healthtech heartbeat - 2015 market review

Q3 2015 STRICTLY PRIVATE AND CONFIDENTIAL

HealthTech Heartbeat2015 Market Review

2015 STRICTLY PRIVATE AND CONFIDENTIAL

2QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: HEALTHTECH

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Marketing

HealthcareTechnology

http://www.google.co.uk/url?sa=i&source=images&cd=&cad=rja&docid=DFQYiv0ak9F7FM&tbnid=JC0hUqObSsXtIM:&ved=0CAgQjRwwAA&url=http://miranda.hemscott.com/servlet/HsPublic?context=ir.access&ir_option=RNS_NEWS&item=45709189634603&ir_client_id=687&ei=XFtMUracJemM7QaDtIHgCg&psig=AFQjCNEyyjGJ5RmA-3O_m4xWlR5jBhRVwA&ust=1380822236675855

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=Xnpv6mT1mXrNHM&tbnid=3pJvLIYwfhFInM:&ved=0CAUQjRw&url=http://my.opera.com/community/opera/buttons/&ei=NuDXUv-XB8am0QXpzoGIBw&bvm=bv.59568121,d.bGE&psig=AFQjCNE6m80XE3hdbm-4Akuss3EvthcY7Q&ust=1389965726223087

http://www.covance.com/index.php

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=c0RRud0PBBv66M&tbnid=_v7sGUY1JN5xDM:&ved=0CAUQjRw&url=http://weijiblog.com/2010/03/42-merck/&ei=sEjUUdHsIcSJhQfd_ICgDw&bvm=bv.48705608,d.ZG4&psig=AFQjCNH22HylAPJvqj1KeOfdNdZOwjzjUQ&ust=1372953090294243

3

80

90

100

110

120

130

140

Healthcare IT - Europe Healthcare IT - US Biopharma IT Generalists NASDAQ Comp FTSE 100

QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: HEALTHTECH

Results International Global HealthTech Indices

Dec-15Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15

(1) Excludes GeneralistsNotes: Based on share prices as at 31st December 2015; indices weighted by market capitalisation; Healthcare IT – US excludes McKesson because the majority of its revenue is generated from pharmaceutical distributionSources: Capital IQ and Results analysis

LAST

12

MON

TH S

HARE

PRI

CE P

ERFO

RMAN

CE

Q4 2015 PERFORMANCEHealthcare IT - Europe 5.8%

Healthcare IT - US 1.1%Biopharma IT 20.6%Generalists 6.8%HealthTech(1) 3.3%

(6.1%)

31.5%

5.7%

(7.6%)

6.9%

(4.9%)

4

(80.0%)

(60.0%)

(40.0%)

(20.0%)

0.0%

20.0%

40.0%

60.0%

80.0% 70.3%

9.7%

30.8%

12.2%

46.8%

67.5%

(5.0%) (6.9%)(0.7%)

20.4%10.5%

56.6%

3.4%

(37.0%)(25.4%)

(18.1%)

(35.8%) (37.0%)

(63.5%)

9.2% 3.2%

69.8%

(30.0%)

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

14.9%

(11.1%)

8.4%3.8%

9.3%17.5%

6.6%0.4%

(12.5%)

24.0% 20.7%

54.2%

29.2%

(18.4%)

0.9%

18.1%

(24.1%)(19.4%)

1.7%

23.2%17.1% 17.5%


HealthTech: Share Price Performance

(1) Last 12 months reference dates adjusted to first trading day post IPO for Teladoc (01-Jul-15), Evolent Health (05-Jun-15) and Inovalon Holdings (12-Feb-15) Note: Share price performance as at 31st December 2015Sources: Capital IQ and Results analysis

LAST

12

MON

THS

Q4 2

015

HEALTHCARE IT - EUROPE HEALTHCARE IT - US BIOPHARMA IT

(1)(1)(1)


