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SCOTT-MACON HEALTHCARE REVIEW:
JANUARY 2015
January 2015 Healthcare Review 2
Healthcare Overview, Mean Revenue Multiples 4
Healthcare Overview, Mean EBITDA Multiples 5
Analysis of Selected Healthcare 6
Merger and Acquisition Transactions
January 1—January 31, 2015
Analysis of Selected 14
Publicly-Traded Healthcare Companies
CO
NT
EN
TS
2
J A N U A R Y 2 0 1 5
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 Health-
care Review covering January 2015. If you haven’t
done so already, please email me at ncortright@scott-
macon.com to automatically continue receiving our
publications in the future as we are transitioning to
digital publishing with email distribution.
Pages four and five represent a visual snapshot
of the average multiples for all of the healthcare,
medical and pharmaceutical transactions that either
closed or were announced during January, along with
the average multiples for the major publicly-traded
healthcare, medical and pharmaceutical companies.
Beginning on page 6 we present the mergers
and acquisitions transactions for the month of Janu-
ary. In the Insurance arena, giant AIG announced its
proposed acquisition of Irish health insurer Laya
Healthcare. In addition, Centene proposed continuing
its Medicaid growth through its announced takeover
of Agate Resources in Oregon. Within the Technol-
ogy segment, athenahealth closed on Razor Insights,
a cloud-based solutions company, and Roper Indus-
tries, the owner of Sunquest, picked up Strata Deci-
sion Technology. Turning to Outsourcing, United-
Health closed on its $600 million purchase of Alere
Health, and consultant Huron announced its proposed
acquisition of Studer in the healthcare and education
consulting, coaching and publishing space, for 12.7x
EBITDA. Publicly-traded Envision announced its
$123 million offer for VISTA Staffing, and Cigna re-
vealed its intent to acquire QualCare, New Jersey’s
leading independent healthcare and workers’ com-
pensation services company. In the Information seg-
ment, Reed Elsevier closed on two more health infor-
mation deals, and Centene finalized its acquisition of
Health Through Friendship.
Moving along to Providers, Extendicare an-
nounced its acquisition of Revera Home Health for
$70 million. In the Non-Acute area, Kindred closed
3
its takeover of Centerre for 11.7x EBITDA. In the
Acute Care segment, the largest publicly-disclosed
price involved Fortis Property picking up Long Island
College Hospital for $240 million.
Reviewing the Products transactions, BTG ac-
quired PneumRx for $475 million, an emphysema-
treatment business. In the Disposable area, Fenner
closed its deal for Charter Medical in the single-use
space for $30 million. Cantel continued its acquisition
spree with its $12 million deal for Pure Water Solu-
tions at 6.0x EBITDA. The Pharmaceuticals area saw
two blockbuster deals, Shire/NPS for $4.9 billion, and
Otsuka/Avanir for $3.2 billion; with two megadeals
as well in Biotech, Merck/Cubist at $8.4 billion, and
Endo/Auxilium at $2.2 billion. Lastly, in the Distribu-
tion sector, PBM Catamaran closed on Salveo Spe-
cialty Pharmacy for $260 million, or 13.0x EBITDA.
Following the mergers and acquisitions analy-
sis, we present an analysis of publicly-traded Ser-
vices, Providers, and Products companies by sector.
Mean EBITDA multiples for Services companies
ended the quarter at 11.6x (up from 11.4x in Decem-
ber); Providers at 10.9x (down from 11.1x in Decem-
ber); and Products at 13.3x (up from 12.9x in Decem-
ber). Technology services companies ended the quar-
ter at 12.7x (down from 12.8x in December), while
Outsourcing services companies were also 12.7x (up
from 12.6x in December). The Insurance segment
EBITDA multiple came in at 8.9x (down from 9.4x in
December).
Finally, contact information for the Scott-
Macon Healthcare Investment Banking Group Profes-
sionals appears on the back cover. We welcome your
call or email to discuss your thoughts on this article.
Sincerely yours,
Nathan D. Cortright
Managing Director
Group Head – Healthcare Investment Banking
4
1.8x 1.7x
2.7x
1.3x
3.8x
Services Providers Products
OVERALL: Revenue Multiple
4.4x
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
2.2x
0.9x
2.2x1.6x
1.2x
NA
1.5x
Labs Home Health & Hospice Non-Acute Long-Term Care Acute
PROVIDERS: Revenue Multiple
NA NA
1.0x
NA
3.1x2.5x
2.8x 2.5x
NA
1.5x
Clinical Devices Non-Clinical Devices Disposables Commercial
PRODUCTS: Revenue Multiple
NA NA
2.4x
3.5x
2.1x
0.7xNA NA
0.9x
Consumer Pharmaceuticals Biotech Distribution
Public Companies M&A Transactions
o
scale
*6.4x
*Indicates not to scale
0.8x
2.4x1.6x
2.2x
3.6x4.4x
NANA
Insurance Technology Outsourcing India-Based Outsourcing Information
SERVICES: Revenue Multiple
NA NA
5
11.6x 10.9x13.3x12.7x
10.8x9.0x
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
13.6x 13.8x 12.8x 13.7x
NANA
6.0x
Clinical Devices Non-Clinical Devices Disposables Commercial
PRODUCTS: EBITDA Multiple
NA
8.9x
12.7x 12.7x11.5x
14.9x
NA
12.7x
NA NA
Insurance Technology Outsourcing India-Based Outsourcing Information
SERVICES: EBITDA Multiple
NA
11.0x 11.4x 11.0x 11.8x9.6x
NA NANA NA
Labs Home Health & Hospice Non-Acute Long-Term Care Acute
PROVIDERS: EBITDA Multiple
10.8x
13.1x13.9x
12.5x11.7x
NA NA NA
10.5x
Consumer Pharmaceuticals Biotech Distribution
Public Companies M&A Transactions
6
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
Announced American International Group, Inc. (NYSE:AIG) /
Laya Healthcare Limited
NA NA NA NA NA Provides health insurance products that let
members access a range of hospitals, doctors,
and consultants.
Announced Centene Corp. (NYSE:CNC) /
Agate Resources, Inc.
NA NA NA NA NA Offers insurance products that are focused on
providing managed care programs for Medicaid,
Medicare, and employer based beneficiaries, as
well as provides third-party administrators for self-
funded employers.
1/8/2015 Global Insurance Management Company, LLC /
Healthcare Underwriters Group, Inc.
NA NA NA NA NA Provides medical malpractice insurance to
physician groups, including ambulatory surgical
centers, imaging centers, dialysis centers, nursing
home firms, clinical research companies, ACOs,
IPAs, PHOs and clinical integrated networks.
MEAN (INSURANCE) NA NA
MEDIAN (INSURANCE) NA NA
1/21/2015 AmSurg Corp. (NasdaqGS:AMSG) /
Radisphere National Radiology Group, Inc.
NA NA NA NA NA Provides cloud-based radiology delivery solutions
for health systems.
1/31/2015 athenahealth, Inc. (NasdaqGS:ATHN) /
Razor Insights, LLC
NA NA NA NA NA Offers cloud based solutions to healthcare
industry.
1/5/2015 Certara, L.P. /
ClinGenuity, LLC
NA NA NA NA NA Develops automation solutions for clinical trial
reporting.
1/7/2015 EvriChart, Inc. /
EDCO Group Inc., SecureStore Business
NA NA NA NA NA Comprises secure storage, retrieval, and
electronic access to patient health information.
1/16/2015 GI Partners, LLC /
Logibec Inc.
NA NA NA NA NA Engages in the development, marketing,
implementation, and support of clinical and
administrative information systems.
1/20/2015 MDnetSolutions, LLC /
IVR Care Transition Systems, Inc.
NA NA NA NA NA Develops healthcare technologies and systems.
1/26/2015 Micro Holding Corp. /
Sesame Communications, Inc.
NA NA NA NA NA Provides cloud-based patient communication
systems for the dental industry.
1/29/2015 MJ Freeway /
Dispensary Mobile, LLC
NA NA NA NA NA Develops white-label mobile applications for
marijuana dispensaries so patients and clients
can receive the convenience and portability for
their buying needs.
1/27/2015 Prosper Marketplace, Inc. /
American HealthCare Lending, LLC
$21.0 NA NA NA NA Operates an online financing platform that
provides patient financing services for healthcare
providers and hospital systems.
1/23/2015 Roper Industries Inc. (NYSE:ROP) /
Strata Decision Technology, L.L.C.
NA NA NA NA NA Provides solutions for use in academic medical
centers, community hospitals, children's
hospitals, and other healthcare systems.
1/13/2015 SCIO Health Analytics Inc. /
Data Intelligence Ltd.
NA NA NA NA NA Provides Software as a Service based pharma
business intelligence and sales force
effectiveness solutions to pharma clients.
1/20/2015 Sparton Corp. (NYSE:SPA) /
Real Time Enterprises, Inc.
NA NA NA NA NA Provides compliant software development and
quality/regulatory outsourcing services to medical
device and pharmaceutical clients.
Announced Vitruvian Partners LLP /
CRF Health, Inc.
NA NA NA NA NA Develops and delivers electronic clinical outcome
assessment solutions for home and site-based
phase I-IV clinical trials for various therapeutic
areas and patient populations.
MEAN (TECHNOLOGY) NA NA
MEDIAN (TECHNOLOGY) NA NA
1/12/2015 Adreima, Inc. /
HealthCPA, LLC
NA NA NA NA NA Provides personal medical expense management
services.
1/7/2015 AMN Healthcare Services Inc. (NYSE:AHS) /
Onward Healthcare, Inc.
$82.5 NA NA NA NA Provides travel and local per diem staffing for
nursing and allied health professionals.
Announced Cigna Corp. (NYSE:CI) /
QualCare Alliance Networks, Inc.
NA NA NA NA NA Provides health plans, Accountable Care
Organization solutions, network access,
association health plan administration, charity
care, and other related services.
1/1/2015 Consult, Inc. /
Scroggins Information Services, LLC
NA NA NA NA NA Provides medical billing and accounts receivable
management services to medical practices.
SERVICES - OUTSOURCING
SERVICES - TECHNOLOGY
SERVICES - INSURANCE
ANALYSIS OF SELECTED HEALTHCARE
MERGER & ACQUISITION TRANSACTIONS1
(JANUARY 1—JANUARY 31, 2015)
($ Millions Except Per Share Data)
7
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
1/6/2015 Corridor Group, Inc. /
Healthcare Management Solutions, Inc.
NA NA NA NA NA Provides a range of financial management and
support, billing, consulting, regulatory and
compliance, and strategic planning services for
home health providers, home care and hospice
agencies, long term care facilities, acute care
hospitals, residential care homes, and physician
practices.
1/29/2015 Dane Street, LLC /
National Examinations Network, Inc.
NA NA NA NA NA Provides medical cost containment services to the
claims community in the areas of no-fault,
workers' compensation, and liability claims.
1/12/2015 DaVita HealthCare Partners Inc. (NYSE:DVA) /
Health Directions, LLC
NA NA NA NA NA Provides business solutions for healthcare
organizations.
1/15/2015 Drug Safety Navigator, LLC /
Five Oaks Pharm, LLC
NA NA NA NA NA Provides pharmacovigilance and drug safety
solutions for pharmaceutical, biotech, and medical
device companies.
Announced Envision Healthcare Holdings, Inc. (NYSE:EVHC) /
VISTA Staffing Solutions, Inc.
$123.0 NA NA NA NA Provides temporary physician staffing and
permanent physician search services.
1/19/2015 Equian, LLC /
Assist Group, Inc.
NA NA NA NA NA Provides medical claims review, logic-based
negotiations, resolution, and NICU consulting
services to health plans, insurers, reinsurers,
managing underwriters, self-insured, and third
party administrators to manage and identify
appropriate savings.
1/7/2015 Essia Health Inc. /
Eastside Specialty Scribes, LLC
NA NA NA NA NA Physician owned company that hires and trains
medical scribes for medical practitioners.
01/08/2015 Etransmedia Technology, Inc. /
DoctorsXL LLC
NA NA NA NA NA Healthcare practice management company.
1/6/2015 F. Dohmen Co. /
Siren Interactive Corporation
NA NA NA NA NA Provides rare disease relationship marketing
services.
1/13/2015 Henry Schein, Inc. (NasdaqGS:HSIC) /
ADS Florida, LLC
NA NA NA NA NA Offers real estate brokerage services for dental
practices.
Announced Huron Consulting Group Inc. (NasdaqGS:HURN) /
Studer Holdings, Inc.
$325.0 $74.2 $25.7 4.4x 12.7x Operates in the healthcare and education
consulting, coaching, and publishing industry.
