healthcare report q3 2017 · 3/7/2017 imaging advantage llc 1/6/2017 emergency professional...

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39

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32

19 6 10 13

34

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Strategic83%

Financial17%

Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA9/28/2017 Jefferson Radiology PC / Jefferson Imaging

Associates LLC

MEDNAX, Inc. Specialty Providers - - -

9/22/2017 Argon Medical Devices, Inc. WW Medical & Healthcare Co. Ltd. Medical Devices & Products 850.00 3.77x -

9/19/2017 Assisted Living Concepts, Inc. (Senior Housing

Communities)

Sabra Health Care REIT, Inc. Long Term & Behavioral

Care

757.14 - -

9/5/2017 NeoTract, Inc. Teleflex, Inc. Medical Devices & Products 1,100.00 21.57x -

8/29/2017 Eating Recovery Center LLC CCMP Capital Advisors LP Specialty Providers 550.00 4.77x -

8/8/2017 American Medical Response, Inc. Kohlberg Kravis Roberts & Co. LP; Air

Medical Group Holdings, Inc.

Provider Services 2,400.00 - -

8/7/2017 NxStage Medical, Inc. Fresenius Medical Care AG & Co. Medical Devices & Products 1,937.17 5.12x NM

8/2/2017 PharMerica Corp. Kohlberg Kravis Roberts & Co. LP;

Walgreens Boots Alliance, Inc.;

Pharmerica Corp.

Pharma Services 1,329.63 - -

7/17/2017 Water Pik, Inc. Church & Dwight Co., Inc. Medical Devices & Products 1,033.00 3.90x -


https://sdrventures.com/healthcare-ma-update/?utm_source=Quarterly Report&utm_medium=PDF&utm_campaign=Q3 2017 Healthcare Report

Financial Buyer Inv. Date Select Corporate Investments9/5/2017 ▪ SpecialtyCare, Inc.8/8/2017 ▪ American Medical Response, Inc.8/8/2017 ▪ Covenant Surgical Partners, Inc.8/2/2017 ▪ PharMerica Corp.4/18/2017 ▪ Air Medical Resource Group, Inc.

7/19/2017 ▪ Affordable Dental Care7/19/2017 ▪ Signature Smiles PC7/19/2017 ▪ Holly Dental Care P.C.2/6/2015 ▪ Pediatric Dental Practice Management Company▪6/20/2017 ▪ Dermatology Associates of Oklahoma LLC3/22/2017 ▪ Procare Physical Therapy, Inc.3/14/2017 ▪ Dermatology Center PC3/14/2017 ▪ Dermatology Consultants of Albuquerque PC2/15/2017 ▪ Physiohealth, Inc.

5/22/2017 ▪ EyeCare Services Partners Holdings LLC3/21/2017 ▪ Oakland Dermatology Associates PC1/23/2017 ▪ Dermatology Associates of Colorado1/3/2017 ▪ Castle Dermatology & Laser Center5/18/2016 ▪ Advanced Dermatology & Cosmetic Surgery Inc.

4/18/2017 ▪ CityMD2/2/2017 ▪ NeuroCall, Inc.9/29/2016 ▪ Intelligent Medical Objects, Inc.5/4/2016 ▪ DocuTAP, Inc.10/13/2015 ▪ Silk Road Medical, Inc.

Warburg Pincus LLC

Kohlberg Kravis Roberts & Co. LP

Harvest Partners LP

Silver Oak Services Partners LLC

CI Capital Partners

Strategic Buyer Inv. Date Select Corporate Acquisitions9/28/2017 ▪ Jefferson Radiology PC / Jefferson Imaging Associates LLC6/20/2017 ▪ Greater Nashville Perinatology Plc3/23/2017 ▪ Bruce E. Snyder, M.D., PLLC3/13/2017 ▪ Midwest Perinatal Associates, P.A.2/6/2017 ▪ Newborn Intensive Care Specialists P.A.

9/28/2017 ▪ Alamo Anesthesia8/1/2017 ▪ West Florida Anesthesia Associates LLC8/9/2016 ▪ Patients First, Inc.6/30/2016 ▪ Arapahoe Gastroenterology Anesthesia Associates, LLC

6/2/2016 ▪ Austin Gastroenterology Anesthesia Associates, LLC

9/5/2017 ▪ Walnut Holdings LLC9/5/2017 ▪ Quince Holdings LLC7/10/2017 ▪ Bijou Healthcare, Inc.7/10/2017 ▪ Sunny Acres Healthcare, Inc.6/27/2017 ▪ Brookdale Senior Living, Inc. (5 Living Facilities)

7/5/2017 ▪ Infinity Healthcare, Inc.6/29/2017 ▪ Anesthesia Associates of New London PC3/7/2017 ▪ Imaging Advantage LLC1/6/2017 ▪ Emergency Professional Services PC1/4/2017 ▪ Sunshine Radiology LLC

9/19/2017 ▪ Sacred Heart HealthCare System9/13/2017 ▪ Blue Mountain Health System, Inc.12/19/2016 ▪ The Bishop Spencer Place, Inc.

