87 772.05 92.48 2.50 4.6x NM NM

Merit Medical Systems, Inc. (NasdaqNM:MMSI) 42.35 2,122.98 2,327.04 672.31 101.84 0.70 3.5x 22.8x NM

Nipro Corporation (TSE:8086) 13.76 2,287.75 5,473.16 3,241.44 532.13 0.74 1.7x 10.3x 18.5x

Retractable Technologies, Inc. (AMEX:RVP) 0.67 21.11 10.13 30.90 (3.18) (0.17) 0.3x NM NM

Teleflex Incorporated (NYSE:TFX) 241.97 10,897.70 12,221.25 1,986.08 521.06 5.23 NM 23.5x NM

Terumo Corporation (TSE:4543) 39.30 13,831.59 15,984.31 4,708.75 1,105.27 1.40 3.4x 14.5x 28.1x

MEAN (DISPOSABLES) 2.7x 17.9x 23.3x

MEDIAN (DISPOSABLES) 3.4x 15.6x 23.3x

Bio-Rad Laboratories, Inc. (NYSE:BIO) 222.22 6,615.74 6,337.78 2,084.92 233.59 0.51 3.0x 27.1x NM

Cambrex Corporation (NYSE:CBM) 55.00 1,800.13 1,705.95 515.45 167.23 2.94 3.3x 10.2x 18.7x

Cantel Medical Corp. (NYSE:CMD) 94.17 3,929.61 4,019.03 770.16 149.59 1.71 NM 26.9x NM

ChromaDex Corporation (NasdaqCM:CDXC) 4.30 206.66 193.21 20.41 (6.27) (0.20) NM NM NM

DENTSPLY SIRONA Inc. (NasdaqNM:XRAY) 59.81 13,726.51 15,079.11 3,843.90 823.80 (3.43) 3.9x 18.3x NM

Exact Sciences Corporation (NasdaqCM:EXAS) 47.12 5,611.82 5,133.79 169.37 (129.74) (1.29) NM NM NM

Fluidigm Corporation (NasdaqGS:FLDM) 5.04 148.25 301.31 96.72 (62.62) (2.45) 3.1x NM NM

Hill-Rom Holdings, Inc. (NYSE:HRC) 74.00 4,875.17 6,978.57 2,711.40 465.30 1.72 2.6x 15.0x NM

Ion Beam Applications SA (ENXTBR:IBAB) 33.97 992.05 967.03 382.50 30.14 0.45 2.5x NM NM

Luminex Corporation (NasdaqNM:LMNX) 20.33 895.97 792.26 297.73 49.82 0.32 2.7x 15.9x NM

Mettler-Toledo International Inc. (NYSE:MTD) 626.16 16,072.31 16,895.36 2,608.52 631.04 16.26 NM 26.8x NM

Natera, Inc. (NasdaqGS:NTRA) 12.89 686.04 633.94 203.71 (118.85) (2.43) 3.1x NM NM

Neogen Corporation (NasdaqGS:NEOG) 77.46 2,961.55 2,801.79 373.21 81.84 1.19 NM NM NM

OraSure Technologies, Inc. (NasdaqNM:OSUR) 22.50 1,337.84 1,177.61 135.07 23.92 0.54 NM NM NM

Oxford Immunotec Global PLC (NasdaqGM:OXFD) 16.80 428.64 421.68 97.44 (23.66) (1.50) 4.3x NM NM

QIAGEN N.V. (NasdaqGS:QGEN) 31.50 7,172.61 7,960.09 1,361.90 443.36 0.33 NM 18.0x NM

Quotient Limited (NasdaqGM:QTNT) 4.93 185.70 246.32 23.34 (64.95) (2.87) NM NM NM

Rockwell Medical, Inc. (NasdaqGM:RMTI) 8.56 442.89 399.65 54.04 (21.07) (0.42) NM NM NM

Trinity Biotech plc (NasdaqGS:TRIB) 5.61 129.62 160.88 98.79 7.39 (1.66) 1.6x 21.8x NM