HealthTech: Selected Stocks – Performance Since IPO

COMPANY IPO DATE DESCRIPTION RAISE

D ($M)INDICATIVE PRICE

RANGE ($)IPO LISTING

PRICE ($)INCREASE VS. RANGE

DAY 1 INCREASE

CURRENT INCREASE(1)

CURRENT EV ($M)

EV / REVENUE

2015EEV / EBITDA

2015E

NYSEJun-15 Video telemedicine platform

for medical consultations 156.8 15.00-17.00 19.00 18.8% 50% (5.5%) 566 7.4x n.m.(2)

NYSEJun-15 Healthcare delivery and

payments software 195.5 14.00-16.00 17.00 13.3% 10.9% (28.8%) 794 4.9x n.m.(3)

NasdaqGSFeb-15 Cloud-based healthcare data

analytics software 600.0 24.00-26.00 27.00 8.0% 0.0% (37.0%) 2,136 4.8x 13.9x

NYSEApr-14 Healthcare information

technology and services 1,300.0 18.00-21.00 20.00 2.5% 15.0% 27.4% 12,263 4.2x 13.9x

NYSEMar-14 Healthcare enterprise

management software 177.6 13.00-15.00 16.00 14.3% 148.8% (73.3%) 257 3.4x n.m.(4)

LSEDec-13

Software, hardware and services for the healthcare and energy sectors

199.7 n.a. 2.93 n.a. 20.1% 67.7% 333 3.4x 14.0x

NYSEOct-13 Cloud-based CRM software

for the biopharma industry 260.9 16.00-18.00 20.00 17.6% 85.8% 44.3% 3,497 8.8x 31.2x

(1) Current increase from IPO price; Market data as of 31st December 2015(2) Teladoc projecting negative EBITDA for CY2015(3) Evolent Health projecting negative EBITDA for CY2015(4) Castlight projecting negative EBITDA for CY2015 Note: Calendarised to December year end; $ millions, except share price dataSource: Capital IQ

6

Generalists Healthcare IT - Europe

Healthcare IT - US Biopharma IT0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0% 27.9%

22.5%

17.7%

22.9%


Healthcare IT - US Biopharma IT0.0 x

5.0 x

10.0 x

15.0 x

20.0 x

25.0 x

30.0 x

35.0 x

11.0 x14.1 x 13.9 x

29.5 x


Healthcare IT - US Biopharma IT0.0 x

1.0 x

2.0 x

3.0 x

4.0 x

5.0 x

6.0 x

7.0 x

8.0 x

3.8 x 3.6 x 3.8 x

6.8 x


Healthcare IT - US Biopharma IT0.0%2.0%4.0%6.0%8.0%

10.0%12.0%14.0%16.0%18.0%20.0%

3.5%

7.4%

16.1%

18.9%


HealthTech: Valuation Benchmarks

Notes: EV = Enterprise Value; financials calendarised to December year end; median values reported; excludes negative multiples; McKesson excluded from above analysis because majority of revenue is generated from pharmaceutical distribution See Selected Publicly Traded Companies (Slide 11) for details of companies included in each categorySource: Capital IQ

REVENUE GROWTH (2015-16E) EV / REVENUE 2015E

EBITDA MARGIN 2015E EV / EBITDA 2015E

7

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Q2 2015

Q3 2015

Q4 2015

0

10

20

30

40

50

60

70

80

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2117

20

3229

18

28 27 2832

44

61

5449

70

56

43

5

11

7

27 5

6

2

812

5

5

2

Healthcare IT Biopharma ITHealthcare IT Total Disclosed Deal Value Biopharma IT Total Disclosed Deal Value

NUM

BER

OF D

EALS

TOTA

L DIS

CLOS

ED D

EAL

VALU

E ($

M)


HealthTech: Global M&A Activity Q1 2012 – Q4 2015

Sources: Press releases, Capital IQ, Mergermarket, 451 Research and Results analysis


