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Consumer Digital Health How Market Shift Is Leading to New Opportunities Steve Allan CFA Head of SVB Analytics [email protected] Scott Winder Director [email protected] Alex Lee Manager [email protected] Emily Wengel Associate [email protected] Written by SVB Analytics:

SVB Consumer digital-health-report-2016

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Page 1: SVB Consumer digital-health-report-2016

Consumer Digital Health How Market Shift Is Leading to New Opportunities

Steve Allan CFA Head of SVB Analytics [email protected]

Scott Winder Director [email protected]

Alex Lee Manager [email protected]

Emily Wengel Associate [email protected]

Written by SVB Analytics:

Page 2: SVB Consumer digital-health-report-2016

Table of Contents

2

3 Consumer Digital Health: Introduction & Financing Trends Overview

9 Healthcare Consumers: Fundamental Needs of the User

13 Financing Trends: Shift Toward Clinically Driven Consumer Health

17 Fitness/Wellness: Adapting to the Market

22 Disease Management: Growth Opportunities

28 Market Outlook: Assessing Consumer Health Opportunities

30 About the Authors

31 About Silicon Valley Bank and SVB Analytics

Consumer Digital Health

Page 3: SVB Consumer digital-health-report-2016

Consumer Digital Health: Market Shifts to Focus on Engagement and Improved Patient Outcomes

Consumer Digital Health 3

Consumer Digital Health Companies address the needs of patients and healthcare consumers

Investment trends in digital health are shifting from consumer wellness applications to clinically driven solutions that drive better health outcomes at lower costs.

This next wave of financing focuses on encouraging consumers and patients to change health-related behaviors, underscoring the greater opportunities for companies with solutions that create value for payers, providers, employers and consumers.

This is the second in a series of reports from SVB Analytics examining Digital Health. In this report we:

• Analyze broad consumer health trends and business models

• Examine the shift in investments from consumer wellness to clinically focused solutions

• Describe adaptation strategies of consumer wellness and wearables companies

• Explore potential areas of opportunity in disease management

Page 4: SVB Consumer digital-health-report-2016

Digital Health Landscape

Consumer Digital Health 4

Patients / Consumers

In our first report, we provided a framework that landscaped the digital health sector. In this report, we focus on consumer digital health investment trends.

Focu

s on

Hea

lth O

utco

mes

Employers / Payers

Life Science / Other Systems / Healthcare Professionals

Focu

s on

Hea

lthca

re C

osts

Enterprise Wellness

Risk Adjustment / Payer Administration

Value Based Care

Enterprise Health Management

Data Driven Payers Patient Engagement / Benefits

R&D

Operational

Patient / Professional Interaction

Clinical Operations

Patient Surveillance

Image Management / Analytics

Electronic Medical Records

Decision Support & Analytics / Predictive Medicine

Marketing / Customer Experience

Networking / Education

Care Coordination / Communication

Population Health Management Practice Management & Operational Workflows

Professional Search Insurance Search Social Support Genetic Screening

Disease / Medication Management

Education Fitness / Wellness / Wearables / Tracking

Telemedicine Remote Monitoring

Patient-Clinician Communication

Digital Therapeutics / Pill Plus

Page 5: SVB Consumer digital-health-report-2016

Focus on Consumer Health: Categorizations

Consumer Digital Health

Patients / Consumers

5

Telemedicine Remote Monitoring

Patient-Clinician Communication

Digital Therapeutics / Pill Plus

Patient / Professional Interaction

• Disease Management Disease/Medication Management Digital Therapeutics

• Monitoring Remote Monitoring

• Communications Telemedicine Patient-Clinician Communication

Clinical Enablement • Fitness / Wellness

Fitness Wellness Wearables Tracking

Consumer Activation • Medical Education

Education Social Support Genetic Screening

• Provider Search Professional Search

• Insurance Insurance Search

Education and Transparency

Less Clinically Focused

More Clinically Focused

For our analysis, we looked at three key themes: clinical enablement, consumer activation and education and transparency.

We also grouped consumer digital health into seven categories, and focused on fitness/wellness and disease management.