MEDNAX, Inc.

CRH Medical Corp.

The Ensign Group, Inc.

Envision Healthcare Corp.

St. Luke's Health Network, Inc.


-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Dental Products & Providers Medical Devices & Products Medical Product DistributionSpecialty Providers Pharma Services Practice ManagementProvider Services Long Term & Behavioral Care General ProvidersS&P 500

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Zimmer Biomet Holdings, Inc. ZBH 23,675$ 117.09$ -8.8% 13.5% 87.7% 2.9% 35.8% 4.4x 12.6x 33.4x 4.3x 11.0x

DENTSPLY SIRONA, Inc. XRAY 13,727 59.81 -7.8% 3.6% 91.1% 7.1% 20.5% 3.9x 19.0x (17.2x) 3.7x 15.3x

Henry Schein, Inc. HSIC 12,964 81.99 -10.4% 8.1% 87.7% 7.2% 8.4% 1.3x 14.8x 24.0x 1.2x 13.6x

Align Technology, Inc. ALGN 14,930 186.27 24.1% 93.8% 98.0% 30.6% 25.9% 11.6x 46.7x NM 9.0x 34.0x

Patterson Cos., Inc. PDCO 3,699 38.65 -17.7% -5.8% 78.5% 1.6% 6.0% 0.9x 9.7x 22.5x 0.8x 11.0x

Cantel Medical Corp. CMN 3,929 94.17 20.9% 19.6% 99.6% 15.6% 18.4% 5.2x 28.0x 55.1x 4.5x 21.7x

BIOLASE, Inc. BIOL 46 0.60 -37.9% -56.9% 31.7% 10.3% (33.2%) 0.7x NM (1.8x) 0.6x (3.2x)

Milestone Scientific, Inc. MLSS 41 1.25 -16.7% -10.7% 57.1% 41.5% (60.3%) 3.5x NM (6.9x) 2.5x NM

Pro-Dex, Inc. PDEX 30 7.25 17.9% 54.3% 91.8% 8.4% 17.2% 1.2x 7.5x 6.1x 1.0x 11.8x

Birner Dental Management Services, Inc. BDMS 10 5.50 -56.2% -65.6% 27.7% NM (2.5%) 0.3x 19.8x (4.7x) NM NM

Segment Average $7,305 (9.3%) 5.4% 75.1% 13.9% 3.6% 3.3x 19.8x 12.3x 3.1x 14.4xSegment Median $3,814 (9.6%) 5.8% 87.7% 8.4% 12.8% 2.4x 16.9x 6.1x 2.5x 12.7x

Market Stats Operating Stats LTM Multiples NTM Multiples



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Medtronic Plc MDT 105,347$ 77.77$ -12.4% 9.2% 86.7% (0.2%) 29.8% 4.2x 13.3x 26.2x 4.3x 13.1x

Abbott Laboratories ABT 92,710 53.36 9.8% 38.9% 97.4% 16.1% 16.6% 4.5x 24.5x 74.7x 3.9x 14.3x

Stryker Corp. SYK 53,124 142.02 2.3% 18.5% 95.4% 7.9% 26.9% 4.7x 17.3x 31.7x 4.5x 15.5x

Becton, Dickinson & Co. BDX 44,591 195.95 0.4% 18.4% 94.8% 4.4% 28.9% 4.1x 15.3x 57.0x 3.8x 10.9x

Boston Scientific Corp. BSX 40,025 29.17 5.2% 34.9% 99.2% 8.1% 26.7% 5.2x 20.8x 51.7x 4.9x 17.1x

Baxter International, Inc. BAX 34,191 62.75 3.7% 41.5% 96.9% 5.3% 21.6% 3.3x 15.5x 37.8x 3.2x 13.3x

Intuitive Surgical, Inc. ISRG 38,995 348.63 11.8% 64.9% 99.2% 14.7% 37.5% 12.9x 34.4x 50.0x 11.6x 26.4x

Zimmer Biomet Holdings, Inc. ZBH 23,675 117.09 -8.8% 13.5% 87.7% 2.9% 35.8% 4.4x 12.6x 33.4x 4.3x 11.0x

Edwards Lifesciences Corp. EW 23,082 109.31 -7.6% 16.7% 89.8% 12.9% 32.5% 7.1x 21.8x 33.1x 6.4x 19.1x

C.R. Bard, Inc. (New Jersey) BCR 23,291 320.50 1.4% 42.7% 98.7% 7.3% 31.7% 6.2x 19.7x 42.1x 6.0x 17.5x