1/8/2015 Infosys Ltd. (BSE:500209) /
Benefit Planning Group, Inc.
NA NA NA NA NA Provides insurance, employee benefits, and
financial planning services to the medical
community.
1/30/2015 IPC Healthcare, Inc. (NasdaqGS:IPCM) /
Hospitalists Now, Inc.
NA NA NA NA NA Operates as a hospitalist management company.
Announced Magellan Health, Inc. (NasdaqGS:MGLN) /
HSM, Inc.
NA NA NA NA NA Provides healthcare management services,
specialty healthcare networks, and cost
management solutions to health plans, third-party
administrators, health insurance, and workers'
compensation carriers.
1/5/2015 MAPI Developpement, SAS /
Optum, Inc., Select Optum Life Sciences Services
NA NA NA NA NA Comprises a North American and European
regulatory consulting, late phase contract
research organization, and European health
economics and outcomes research teams.
1/5/2015 Mitchell Martin, Inc. /
Therapists on Demand Inc.
NA NA NA NA NA Provides therapist staffing in hospitals,
rehabilitation facilities, outpatient clinics, skilled
nursing facilities, home health care, and school
settings.
1/26/2015 National General Holdings Corp. (NasdaqGM:NGHC) /
Healthcare Solutions Team, Inc.
$15.0 NA NA NA NA Provides health insurance brokerage services.
1/6/2015 North American Partners in Anesthesia, LLP /
Atlantic Anesthesia, P.A.
NA NA NA NA NA Offers anesthesia and pain management services
in hospitals.
Announced Performant Financial Corporation (NasdaqGS:PFMT) /
Premier Healthcare Exchange, Inc.
$149.1 NA NA NA NA Provides healthcare cost management solutions
for health plans.
1/30/2015 Revelstoke Capital Partners LLC /
Encore Rehabilitation Services, LLC
NA NA NA NA NA Provides rehabilitation services to skilled nursing
facilities.
Announced Silver Oak Services Partners, LLC /
Hero Management, LLC
NA NA NA NA NA Manages pediatric dental clinics.
1/9/2015 UnitedHealth Group Incorporated (NYSE:UNH) /
Alere Health, LLC
$600.0 NA NA NA NA Provides health information solutions that include
a continuum of wellness and prevention, care
management, and specialized interventions to
initiate health behavior change experiences.
1/7/2015 VHA Inc. /
MDS Consulting
NA NA NA NA NA Operates as a healthcare consulting company.
MEAN (OUTSOURCING) 4.4x 12.7x
MEDIAN (OUTSOURCING) 4.4x 12.7x
1/23/2015 Breaking Media, LLC /
RemedyCity, LLC
NA NA NA NA NA Provides reporting and custom content solutions
for organizations and individuals in the healthcare
industry.
SERVICES - INFORMATION
8
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
1/5/2015 Centene Corp. (NYSE:CNC) /
Health Through Friendship, Inc.
NA NA NA NA NA Provides health management programs for
individuals and corporations.
1/9/2015 Harvard Pilgrim Health Care Inc. /
TrestleTree, Inc.
NA NA NA NA NA Provides behavioral change programs to enhance
healthy behaviors of employees and their families.
1/28/2015 Intrahealth International, Inc. /
Switchboard
NA NA NA NA NA Offers a mobile phone-based application that
provides critical healthcare information and peer-
to-peer communication.
1/12/2015 Persistence Capital Partners /
mdBriefCase Inc.
NA NA NA NA NA Offers health and medical education online for
physicians, specialists, pharmacists, and allied
healthcare professionals.
1/5/2015 Reed Elsevier plc (LSE:REL) /
Health Market Science, Inc.
NA NA NA NA NA Offers healthcare provider information for
businesses and government entities.
1/6/2015 Reed Elsevier plc (LSE:REL) /
Neoplasia Press Inc.
NA NA NA NA NA Publishes the results of novel investigations in all
areas of oncology research.
MEAN (INFORMATION) NA NA
MEDIAN (INFORMATION) NA NA
MEAN (SERVICES) 4.4x 12.7x
MEDIAN (SERVICES) 4.4x 12.7x
1/6/2015 Aegis Sciences Corporation /
Diagnovus, LLC
NA NA NA NA NA Operates as a molecular diagnostics company for
cancer.
MEAN (LABS) NA NA
MEDIAN (LABS) NA NA
Announced Accelera Innovations, Inc. (OTCPK:ACNV) /
Traditions Home Care, Inc.
$6.0 $6.3 NA 1.0x NA Provides home healthcare services for patients in
their homes.
1/5/2015 Addus HomeCare Corporation (NasdaqGS:ADUS) /
Priority Home Health Care, Inc.
NA NA NA NA NA Operates as a home health agency company.
1/5/2015 Ensign Group, Inc. (NasdaqGS:ENSG) /
Home Health Operations in Phoenix
NA NA NA NA NA Comprises home healthcare agency operations.
Announced Epic Health Services, Inc. /
Loving Care Agency, Inc.
NA NA NA NA NA Provides home healthcare services to medically
fragile children and adults.
Announced Extendicare Inc. (TSX:EXE) /
Revera Home Health Business
$69.7 NA NA NA NA Comprises home health care and services for
seniors.
1/2/2015 United Methodist Retirement Communities, Inc. /
Glacier Hills Home Care Inc.
$2.6 NA NA NA NA Provides home health and personal care services
to individuals in their homes.
MEAN (HOME HEALTH & HOSPICE) 1.0x NA
MEDIAN (HOME HEALTH & HOSPICE) 1.0x NA
Announced AAC Holdings, Inc. (NYSE:AAC) /
Clinical Services of Rhode Island, Inc.
$2.0 $1.2 $0.2 1.7x 10.0x Provides intensive outpatient programs for
physical, psychological, and spiritual treatments.
1/7/2015 Advanced Dermatology & Cosmetic Surgery Inc. /
Albany Dermatology Clinic, P.A.
NA NA NA NA NA Provides care in medical, surgical and cosmetic
dermatology.
1/6/2015 Advanced Dermatology & Cosmetic Surgery Inc. /
Dermatology Associates of Northern Michigan, P.C.
NA NA NA NA NA Offers cosmetic and aesthetic dermatology
including laser treatments, inject able products,
and esthetician services such as medical-grade
facials and skin care consultations.
1/5/2015 Advanced Dermatology & Cosmetic Surgery Inc. /
Spencer Dermatology & Skin Surgery Center LLC
NA NA NA NA NA Operates a surgical skin center that provides
dermatology care.
1/8/2015 Allure Group Inc. /
Sephardic Nursing and Rehabilitation Center
NA NA NA NA NA Operates a rehab center.
Announced Buffalo Medical Group, P.C. /
Podiatry Affiliates, PC
NA NA NA NA NA Provides podiatrist services including diabetic foot
care, in-office diagnostic testing, and in-office and
hospital foot surgery.
Announced Canadian Cannabis Corp. (OTCBB:CCAN) /
Novo Healthnet Limited
$15.7 NA NA NA NA Owns and operates a network of multidisciplinary
rehabilitation centers and affiliate facilities.
1/13/2015 Civitas Solutions, Inc. (NYSE:CIVI) /
Cassell & Associates, LLC
NA NA NA NA NA Provides brain injury rehabilitation and
occupational therapy services.
Announced Dale Jarrett Racing Adventure Inc. (OTCPK:DJRT) /
24/7 Kid Doc, Inc.
$0.3 NA NA NA NA Operates pediatric clinics.
1/7/2015 DaVita HealthCare Partners Inc. (NYSE:DVA) /
Colorado Springs Health Partners, P.C.
NA NA NA NA NA Operates medical centers offering health care
services.
1/23/2015 DaVita HealthCare Partners Inc. (NYSE:DVA) /
NephroLife Care (India) Pvt. Ltd.
NA NA NA NA NA Offers renal disease management for acute,
chronic, and end-stage renal diseases.
Announced DGAT Partners, LLC, Quantum International Income Corp.
(TSXV:QIC.U) /
Advanced Surgery Center, LLC
$5.0 NA NA NA NA Owns and operates single operating room
ambulatory surgery center.
1/7/2015 Ensign Group, Inc. (NasdaqGS:ENSG) /
Integrity Urgent Care, PC
NA NA NA NA NA Offers urgent medical care services.
PROVIDERS - NON-ACUTE
PROVIDERS - LABS
PROVIDERS - HOME HEALTH & HOSPICE
9
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
Announced Envision Healthcare Holdings, Inc. (NYSE:EVHC) /
Emergency Medical Associates Of New Jersey P.A.;
Scottsdale Emergency Associates Ltd
$380.0 NA NA NA NA Combined operations which provide emergency
medical care services.
1/20/2015 Finger Lakes Health Systems Agency Inc. /
Lifecare Medical Associates, PC
NA NA NA NA NA Offers family medicine, senior care, women's
health and wellness, pediatrics, occupational
health, sports medicine/minor orthopedics,
preventive health and nutrition, lab and diagnostic
testing, and on site specialty consultation
services.
1/7/2015 Good Shepherd Rehabilitation Hospital Inc. /
Rasansky Physical Therapy, LLC
NA NA NA NA NA Owns and operates outpatient rehabilitation and
physical therapy care facilities.
1/2/2015 Kindred Healthcare Inc. (NYSE:KND) /
Centerre Healthcare Corporation
$195.0 $141.0 $16.7 1.4x 11.7x Develops and operates rehabilitation hospitals.
Announced MEDNAX, Inc. (NYSE:MD) /
MEMAC Associates, P.C.
NA NA NA NA NA Provides healthcare services with 10
anesthesiologists and 18 part-time anesthetists.
1/8/2015 Memphis Obstetrics and Gynecological Association, P.C. /
Women's Physician Group PLLC
NA NA NA NA NA Owns and operates healthcare facilities that
provide healthcare services to women.
1/5/2015 Mental Health Partners /
Boulder County Public Health, Addiction Recovery Centers
Division
NA NA NA NA NA Comprises addiction recovery centers and cater to
23,000 individuals annually.
1/22/2015 Mercy Health /
Cardiac, Vascular and Thoracic Surgeons, Inc.
NA NA NA NA NA Provides vascular screening examination services
to detect the risk of stroke, the presence of
abdominal aortic aneurysm, and peripheral
vascular disease of the legs.
1/26/2015 Natus Medical Inc. (NasdaqGS:BABY) /
Global Neuro-Diagnostics, LP
NA NA NA NA NA Provides electroencephalography diagnostic
services to physicians and hospitals.
1/14/2015 Physicians Realty Trust (NYSE:DOC) /
309,865 square foot Columbus Regional Medical Office
Portfolio and Carle Danville Clinic
$44.8 NA NA NA NA Comprises thirteen medical office buildings.
Announced Physicians Realty Trust (NYSE:DOC) /
96% Interest in Portfolio of 7 Medical Office Facilities in
Minneapolis and 1 Facility in Jamestown
$122.1 NA NA NA NA Comprises healthcare properties.
1/14/2015 Physicians Realty Trust (NYSE:DOC) /
Middletown Medical, P.C., Two Medical Office Buildings in
Middletown, New York
$14.4 NA NA NA NA Comprises medical office buildings.
Announced Post Acute Partners, LLC /
St. James Mercy Health System, McAuley Manor at
Mercycare
NA NA NA NA NA Comprises a healthcare facility.
1/9/2015 Unknown Buyer /
Alignlife Chiropractic Centers
NA NA NA NA NA Provides healthcare services.
1/16/2015 Ventas, Inc. (NYSE:VTR) /
American Realty Capital Healthcare Trust, Inc.
$2,303.7 $163.0 NM NM NM Primarily invests in medical office buildings and
healthcare-related facilities include hospitals,
rehabilitation and surgical centers, assisted-living
properties and skilled-nursing facilities.
Announced Webster Capital /
PharmaLogic Inc.
NA NA NA NA NA Provides nuclear medicine radiopharmacy
services to hospitals and other healthcare sites.
MEAN (NON-ACUTE) 1.5x 10.8x
MEDIAN (NON-ACUTE) 1.5x 10.8x
1/15/2015 Capital Senior Living Corp. (NYSE:CSU) /
One Living Community In USA
NA NA NA NA NA Comprises a senior living community.
Announced CareTrust REIT, Inc. (NasdaqGS:CTRE) /
Twenty/20 Management, English Meadows at
Christiansburg and English Meadows Elks' Home
NA NA NA NA NA Comprises two assisted living facilities.