Professional Search Insurance Search Social Support Genetic Screening

Disease / Medication Management

Fitness / Wellness / Wearables / Tracking

Education

Page 6: SVB Consumer digital-health-report-2016

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

0%

10%

20%

30%

40%

50%

60%

70%

2011 2012 2013 2014 2015 2016 (E)

Tota

l Fun

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($M

)

Perc

enta

ge o

f Tot

al F

undi

ng

$(Consumer)

ConsumerFunding (%)

Consumer Digital Health Financing Trends Overview

Consumer Digital Health 6 Source: Rock Health Database; 2011-2016Q2 SVB Analytics Analysis 2016(E) is extrapolated based on 2016HY

About 55% of all digital health investments since 2011 have been in companies whose technologies interface with the consumer in some manner. This reflects the convergence of technologies to drive and measure improved health outcomes and cost savings, and funding is following.

Investments in Consumer Health Companies as a Percentage of Total Digital Health Investments

(2011 to Q2 2016)

Page 7: SVB Consumer digital-health-report-2016

0%

10%

20%

30%

40%

50%

60%

$0

$500

$1,000

$1,500

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2011 2012 2013 2014 2015 2016 (E)

Tota

l Fun

ding

($M

)

Crossover InvestmentsFinancings without Strategic InvestorFinancings with Strategic Investor% of Deal Count with Strategic Investors

Strategic Investors Actively Investing in Consumer Digital Health

Consumer Digital Health 7

Consumer Digital Health Investments (2011 to Q2 2016)

* Crossover investments represent investment rounds greater than $100M that are led by a crossover investor Source: Rock Health Database; 2011-2016Q2 SVB Analytics Analysis 2016(E) is extrapolated based on 2016HY

Top Strategic Investors Focused on Consumer Health

The number of deals with strategic investors participating has slowly increased over time, as tech, life science, healthcare and insurance companies seek to partner and collaborate with startups.

1

2

3

4

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8

Page 8: SVB Consumer digital-health-report-2016

0%

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$0

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2011 2012 2013 2014 2015 2016(E)

Tota

l Fun

ding

($M

) Crossover InvestmentsFinancings without Strategic InvestorsFinancings with Strategic Investors% of Dollar Investments with Strategic Investors

0%

10%

20%

30%

40%

50%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

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2011 2012 2013 2014 2015 2016(E)

Tota

l Fun

ding

($M

)

Crossover InvestmentsFinancings without Strategic InvestorsFinancings with Strategic Investors% of Dollar Investments with Strategic Investors

Strategic Investors Shift to More Clinically Focused Investments

Consumer Digital Health 8

Other Consumer Digital Health Investments* (2011 to Q2 2016)

Clinically Focused Consumer Digital Health Investments* (2011 to Q2 2016)

Strategic investors have recently shifted their attention to clinically focused startups as they begin to see how technologies designed to affect patient behavior can generate better health outcomes and cost savings.

* Crossover investments represent investment rounds greater than $100M that are led by a crossover investor Source: Rock Health Database; 2011-2016Q2 SVB Analytics Analysis 2016(E) is extrapolated based on 2016HY

*Includes Clinical Enablement Companies *Includes Consumer Activation and Education and Transparency Companies

Page 9: SVB Consumer digital-health-report-2016

Consumer Digital Health 9

Healthcare Consumers: Fundamental Needs of the User

Page 10: SVB Consumer digital-health-report-2016

Challenge Fundamental Need Solution

Lack of choice and price transparency

Consumer-Friendliness

Improve consumers' access to healthcare and their user experience by making healthcare easier to use

Poor health literacy Knowledge Create access to education and relevant and personalized health information

Lack of tools to manage health and wellness Engagement

Engage and affect behavioral change in healthcare consumers to better manage their own health

Consumer Digital Health 10

Overview: Empowering Patients Is Key to Fixing Healthcare System

Page 11: SVB Consumer digital-health-report-2016

Consumer Digital Health Framework

Consumer Digital Health 11

Knowledge Engagement

Fitness / Wellness / Wearables/ Tracking

(for leisure)

Disease / Medication Management

(incl. Fitness/Wellness)

Professional Search

Insurance Search

Remote Monitoring

Social Support

Genetic Screening

Education Digital

Therapeutics / Pill Plus

Consumer-Friendliness Challenge: Lack of choice and price transparency Solution: Improve consumers' access to healthcare and their user experience by making healthcare easier to use

Knowledge Challenge: Poor health literacy Solution: Create access to education and relevant and personalized health information

Engagement Challenge: Lack of tools to manage health and wellness Solution: Engage and affect behavioral change in healthcare consumers to better manage their own health