HealthTech: Selected Deals in 2015

DATE BUYER TARGET EV ($M) EV/REVENUE EV/EBITDA COMPANY DESCRIPTION TARGETLOCATION

Dec-15 71.5 - - Hospital information system and medical imaging software

Dec-15 13.1 - - Hospital insurance claims management software

Dec-15 - - - Clinical databases and data management services

Nov-15 250.0 - - Electronic health records and clinical information management solutions

Nov-15 2,779.2 3.6x 13.0x Revenue and clinical resource management software and services

Oct-15 190.0 - - Mobile Electronic Health Record software

Oct-15 275.0 1.5x 13.8x Pharmacy automation software and hardware

Oct-15 48.0 - - Clinical process and connectivity solutions

Oct-15 261.1 4.6x 16.3x Laboratory information management systems

Sep-15 120.0 - - SaaS-based biopharma marketing compliance software

Sep-15 - - - Mobile clinical assessment and patient flow management systems

Sep-15 - - - Mobile workflow management software for the healthcare, government and industrial sectors

Sep-15 - - - Cloud-based financial performance analytics for healthcare

Aug-15 11.7 2.0x - Clinical patient flow and compliance education software

Aug-15 140.0 3.0x - Data-driven advisory services and BI systems for the life sciences industry

Aug-15 150.0 3.8x - Mobile medical education platform for physicians

Aug-15 65.0 - - Financial management software for hospitals

Aug-15 903.9 4.0x 20.7x Medical image management systems

Note: In certain cases EV/Revenue are publicly reported estimates; TTM financials have been used where possible; EV = transaction value scaled to 100% shareholding plus net debt (incl. minority interest)Sources: Press releases, Capital IQ, Mergermarket, 451 Research and Results analysis


HealthTech: Selected Deals in 2015

DATE BUYER TARGET EV ($M) EV/REVENUE EV/EBITDA COMPANY DESCRIPTION TARGETLOCATION

Jul-15 - - - Laboratory information system middleware

Jul-15 4.7 - - Primary and secondary care administration and compliance software

Jul-15 910.0 - - Cloud-based healthcare data analytics platform and engagement solutions

Jul-15 - - - Clinical decision support software

Jun-15 - - - Nurse and doctor scheduling automation software

May-15 1.9 - - Customer-driven healthcare and reimbursement accounts software and services

May-15 - - - Patient flow and bed management software

Apr-15 24.1 - - Venous biometric patient identification systems

Apr-15 - - - Cloud-based healthcare intelligence software

Apr-15 - - - Cloud-based population health data management software

Mar-15 - - - Healthcare analytics and performance benchmarking software

Mar-15 81.4 1.8x 15.0x(1) Practice management, communication and electronic patient record software

Mar-15 Key Opinion Leader Solutions Assets

- - - Key Opinion Leader campaign optimisation software and services for the biopharma industry

Jan-15 140.0 - - Cloud-based analytics, decision support and financial planning software for the healthcare industry

Jan-15 40.0 - - Cloud-based electronic health record and financial software for rural and community hospitals

Jan-15 65.0 - - Genomic analysis and bioinformatics software

Jan-15 - - - Electronic Clinical Outcome Assessments solutions for clinical trials

Jan-15 37.0 - - Medical imaging software

(1) Multiple quoted directly in seller press releaseNote: In certain cases EV/Revenue are publicly reported estimates; TTM financials have been used where possible; EV = transaction value scaled to 100% shareholding plus net debt (incl. minority interest)Sources: Press releases, Capital IQ, Mergermarket, 451 Research and Results analysis