1/5/2015 Ensign Group, Inc. (NasdaqGS:ENSG) /
Mildred and Shirley L. Garrison Geriatric Education and
Care Center in Lubbock
$6.2 NA NA NA NA Comprises a skilled nursing care facility.
1/7/2015 Residences at Sherburne Commons, Inc. /
60 Unit Senior Housing Facility in Nantucket,
Massachusetts
$5.0 NA NA NA NA Comprises a senior housing facility.
1/30/2015 Senior Housing Properties Trust (NYSE:SNH) /
Coventry Village
$40.4 NA NA NA NA Comprises a 176-unit senior housing community.
1/29/2015 Unknown Buyer /
Four Non-Core Communities
$36.5 NA NA NA NA Comprises 547 independent senior living units.
1/7/2015 Vintage Senior Housing, LLC /
Vintage Grandview LLC
NA NA NA NA NA Owns and operates senior living community.
MEAN (LONG-TERM CARE) NA NA
MEDIAN (LONG-TERM CARE) NA NA
Announced Ascension Health, Michigan /
Crittenton Hospital Medical Center
NA NA NA NA NA Operates as a hospital.
PROVIDERS - ACUTE
PROVIDERS - LONG-TERM CARE
10
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
Announced Catholic Charities, Inc. - Archdiocese Of Hartford /
Johnson Memorial Medical Center, Inc.
NA NA NA NA NA Community hospital which provides healthcare
and clinical services to patients.
Announced Community Health Systems, Inc. (NYSE:CYH) /
Metropolitan Hospital
NA NA NA NA NA Operates as an acute-care osteopathic teaching
hospital that provides general medical and
surgical services.
1/13/2015 Fortis Property Group, LLC /
Long Island College Hospital Inc.
$240.0 NA NA NA NA Operates a community hospital and medical
school.
Announced Lennar Corp. (NYSE:LEN) /
Saint Catherine Hospital of Indiana LLC
$3.0 NA NA NA NA Owns and operates a 96-bed hospital and offers
services including, inpatient care, 24-hour
emergency services, intensive care, surgery,
cardiopulmonary care, and physical therapy.
1/5/2015 Nueterra Holdings LLC; University of Missouri Health Care /
Callaway Community Hospital
$6.0 NA NA NA NA 49-bed acute care facility that provides medical
and nursing services including emergency,
ambulatory and inpatient surgery, home health,
rehabilitation, and diagnostic.
1/22/2015 Prime A Investments, LLC /
North Vista Hospital, Inc.
NA NA NA NA NA Owns and operates a hospital.
1/6/2015 ProMedica /
Mercy Memorial Hospital System Corp.
NA NA NA NA NA Provides a range of inpatient and outpatient
services.
1/26/2015 Schryver Medical Sales And Marketing, Inc. /
Quality Mobile X-Ray Services, Inc.
NA NA NA NA NA Offers portable digital X-ray, portable digital
ultrasound, portable bone densitometry, Holter
monitor, and EKG services.
1/8/2015 Trihealth, Inc. /
Mccullough-Hyde Memorial Hospital Incorporated
$28.3 NA NA NA NA Comprises an acute care hospital that provides
health care services.
MEAN (ACUTE) NA NA
MEDIAN (ACUTE) NA NA
MEAN (PROVIDERS) 1.3x 10.8x
MEDIAN (PROVIDERS) 1.4x 10.8x
1/7/2015 BTG plc (LSE:BTG) /
PneumRx, Inc.
$475.0 NM NA NM NA Engages in the development and
commercialization of products to treat emphysema
using minimally invasive techniques.
1/26/2015 CaerVision Global, Inc. (OTCPK:SUGO) /
Vitall, Inc.
$0.1 NA NA NA NA Develops and manufactures patient-wearable
mobile healthcare monitoring device.
Announced ChoiceSpine, LP /
Baxano Surgical, Inc., Certain Assets
$1.1 NA NA NA NA Comprises certain assets.
1/6/2015 EG GILERO /
eNNOVEA, Medical Business
NA NA NA NA NA Comprises medical device manufacturing
business.
1/15/2015 Exactech Inc. (NasdaqGS:EXAC) /
Blue Ortho, SAS
$11.6 NA NA NA NA Develops and manufactures computer-assisted
orthopedic surgical technology.
1/2/2015 Lexmark International Inc. (NYSE:LXK) /
Claron Technology Inc., Substantially All Assets
$37.0 NA NA NA NA Develops OEM medical image processing
solutions.
1/16/2015 Nipro Corporation (TSE:8086) /
Panthera MedTech, Project Bengal
NA NA NA NA NA Develops inferior vena cava filter retrieval system.
1/8/2015 Pulmonx Inc. /
Aeris Therapeutics, Inc.
NA NA NA NA NA Engages in the development and
commercialization of therapies for patients with
emphysema and other lung diseases.
Announced Quandary Group /
Baxano Surgical, Inc., AxiaLIF Vectre Screw Product
$0.9 NA NA NA NA Comprises a medical device business for treating
degenerative conditions of the spine affecting the
lumbar region.
Announced Unknown Buyer /
Baxano Surgical, Inc., Certain Assets
$0.3 NA NA NA NA Develops and manufactures healthcare
equipment.
MEAN (CLINICAL DEVICES) NA NA
MEDIAN (CLINICAL DEVICES) NA NA
1/9/2015 Amarantus Bioscience Holdings, Inc. (OTCPK:AMBS) /
DioGenix, Inc.
$10.0 NA NA NA NA Engages in the discovery, development, and
commercialization of non-invasive diagnostic,
prognostic, and treatment response monitoring
tests.
1/8/2015 Harvard Bioscience Inc. (NasdaqGM:HBIO) /
HEKA Electronics Incorporated
$3.3 NA NA NA NA Manufactures instrumentation and software for
biomedical and Industrial research applications.
1/7/2015 Natus Medical Inc. (NasdaqGS:BABY) /
Healthcare Observation Systems L.L.C.
NA NA NA NA NA Develops IP camera technology and support
solutions, secure mobile viewing links, and a
comprehensive service program for real time
viewing of babies in the neonatal intensive care
unit by their families.
1/20/2015 Welch Allyn, Inc. /
Hubble Telemedical Inc.
NA NA NA NA NA Offers real-time diagnosis and disease
management planning services for diabetic
retinopathy.
MEAN (NON-CLINICAL DEVICES) NA NA
MEDIAN (NON-CLINICAL DEVICES) NA NA
PRODUCTS - NON-CLINICAL DEVICES
PRODUCTS - CLINICAL DEVICES
11
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
1/6/2015 EG GILERO /
ValTech Holdings Inc., Medical Business
NA NA NA NA NA Comprises the business operations that
manufacture disposables, surgical instruments,
operating room equipment, and implantable
devices for the healthcare sector.
1/30/2015 Fenner PLC (LSE:FENR) /
Charter Medical, Ltd.
$29.9 NA NA NA NA Engages in the design and supply of single use
systems for processing cell based and biologic
fluids in biotech and clinical applications for life
science and healthcare customers.
MEAN (DISPOSABLES) NA NA
MEDIAN (DISPOSABLES) NA NA
Announced Albany Molecular Research Inc. (NasdaqGS:AMRI) /
SSCI, Inc.
$36.0 NA NA NA NA Provides cGMP contract pharmaceutical
development services for pharmaceutical, biotech,
and chemical companies.
1/2/2015 Cantel Medical Corp. (NYSE:CMN) /
Pure Water Solutions, Inc.
$11.9 $8.0 $2.0 1.5x 6.0x Provides ultrapure water treatment equipment and
services.
Announced Emerald Medical Applications Ltd. /
Zaxis International Inc. (OTCPK:ZXSI)
NA NA NA NA NA Manufactures and distributes pre-cast gels and
reagents that were used in a molecular separation
process known as electrophoresis, a procedure
used in research, industrial, and clinical
laboratories worldwide.
1/5/2015 Empire Genomics, LLC /
ID Labs, Inc.
NA NA NA NA NA Develops and manufactures life-sciences
laboratory products such as molecular probes,
cytogenetics media, antibodies, and molecular
biology reagents.
1/15/2015 Genting Berhad (KLSE:GENTING) /
nanoMR Inc.
$24.0 NA NA NA NA Develops Pathogen Capture System for rapid
isolation of rare cells from complex matrices at
levels of 1 cell/mL or lower for the blood culture
market.
1/23/2015 Medical Depot, Inc. /
Specialised Orthotic Services Ltd
NA NA NA NA NA Manufactures special seating systems and other
rehabilitation products.
1/16/2015 Piramal Enterprises Limited (BSE:500302) /
Coldstream Laboratories Inc.
$25.0 NA NA NA NA Provides integrated analytical, formulation
development, and pharmaceutical contract
manufacturing services.
1/9/2015 Prism Medical Ltd. (TSXV:PM) /
Angel Accessibility Solutions Ltd.
$3.1 NA NA NA NA Manufactures and installs ceiling lifts, slings and
related assistive devices including floor lifts,
bathtub lifts, and home elevators.
1/5/2015 Stryker Corporation (NYSE:SYK) /
CHG Hospital Beds, Inc.
NA NA NA NA NA Manufactures and sells hospital beds to acute
care markets.
MEAN (COMMERCIAL) 1.5x 6.0x
MEDIAN (COMMERCIAL) 1.5x 6.0x
MEAN (CONSUMER PRODUCTS) NA NA
MEDIAN (CONSUMER PRODUCTS) NA NA
Announced Actavis plc (NYSE:ACT) /
Auden Mckenzie Holdings Limited
$461.1 NA NA NA NA Develops, manufactures, licenses, and markets
generic drugs.
1/8/2015 Albany Molecular Research Inc. (NasdaqGS:AMRI) /
Aptuit (Glasgow) Ltd.
$24.0 NA NA NA NA Offers drug product development and aseptic
clinical manufacturing services.
Announced Biogen Idec Inc. (NasdaqGS:BIIB) /
Convergence Pharmaceuticals Limited
$675.0 NA NA NA NA Develops analgesic medicines.
1/22/2015 Egalet Corporation (NasdaqGM:EGLT) /
Acura Pharmaceuticals Inc., Exclusive Worldwide Rights to
Commercialize Oxaydo
$20.0 NA NA NA NA Comprises distribution rights to commercialize
Oxaydo.
1/8/2015 Egalet Corporation (NasdaqGM:EGLT) /
Luitpold Pharmaceuticals, Inc., Sprix (Ketorolac
Tromethamine) Nasal Spray
$7.0 NA NA NA NA Comprises a non-steroidal anti-inflammatory drug
indicated in adult patients for the short-term
management of moderate to moderately severe
pain that requires analgesia at the opioid level.
1/12/2015 Otsuka Holdings Co., Ltd. (TSE:4578) /
Avanir Pharmaceuticals, Inc.
$3,207.4 NM NM NM NM Engages in acquiring, developing, and
commercializing novel therapeutic products for
the treatment of central nervous system disorders.Announced OXIS International, Inc. (OTCPK:OXIS) /
Exclusive Worldwide License To Develop & Commercialize
Therapies For Treatment Of Multiple Myeloma
NA NA NA NA NA Comprises business to develop and
commercialize therapies for treatment of Multiple
Myeloma.
Announced Shire plc (LSE:SHP) /
NPS Pharmaceuticals, Inc. (NasdaqGS:NPSP)
$4,864.4 NM NM NM NM Biopharmaceutical company which engages in the
development of therapeutic products.
1/27/2015 Spectranetics Corporation (NasdaqGS:SPNC) /
Covidien plc, Stellarex DCB platform
$30.0 NA NA NA NA Comprises a balloon coating designed to prevent
drug loss during transit and facilitate controlled
drug delivery to the treatment site.
MEAN (PHARMACEUTICALS) NA NA
MEDIAN (PHARMACEUTICALS) NA NA
PRODUCTS - PHARMACEUTICALS
PRODUCTS - CONSUMER
PRODUCTS - COMMERCIAL
PRODUCTS - DISPOSABLES
12
Date Acquirer / Target Price
Target
Revenue
Target
EBITDA2
Price/
Revenue
Price/
EBITDA2
Target Description
1/23/2015 Abcam Plc (AIM:ABC) /
Firefly BioWorks, Inc.
$28.0 NA NA NA NA Develops instrument-independent multiplexed
assays.
1/7/2015 Adaptive Biotechnologies Corporation /
Sequenta, Inc.
NA NA NA NA NA Develops and commercializes clinical diagnostics
based platform for understanding immune system
status.
Announced Array BioPharma, Inc. (NasdaqGM:ARRY) /
Novartis Pharma AG, Worldwide Rights to encorafenib (LGX-
818)
NA NA NA NA NA Provides treatments for Alzheimer’s disease,
Parkinson’s disease, Attention-Deficit/Hyperactivity
Disorder, epilepsy, schizophrenia, and migraine.