TrovaGene, Inc. (NasdaqCM:TROV) 0.73 27.23 21.09 0.35 (29.35) (1.25) NM NM NM

PRODUCTS - DISPOSABLES

PRODUCTS - COMMERCIAL

26


Stock


LTM4

Revenue

LTM4

EBITDA5

LTM4

Diluted EPS

Before Extra

TEV3/

Revenue

TEV3/

EBITDA5

P/ Diluted

EPS Before

Extra

Veracyte, Inc. (NasdaqGM:VCYT) 8.77 297.25 276.21 71.70 (20.10) (0.80) 3.9x NM NM

VWR Corporation (NasdaqGS:VWR) 33.11 4,365.06 6,481.66 4,580.80 492.10 1.08 1.4x 13.2x NM

West Pharmaceutical Services, Inc. (NYSE:WST) 96.26 7,123.48 7,126.38 1,544.30 317.90 2.33 4.6x 22.4x NM

MEAN (COMMERCIAL) 3.1x 19.6x 18.7x

MEDIAN (COMMERCIAL) 3.1x 18.3x 18.7x

Alere Inc. (NYSE:ALR) 50.99 4,465.57 7,492.73 2,324.98 261.20 (3.18) 3.2x 28.7x NM

Cooper Companies Inc. (NYSE:COO) 237.11 11,606.35 12,773.85 2,096.11 641.95 6.97 NM 19.9x NM

Essilor International Société Anonyme (ENXTPA:EI) 123.80 26,485.42 29,649.35 8,489.45 1,973.76 4.06 3.5x 15.0x NM

Insulet Corporation (NasdaqNM:PODD) 55.08 3,197.92 3,280.15 409.92 9.31 (0.52) NM NM NM

Nutrisystem, Inc. (NasdaqGS:NTRI) 55.90 1,663.92 1,582.81 641.09 86.26 1.61 2.5x 18.3x NM

USANA Health Sciences, Inc. (NYSE:USNA) 57.70 1,410.50 1,181.13 1,019.51 147.32 3.85 1.2x 8.0x 15.0x

MEAN (CONSUMER) 2.6x 18.0x 15.0x

MEDIAN (CONSUMER) 2.8x 18.3x 15.0x

Abbott Laboratories (NYSE:ABT) 53.36 92,709.97 107,150.97 23,607.00 5,140.00 0.65 4.5x 20.8x NM

AbbVie Inc. (NYSE:ABBV) 88.86 141,651.25 171,989.25 26,710.00 11,565.00 4.07 NM 14.9x 21.9x

AcelRx Pharmaceuticals, Inc. (NasdaqGM:ACRX) 4.60 208.75 168.62 15.57 (35.16) (1.10) NM NM NM

Achillion Pharmaceuticals, Inc. (NasdaqGS:ACHN) 4.49 614.06 264.07 15.00 (70.51) (0.50) NM NM NM

Acorda Therapeutics, Inc. (NasdaqNM:ACOR) 23.65 1,103.29 1,290.87 535.06 49.45 (0.94) 2.4x 26.1x NM

Adamas Pharmaceuticals, Inc. (NasdaqGM:ADMS) 21.17 476.62 382.05 0.18 (66.61) (2.99) NM NM NM

Akorn, Inc. (NasdaqGS:AKRX) 33.19 4,145.98 4,635.83 1,020.32 372.04 0.99 4.5x 12.5x NM

Alexion Pharmaceuticals, Inc. (NasdaqGS:ALXN) 140.29 31,310.66 33,114.66 3,412.00 1,343.00 2.31 NM 24.7x NM

Alimera Sciences, Inc. (NasdaqGM:ALIM) 1.35 93.22 169.09 35.96 (16.78) (0.39) 4.7x NM NM

Allergan plc (NYSE:AGN) 204.95 68,516.05 97,870.55 15,066.80 6,147.70 (11.22) NM 15.9x NM