Consumer-Friendliness

Patient-Clinician Communication

(incl. Telemedicine)

Page 12: SVB Consumer digital-health-report-2016

Knowledge Engagement

Consumer-Friendliness

Consumer Digital Health Framework

Consumer Digital Health 12

Consumer-Friendliness Challenge: Lack of choice and price transparency Solution: Improve consumers' access to healthcare and their user experience by making healthcare easier to use

Knowledge Challenge: Poor health literacy Solution: Create access to education and relevant and personalized health information

Engagement Challenge: Lack of tools to manage health and wellness Solution: Engage and affect behavioral change in healthcare consumers to better manage their own health

Page 13: SVB Consumer digital-health-report-2016

Consumer Digital Health 13

Financing Trends: Shift Toward Clinically Driven Consumer Health

Page 14: SVB Consumer digital-health-report-2016

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2011 2012 2013 2014 2015 2016 (E)

Tota

l Cap

ital

Inve

sted

($M

) DiseaseManagement

Remote Monitoring

Communications

Fitness / Wellness

Medical Education

Provider Search

Insurance

Total Capital Invested by Category (2011 – Q2 2016)

Financing Trends: Historic Investment Trends Weighted Toward Wellness

Consumer Digital Health 14

The advent of the quantified self movement in the early 2010s attracted significant capital, especially in the fitness and wellness category.

Source: Rock Health Database Q2 2016, Pitchbook, 2011-2016 Q2; SVB Analytics Analysis 2016(E) is extrapolated based on 1H 2016

More Clinically Focused

Less Clinically Focused

Disease Management

Remote Monitoring

Communications

Medical Education

Provider Search

Insurance Search

Fitness / Wellness

Clinical Enablement

Education and Transparency

Consumer Activation

Page 15: SVB Consumer digital-health-report-2016

Financing Trends: Rise of Clinically Driven Consumer Health

Consumer Digital Health 15

Percentage of Total Deal Count Over Time by Category (2011 – Q2 2016)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2011 2012 2013 2014 2015 2016 (E)

DiseaseManagement

Remote Monitoring

Communications

Fitness / Wellness

Medical Education

Provider Search

Insurance

There has been a gradual shift toward increased investment activity in the more clinically focused categories of disease management, remote monitoring and communications.

Source: Rock Health Database Q2 2016, Pitchbook, 2011-2016 Q2; SVB Analytics Analysis 2016(E) is extrapolated based on 1H 2016

More Clinically Focused

Less Clinically Focused

Disease Management

Remote Monitoring

Communications

Medical Education Provider Search Insurance Search

Fitness / Wellness

Clinical Enablement

Education and Transparency

More Consumer Focused

Page 16: SVB Consumer digital-health-report-2016

Financing Trends: More Clinically Focused Companies Receiving Early-Stage Funding

Consumer Digital Health 16

Investment Amount by Stage of Development (2011 – Q2 2016)

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)

Early MidLate Total Deal Count

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Early MidLate Total Deal Count

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Fund

ing

($M

)

Early MidLate Total Deal Count

The clinically focused areas of disease management and patient-provider communications are seeing an increase in early-stage funding, indicating new startup formation; consumer activation and education and transparency companies are maturing, with fewer early-stage rounds raised.

Source: Rock Health Database Q2 2016, Pitchbook, 2011-2016 Q2; SVB Analytics Analysis 2016(E) is extrapolated based on 1H 2016 Early – Seed and Series A, Mid – Series B and C, Late – Series D and later

Clinical Enablement Disease Management Monitoring Communications

Consumer Activation Fitness/Wellness

Education and Transparency Medical Education Provider Search Insurance Search

Page 17: SVB Consumer digital-health-report-2016

Consumer Digital Health 17

Fitness/Wellness: Adapting To The Market

Page 18: SVB Consumer digital-health-report-2016

Fitness/Wellness: Decline in Valuations and Investment Size

Consumer Digital Health 18

Median Pre-Money Valuation of Fitness/Wellness Companies

(2011 – Q2 2016)

Median Invested Capital of Fitness/Wellness Companies

(2011 – Q2 2016)

$0

$5

$10

$15

$20

$25

$30

$35

$40

2011 2012 2013 2014 2015 1H 2016

Med

ian

Pre-

Mon

ey V

alua

tion

($M

)

Valuations and financing round sizes have declined in 2016 due to increased competition and shifting investor interest toward clinical applications, forcing wellness companies to adapt.