Announced Avagenesis Corp. (TSXV:VVA) /
Curastem Biomedical Corp.
$1.3 NA NA NA NA Provides bio-processing and cell isolation services
for burn management.
1/6/2015 Cardio3 BioSciences SA (ENXTBR:CARD) /
Celdara Medical, LLC, Immuno-Oncology
$10.0 NA NA NA NA Comprises a portfolio of immuno-oncology cancer
treatment products.
1/9/2015 Cipher Pharmaceuticals Inc. (TSX:CPH) /
Melanovus Oncology, Inc.
$0.5 NA NA NA NA Engages in development of therapeutics for
treatment of metastatic melanoma.
Announced Co-Diagnostics, Inc. /
DNA Logix, Inc.
NA NA NA NA NA Develops and commercializes biophysical models
and statistical bioinformatics to engineer novel
molecular diagnostic technologies.
1/29/2015 Endo International plc (NasdaqGS:ENDP) /
Auxilium Pharmaceuticals Inc. (DB:FEJ)
$2,244.2 $407.1 NM 5.5x NM Specialty biopharmaceutical company that
develops and markets pharmaceutical products
for urology and sexual health worldwide.
Announced Innovate Biopharmaceuticals, Inc. /
Repligen Corporation, Late-Stage Pancreatic Imaging
Assets
NA NA NA NA NA Comprises assets and licenses related to RG-
1068 which is a synthetic version of human
secretin which improves detection and
visualization of pancreatic duct abnormalities in
patients with known or suspected pancreatitis.
Announced Intrexon Corporation (NYSE:XON) /
Exemplar Genetics LLC
NA NA NA NA NA Develops genetic miniature swine/pig models for
the research and development in the areas of
heart disease, cancer, cystic fibrosis, cardiac
arrhythmia, neuromuscular, neurodegenerative,
nervous system, immunodeficiency, and lonestar
swine disorders.
1/29/2015 Matinas BioPharma Holdings, Inc. (OTCPK:MTNB) /
Aquarius Biotechnologies, Inc.
$3.5 NA NA NA NA Develops drugs based on cochleates, a drug
delivery platform for biotech and pharmaceutical
companies.
1/20/2015 Merck & Co. Inc. (NYSE:MRK) /
Cubist Pharmaceuticals Inc.
$8,404.1 $1,164.5 NM 7.2x NM Biopharmaceutical company engaged in the
research, development, and commercialization of
pharmaceutical products for medical needs in the
acute care environment.
1/5/2015 Pfizer Inc. (NYSE:PFE) /
Redvax GmbH
NA NA NA NA NA Develops multi-component virus-like particles and
other protein assemblies for vaccine development.
Announced Roche Holding AG (SWX:ROG) /
Foundation Medicine, Inc. (NasdaqGS:FMI)
$1,582.5 NM NM NM NM Provides various molecular information products
which generate actionable genomic information
about a patient’s individual disease, enabling
physicians to optimize treatments in clinical
practice, and enabling biopharmaceutical
companies to develop targeted oncology
therapies.
Announced Tekmira Pharmaceuticals Corporation (TSX:TKM) /
OnCore Biopharma, Inc.
NA NA NA NA NA Engages in the research, development, and
commercialization of therapies for the treatment of
chronic hepatitis B virus infection.
Announced Tobira Therapeutics, Inc. /
Regado Biosciences, Inc. (NasdaqCM:RGDO)
NA NA NM NA NM Focuses on the discovery and development of
antithrombotic drug systems for acute and sub-
acute cardiovascular and other indications.
1/20/2015 Unknown Buyer /
Stella Blu, Inc.
$0.2 NA NA NA NA Intends to acquire, license, and enforce patented
technologies in bio-technology and nano-
technology areas.
Announced Valeant Pharmaceuticals International, Inc. (TSX:VRX) /
Dendreon Corp, Substantially All Assets
$296.0 NA NA NA NA Discovers, develops, and commercializes novel
therapeutics to enhance cancer treatment options
for patients.
Announced Vivione Biosciences Inc. (TSXV:VBI) /
Trillium Diagnostics, LLC
$15.0 NA NA NA NA Provides diagnostic assays.
1/9/2015 WuXi PharmaTech (Cayman) Inc. (NYSE:WX) /
NextCODE Health LLC
$65.0 NA NA NA NA Operates as a sequence-based clinical
diagnostics company.
MEAN (BIOTECH) 6.4x NA
MEDIAN (BIOTECH) 6.4x NA
1/8/2015 A&D Healthcare, LLC /
Allied Medical, Inc.
NA NA NA NA NA Supplies medical products including lift chairs,
shower safety kits, wheelchairs, and scooters.
1/6/2015 AeroCare Holdings, Inc. /
Matrix Medical LLC
NA NA NA NA NA Supplies in-home medical and respiratory
equipment.
1/8/2015 Ascendant Solutions Inc. (OTCPK:ASDS) /
McCrory's Pharmacy
NA NA NA NA NA A compounding pharmacy.
PRODUCTS - DISTRIBUTION
PRODUCTS - BIOTECH
13
14 ANALYSIS OF SELECTED
PUBLICLY-TRADED HEALTHCARE COMPANIES1
(JANUARY 31, 2015)
($ 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) 91.82 32,293.09 39,430.89 58,003.20 4,531.00 5.68 0.7x 8.7x 16.2x
Amerisafe, Inc. (NasdaqGS:AMSF) 40.70 766.09 647.54 393.44 76.13 2.87 1.6x 8.5x 14.2x
Anthem, Inc. (NYSE:ANTM) 134.96 36,431.24 50,947.04 73,874.10 5,900.90 8.95 0.7x 8.6x 15.1x
Centene Corp. (NYSE:CNC) 109.16 6,404.31 5,985.46 15,695.00 581.00 4.45 0.4x 10.3x 24.5x
CIGNA Corp. (NYSE:CI) 106.83 27,944.48 31,581.48 34,098.00 3,053.00 7.32 0.9x 10.3x 14.6x
CNO Financial Group, Inc. (NYSE:CNO) 15.52 3,182.70 6,359.00 4,302.90 811.30 0.34 1.5x 7.8x NM
Health Net Inc. (NYSE:HNT) 54.17 4,220.90 3,605.79 12,993.44 367.60 1.98 0.3x 9.8x NM
Humana Inc. (NYSE:HUM) 146.44 22,454.38 24,354.38 48,500.00 2,811.00 7.36 0.5x 8.7x 19.9x
Independence Holding Co. (NYSE:IHC) 12.71 220.79 254.48 550.46 29.72 0.79 0.5x 8.6x 16.1x
Molina Healthcare Inc. (NYSE:MOH) 50.91 2,463.89 1,774.10 8,323.79 184.83 0.42 0.2x 9.6x NM
ProAssurance Corporation (NYSE:PRA) 44.37 2,537.25 2,539.25 827.24 354.48 3.35 3.1x 7.2x 13.2x
Triple-S Management Corporation (NYSE:GTS) 24.08 656.50 602.98 2,335.90 86.99 1.43 0.3x 6.9x 16.9x
Unitedhealth Group, Inc. (NYSE:UNH) 106.25 101,977.79 113,276.79 130,474.00 11,752.00 5.70 0.9x 9.6x 18.6x
Universal American Corp (NYSE:UAM) 9.03 726.30 769.37 2,078.73 22.34 (1.39) 0.4x NM NM
WellCare Health Plans, Inc. (NYSE:WCG) 72.85 3,198.52 2,548.02 11,983.80 270.40 2.24 0.2x 9.4x NM
MEAN (INSURANCE) 0.8x 8.9x 16.9x
MEDIAN (INSURANCE) 0.5x 8.7x 16.1x
Accretive Health, Inc. (OTCPK:ACHI) 5.85 575.11 346.21 504.77 244.83 1.34 0.7x 1.4x 4.4x
Allscripts Healthcare Solutions, Inc. (NasdaqGS:MDRX) 11.91 2,146.92 2,696.83 1,387.95 45.97 (0.48) 1.9x NM NM
Castlight Health (NYSE:CSLT) 8.88 801.79 619.63 36.25 (85.24) (0.73) NM NM NM
Cerner Corp. (NasdaqNM:CERN) 66.35 22,656.67 21,471.70 3,181.14 841.50 1.25 NM NM NM
CompuGroup Medical AG (DB:COP) 25.79 1,282.19 1,662.73 644.74 98.84 0.73 2.6x 16.8x NM
Computer Programs & Systems Inc. (NasdaqNM:CPSI) 49.26 552.16 517.66 204.74 53.22 2.94 2.5x 9.7x 16.8x
Craneware plc (AIM:CRW) 7.51 201.54 172.90 42.57 12.18 0.32 4.1x 14.2x 23.7x
Imprivata, Inc. (NYSE:IMPR) 13.43 319.17 242.56 89.59 (15.28) (0.75) 2.7x NM NM
Medidata Solutions, Inc. (NasdaqGS:MDSO) 42.99 2,332.25 2,312.16 335.07 36.28 0.11 NM NM NM
Merge Healthcare Incorporated. (NasdaqGS:MRGE) 3.70 354.96 549.31 212.29 38.20 (0.03) 2.6x 14.4x NM
Quality Systems Inc. (NasdaqGS:QSII) 16.29 982.06 857.24 477.04 43.01 0.36 1.8x 19.9x NM
Raysearch Laboratories AB (OM:RAY B) 6.50 222.69 219.69 37.08 3.03 0.10 NM NM NM
MEAN (TECHNOLOGY) 2.4x 12.7x 14.9x
MEDIAN (TECHNOLOGY) 2.6x 14.3x 16.8x
Advisory Board Co. (NasdaqGS:ABCO) 46.88 1,805.87 1,783.35 555.08 61.43 0.41 3.2x NM NM
Air Methods Corp. (NasdaqNM:AIRM) 41.55 1,628.99 2,282.91 983.21 245.95 2.20 2.3x 9.3x 18.9x
Albany Molecular Research Inc. (NasdaqGS:AMRI) 16.33 532.47 638.03 257.09 35.36 0.11 2.5x 18.0x NM
AMN Healthcare Services Inc. (NYSE:AHS) 18.82 877.61 1,014.20 1,005.04 84.03 0.67 1.0x 12.1x NM
Athenahealth, Inc. (NasdaqGM:ATHN) 139.71 5,322.11 5,429.65 710.96 59.36 0.03 NM NM NM
BioScrip Inc. (NasdaqNM:BIOS) 5.75 394.66 817.94 1,028.60 (3.49) (1.37) 0.8x NM NM
Catamaran Corporation (TSX:CCT) 50.00 10,373.43 10,847.90 20,370.80 805.90 1.41 0.5x 13.5x NM
Cegedim SA (ENXTPA:CGM) 36.24 506.33 1,075.95 1,133.80 149.60 (6.00) 0.9x 7.2x NM
CorVel Corp. (NasdaqNM:CRVL) 32.94 680.24 652.08 490.68 67.35 1.49 1.3x 9.7x 22.1x