ABIOMED, Inc. ABMD 7,436 168.60 17.7% 49.6% 98.6% 36.9% 27.0% 15.2x NM NM 11.5x 29.1x

Integra LifeSciences Holdings Corp. IART 3,941 50.48 -7.4% 17.7% 89.5% 14.6% 21.7% 4.5x 19.2x 61.6x 3.9x 16.5x

Wright Medical Group NV WMGI 2,698 25.87 -5.9% 12.6% 82.0% 17.7% 6.6% 4.5x NM (12.6x) 3.8x 28.0x

Johnson & Johnson JNJ 348,947 130.01 -1.7% 12.8% 94.8% 8.7% 35.6% 5.1x 14.6x 22.0x 4.8x 13.3x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Danaher Corp. DHR 59,591$ 85.78$ 1.6% 10.2% 96.8% 6.7% 23.6% 4.0x 19.9x 27.4x 3.8x 16.0x

Stryker Corp. SYK 53,124 142.02 2.3% 18.5% 95.4% 7.9% 26.9% 4.7x 17.3x 31.7x 4.5x 15.5x

McKesson Corp. MCK 32,298 153.61 -6.6% 9.4% 90.7% 4.4% 1.6% 0.2x 9.7x 7.0x 0.2x 8.9x

Cardinal Health, Inc. CAH 21,094 66.92 -14.1% -7.0% 78.8% 6.6% 2.5% 0.2x 7.7x 16.6x 0.2x 7.5x

AmerisourceBergen Corp. ABC 18,132 82.75 -12.5% 5.8% 84.6% 8.8% 1.4% 0.1x 8.5x NM 0.1x 8.8x

Henry Schein, Inc. HSIC 12,964 81.99 -10.4% 8.1% 87.7% 7.2% 8.4% 1.3x 14.8x 24.0x 1.2x 13.6x

Patterson Cos., Inc. PDCO 3,699 38.65 -17.7% -5.8% 78.5% 1.6% 6.0% 0.9x 9.7x 22.5x 0.8x 11.0x

Owens & Minor, Inc. OMI 1,788 29.20 -9.3% -17.3% 78.9% 5.9% 2.6% 0.2x 8.7x 18.6x 0.2x 8.1x

PharMerica Corp. PMC 912 29.30 11.6% 16.5% 99.7% 15.8% 5.8% 0.6x 10.0x 39.6x 0.5x 8.8x

Aceto Corp. ACET 338 11.23 -27.3% -48.9% 50.0% 21.8% 8.1% 1.0x 9.8x 32.1x 0.9x 8.5x



($ in Mil)Price ($)

Quarter

Change

YTD

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Est.

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EBITDA

Margin

TEV/

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TEV/

EBITDA

Price/

EPS

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Revenue

TEV/

NTM

EBITDA

Fresenius Medical Care AG & Co. KGaA FMS 30,134$ 48.89$ 1.2% 15.8% 97.4% 16.2% 16.7% 2.1x 11.0x 24.2x 1.8x 9.5x

DaVita, Inc. DVA 11,355 59.39 -8.3% -7.5% 84.6% 4.7% 16.4% 1.4x 8.5x 9.1x 1.3x 8.2x

MEDNAX, Inc. MD 4,035 43.12 -28.6% -35.3% 59.8% 7.3% 17.5% 1.7x 9.1x 13.7x 1.6x 9.5x

Envision Healthcare Corp. AMSG 5,431 44.95 -28.3% -29.0% 60.1% 39.9% 15.1% 2.0x 12.3x (8.7x) 1.4x 10.7x

HealthSouth Corp. HLS 4,576 46.35 -4.2% 12.4% 93.2% 9.1% 21.0% 2.0x 9.2x 16.9x 1.8x 8.9x

American Renal Associates Holdings, Inc. ARA 468 14.97 -19.3% -29.7% 58.9% 8.5% 22.3% 1.7x 8.5x NM 1.5x 11.2x

Adeptus Health, Inc. ADPT 20 1.22 -28.7% -84.0% 2.8% NM NM 0.6x 7.0x NM NM NM

LHC Group, Inc. LHCG 1,297 70.92 4.5% 55.2% 99.0% 14.0% 10.0% 1.5x 15.4x 31.4x 1.3x 14.3x

AAC Holdings, Inc. AAC 239 9.93 43.3% 37.2% 49.7% 10.5% 14.1% 1.5x 17.4x NM 1.3x 7.0x




($ in Mil)Price ($)

Quarter

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YTD

Change

% of 52

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Est.