Source: Pitchbook, 2011-2016Q2; SVB Analytics Analysis

Series B Series A Series Seed

$0

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2011 2012 2013 2014 2015 1H 2016M

edia

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apit

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M)

Page 19: SVB Consumer digital-health-report-2016

Strategy Description Examples

Strategic Exit Sell business to strategic partners

Acquire Acquire companies to build clinical programs

Partner Partner with academic institutions to conduct clinical studies and provide ancillary data

Develop Develop features or pivot business model in order to collect real world data or gather clinical-grade data

Consumer Digital Health 19

Fitness/Wellness: Companies Adapt to Changing Marketplace

As investors move toward more clinically focused strategies, wearables and wellness companies are executing different strategies to adapt to this shifting landscape.

Page 20: SVB Consumer digital-health-report-2016

11/11/2015 $250M $64M 3.9x

3/25/2014 $100M $37M 2.7x

2/12/2016 $85M $16M 7.4x

8/5/2015 $235M NA NA

2/4/2015 $474M $18M 26.3x

2/4/2015 $85M $6M 13.7x

12/6/2013 $150M $24M 6.3

Fitness/Wellness: Exit to Sports and Fashion Companies

Consumer Digital Health 20

“If you don’t have a brand, it is hard to be legit in this space.” – Sonny Vu, Chief Executive and co-founder of Misfit

Acquirer Target Date Deal Value ($M)

Invested Capital (IC $M)

EV / IC Multiple

Soft

war

e H

ardw

are

Source: Capital IQ SVB Analytics Analysis Wall Street Journal - Fossil Group to Buy Misfit for $260 Million

Sports Fitness Apparel

Fashion Tech

Facing declining investor interest, companies that are not adopting clinical strategies are instead choosing to sell to sports and fashion retailers. Among those, software-focused firms are receiving the highest exit multiples.

Page 21: SVB Consumer digital-health-report-2016

$6.5B IPO Partnership: Study on weightloss and breast cancer prevention Announcement: 200 clinical studies run on Fitbit / Fitabase App Hire: VP Digital Health from Walgreens

Acquisition + Personnel

2013 2014 2015 2016

Fitness/Wellness: Companies Partner, Acquire or Develop Clinical Technologies

Consumer Digital Health 21 Source: Company Press Releases, Mobihealthnews, FastCompany, clinicaltrials.gov, Fitbit S-1

• Two 510k approvals • Real-time patient monitoring on

physician smartphone • CEO of Spectros becomes Chief

Medical Officer of Jawbone

Acquisition

Jawbone, Fitbit, and Scanadu started in consumer wellness and have made acquisitions, formed partnerships and started internal developments to adapt to the changing marketplace.

Consumer Clinical

• Has “FDA approval… [and] understands how to run a clinical trial with hospitals and wellness providers.”

• 87 patents, >500 trillion data points • “Partnered… for diabetes prevention”

Regulatory: Announces Plans for 510K Submission

• Forms clinical advisory board • Announces plans for clinical

trials

$10.5M Series A

Used for clinical development and regulatory approval in U.S. and China

$35M Series B

Acquire

Partner

Develop Kickstarter: Branded as DIY Vital Signs Device

Page 22: SVB Consumer digital-health-report-2016

Consumer Digital Health 22

Disease Management: Growth Opportunities

Page 23: SVB Consumer digital-health-report-2016

General Disease Management and Vitals Monitoring

Solutions that help patients manage any type of disease

Medication Management

Solutions that help patients adhere to and manage their medications

Disease Specific Solutions that help patients manage one specific type of disease or disorder

Disease Management: Approaches to Engaging Patients

Consumer Digital Health 23 *Includes both Disease Management and Remote Monitoring companies and deals Source: Rock Health Database Q2 2016, Pitchbook, 2011-2016 Q2; SVB Analytics Analysis

Percentage of Total Capital Invested by Category* (2011 – Q2 2016)

30%

8% 62%

Disease management and remote monitoring companies are shifting to focus on a specific disease to help patients and providers better manage the condition as opposed to providing general solutions aimed at patients facing different diseases.