Covance Inc. (NYSE:CVD) 106.21 6,049.62 5,594.79 2,699.63 424.13 3.23 2.1x 13.2x NM
SERVICES - OUTSOURCING
SERVICES - INSURANCE
SERVICES - TECHNOLOGY
15
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Cross Country Healthcare Inc. (NasdaqNM:CCRN) 10.23 319.74 377.69 538.87 11.27 (2.07) 0.7x NM NM
eHealth, Inc. (NasdaqGS:EHTH) 10.24 182.45 124.37 188.87 12.10 0.06 0.7x 10.3x NM
EPS Corporation (TSE:4282) 12.50 471.68 424.58 361.29 44.98 0.49 1.2x 9.4x NM
ExamWorks Group, Inc. (NYSE:EXAM) 36.96 1,480.21 1,929.13 732.36 101.16 0.13 2.6x 19.1x NM
Express Scripts Inc. (NasdaqNM:ESRX) 80.71 59,233.88 73,097.08 100,355.90 6,496.40 2.50 0.7x 11.3x NM
Healthcare Services Group Inc. (NasdaqNM:HCSG) 31.51 2,226.84 2,162.09 1,293.18 37.15 0.31 1.7x NM NM
Healthways Inc. (NasdaqNM:HWAY) 20.62 729.74 985.49 712.28 34.18 (0.39) 1.4x NM NM
HMS Holdings Corp. (NasdaqNM:HMSY) 19.79 1,736.89 1,814.49 452.66 103.66 0.31 4.0x 17.5x NM
ICON plc (NasdaqGS:ICLR) 56.40 3,472.60 3,223.99 1,458.48 239.59 2.54 2.2x 13.5x 22.2x
IPC The Hospitalist Company, Inc. (NasdaqGS:IPCM) 40.36 695.08 739.61 676.35 71.38 2.22 1.1x 10.4x 18.2x
Magellan Health Services Inc. (NasdaqNM:MGLN) 60.12 1,640.54 1,531.30 3,785.87 195.93 2.76 0.4x 7.8x 21.8x
Omnicare Inc. (NYSE:OCR) 74.98 7,339.33 9,268.36 6,325.85 729.95 2.35 1.5x 12.7x NM
On Assignment Inc. (NYSE:ASGN) 35.13 1,838.95 2,212.76 1,809.31 178.72 1.36 1.2x 12.4x NM
Parexel International Corp. (NasdaqNM:PRXL) 60.96 3,353.78 3,439.56 1,993.94 298.34 2.66 1.7x 11.5x 22.9x
Stericycle, Inc. (NasdaqGS:SRCL) 131.29 11,149.67 12,808.11 2,446.55 697.91 3.72 NM 18.4x NM
Synergy Health plc (LSE:SYR) 32.52 1,920.20 2,184.62 627.21 165.94 0.97 3.5x 13.2x NM
Team Health Holdings, Inc. (NYSE:TMH) 51.70 3,676.34 4,381.12 2,650.75 282.08 1.44 1.7x 15.5x NM
MEAN (OUTSOURCING) 1.6x 12.7x 21.0x
MEDIAN (OUTSOURCING) 1.4x 12.4x 22.0x
3i Infotech, Ltd. (BSE:532628) 0.14 82.00 427.53 225.79 (8.38) (0.13) 1.9x NM NM
Firstsource Solutions Limited (BSE:532809) 0.46 304.97 412.19 503.36 60.68 0.05 0.8x 6.8x 9.0x
HCL Technologies Ltd. (BSE:532281) 28.89 20,293.25 18,857.46 5,692.41 1,465.79 1.68 3.3x 12.9x 17.2x
Hexaware Technologies Ltd. (BSE:532129) 3.63 1,093.21 1,032.43 402.18 76.05 0.18 2.6x 13.6x 20.2x
Infosys Technologies Ltd. (BSE:500209) 34.50 39,432.30 34,017.80 8,644.00 2,489.00 1.75 3.9x 13.7x 19.7x
KPIT Cummins Infosystems Ltd. (BSE:532400) 3.34 627.41 635.20 463.03 54.67 0.20 1.4x 11.6x 16.5x
Mphasis Limited (BSE:526299) 5.85 1,228.87 934.51 1,060.71 192.08 0.59 0.9x 4.9x 9.9x
NIIT Technologies Ltd. (BSE:532541) 5.64 344.07 318.51 378.24 48.71 0.52 0.8x 6.5x 10.8x
Tata Consultancy Services Limited (BSE:532540) 39.95 78,254.50 75,966.27 14,550.30 4,253.58 1.73 NM 17.9x 23.0x
Tech Mahindra Limited (BSE:532755) 46.35 11,123.62 10,479.21 3,411.00 716.14 1.79 3.1x 14.6x NM
Wipro Ltd. (BSE:507685) 9.76 23,941.83 21,345.11 7,350.30 1,668.43 0.55 2.9x 12.8x 17.7x
MEAN (INDIA-BASED OUTSOURCING) 2.2x 11.5x 16.0x
MEDIAN (INDIA-BASED OUTSOURCING) 2.2x 12.8x 17.2x
Everyday Health, Inc. (NYSE:EVDY) 13.88 427.80 410.11 174.37 15.41 (0.57) 2.4x NM NM
Healthstream Inc. (NasdaqNM:HSTM) 28.26 780.94 664.51 162.40 26.41 0.34 4.1x NM NM
IMS Health Holdings, Inc. (NSYE:IMS) 24.61 8,200.74 11,761.74 2,641.00 682.00 (0.59) 4.5x 17.2x NM
National Research Corp. (NasdaqGS:NRCI.B) 34.55 409.88 380.02 96.64 31.66 0.72 3.9x 12.0x NM
WebMD Health Corp. (NasdaqNM:WBMD) 38.75 1,400.90 1,653.28 564.00 107.71 0.86 2.9x 15.3x NM
MEAN (INFORMATION) 3.6x 14.9x NM
MEDIAN (INFORMATION) 3.9x 15.3x NM
MEAN (SERVICES) 1.8x 11.6x 17.3x
MEDIAN (SERVICES) 1.5x 11.4x 17.4x
Bio-Reference Laboratories Inc. (NasdaqNM:BRLI) 33.53 930.46 968.38 832.28 108.59 1.68 1.2x 8.9x 20.0x
Charles River Laboratories International Inc. (NYSE:CRL) 69.35 3,254.04 3,923.52 1,257.34 280.63 2.51 3.1x 14.0x NM
Foundation Medicine, Inc. (NasdaqGS:FMI) 47.66 1,352.35 1,265.99 52.06 (44.86) (1.87) NM NM NM
Genomic Health Inc. (NasdaqGS:GHDX) 32.28 1,023.99 919.30 275.40 (19.38) (0.89) 3.3x NM NM
SERVICES - INDIA-BASED OUTSOURCING
PROVIDERS - LABS
SERVICES - INFORMATION
16
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Laboratory Corp. of America Holdings (NYSE:LH) 114.78 9,698.91 12,156.31 5,935.90 1,138.40 5.96 2.0x 10.7x 19.3x
Quest Diagnostics Inc. (NYSE:DGX) 71.07 10,272.03 13,871.03 7,435.00 1,288.00 3.78 1.9x 10.8x 18.8x
Sonic Healthcare Ltd. (ASX:SHL) 14.63 5,873.48 7,245.16 3,690.74 671.29 0.90 2.0x 10.8x 16.2x
MEAN (LABS) 2.2x 11.0x 18.6x
MEDIAN (LABS) 2.0x 10.8x 19.0x
Addus HomeCare Corp. (NasdaqGS:ADUS) 22.18 241.34 231.12 300.19 20.06 1.03 0.8x 11.5x 21.5x
Almost Family Inc. (NasdaqNM:AFAM) 30.36 287.69 338.42 466.20 21.75 1.00 0.7x 15.6x NM
Amedisys Inc. (NasdaqNM:AMED) 28.18 940.65 1,048.75 1,190.76 51.65 (0.13) 0.9x NM NM
Chemed Corp. (NYSE:CHE) 101.14 1,720.39 1,875.38 1,425.48 183.55 5.15 1.3x 10.2x 19.6x
LHC Group, Inc. (NasdaqNM:LHCG) 29.72 528.96 603.04 689.75 55.79 1.22 0.9x 10.8x 24.4x
National Healthcare Corp. (AMEX:NHC) 62.97 887.39 919.78 854.87 104.76 3.27 1.1x 8.8x 19.2x
MEAN (HOME HEALTH & HOSPICE) 0.9x 11.4x 21.2x
MEDIAN (HOME HEALTH & HOSPICE) 0.9x 10.8x 20.6x
Alliance Healthcare Services, Inc. (NasdaqGM:AIQ) 22.54 238.10 749.04 437.40 127.29 0.43 1.7x 5.9x NM
AmSurg Corp. (NasdaqNM:AMSG) 55.18 2,655.53 5,456.19 1,341.50 422.72 1.33 4.1x 12.9x NM
Corrections Corporation of America (NYSE:CXW) 39.32 4,579.84 5,770.99 1,654.49 377.24 1.81 3.5x 15.3x 21.7x
DaVita HealthCare Partners Inc. (NYSE:DVA) 75.06 16,130.39 23,900.88 12,519.40 2,413.29 3.37 1.9x 9.9x 22.3x
GEO Group, Inc. (NYSE: GEO) 43.52 3,226.87 4,775.83 1,647.43 316.94 1.86 2.9x 15.1x 23.4x
Hanger, Inc. (NYSE:HGR) 21.58 742.16 1,277.14 1,060.75 156.16 1.65 1.2x 8.2x 13.1x
HEALTHSOUTH Corp. (NYSE:HLS) 44.10 3,869.91 5,496.11 2,336.00 584.30 1.57 2.4x 9.4x NM
MEDNAX, Inc. (NYSE:MD) 67.89 6,817.24 7,332.59 2,438.91 555.78 3.18 3.0x 13.2x 21.4x
Providence Service Corp. (NasdaqGS:PRSC) 39.00 618.38 673.10 1,304.42 62.33 1.14 0.5x 10.8x NM
RadNet, Inc. (NasdaqNM:RDNT) 7.89 336.99 952.62 710.36 115.89 (0.04) 1.3x 8.2x NM
Select Medical Holdings Corporation (NYSE:SEM) 13.52 1,770.12 3,364.22 2,997.10 362.43 0.92 1.1x 9.3x 14.7x
US Physical Therapy Inc. (NYSE:USPH) 38.79 475.91 536.80 290.20 50.65 1.53 1.8x 10.6x NM
VCA Inc. (NasdaqGS:WOOF) 52.10 4,382.91 4,948.39 1,874.01 347.94 1.48 2.6x 14.2x NM
MEAN (NON-ACUTE) 2.2x 11.0x 19.4x
MEDIAN (NON-ACUTE) 1.9x 10.6x 21.5x
AdCare Health Systems Inc. (AMEX:ADK) 4.00 76.88 222.33 227.27 12.35 (0.78) 1.0x 18.0x NM
Brookdale Senior Living Inc. (NYSE:BKD) 33.75 6,190.08 12,367.56 3,831.71 466.16 (1.01) 3.2x NM NM
Capital Senior Living Corp. (NYSE:CSU) 23.87 694.45 1,332.97 367.44 56.93 (0.79) 3.6x NM NM
Ensign Group, Inc. (NasdaqNM:ENSG) 41.50 932.86 890.85 987.55 109.95 1.65 0.9x 8.1x NM
Five Star Quality Care Inc. (NYSE:FVE) 3.48 169.34 206.42 1,103.32 20.23 (0.26) 0.2x 10.2x NM
Health Care REIT, Inc. (NYSE:HCN) 81.95 26,852.89 37,529.53 3,224.17 1,771.11 0.90 NM NM NM
Sabra Health Care REIT, Inc. (NasdaqGS:SBRA) 32.70 1,930.84 3,194.10 165.36 141.14 0.65 NM NM NM
Skilled Healthcare Group, Inc. (NYSE:GEN) 8.30 332.00 729.28 831.17 66.60 (0.01) 0.9x 10.9x NM
Ventas, Inc. (NYSE:VTR) 79.81 26,393.17 37,035.14 3,002.09 1,670.91 1.60 NM NM NM
MEAN (LONG-TERM CARE) 1.6x 11.8x NM
MEDIAN (LONG-TERM CARE) 0.9x 10.6x NM
Community Health Systems, Inc. (NYSE:CYH) 54.79 6,329.13 23,724.13 15,508.69 1,987.94 (0.20) 1.5x 11.9x NM
HCA Holdings, Inc. (NYSE:HCA) 70.80 29,769.84 59,241.84 36,918.00 7,385.00 4.16 1.6x 8.0x 17.0x
Kindred Healthcare Inc. (NYSE:KND) 18.46 1,285.07 2,647.95 5,080.62 290.54 (1.19) 0.5x 9.1x NM
Lifepoint Hospitals Inc. (NasdaqNM:LPNT) 65.24 2,953.61 5,023.51 4,172.80 547.10 2.95 1.2x 9.2x 22.1x
Tenet Healthcare Corp. (NYSE:THC) 42.28 4,155.28 16,035.28 16,032.00 1,750.00 (0.45) 1.0x 9.2x NM