HealthTech: Selected European Fundraisings in 2015

Sources: Press releases, Capital IQ and Results analysis

DATE COMPANY TYPE OF ROUND

FUNDS RAISED

($M)INVESTOR PARTICIPATION COMPANY DESCRIPTION COMPANY

LOCATION

Dec-15 - - Holosfind Patient recruitment application for clinical trials

Dec-15 Venture 5.0 - Online medical appointment booking platform

Dec-15 DESKTOP GENETICS Series A - Illumina Inc. Genome engineering and editing

softwareDec-15 - - Up to Eleven Digital Solutions Online platform for mental health

consultationDec-15 Series A 1.6 Capricorn Venture Partners Cardiac health tele-monitoring

dashboardDec-15 Venture 5.1 Balderton Capital; Maxfield Capital Patient-controlled online medical

record systemDec-15 Series C 15.0 - Data-driven diagnostic testing

platformNov-15 - - Change Partners Physical rehabilitation programme

design and administration platform Nov-15 Venture 26.8 Dievini Hopp BioTech holding Big data-driven healthcare decision-

making support softwareNov-15 Venture 5.0 Oxford University Hospitals NHS Trust; University Of

Oxford, Endowment ArmMRI-based liver image analysis software

Nov-15 - 0.6 Turenne Capital Partenaires; IT Translation Investissement; CREAZUR France

Touchless medical image viewing platform

Nov-15 Seed 1.1 -Consumer health tracking application and patient insight tool for professionals

Oct-15 Seed - - Dental diagnostic software

Oct-15 - - Visiomed Group SA Healthcare decision-making support platform

Oct-15 Seed 1.1 Inveready Asset Management, S.G.E.I.C., S.A. Medical imaging software

Oct-15 Seed 1.7 Tekes Microscopy visualisation software

Oct-15 Seed 0.6 Enterprise Ireland, Investment Arm; Kernel CapitalAppointment and patient communication management platform

Sep-15 DESKTOP GENETICS Venture 2.1 IQ Capital Partners LLP; London Business Angels; Funding

London; Capital Enterprise, Investment ArmGenome engineering and editing software


HealthTech: Selected European Fundraisings in 2015

Sources: Press releases, Capital IQ and Results analysis

DATE COMPANY TYPE OF ROUND

FUNDS RAISED

($M)INVESTOR PARTICIPATION COMPANY DESCRIPTION COMPANY

LOCATION

Aug-15 Series A - Wild Blue Cohort Online consumer care platform

Aug-15 Series A 3.4 LEO Pharma A/S; Personal Health Solutions Capital Skin health tracking and inspection mobile application

Jul-15 Seed 1.5 - Online GP consultation platform for desktop and smartphone

Jul-15 Seed 5.0 Smedvig Capital Limited Personalised healthcare information assistant applications

Jun-15 Series B 9.2 Amadeus Capital Partners; Gilde Healthcare Partners; Archimedia

Primary care practice and case management software

Jun-15 - - WuXi PharmaTechData management and analysis software for the life sciences industry

May-15 Series A 5.0 Industrifonden; Briban Invest Mobile patient recruitment and trial management software and services

May-15 - 10.0 - Online platform for medical and dental appointment scheduling

May-15 Series A 7.2QUALCOMM Ventures; Mangrove Capital Partners; Innovation Capital; ABRT Venture Fund; TA Ventures; Maya Capital LLP

Online platform for private and public healthcare appointment booking

May-15 Venture 3.9 XLHealth Mobile telemedicine application for video healthcare consultations

May-15 - - Parkwalk Advisors Late phase clinical trial design, data capture and management software

Apr-15 Venture 5.3 Prime VenturesHealthcare information exchange software for clinical information sharing

Mar-15 Seed 0.3 - Genomic data sharing platform

Mar-15 - 8.5 - Neuro-therapy software and hardware

Feb-15 - 9.9 - Diversified healthcare software vendor

Feb-15 Seed 2.5 Creathor Venture; Partech; Stephan Schamback; Heilemann Ventures; Atlantic Labs

Telemedicine application for dermatology

Feb-15 Series B 13.5 Amadeus Capital Partners Limited; Smedvig Capital Limited; Octopus Investments Limited