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Growth

EBITDA

Margin

TEV/

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TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Universal Health Services, Inc. UHS 9,807$ 110.94$ -9.1% 4.3% 85.5% 15.3% 17.0% 1.5x 8.6x 15.1x 1.3x 8.1x

HCA Healthcare, Inc. HCA 28,752 79.59 -8.7% 7.5% 87.4% 6.2% 19.4% 1.5x 7.5x 10.7x 1.4x 7.2x

Community Health Systems, Inc. CYH 881 7.68 -22.9% 37.4% 65.4% (14.2%) 9.8% 0.9x 8.1x (1.4x) 1.0x 8.4x

LifePoint Health, Inc. LPNT 2,323 57.90 -13.8% 1.9% 81.6% 2.6% 11.9% 0.8x 6.9x 13.0x 0.8x 6.5x

Tenet Healthcare Corp. THC 1,656 16.43 -15.0% 10.7% 68.1% (0.1%) 10.8% 1.0x 9.0x (8.4x) 1.0x 7.5x



($ in Mil)Price ($)

Quarter

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% of 52

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Est.

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Growth

EBITDA

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TEV/

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TEV/

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WellCare Health Plans, Inc. WCG 7,644$ 171.74$ -4.4% 25.3% 92.9% 20.5% NM 0.3x NM 30.2x 0.3x 5.7x

HealthEquity, Inc. HQY 3,060 50.58 1.5% 24.8% 92.0% 29.0% 35.4% 14.1x 46.0x 75.5x 11.1x 29.8x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

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NTM

EBITDA

Cerner Corp. CERN 23,649$ 71.32$ 7.3% 50.6% 98.7% 10.7% 30.5% 4.7x 15.4x 36.0x 4.3x 13.0x

Healthcare Services Group, Inc. HCSG 3,950 53.97 15.2% 37.8% 96.9% 20.4% 7.2% 2.3x 30.0x 47.3x 2.0x 24.0x

HMS Holdings Corp. HMSY 1,669 19.86 7.4% 9.4% 89.1% 23.8% 24.7% 3.7x 17.4x 56.7x 3.1x 12.6x

The Advisory Board Co. ABCO 2,186 53.63 4.1% 61.3% 90.1% 4.3% 10.4% 3.3x 21.6x 20.4x 3.2x 13.0x

Omnicell, Inc. OMCL 1,912 51.05 18.4% 50.6% 96.9% 17.2% 6.5% 3.1x NM NM 2.7x 16.3x

Evolent Health, Inc. EVH 1,329 17.80 -29.8% 20.3% 64.7% 44.7% (11.2%) 3.7x NM (16.6x) 2.1x NM

Providence Service Corp. PRSC 730 54.08 6.9% 42.1% 98.3% 11.0% 3.3% 0.5x 22.5x (7.9x) 0.4x 10.9x



($ in Mil)Price ($)

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Est.

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TEV/

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TEV/

EBITDA

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EPS

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TEV/

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EBITDA

CVS Health Corp. CVS 82,667$ 81.32$ 1.1% 3.1% 90.4% 5.4% 6.3% 0.6x 8.4x 16.3x 0.6x 8.3x

Express Scripts Holding Co. ESRX 36,570 63.32 -0.8% -8.0% 81.7% 2.3% 7.2% 0.5x 6.7x 11.1x 0.5x 6.7x

Perrigo Co. Plc PRGO 12,072 84.65 12.1% 1.7% 87.1% (2.5%) 24.0% 3.0x 14.1x (4.1x) 3.1x 13.5x

Allscripts Healthcare Solutions, Inc. MDRX 2,570 14.23 11.5% 39.4% 98.5% 23.9% 16.9% 2.6x 16.6x (13.4x) 2.1x 10.7x

Magellan Health, Inc. MGLN 2,044 86.30 18.4% 14.7% 99.5% 28.7% 3.0% 0.4x 7.7x 24.7x 0.3x 5.2x




($ in Mil)Price ($)

Quarter

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National HealthCare Corp. NHC 951$ 62.57$ -10.8% -17.4% 79.2% NM 10.0% 0.9x 8.5x 19.7x NM NM

The Ensign Group, Inc. ENSG 1,149 22.59 3.8% 1.7% 96.7% 5.5% 7.0% 0.8x 11.5x 26.3x 0.8x 7.7x

Civitas Solutions, Inc. CIVI 689 18.45 5.4% -7.3% 88.0% 8.0% 10.6% 0.9x 8.7x 35.5x 0.8x 7.5x

Acadia Healthcare Co., Inc. ACHC 4,195 47.76 -3.3% 44.3% 87.9% 6.7% 21.6% 2.6x 12.8x NM 2.4x 10.9x

SunLink Health Systems, Inc. SSY 14 1.50 -9.6% 24.4% 88.2% NM (6.3%) 0.2x NM (3.1x) NM NM

AAC Holdings, Inc. AAC 239 9.93 43.3% 37.2% 49.7% 10.5% 14.1% 1.5x 17.4x (49.7x) 1.3x 7.0x



healthcare report q3 2017 · 3/7/2017 imaging advantage llc 1/6/2017 emergency professional...

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