PROVIDERS - ACUTE
PROVIDERS - HOME HEALTH & HOSPICE
PROVIDERS - NON-ACUTE
PROVIDERS - LONG-TERM CARE
17
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Universal Health Services Inc. (NYSE:UHS) 102.53 10,147.49 13,859.19 7,758.59 1,386.01 4.96 1.8x 10.0x 20.7x
University General Health System, Inc. (OTCPK:UGHS) 0.03 9.86 135.01 163.99 (5.39) (0.10) 0.8x NM NM
MEAN (ACUTE) 1.2x 9.6x 19.9x
MEDIAN (ACUTE) 1.2x 9.2x 20.7x
MEAN (PROVIDERS) 1.7x 10.9x 19.7x
MEDIAN (PROVIDERS) 1.4x 10.6x 20.0x
Abiomed Inc. (NasdaqNM:ABMD) 51.74 2,093.58 1,980.16 213.19 23.89 0.44 NM NM NM
Accuray Incorporated (NasdaqNM:ARAY) 7.37 573.75 622.12 379.68 (8.06) (0.60) 1.6x NM NM
Affymetrix Inc. (NasdaqNM:AFFX) 11.04 812.37 872.99 349.02 38.88 (0.05) 2.5x NM NM
Align Technology Inc. (NasdaqNM:ALGN) 53.05 4,259.38 3,804.73 761.65 211.53 1.77 5.0x 18.0x NM
Alphatec Holdings, Inc. (NasdaqNM:ATEC) 1.28 127.82 209.92 204.92 21.00 (0.75) 1.0x 10.0x NM
Analogic Corporation (NasdaqGS:ALOG) 81.53 1,008.77 892.33 525.78 66.59 3.29 1.7x 13.4x 24.7x
AngioDynamics Inc. (NasdaqNM:ANGO) 19.25 686.64 825.62 357.77 53.57 0.14 2.3x 15.4x NM
AtriCure, Inc. (NasdaqNM:ATRC) 19.84 545.02 485.69 99.47 (18.89) (0.64) 4.9x NM NM
Baxter International Inc. (NYSE:BAX) 70.31 38,106.47 45,325.47 16,671.00 4,312.00 3.56 2.7x 10.5x 19.8x
Boston Scientific Corp. (NYSE:BSX) 14.81 19,645.32 23,644.32 7,380.00 1,611.33 0.20 3.2x 14.7x NM
Bruker BioSciences Corp. (NasdaqNM:BRKR) 18.86 3,177.59 3,096.09 1,853.00 239.00 0.39 1.7x 13.0x NM
Cardiovascular Systems Inc. (NasdaqGS:CSII) 34.09 1,071.93 970.58 160.60 (31.09) (1.06) NM NM NM
CareFusion Corporation (NYSE:CFN) 59.30 12,109.06 12,364.06 4,081.00 928.00 2.35 3.0x 13.3x NM
Cepheid (NasdaqNM:CPHD) 56.51 3,982.88 3,967.70 470.14 12.26 (0.72) NM NM NM
CONMED Corp. (NasdaqNM:CNMD) 47.64 1,311.39 1,486.49 734.47 128.09 1.16 2.0x 11.6x NM
CR Bard Inc. (NYSE:BCR) 171.03 12,809.98 13,241.08 3,323.60 957.97 3.76 4.0x 13.8x NM
CryoLife Inc. (NYSE:CRY) 11.26 314.63 284.80 141.95 15.96 0.50 2.0x 17.8x 22.4x
Cyberonics Inc. (NasdaqNM:CYBX) 55.57 1,462.21 1,320.30 288.46 98.75 2.34 4.6x 13.4x 23.7x
DexCom, Inc. (NasdaqNM:DXCM) 59.78 4,576.88 4,507.18 226.60 (17.70) (0.37) NM NM NM
Edwards Lifesciences Corp. (NYSE:EW) 125.35 13,409.19 12,505.19 2,322.90 559.87 7.48 NM NM 16.8x
Endologix Inc. (NasdaqNM:ELGX) 13.93 935.66 904.72 143.99 (16.70) (0.34) NM NM NM
Exactech Inc. (NasdaqNM:EXAC) 20.79 287.07 302.24 246.64 44.18 1.14 1.2x 6.8x 18.3x
Fresenius SE & Co KGaA (DB:FRE) 57.19 30,969.00 53,741.79 28,048.21 5,030.61 2.49 1.9x 10.7x 22.9x
Genomic Health Inc. (NasdaqGS:GHDX) 32.28 1,023.99 919.30 275.40 (19.38) (0.89) 3.3x NM NM
GI Dynamics, Inc. (ASX:GID) 0.22 104.97 50.64 3.42 (42.79) (0.10) NM NM NM
Heartware International Inc. (NasdaqGS:HTWR) 83.53 1,421.51 1,354.04 258.27 (21.45) (2.40) NM NM NM
Hologic Inc. (NasdaqNM:HOLX) 30.37 8,500.71 11,911.51 2,549.10 914.40 0.18 4.7x 13.0x NM
Illumina Inc. (NasdaqNM:ILMN) 195.19 27,716.98 27,669.65 1,861.36 524.93 2.37 NM NM NM
IMRIS, Inc. (TSX:IM) 1.00 52.07 69.19 29.32 (32.38) (0.86) 2.4x NM NM
Integra LifeSciences Holdings Corp. (NasdaqNM:IART) 55.72 1,826.95 2,310.98 896.90 180.67 1.07 2.6x 12.8x NM
Intuitive Surgical Inc. (NasdaqNM:ISRG) 494.48 17,925.89 15,428.89 2,131.70 616.93 11.11 NM NM NM
Landauer Inc. (NYSE:LDR) 27.97 267.00 395.82 155.06 39.92 (2.65) 2.6x 9.9x NM
Masimo Corporation (NasdaqNM:MASI) 25.52 1,337.55 1,344.97 555.99 95.94 1.08 2.4x 14.0x 23.7x
Medtronic Inc. (NYSE:MDT) 71.40 101,304.18 100,528.18 17,255.00 5,682.00 2.89 NM 17.7x 24.7x
MELA Sciences, Inc. (NasdaqCM:MELA) 1.38 8.33 (1.10) 0.68 (15.38) (3.24) NM 0.1x NM
Meridian Bioscience Inc. (NasdaqNM:VIVO) 17.30 720.87 677.83 190.30 58.97 0.84 3.6x 11.5x 20.6x
Natus Medical Inc. (NasdaqNM:BABY) 37.60 1,200.34 1,133.61 355.83 61.05 0.97 3.2x 18.6x NM
NuVasive, Inc. (NasdaqNM:NUVA) 46.32 2,178.94 2,243.92 748.91 113.42 (0.39) 3.0x 19.8x NM
Nxstage Medical, Inc. (NasdaqNM:NXTM) 17.89 1,108.93 1,073.56 291.04 (8.88) (0.40) 3.7x NM NM
Orthofix International NV (NasdaqNM:OFIX) 30.50 562.33 556.62 398.50 53.37 (1.24) 1.4x 10.4x NM
PRODUCTS - CLINICAL DEVICES
18
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Ossur Hf. (ICSE:OSSRU) 3.16 1,395.64 1,472.87 508.53 97.83 0.13 2.9x 15.1x 24.7x
Quidel Corp. (NasdaqNM:QDEL) 23.54 810.53 798.41 167.39 9.69 (0.38) 4.8x NM NM
ResMed Inc. (NYSE:RMD) 62.47 8,780.47 8,349.44 1,616.32 491.22 2.46 NM 17.0x NM
REVA Medical, Inc. (ASX:RVA) 0.38 127.60 122.01 - (23.02) (0.07) NM NM NM
Sirona Dental Systems Inc. (NasdaqNM:SIRO) 90.22 5,013.53 4,712.63 1,171.10 269.50 3.13 4.0x 17.5x NM
Smith & Nephew plc (LSE:SN.) 17.89 15,995.07 17,732.44 4,617.00 1,188.00 0.56 3.8x 14.9x NM
Sonova Holding AG (SWX:SOON) 131.42 8,827.05 8,526.78 2,084.87 506.05 5.44 4.1x 16.8x 24.2x
Spectranetics Corporation (NasdaqNM:SPNC) 32.71 1,369.76 1,496.22 181.33 3.10 (0.61) NM NM NM
St. Jude Medical Inc. (NYSE:STJ) 65.87 18,833.09 21,257.09 5,622.00 1,697.33 3.46 3.8x 12.5x 19.0x
STAAR Surgical Co. (NasdaqNM:STAA) 6.00 231.92 219.12 77.21 (2.63) (0.18) 2.8x NM NM
Stryker Corp. (NYSE:SYK) 91.05 34,446.13 32,692.13 9,675.00 1,843.00 1.34 3.4x 17.7x NM
Synergetics USA, Inc. (NasdaqCM:SURG) 4.80 121.74 101.30 65.40 7.25 0.11 1.5x 14.0x NM
Thoratec Corp. (NasdaqNM:THOR) 35.89 1,973.95 1,725.39 477.77 95.50 0.90 3.6x 18.1x NM
Unilife Corporation (ASX:UNS) 0.73 554.30 601.96 12.88 (55.38) (0.11) NM NM NM
Utah Medical Products Inc. (NasdaqNM:UTMD) 56.69 212.47 198.01 41.28 19.59 3.01 4.8x 10.1x 18.8x
Varian Medical Systems Inc. (NYSE:VAR) 92.56 9,273.12 8,827.02 3,076.20 645.79 3.84 2.9x 13.7x 24.1x
Volcano Corporation (NasdaqNM:VOLC) 17.97 927.43 1,170.51 395.08 15.74 (0.75) 3.0x NM NM
Wright Medical Group Inc. (NasdaqNM:WMGI) 24.41 1,205.64 1,212.37 279.96 (76.80) (5.51) 4.3x NM NM
Zimmer Holdings Inc. (NYSE:ZMH) 112.10 18,984.58 18,714.28 4,673.30 1,788.50 4.19 4.0x 10.5x NM
MEAN (CLINICAL) 3.1x 13.6x 21.9x
MEDIAN (CLINICAL) 3.0x 13.5x 22.9x
Abaxis Inc. (NasdaqNM:ABAX) 61.48 1,385.51 1,276.74 202.96 39.63 0.87 NM NM NM
CareView Communications, Inc. (OTCBB:CRVW) 0.45 62.72 84.81 2.75 (4.51) (0.11) NM NM NM
Cerus Corp. (NasdaqNM:CERS) 5.34 480.25 442.53 36.06 (38.24) (0.53) NM NM NM
Getinge AB (OM:GETI B) 24.69 5,884.09 8,255.40 3,408.47 762.36 0.77 2.4x 10.8x NM
Haemonetics Corp. (NYSE:HAE) 39.60 2,032.95 2,336.50 924.99 104.70 0.57 2.5x NM NM
Hansen Medical, Inc. (NasdaqGM:HNSN) 0.90 119.27 117.23 20.08 (43.28) (0.50) NM NM NM
Harvard Bioscience Inc. (NasdaqGM:HBIO) 5.21 168.91 165.38 106.15 9.95 0.06 1.6x 16.6x NM
IDEXX Laboratories Inc. (NasdaqNM:IDXX) 158.42 7,553.78 8,130.32 1,485.81 318.40 3.58 NM NM NM
Invacare Corp. (NYSE:IVC) 14.65 470.47 466.09 1,270.16 (1.31) (2.15) 0.4x NM NM
Omnicell, Inc. (NasdaqGS:OMCL) 31.83 1,133.28 1,029.09 440.90 69.19 0.83 2.3x 14.9x NM
Steris Corp. (NYSE:STE) 65.22 3,875.50 4,350.02 1,806.51 342.11 2.21 2.4x 12.7x NM
SurModics, Inc. (NasdaqGS:SRDX) 22.92 296.20 265.51 57.76 21.98 0.89 4.6x 12.1x NM
Thermo Fisher Scientific, Inc. (NYSE:TMO) 125.21 50,087.13 63,299.13 16,889.60 4,010.30 4.71 3.7x 15.8x NM
MEAN (NON-CLINICAL) 2.5x 13.8x NM
MEDIAN (NON-CLINICAL) 2.4x 13.8x NM
ATRION Corp. (NasdaqNM:ATRI) 335.00 652.25 607.15 139.92 49.42 13.85 4.3x 12.3x 24.2x
Becton Dickinson & Co. (NYSE:BDX) 138.08 26,702.19 27,925.19 8,468.00 2,146.25 5.82 3.3x 13.0x 23.7x
ICU Medical Inc. (NasdaqNM:ICUI) 83.58 1,284.21 954.46 305.51 64.48 2.08 3.1x 14.8x NM
Merit Medical Systems Inc. (NasdaqNM:MMSI) 15.33 665.37 899.41 496.93 73.27 0.48 1.8x 12.3x NM
Nipro Corp. (TSE:8086) 8.82 1,367.37 4,108.56 2,842.72 415.15 0.31 1.4x 9.9x NM
Terumo Corp. (TSE:4543) 25.05 9,511.83 10,050.69 4,050.75 962.27 0.67 2.5x 10.4x NM
Vascular Solutions Inc. (NasdaqNM:VASC) 27.26 468.22 426.57 124.66 24.83 0.72 3.4x 17.2x NM