Page 24: SVB Consumer digital-health-report-2016

Consumer Digital Health

Source: Interview with TJ Parker, August 19, 2016 23

“I don’t think you can scale a business in healthcare without working directly with the clinical entities like payers and providers.”

– TJ Parker, CEO

Page 25: SVB Consumer digital-health-report-2016

How PillPack Is Taking on Medication Management: An Interview with TJ Parker, CEO, PillPack

Consumer Digital Health 25

Online pharmacy that uses technology to help people take medication in a timely manner

Key Success Factors for Consumer-Centric Disease Management: Expertise in Both Healthcare and Technology | Patient-Centric Design

Operating in the Clinical Space Consumer health companies need to develop sound business models because the patient is not the only customer – the payer is also the customer.

“The healthcare system is moving towards a pay for performance model. Pharmacy should do the same and no one is truly doing that today.”

Source: Interview with TJ Parker, August 19, 2016

Most EXPENSIVE patients take 5+ prescriptions / day and have trouble coordinating their medication.

Advice to Entrepreneurs • Spend time with your consumers: figure out their pain points and

understand their core problems. And whether you can solve their problems with technology alone or if you need to become a provider.

• Know who your customers are and what they are willing to pay for.

Poor Adherence

Prob

lem

So

lutio

n

Manage complexity for patients • Automated sign up and refills • Coordination with payers • Staff available 24/7

Page 26: SVB Consumer digital-health-report-2016

0

5

10

15

20

25

2011 2012 2013 2014 2015 2016 (E)

Disease Management: Increasing Focus on Behavioral Change and Complex Disease Management

Consumer Digital Health 26

Number of Investments in Disease Management and Remote Monitoring Sectors (2011 – Q2 2016)

There has been a steady rise in investments in companies aimed at behavioral change, while the niche targeting complex diseases is more nascent.

Source: Rock Health Database Q2 2016, Pitchbook, 2011-2016 Q2; SVB Analytics Analysis 2016(E) is extrapolated based on 1H 2016

Behavioral Change Psychiatry Metabolic

Degenerative and Complex Diseases Orthopedic Oncology Neurology

“Remote Monitoring 1.0” Cardiovascular Respiratory

Page 27: SVB Consumer digital-health-report-2016

Disease Management: Opportunities in Complex and Degenerative Diseases

Consumer Digital Health 27

Degenerative and complex diseases, which are difficult to manage and account for a significant portion of U.S. medical expenditures, have received comparatively lower digital health investments, signaling the space is ripe for disruption.

Source: Rock Health Database Q2 2016, Pitchbook, 2011-2016 Q2; SVB Analytics Analysis AHRQ - Total Medical Expenditure by Conditions in US, 2013

Total Medical Expenditure, by Chronic Conditions in U.S.

2013 ($B)

Total Investments in Disease Management and Remote Monitoring Sectors by Chronic Conditions in U.S.

2011-Q2 2016 ($M)

24%

9%

22%

11%

14%

10%

9%

$- $50 $100 $150 $200 $250

Metabolic

Psychiatric

Cardiovascular

Respiratory

Orthopedic

Oncology

Neurology

*

34%

15%

19%

12%

6%

2%

4%

$- $100 $200 $300 $400 $500

Metabolic

Psychiatric

Cardiovascular

Respiratory

Orthopedic

Oncology

Neurology

*

Behavioral Change Psychiatry Metabolic

Degenerative and Complex Diseases Orthopedic Oncology Neurology

“Remote Monitoring 1.0” Cardiovascular Respiratory

10%

6%

-3%

1%

-8%

-8%

-5%

Difference

*Excludes trauma or injury-related conditions

Page 28: SVB Consumer digital-health-report-2016

Consumer Digital Health 28

Market Outlook: Assessing Consumer Health Opportunities

Page 29: SVB Consumer digital-health-report-2016

Progression to Clinically Driven Consumer Health Solutions

Consumer Digital Health 29

Exits

Remote Monitoring 1.0

2010–14 Fitness/ Wellness

2012–16 Disease

Management

2014–18 Digital

Therapeutics

2016–20

• Led by the medtech sector • Point solutions • Rely on traditional

reimbursement

• Rise of quantified self movement

• Tech investors galvanize market with investments into consumer hardware and software

• Focused on fitness and wellness

• User-friendly cloud/mobile solutions, clinical-grade devices and data analytics

• Engage patients to actively manage their health

• Target financiers focused on controlling health benefit cost and improving outcomes

• Predictive and personalized clinical intervention

• FDA-regulated, provider-prescribed, combination solutions

• Demonstrate clinically proven efficacy and cost savings

High-Flyers

We have seen the sector's focus move from traditional devices aimed at a specific solution to consumer devices. Now, the focus is on digital solutions for disease management. Going forward, clinically proven software and hardware will be integrated to drive better health outcomes and cost savings.