Patient eMarketplace for clinical trials

Jan-15 Series A 1.5 Capricorn Venture Partners; Participatiemaatschappij Vlaanderen NV

Simulation software for cardiovascular procedures

12

OPERATING METRICS VALUATION METRICSPRICE % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA

COMPANY (31-DEC-15) WEEK HIGH CAP CASH DEBT VALUE CY2015 CY15-16 HISTORICAL CY2015 CY2016 CY2015 CY2016 CY2015 CY2016

GENERALISTS WITH SIGNIFICANT HEALTHTECH EXPOSURE

Oracle 36.53 81% 153,471 52,335 (9,987) 143,484 37,666 0.6% 60.7% 43.9% 45.1% 3.8 x 3.8 x 8.7 x 8.4 xEMC 25.68 85% 49,789 7,642 1,313 51,102 24,900 3.5% 62.4% 25.0% 26.2% 2.1 x 2.0 x 8.2 x 7.6 xSAP 80.25 98% 95,929 5,175 6,179 102,107 22,293 5.3% 72.2% 35.2% 35.0% 4.6 x 4.3 x 13.0 x 12.4 xThermo Fisher Scientific 141.85 99% 56,612 503 12,818 69,430 16,868 4.3% 46.2% 24.8% 25.7% 4.1 x 3.9 x 16.6 x 15.4 xComputer Sciences Corporation 32.68 45% 4,535 1,818 821 5,356 9,003 (16.6%) 24.1% 13.5% 17.7% 0.6 x 0.7 x 4.4 x 4.0 xThomson Reuters 37.77 94% 29,008 869 8,464 37,472 8,836 2.1% 28.0% 27.9% 29.1% 3.1 x 3.0 x 11.0 x 10.3 xAspen Technology 37.76 81% 3,145 181 (181) 2,963 455 7.3% 87.7% 44.8% 47.4% 6.5 x 6.1 x 14.5 x 12.8 x 25th percentile 1.4% 37.1% 24.9% 25.9% 2.6 x 2.5 x 8.4 x 8.0 xMedian 3.5% 60.7% 27.9% 29.1% 3.8 x 3.8 x 11.0 x 10.3 x75th percentile 4.8% 67.3% 39.6% 40.1% 4.3 x 4.1 x 13.8 x 12.6 x

HEALTHCARE IT - EUROPE

CompuGroup Medical 36.80 92% 1,830 32 376 2,206 595 7.7% 33.9% 20.6% 22.8% 3.7 x 3.4 x 18.0 x 15.1 xCegedim 34.75 74% 485 237 197 682 552 2.9% 46.2% 17.9% 18.4% 1.2 x 1.2 x 6.9 x 6.5 xEMIS Group 16.78 98% 1,052 13 6 1,058 237 7.1% 48.2% 31.5% 31.8% 4.5 x 4.2 x 14.2 x 13.1 xServelec Group 4.91 97% 341 8 (8) 333 98 6.2% 45.3% 24.3% 25.4% 3.4 x 3.2 x 14.0 x 12.6 xNoemaLife 7.30 88% 55 4 40 96 82 12.8% 22.4% 19.2% 19.6% 1.2 x 1.0 x 6.1 x 5.3 xCraneware 11.76 95% 316 42 (42) 274 48 10.9% 95.0% 30.6% 31.0% 5.8 x 5.2 x 18.8 x 16.7 x 25th percentile 6.4% 36.7% 19.6% 20.4% 1.8 x 1.7 x 8.7 x 8.0 xMedian 7.4% 45.7% 22.5% 24.1% 3.6 x 3.3 x 14.1 x 12.8 x75th percentile 10.1% 47.7% 29.1% 29.6% 4.3 x 4.0 x 17.0 x 14.6 x