MEAN (DISPOSABLES) 2.8x 12.8x 24.0x
MEDIAN (DISPOSABLES) 3.1x 12.3x 24.0x
PRODUCTS - NON-CLINICAL DEVICES
PRODUCTS - DISPOSABLES
19
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Bio-Rad Laboratories Inc. (NYSE:BIO) 114.47 3,343.59 3,078.22 2,179.46 291.03 2.75 1.4x 10.6x NM
Cambrex Corporation. (NYSE:CBM) 22.43 688.15 722.05 348.89 70.87 1.26 2.1x 10.2x 17.8x
Cantel Medical Corp. (NYSE:CMN) 40.57 1,684.71 1,748.54 503.29 95.92 1.04 3.5x 18.2x NM
Dentsply International, Inc. (NasdaqNM:XRAY) 50.03 7,080.04 8,362.09 2,957.24 583.55 2.16 2.8x 14.3x 23.2x
Exact Sciences Corporation (NasdaqCM:EXAS) 27.21 2,301.50 2,091.81 1.33 (77.52) (1.04) NM NM NM
Fluidigm Corporation (NasdaqGS:FLDM) 38.53 1,088.63 1,188.76 103.85 (31.26) (1.71) NM NM NM
Hill-Rom Holdings, Inc. (NYSE:HRC) 47.76 2,698.44 3,090.94 1,757.70 283.80 1.03 1.8x 10.9x NM
Hospira Inc. (NYSE:HSP) 63.43 10,732.48 11,953.18 4,421.60 704.80 1.96 2.7x 17.0x NM
Ion Beam Applications SA (ENXTBR:IBAB) 19.62 543.51 531.31 292.00 15.63 (0.11) 1.8x NM NM
Luminex Corp. (NasdaqNM:LMNX) 17.65 756.00 666.88 226.98 44.22 0.92 2.9x 15.1x 19.2x
OraSure Technologies Inc. (NasdaqNM:OSUR) 9.19 515.16 416.31 106.46 (3.99) (0.08) 3.9x NM NM
West Pharmaceutical Services Inc. (NYSE:WST) 49.31 3,504.46 3,604.36 1,414.30 266.50 1.64 2.5x 13.5x NM
MEAN (COMMERCIAL) 2.5x 13.7x 20.0x
MEDIAN (COMMERCIAL) 2.6x 13.9x 19.2x
Alere Inc. (NYSE:ALR) 40.69 3,399.89 7,354.94 2,963.93 546.55 (2.15) 2.5x 13.5x NM
Cooper Companies Inc. (NYSE:COO) 157.65 7,592.11 8,967.80 1,717.78 506.29 5.51 NM 17.7x NM
Essilor International (ENXTPA:EI) 111.85 23,625.76 26,432.42 7,213.36 1,586.69 6.30 3.7x 16.7x 17.8x
The Female Health Company (NasdaqCM:FHCO) 3.79 109.22 103.42 24.46 4.37 0.06 4.2x NM NM
Insulet Corporation (NasdaqNM:PODD) 29.39 1,648.23 1,676.37 284.69 19.28 (0.88) NM NM NM
Nutraceutical International Corporation (NasdaqGS:NUTR) 19.54 188.27 226.34 215.97 37.51 1.55 1.0x 6.0x 12.6x
Nutrisystem, Inc. (NasdaqGS:NTRI) 17.82 512.79 474.26 393.72 30.46 0.52 1.2x 15.6x NM
USANA Health Sciences Inc. (NYSE:USNA) 98.04 1,207.26 1,129.53 748.87 121.33 5.36 1.5x 9.3x 18.3x
MEAN (CONSUMER) 2.4x 13.1x 16.2x
MEDIAN (CONSUMER) 2.0x 14.5x 17.8x
Abbott Laboratories (NYSE:ABT) 44.76 67,399.21 70,928.21 20,247.00 4,741.33 1.12 3.5x 15.0x NM
Achillion Pharmaceuticals, Inc. (NasdaqGS:ACHN) 14.85 1,488.67 1,362.16 - (60.80) (0.62) NM NM NM
Acorda Therapeutics, Inc. (NasdaqNM:ACOR) 41.55 1,742.94 1,265.63 376.20 59.12 0.55 3.4x NM NM
Actavis, Inc. (NYSE:ACT) 266.54 70,937.76 86,139.06 11,784.70 3,390.70 (5.31) NM NM NM
Aegerion Pharmaceuticals, Inc. (NasdaqGS:AEGR) 23.22 660.28 507.93 131.16 (39.38) (1.54) 3.9x NM NM
Akorn, Inc. (NasdaqGS:AKRX) 42.58 4,591.44 5,606.25 459.06 139.85 0.20 NM NM NM
Alexion Pharmaceuticals, Inc. (NasdaqGS:ALXN) 183.24 36,334.11 34,430.04 2,233.73 953.74 3.26 NM NM NM
Allergan Inc. (NYSE:AGN) 219.26 65,729.11 63,696.41 7,237.90 2,441.50 5.03 NM NM NM
Ampio Pharmaceuticals, Inc. (AMEX:AMPE) 5.02 260.90 203.65 0.07 (36.20) (0.75) NM NM NM
Antares Pharma Inc. (NasdaqCM:ATRS) 2.34 308.14 260.09 22.84 (29.94) (0.24) NM NM NM
Array Biopharma Inc. (NasdaqNM:ARRY) 7.16 944.86 939.42 46.77 (72.77) (0.69) NM NM NM
Astellas Pharma, Inc. (TSE:4503) 15.58 34,627.80 31,039.28 10,220.09 2,326.10 0.46 3.0x 13.3x NM
AstraZeneca plc (LSE:AZN) 71.25 90,003.59 93,705.16 26,095.00 5,419.00 0.98 3.6x 17.3x NM
Bristol-Myers Squibb Co. (NYSE:BMY) 60.27 99,974.43 100,489.43 15,879.00 3,939.33 1.20 NM NM NM
Clovis Oncology, Inc. (NasdaqGS:CLVS) 65.19 2,216.46 1,987.38 13.63 (118.65) (4.03) NM NM NM
Curis Inc. (NasdaqGM:CRIS) 1.84 189.75 164.21 9.37 (15.28) (0.20) NM NM NM
DepoMed Inc. (NasdaqGS:DEPO) 18.27 1,073.18 746.48 236.37 101.18 1.30 3.2x 7.4x 14.0x
Dyax Corp. (NasdaqNM:DYAX) 15.11 2,061.20 1,955.33 72.55 0.04 (0.09) NM NM NM
Eli Lilly & Co. (NYSE:LLY) 72.00 76,809.24 77,679.44 19,615.60 4,714.83 2.23 4.0x 16.5x NM
Endo Pharmaceuticals Holdings Inc. (NasdaqNM:ENDP) 79.61 12,250.31 15,948.45 2,662.18 826.32 (9.85) NM 19.3x NM
PRODUCTS - CONSUMER
PRODUCTS - PHARMACEUTICALS
PRODUCTS - COMMERCIAL
20
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Glaxosmithkline plc (LSE:GSK) 22.04 107,191.10 130,469.10 35,854.44 8,763.34 0.88 3.6x 14.9x 24.9x
Immunogen Inc. (NasdaqGS:IMGN) 7.63 655.69 549.09 74.12 (67.01) (0.83) NM NM NM
Impax Laboratories Inc. (NasdaqGS:IPXL) 36.67 2,612.68 2,170.17 565.58 117.83 0.67 3.8x 18.4x NM
Infinity Pharmaceuticals, Inc. (NasdaqGS:INFI) 15.44 752.96 380.57 160.64 (0.09) (0.21) 2.4x NM NM
Ironwood Pharmaceuticals Inc. (NasdaqGS:IRWD) 15.58 2,175.47 2,089.25 43.39 (170.52) (1.54) NM NM NM
Jazz Pharmaceuticals, Inc. (NasdaqGS:JAZZ) 169.34 10,243.72 11,009.55 1,080.51 553.97 0.53 NM 19.9x NM
Johnson & Johnson (NYSE:JNJ) 100.14 280,302.91 262,568.91 74,331.00 25,009.00 5.70 3.5x 10.5x 17.6x
Lannett Co. Inc. (NYSE:LC) 47.43 1,696.00 1,545.10 368.83 220.08 3.42 4.2x 7.0x 13.9x
Meda AB (OM:MEDA A) 14.10 5,154.24 6,814.95 1,891.31 548.91 0.43 3.6x 12.4x NM
Merck & Co. Inc. (NYSE:MRK) 60.28 171,850.62 185,502.62 42,237.00 12,555.00 4.07 4.4x 14.8x 14.8x
Mylan Laboratories Inc. (NasdaqGS:MYL) 53.15 19,932.95 27,715.35 7,445.44 1,997.99 2.31 3.7x 13.9x 23.0x
Novartis AG (SWX:NOVN) 97.83 236,629.84 244,160.87 53,634.00 16,281.00 4.31 4.6x 15.0x 22.7x
Novo Nordisk A/S (CPSE:NOVO B) 44.82 113,194.91 110,891.71 14,433.99 6,086.41 1.64 NM 18.2x NM
Opko Health, Inc. (NYSE:OPK) 12.13 5,266.18 5,271.96 86.28 (96.48) (0.33) NM NM NM
Pacira Pharmaceuticals Inc. (NasdaqGS:PCRX) 107.35 3,870.61 3,823.55 169.44 (14.01) (0.91) NM NM NM
Pernix Therapeutics Holdings, Inc. (NasdaqGM:PTX) 8.31 318.21 605.56 91.84 (8.29) (0.90) NM NM NM
Perrigo Co. (NYSE:PRGO) 151.74 21,226.76 23,512.86 4,171.50 1,180.90 2.57 NM 19.9x NM
Pfizer Inc. (NYSE:PFE) 31.25 196,895.53 200,889.53 49,605.00 20,964.33 1.41 4.0x 9.6x 22.2x
Rigel Pharmaceuticals, Inc. (NasdaqNM:RIGL) 2.07 181.73 24.06 5.75 (83.32) (0.98) 4.2x NM NM
Roche Holding AG (SWX:ROG) 269.79 229,992.15 247,337.27 50,199.32 16,824.72 10.88 4.9x 14.7x 24.8x
Sagent Pharmaceuticals, Inc. (NasdaqGS:SGNT) 25.67 819.13 663.85 269.53 24.48 0.42 2.5x NM NM
Salix Pharmaceuticals Ltd. (NasdaqNM:SLXP) 134.67 8,581.58 11,098.99 1,378.71 465.08 (1.22) NM NM NM
Sanofi-Aventis (ENXTPA:SAN) 92.58 122,100.19 134,013.26 41,286.69 13,088.42 4.04 3.2x 10.2x 22.9x
Sarepta Therapeutics, Inc. (NasdaqGS:SRPT) 12.00 495.72 265.98 12.36 (118.31) (2.56) NM NM NM
SciClone Pharmaceuticals, Inc. (NasdaqGS:SCLN) 7.38 374.71 277.88 126.10 27.27 0.41 2.2x 10.2x 18.1x
Sciele Pharma Inc. (NasdaqNM:SCRX) 30.19 1,003.30 1,226.70 407.80 104.70 1.16 3.0x 11.7x NM
SIGA Technologies, Inc. (NasdaqGM:SIGA) 30.19 1,003.30 1,226.70 407.80 104.70 1.16 3.0x 11.7x NM
Sucampo Pharmaceuticals, Inc. (NasdaqNM:SCMP) 15.06 675.03 658.17 100.16 19.81 0.13 NM NM NM
Takeda Pharmaceutical Co. Ltd. (TSE:4502) 50.27 39,503.24 41,766.64 15,630.76 3,294.74 1.19 2.7x 12.7x NM
Taro Pharmaceutical Industries Ltd. (NYSE:TARO) 166.50 7,131.53 6,471.64 781.84 463.76 9.13 NM 14.0x 18.2x
Teva Pharmaceutical Industries Limited (NYSE:TEVA) 56.86 48,603.93 57,817.93 20,272.00 6,008.67 3.56 2.9x 9.6x 16.0x
Theravance Inc. (NasdaqNM:THRX) 11.27 1,309.59 1,751.59 2.85 (174.93) (1.87) NM NM NM
Valeant Pharmaceuticals International (NYSE:VRX) 160.09 53,737.83 67,430.21 8,043.11 3,785.38 1.48 NM 17.8x NM
MEAN (PHARMACEUTICALS) 3.5x 13.9x 19.5x
MEDIAN (PHARMACEUTICALS) 3.6x 14.0x 18.2x
AMAG Pharmaceuticals, Inc. (NasdaqGS:AMAG) 44.19 1,118.23 897.76 92.84 (5.69) (0.49) NM NM NM
Amgen Inc. (NasdaqNM:AMGN) 152.26 115,717.60 119,406.60 20,063.00 8,995.33 6.70 NM 13.3x 22.7x
Anacor Pharmaceuticals, Inc. (NasdaqGM:ANAC) 37.60 1,612.93 1,500.69 19.53 (81.69) 1.25 NM NM NM
Arena Pharmaceuticals, Inc. (NasdaqGS:ARNA) 4.31 1,053.03 935.99 34.30 (88.12) (0.24) NM NM NM