Amphastar Pharmaceuticals, Inc. (NasdaqGS:AMPH) 17.87 825.52 788.56 249.62 17.41 0.08 3.2x NM NM

Ampio Pharmaceuticals, Inc. (AMEX:AMPE) 0.61 41.69 36.69 - (12.77) (0.21) NM NM NM

ANI Pharmaceuticals, Inc. (NasdaqGM:ANIP) 52.49 610.90 756.91 158.12 59.01 0.46 4.8x 12.8x NM

Antares Pharma, Inc. (NasdaqCM:ATRS) 3.24 506.76 488.11 53.10 (15.90) (0.12) NM NM NM

Aradigm Corporation (NasdaqCM:ARDM) 4.20 60.61 62.66 9.54 (15.00) (1.27) NM NM NM

Array BioPharma Inc. (NasdaqNM:ARRY) 12.30 2,403.14 2,302.73 43.66 (100.01) (0.72) NM NM NM

Arrowhead Pharmaceuticals, Inc. (NasdaqGS:ARWR) 4.33 323.76 250.65 22.73 (47.97) (0.64) NM NM NM

Astellas Pharma Inc. (TSE:4503) 12.71 25,902.55 23,143.80 11,541.23 2,565.89 0.83 2.0x 9.0x 15.4x

AstraZeneca PLC (LSE:AZN) 66.43 84,097.82 99,847.18 21,740.00 5,913.00 3.05 4.6x 16.9x 21.8x

BioDelivery Sciences International, Inc. (NasdaqCM:BDSI) 2.95 163.65 171.40 44.33 (31.81) 0.03 3.9x NM NM

Bristol-Myers Squibb Company (NYSE:BMY) 63.74 104,528.91 106,362.91 20,238.00 6,014.00 2.74 NM 17.7x 23.3x

Cempra, Inc. (NasdaqGS:CEMP) 3.25 170.66 (4.34) 17.65 (90.86) (1.89) NM 0.0x NM

Clovis Oncology, Inc. (NasdaqGS:CLVS) 82.40 4,027.66 3,637.89 21.74 (242.16) (8.90) NM NM NM

Compugen Ltd. (NasdaqGM:CGEN) 3.80 194.35 149.28 0.12 (33.14) (0.67) NM NM NM

Corcept Therapeutics Incorporated (NasdaqCM:CORT) 19.30 2,188.58 2,126.99 108.69 25.67 0.20 NM NM NM

PRODUCTS - PHARMACEUTICALS

PRODUCTS - CONSUMER

27


Stock


LTM4

Revenue

LTM4

EBITDA5

LTM4

Diluted EPS

Before Extra

TEV3/

Revenue

TEV3/

EBITDA5

P/ Diluted

EPS Before

Extra

Curis, Inc. (NasdaqGM:CRIS) 1.49 244.18 237.02 8.31 (48.51) (0.50) NM NM NM

Depomed, Inc. (NasdaqGS:DEPO) 5.79 364.71 877.46 425.34 112.64 (1.79) 2.1x 7.8x NM

DURECT Corporation (NasdaqGM:DRRX) 1.77 260.19 246.61 16.15 (33.05) (0.26) NM NM NM

Egalet Corporation (NasdaqGM:EGLT) 1.28 54.35 92.16 22.53 (79.77) (4.03) 4.1x NM NM

Egalet Corporation (NasdaqGM:EGLT) 1.28 54.35 92.16 22.53 (79.77) (4.03) 4.1x NM NM

Eli Lilly and Company (NYSE:LLY) 85.54 89,567.89 96,540.49 22,004.80 5,994.70 2.31 4.4x 16.1x NM

Elite Pharmaceuticals, Inc. (OTCPK:ELTP) 0.10 78.96 87.17 8.07 (7.64) (0.01) NM NM NM

Endo International plc (NasdaqNM:ENDP) 8.57 1,912.50 9,581.40 4,039.18 313.33 (19.67) 2.4x NM NM