HEALTHCARE IT - US

McKesson 197.23 81% 45,384 5,359 5,524 50,908 189,256 6.2% 6.3% 2.6% 2.7% 0.3 x 0.3 x 10.4 x 9.2 xCerner 60.17 79% 20,584 465 166 20,751 4,591 20.3% 84.5% 33.6% 33.8% 4.5 x 3.8 x 13.5 x 11.1 xIMS Health 25.47 76% 8,369 394 3,894 12,263 2,899 9.0% 53.4% 30.5% 31.0% 4.2 x 3.9 x 13.9 x 12.5 xAllscripts Healthcare Solutions 15.38 97% 2,907 91 575 3,482 1,399 5.5% 45.5% 17.6% 19.5% 2.5 x 2.4 x 14.2 x 12.1 xathenahealth 160.97 94% 6,250 118 182 6,432 925 19.9% 59.8% 19.4% 20.7% 7.0 x 5.8 x 35.9 x 28.0 xMedAssets 30.94 99% 1,837 - 798 2,634 765 0.9% 76.1% 31.0% 31.7% 3.4 x 3.4 x 11.1 x 10.7 xQuality Systems 16.12 86% 981 111 (111) 870 500 6.2% 54.6% 14.7% 16.9% 1.7 x 1.6 x 11.8 x 9.7 xInovalon Holdings 17.00 50% 2,565 714 (429) 2,136 441 21.4% 68.8% 34.8% 35.7% 4.8 x 4.0 x 13.9 x 11.2 xHealthstream 22.00 68% 696 145 (145) 551 207 12.4% 56.6% 16.1% 16.5% 2.7 x 2.4 x 16.5 x 14.3 xComputer Programs & Systems 49.75 79% 562 38 (38) 524 184 5.6% 45.9% 17.9% 22.6% 2.8 x 2.7 x 15.9 x 11.9 xEvolent Health 12.11 52% 714 210 79 794 160 32.4% 27.5% (22.3%) (13.2%) 4.9 x 3.7 x n.m. n.m.Teladoc 17.96 51% 691 152 (125) 566 76 56.0% 77.2% (66.6%) (26.2%) 7.4 x 4.8 x n.m. n.m.Castlight Health 4.27 36% 404 147 (147) 257 75 34.5% 39.1% (83.9%) (46.3%) 3.4 x 2.5 x n.m. n.m. 25th percentile 6.0% 45.8% 5.5% 9.1% 2.8 x 2.5 x 13.5 x 11.1 xMedian 16.1% 55.6% 17.7% 20.1% 3.8 x 3.6 x 13.9 x 11.9 x75th percentile 24.1% 70.6% 30.6% 31.2% 4.9 x 3.9 x 15.9 x 12.5 x

BIOPHARMA IT

Medidata Solutions 49.29 80% 2,729 287 (38) 2,692 399 18.9% 74.7% 22.9% 24.6% 6.8 x 5.7 x 29.5 x 23.1 xVeeva Systems 28.85 86% 3,837 339 (339) 3,497 398 25.7% 62.9% 28.2% 29.4% 8.8 x 7.0 x 31.2 x 23.8 xInstem 3.32 97% 43 2 - 28 22 5.9% 14.8% 15.4% 17.3% 1.9 x 1.8 x 12.5 x 10.5 x 25th percentile 12.4% 38.9% 19.1% 20.9% 4.3 x 3.8 x 21.0 x 16.8 xMedian 18.9% 62.9% 22.9% 24.6% 6.8 x 5.7 x 29.5 x 23.1 x75th percentile 22.3% 68.8% 25.5% 27.0% 7.8 x 6.3 x 30.3 x 23.4 x

EBITDA MARGIN


HealthTech: Selected Publicly Traded Companies

(1) McKesson excluded from ‘Healthcare IT – US’ summary analysis above because majority of revenue is generated from pharmaceutical distributionNote: Calendarised to December year end; $ millions, except share price data; multiples capped at 20x EV / Revenue and 50x EV / EBITDA; net debt includes minority interest Source: Capital IQ

(1)


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