Ariad Pharmaceuticals Inc. (NasdaqGS:ARIA) 6.45 1,207.52 1,089.06 46.93 (216.88) (1.24) NM NM NM
AVEO Pharmaceuticals, Inc. (NasdaqGS:AVEO) 0.95 49.46 6.51 18.33 (39.40) (1.08) 0.4x NM NM
Biogen Idec Inc. (NasdaqNM:BIIB) 389.16 91,902.08 90,641.89 9,703.32 4,556.24 12.37 NM 19.9x NM
BioMarin Pharmaceutical Inc. (NasdaqGS:BMRN) 97.16 15,274.43 15,264.94 667.06 (97.42) (0.87) NM NM NM
BioTime, Inc. (AMEX:BTX) 4.08 339.14 363.30 5.26 (41.61) (0.75) NM NM NM
Celgene Corporation (NasdaqNM:CELG) 119.16 95,173.57 95,150.17 7,670.40 3,072.10 2.39 NM NM NM
Cytori Therapeutics, Inc. (NasdaqGM:CYTX) 0.48 44.38 62.34 7.29 (36.39) (0.55) NM NM NM
Dendreon Corp. (OTCPK:DNDN.Q) 0.16 25.39 513.15 298.95 (37.55) (1.06) 1.7x NM NM
PRODUCTS - BIOTECH
21
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Dynavax Technologies Corporation (NasdaqCM:DVAX) 17.10 449.66 319.09 11.60 (87.11) (3.51) NM NM NM
Emergent BioSolutions, Inc. (NYSE:EBS) 28.03 1,052.58 1,061.33 400.27 80.46 0.57 2.7x 13.2x NM
Endocyte, Inc. (NasdaqGS:ECYT) 5.18 216.06 87.49 87.62 17.17 0.27 1.0x 5.1x 19.3x
Exelixis Inc. (NasdaqNM:EXEL) 1.87 365.05 528.27 22.11 (229.48) (1.47) NM NM NM
Gilead Sciences Inc. (NasdaqNM:GILD) 104.83 158,153.25 161,544.37 24,890.00 16,415.83 7.35 NM 9.8x 14.3x
GTX Inc. (NasdaqGM:GTXI) 0.61 85.60 74.06 - (33.72) (0.46) NM NM NM
Halozyme Therapeutics, Inc. (NasdaqGS:HALO) 14.28 1,768.59 1,683.96 57.46 (78.87) (0.71) NM NM NM
Immunomedics Inc. (NasdaqGM:IMMU) 5.35 498.26 465.75 4.42 (44.78) (0.51) NM NM NM
Incyte Corporation (NasdaqNM:INCY) 79.71 13,466.37 13,664.22 484.59 10.22 (0.33) NM NM NM
ISIS Pharmaceuticals Inc. (NasdaqNM:ISIS) 68.51 8,093.84 7,688.17 171.55 (61.63) (0.80) NM NM NM
Keryx Biopharmaceuticals Inc. (NasdaqCM:KERX) 12.16 1,229.86 1,111.63 10.26 (83.13) (1.00) NM NM NM
Lexicon Pharmaceuticals, Inc. (NasdaqGS:LXRX) 0.91 659.17 622.34 2.78 (97.57) (0.22) NM NM NM
Ligand Pharmaceuticals Incorporated (NasdaqGM:LGND) 56.92 1,139.72 1,145.51 56.28 19.79 0.33 NM NM NM
MannKind Corp. (NasdaqGM:MNKD) 6.35 2,576.20 2,625.00 - (185.57) (0.58) NM NM NM
Medivation, Inc. (NasdaqGS:MDVN) 108.82 8,447.15 8,363.68 532.37 152.08 1.44 NM NM NM
Momenta Pharmaceuticals Inc. (NasdaqGS:MNTA) 10.77 555.64 379.18 43.82 (104.30) (2.19) NM NM NM
Myriad Genetics Inc. (NasdaqNM:MYGN) 37.42 2,731.10 2,571.49 724.92 208.65 1.45 3.5x 12.3x NM
Nektar Therapeutics (NasdaqNM:NKTR) 14.64 1,880.38 1,774.07 212.30 (1.77) (0.46) NM NM NM
Navidea Biopharmaceuticals, Inc. (AMEX:NAVB) 1.61 248.07 270.17 4.61 (35.23) (0.29) NM NM NM
Neurocrine Biosciences Inc. (NasdaqNM:NBIX) 33.66 2,558.33 2,378.65 0.73 (54.71) (0.72) NM NM NM
NewLink Genetics Corporation (NasdaqGM:NLNK) 36.59 1,023.06 956.53 3.64 (38.30) (1.17) NM NM NM
Novavax, Inc. (NasdaqGS:NVAX) 7.81 1,862.36 1,685.88 32.68 (60.57) (0.30) NM NM NM
NPS Pharmaceuticals Inc. (NasdaqNM:NPSP) 45.86 4,911.51 4,849.44 211.82 17.97 0.01 NM NM NM
Ocata Therapeutics, Inc. (OTCPK:OCAT) 6.18 213.91 206.10 0.16 (20.26) (1.37) NM NM NM
PDL BioPharma, Inc. (NasdaqGS:PDLI) 7.29 1,171.17 1,379.61 465.73 443.49 1.97 3.0x 3.1x 3.7x
Pharmacyclics Inc. (NasdaqGS:PCYC) 168.75 12,747.21 12,010.73 563.09 118.76 1.11 NM NM NM
Raptor Pharmaceuticals Corp. (NasdaqGM:RPTP) 9.04 574.62 579.94 62.46 (34.04) (0.73) NM NM NM
Regeneron Pharmaceuticals Inc. (NasdaqNM:REGN) 416.66 42,119.06 41,642.17 2,627.64 852.98 2.92 NM NM NM
RTI Biologics, Inc. (NasdaqNM:RTIX) 4.46 253.77 366.23 252.44 27.94 (0.16) 1.5x 13.1x NM
Sarepta Therapeutics, Inc. (NasdaqGS:SRPT) 12.00 495.72 265.98 12.36 (118.31) (2.56) NM NM NM
Seattle Genetics Inc. (NasdaqGS:SGEN) 31.16 3,860.47 3,520.91 279.84 (53.65) (0.53) NM NM NM
Sequenom Inc. (NasdaqGS:SQNM) 3.68 431.90 502.56 190.33 (33.04) (0.42) 2.6x NM NM
Spectrum Pharmaceuticals, Inc. (NasdaqGS:SPPI) 7.00 460.32 407.94 176.49 (10.19) (1.28) 2.3x NM NM
Synageva BioPharma Corp. (NasdaqGS:GEVA) 115.22 4,244.94 3,756.55 8.73 (159.33) (5.17) NM NM NM
Synergy Pharmaceuticals, Inc. (NasdaqGS:SGYP) 2.91 281.14 248.37 - (85.85) (0.92) NM NM NM
Synta Pharmaceuticals Corp. (NasdaqGM:SNTA) 2.38 259.17 156.11 - (84.85) (0.99) NM NM NM
Techne Corp. (NasdaqNM:TECH) 93.02 3,448.81 3,442.94 408.00 191.54 3.12 NM 18.0x NM
United Therapeutics Corp. (NasdaqNM:UTHR) 141.13 6,704.95 6,228.60 1,231.17 362.80 3.55 NM 17.2x NM
Vertex Pharmaceuticals Inc. (NasdaqNM:VRTX) 110.14 26,627.89 26,066.08 580.42 (549.19) (3.14) NM NM NM
Vical Inc. (NasdaqGS:VICL) 1.04 93.94 47.41 13.54 (12.17) (0.16) 3.5x NM NM
VIVUS Inc. (NasdaqGS:VVUS) 2.62 271.64 188.77 136.51 (6.48) (0.72) 1.4x NM NM
ZIOPHARM Oncology, Inc. (NasdaqCM:ZIOP) 8.95 916.48 870.36 1.23 (36.66) (0.31) NM NM NM
MEAN (BIOTECH) 2.1x 12.5x 15.0x
MEDIAN (BIOTECH) 2.3x 13.1x 16.8x
AmerisourceBergen Corporation (NYSE:ABC) 95.05 20,786.66 20,483.79 123,981.37 1,406.88 0.15 0.2x 14.6x NM
Cardinal Health, Inc. (NYSE:CAH) 83.19 27,532.73 28,627.73 93,928.00 2,441.00 3.24 0.3x 11.7x NM
CVS Health Corporation (NYSE:CVS) 98.16 113,178.48 125,029.48 135,142.00 10,609.00 3.87 0.9x 11.8x NM
PRODUCTS - DISTRIBUTION
22
Company Name (Ticker Symbol)
Stock
Price Market Cap2 TEV3
LTM4
Revenue
LTM4
EBITDA5
LTM4
Diluted EPS
Before Extra
TEV3/
Revenue
TEV3/
EBITDA5
P/ Diluted
EPS Before
Extra
Henry Schein, Inc. (NasdaqNM:HSIC) 138.07 11,627.57 12,928.64 10,195.66 843.71 5.32 1.3x 15.3x NM
McKesson Corporation (NYSE:MCK) 212.65 49,309.71 57,672.71 161,201.00 3,557.00 6.01 0.4x 16.2x NM
MWI Veterinary Supply, Inc. (NasdaqGS:MWIV) 189.67 2,449.21 2,524.98 3,092.32 135.62 5.77 0.8x 18.6x NM
Owens & Minor Inc. (NYSE:OMI) 34.23 2,159.22 2,315.35 9,266.89 236.89 1.28 0.2x 9.8x NM
Patterson Companies, Inc. (NasdaqNM:PDCO) 50.09 5,028.01 5,411.26 4,347.61 417.53 2.15 1.2x 13.0x 23.3x
PetMed Express, Inc. (NasdaqGS:PETS) 15.70 318.13 265.49 228.03 29.36 0.85 1.2x 9.0x 18.5x
PharMerica Corporation (NYSE:PMC) 23.01 752.99 1,106.79 1,821.50 115.30 0.27 0.6x 9.6x NM
Premier, Inc. (NasdaqGS:PINC) 32.50 1,204.98 971.43 899.28 304.47 (95.49) 1.1x 3.2x NM
Rite Aid Corporation (NYSE:RAD) 6.98 6,850.39 12,468.12 26,277.91 1,223.86 0.33 0.5x 10.2x 21.3x
Vitamin Shoppe, Inc. (NYSE:VSI) 42.27 1,305.13 1,272.97 1,179.39 144.09 1.98 1.1x 8.8x 21.3x
MEAN (DISTRIBUTION) 0.7x 11.7x 21.1x
MEDIAN (DISTRIBUTION) 0.8x 11.7x 21.3x
MEAN (PRODUCTS) 2.7x 13.3x 20.1x
MEDIAN (PRODUCTS) 2.8x 13.3x 20.9x
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
ABOUT SCOTT-MACON
Scott-Macon is an investment banking firm providing corporate advisory services to a broad range of industries, including a spe-
cific focus on the healthcare, medical and pharmaceutical services and products industries. Founded in 1973, Scott-Macon has
20 senior professionals with an average of 20 years’ experience in investment banking.
SERVICES AND CAPABILITIES
Corporate Sales — Assisting privately-held and publicly-traded companies to arrange sale, divestiture and merger transac-
tions as well as corporate valuations for board or management use.
Acquisition Advisory — Providing assistance in identifying acquisition prospects, contacting companies, and negotiating ac-
quisition transactions.
Capital Raising — Arranging for the private placement of equity and debt securities.
Strategic Planning — Planning overall corporate objectives, reviewing strategic alternatives, and creating plans for maximiz-
ing value.
HEALTHCARE INVESTMENT BANKING GROUP
PROFESSIONALS
Robert B. Dimmitt
Senior Managing Director
Michael N. Papazis
Senior Vice President
Kenneth Benton
Assistant Vice President
Spencer Berg
Senior Associate
Nathan D. Cortright
Group Head
Jeffrey M. Tepper
Managing Director
Vijay R. Sampath
Vice President
Leslie S. Lau
Assistant Vice President
CONTACT INFORMATION
Telephone: 212-755-8200
Facsimile: 212-755-8255
www.scott-macon.com
George James
Analyst