Foamix Pharmaceuticals Ltd. (NasdaqGM:FOMX) 5.55 207.72 109.84 5.76 (47.96) (1.33) NM NM NM

GlaxoSmithKline plc (LSE:GSK) 19.96 96,898.83 121,516.05 38,743.86 10,591.18 0.51 3.1x 11.5x NM

Heska Corporation (NasdaqCM:HSKA) 88.09 636.54 636.85 137.69 22.94 1.96 4.6x 27.8x NM

ImmunoGen, Inc. (NasdaqGS:IMGN) 7.65 883.57 830.53 83.41 (69.45) (1.22) NM NM NM

Impax Laboratories, Inc. (NasdaqGS:IPXL) 20.30 1,508.49 2,121.38 812.82 144.42 (8.08) 2.6x 14.7x NM

Infinity Pharmaceuticals, Inc. (NasdaqGS:INFI) 1.33 67.42 1.22 - (55.73) (1.39) NM NM NM

Innoviva, Inc. (NasdaqGS:INVA) 14.12 1,525.57 2,043.83 175.98 142.91 0.79 NM 14.3x 17.8x

INSYS Therapeutics, Inc. (NasdaqGM:INSY) 8.88 645.55 503.93 191.17 (8.73) (0.21) 2.6x NM NM

Ironwood Pharmaceuticals, Inc. (NasdaqGS:IRWD) 15.77 2,359.06 2,479.13 270.81 (84.77) (0.98) NM NM NM

Jazz Pharmaceuticals PLC (NasdaqGS:JAZZ) 146.25 8,788.30 10,140.98 1,541.24 758.97 6.49 NM 13.4x 22.5x

Johnson & Johnson (NYSE:JNJ) 130.01 348,946.80 342,310.80 72,531.00 25,146.00 5.91 4.7x 13.6x 22.0x

Juniper Pharmaceuticals, Inc. (NasdaqGS:JNP) 4.55 49.34 31.79 57.69 9.49 0.77 0.6x 3.3x 5.9x

Karyopharm Therapeutics Inc. (NasdaqGS:KPTI) 10.98 517.58 374.13 0.17 (112.22) (2.69) NM NM NM

Lannett Company, Inc. (NYSE:LCI) 18.45 687.90 1,446.71 637.34 245.00 (0.02) 2.3x 5.9x NM

Mallinckrodt Public Limited Company (NYSE:MNK) 37.37 3,631.57 9,154.27 3,272.60 666.60 (8.72) 2.8x 13.7x NM

Merck & Co., Inc. (NYSE:MRK) 64.03 174,632.50 187,824.50 40,016.00 15,449.00 1.85 4.7x 12.2x NM

Mylan N.V. (NasdaqGS:MYL) 31.37 16,823.13 31,044.63 12,006.60 3,924.10 1.24 2.6x 7.9x 25.4x

Neos Therapeutics, Inc. (NasdaqGM:NEOS) 9.15 256.94 244.34 15.62 (69.70) (4.30) NM NM NM

Novartis AG (SWX:NOVN) 85.55 200,439.22 222,388.35 49,176.00 14,458.00 2.74 4.5x 15.4x NM

Novo Nordisk A/S (CPSE:NOVO B) 47.81 117,577.56 114,457.11 17,523.35 8,255.23 2.36 NM 13.9x 20.2x

Opko Health, Inc. (NasdaqGS:OPK) 6.86 3,837.52 3,839.45 1,183.83 (17.02) (0.15) 3.2x NM NM

Osiris Therapeutics, Inc. (OTCPK:OSIR) 4.60 158.82 - 86.60 4.41 0.05 NM NM NM

Pacira Pharmaceuticals, Inc. (NasdaqGS:PCRX) 37.55 1,514.83 1,402.03 281.47 (34.94) (1.72) 5.0x NM NM

Pernix Therapeutics Holdings, Inc. (NasdaqGM:PTX) 3.15 36.33 315.47 135.70 8.63 (16.97) 2.3x NM NM