Source: Pitchbook, Company websites SVB Analytics analysis

Page 30: SVB Consumer digital-health-report-2016

About the Authors

Consumer Digital Health 30

Steve Allan, CFA Steve Allan is the Head of SVB Analytics, responsible for the three areas of information services provided to the innovation economy: Strategic Advisory Services, Compliance Valuations, and Insights. Strategic Advisory Services provides consultative guidance around valuations, benchmarking and inorganic growth strategies. Compliance Valuations issues valuation opinions for private companies. Insight focuses on studying trends and opportunities in the private venture-backed innovation ecosystem. Steve brings a strong financial background and passion for entrepreneurship to his role at SVB Analytics.

Steve earned a master’s in business administration from Duke University's Fuqua School of Business and a bachelor's degree in finance from the University of Notre Dame.

Head of Analytics [email protected]

Emily Wengel Emily Wengel is a Valuation Associate with SVB Analytics, responsible for conducting due diligence and financial analysis on valuation engagements for early-stage, venture-backed life sciences companies.

Prior to joining SVB Analytics, Emily worked as a business analyst at BioMotiv, an early stage biotech accelerator. Emily graduated cum laude from University of Pennsylvania, where she earned a bachelor of science in economics and a bachelor of arts in biology.

Associate [email protected]

Alex Lee Alex Lee is a Valuation Manager at SVB Analytics, responsible for conducting due diligence and financial analysis on valuation engagements for venture-backed companies in the Life Science sectors.

Prior to joining SVB Analytics, Alex worked as a consultant for biopharmaceutical companies, diagnostic companies and medical research institutions, assisting in corporate development, product commercialization and strategic advisory activities. Alex holds a master’s of bioscience degree from Keck Graduate Institute and a bachelor’s of science degree in biochemistry from the University of Nebraska-Lincoln.

Manager [email protected]

Scott Winder Scott Winder is a Director at SVB Analytics, responsible for managing client valuation assignments and issuing valuation opinions. Prior to joining SVB Analytics, Scott was a manager in the Business Valuation practice of Deloitte Financial Advisory Services LLP based in San Francisco. While at Deloitte, Scott provided financial advisory services related to mergers and acquisitions, accounting compliance, tax reporting and strategic planning for clients in the technology and life sciences industries, with particular experience in the biotechnology and biopharmaceutical industry segments.

Scott holds a master's degree in business administration from the Haas School of Business (University of California at Berkeley), and a bachelor’s degree in human biology from Occidental College.

Director [email protected]

Page 31: SVB Consumer digital-health-report-2016

About Silicon Valley Bank For more than 30 years, Silicon Valley Bank has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators.

Consumer Digital Health 31

This material, including without limitation to the statistical information herein, is provided for informational purposes only. The material is based in part on information from third-party sources that we believe to be reliable, but which have not been independently verified by us and for this reason we do not represent that the information is accurate or complete. The information should not be viewed as tax, investment, legal or other advice nor is it to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation, offer or recommendation to acquire or dispose of any investment or to engage in any other transaction. SVB Analytics is a member of SVB Financial Group and a non-bank affiliate of Silicon Valley Bank. Products and services offered by SVB Analytics are not FDIC insured and are not deposits or other obligations of Silicon Valley Bank. SVB Analytics does not provide investment, tax, or legal advice. Please consult your investment, tax, or legal advisors for such guidance. ©2016 SVB Financial Group. All rights reserved. SVB>, SVB Financial Group, and Silicon Valley Bank are registered trademarks. 0916-232

About SVB Analytics SVB Analytics, a non-bank affiliate of Silicon Valley Bank, serves the strategic business needs of entrepreneurs, corporates and investors in the global innovation economy. For more than a decade, SVB Analytics has helped global business leaders make informed decisions by providing market intelligence, research, and consulting services. Powered by proprietary data, SVB Analytics has a unique view into the technology and life science sectors.