Perrigo Company plc (NYSE:PRGO) 84.65 12,072.03 14,972.43 5,024.70 1,103.10 (20.57) 3.0x 13.6x NM

Pfizer Inc. (NYSE:PFE) 35.70 212,320.36 242,101.36 52,347.00 20,244.00 1.36 4.6x 12.0x 26.2x

Phibro Animal Health Corporation (NasdaqGM:PAHC) 37.05 1,488.32 1,745.38 764.28 117.92 1.61 2.3x 14.8x 23.0x

Progenics Pharmaceuticals, Inc. (NasdaqGS:PGNX) 7.36 517.19 452.79 63.62 (0.96) (0.06) NM NM NM

Recro Pharma, Inc. (NasdaqCM:REPH) 8.98 171.16 145.62 69.99 (13.04) (2.12) 2.1x NM NM

Rigel Pharmaceuticals, Inc. (NasdaqNM:RIGL) 2.54 315.96 233.66 10.34 (67.71) (0.68) NM NM NM

Roche Holding AG (SWX:ROG) 255.11 217,558.94 234,734.38 56,548.20 22,346.43 11.76 4.2x 10.5x 21.7x

28


Stock


LTM4

Revenue

LTM4

EBITDA5

LTM4

Diluted EPS

Before Extra

TEV3/

Revenue

TEV3/

EBITDA5

P/ Diluted

EPS Before

Extra

Sanofi (ENXTPA:SAN) 99.29 122,166.23 131,279.81 41,417.00 12,428.98 4.22 3.2x 10.6x 23.5x

Sarepta Therapeutics, Inc. (NasdaqGS:SRPT) 45.36 2,918.11 2,628.38 56.77 (229.47) (2.34) NM NM NM

SciClone Pharmaceuticals, Inc. (NasdaqGS:SCLN) 11.20 584.55 427.22 172.02 45.42 0.81 2.5x 9.4x 13.8x

Sucampo Pharmaceuticals, Inc. (NasdaqNM:SCMP) 11.80 546.64 754.95 247.08 107.68 (3.49) 3.1x 7.0x NM

Supernus Pharmaceuticals, Inc. (NasdaqGM:SUPN) 40.00 2,027.96 1,936.47 252.59 82.36 1.98 NM 23.5x 20.2x

Takeda Pharmaceutical Company Limited (TSE:4502) 55.18 43,270.09 49,795.18 15,545.34 3,024.85 1.81 3.2x 16.5x NM

Taro Pharmaceutical Industries Ltd. (NYSE:TARO) 112.69 4,565.43 3,126.82 806.92 465.05 9.83 3.9x 6.7x 11.5x

Teligent, Inc. (NasdaqGS:TLGT) 6.71 358.26 424.07 72.39 6.48 (0.16) NM NM NM

Teva Pharmaceutical Industries Limited (NYSE:TEVA) 17.60 17,867.71 57,554.71 23,371.00 7,424.00 (6.11) 2.5x 7.8x NM

TherapeuticsMD, Inc. (AMEX:TXMD) 5.29 1,144.90 1,048.42 18.26 (88.99) (0.45) NM NM NM

Valeant Pharmaceuticals International, Inc. (TSX:VRX) 14.31 27,899.20 57,468.90 9,224.00 3,754.00 (3.27) NM 15.3x NM

Zoetis Inc. (NYSE:ZTS) 63.76 31,185.76 35,066.76 5,018.00 1,726.00 1.77 NM 20.3x NM

Zogenix, Inc. (NasdaqGM:ZGNX) 35.05 870.68 827.52 27.38 (72.48) (3.38) NM NM NM

MEAN (PHARMACEUTICALS) 3.4x 13.6x 19.8x

MEDIAN (PHARMACEUTICALS) 3.2x 13.6x 21.8x

AmerisourceBergen Corporation (NYSE:ABC) 82.75 18,131.48 20,605.93 151,584.41 2,426.03 3.84 0.1x 8.5x 21.6x

Aceto Corporation (NasdaqGS:ACET) 11.23 338.13 634.65 638.32 68.18 0.35 1.0x 9.3x NM

Cardinal Health, Inc. (NYSE:CAH) 66.92 21,094.25 24,769.25 129,976.00 3,069.00 4.03 0.2x 8.1x 16.6x

CVS Health Corporation (NYSE:CVS) 81.32 82,667.04 107,267.04 180,785.00 12,647.00 5.03 0.6x 8.5x 16.2x

Diplomat Pharmacy, Inc. (NYSE:DPLO) 20.71 1,407.95 1,532.62 4,531.22 70.47 0.18 0.3x 21.7x NM

Henry Schein, Inc. (NasdaqNM:HSIC) 81.99 12,963.60 15,046.69 11,968.49 1,019.70 3.42 1.3x 14.8x 24.0x

McKesson Corporation (NYSE:MCK) 153.61 32,298.12 39,537.12 199,851.00 3,943.00 22.08 0.2x 10.0x 7.0x

Medicines Company (NasdaqGS:MDCO) 37.04 2,671.94 2,974.13 105.76 (300.67) (10.03) NM NM NM

Owens & Minor, Inc. (NYSE:OMI) 29.20 1,787.81 2,309.86 9,378.44 229.96 1.57 0.2x 10.0x 18.6x

Patterson Companies, Inc. (NasdaqNM:PDCO) 38.65 3,617.13 4,694.28 5,564.81 400.22 1.75 0.8x 11.7x 22.1x

PetMed Express, Inc. (NasdaqGS:PETS) 33.15 675.20 606.68 256.35 43.21 1.30 2.4x 14.0x 25.5x

PharMerica Corporation (NYSE:PMC) 29.30 911.78 1,331.18 2,205.80 133.00 0.74 0.6x 10.0x NM

Premier, Inc. (NasdaqGS:PINC) 32.57 1,733.28 1,810.82 1,454.67 440.72 1.51 1.2x 4.1x 21.6x

Prestige Brands Holdings, Inc. (NYSE:PBH) 50.09 2,654.78 4,756.05 929.06 317.46 2.02 NM 15.0x 24.7x

Rite Aid Corporation (NYSE:RAD) 1.96 2,065.19 8,969.14 32,091.44 904.09 0.08 0.3x 9.9x 23.3x

Vitamin Shoppe, Inc. (NYSE:VSI) 5.35 127.28 251.89 1,241.49 99.96 (6.39) 0.2x 2.5x NM

MEAN (DISTRIBUTION) 0.7x 10.5x 20.1x

MEDIAN (DISTRIBUTION) 0.5x 10.0x 21.6x

MEAN (PRODUCTS) 2.9x 15.6x 20.9x

MEDIAN (PRODUCTS) 3.1x 14.8x 21.9x

1) Source: Financial Information from SEC filings and other publicly-available sources

2) Market Cap: Total Value of Company's Stock; Equal to the Number of Shares Outstanding Times the Price per Share

3) TEV (Total Enterprise Value): Market Capitalization Plus Debt Less Cash

4) LTM: Latest Twelve Months

5) EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization

6) NA: Not Available

7) NM: Not Meaningful

PRODUCTS - DISTRIBUTION

29

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Copyright 2017 © 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.

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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

[email protected]

Spencer R. Berg

Vice President

[email protected]

Leslie S. Lau

Vice President

[email protected]

Merritt Piro

Analyst

[email protected]

Nathan D. Cortright

Group Head

[email protected]

Jeffrey M. Tepper

Managing Director

[email protected]

Joshua H. Keatts

Vice President

[email protected]

George B. James

Senior Associate

[email protected]

CONTACT INFORMATION

Telephone: 212-755-8200

Facsimile: 212-755-8255

www.scott-macon.com

SCOTT-MACON HEALTHCARE REVIEW: THIRD …...EagleDream Health, Inc. $26.0 NA NA NA NA Operates as a...

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