The Weekly Checkup
Free healthcare M&A newsletter
Healthcare M&A news, deals on the market, and valuation insights delivered every Tuesday. Every issue, archived here.
The Weekly Checkup
Last week's deals analyzed, active listings, and valuation insights, every Tuesday.
Varex goes private at a 50% premium that is still lower than every disclosed imaging equipment deal since 2012, two dermatology platforms merge because nobody can exit, and CHG buys a four-year-old CRNA staffing firm for its 84% clinician retention.
KKR pays 14.6x for Integer's capability arbitrage, VitalConnect exits at 4.4x revenue or roughly the money it raised, and Fresenius sells two dialysis centers into a nephrologist JV at 2-3x EBITDA.
Advantage Behavioral sells for ~7x ($550.9m) to a NFP and the low multiple likely lies in the management fee structure, MiMedx buys a mix repair at a 46% premium, and a broker listed CRO in a fast growing market with $57m revenue.
Intermountain buys out Surgery Partners in Idaho Falls at 9.5x, Cardinal grabs AdaptHealth's diabetes falling knife, and the DMEPOS 36-month rule quietly breaks one of this week's listings.
PANTHERx changes hands for the third time since 2020, why 20% practice-level EBITDA is the wrong denominator in dental, plus five home care listings and a 58% margin that isn't really.
Williamson Health gets competing bids from the country's largest hospital operators, Qiagen and Hologic's surgical business are in play, and a deep dive into six addiction treatment listings
QuidelOrtho tries to sell the business that COVID built, Strata makes a transplant surgery acquisition where structure is everything, Quorum uses its freshly minted nonprofit status for new M&A, and a collection of pharmacy listings show exactly how much license type matters to valuation.
Two $10-billion-plus biopharma / life sciences deals in five days, a long awaited wound care exit, and a pair of pain management listings with very different valuations.
Ensemble closes at $12 billion with its old investors still in the room, Simulations Plus goes private at 16.6x EBITDA, and Thurston builds a top-10 DSO out of three companies it already owned.
Humana sells 40% of Gentiva at ~2.3x revenue, a medtech consumables exit at 19x EBITDA, and a deep dive into the intersection of vascular, podiatry, and wound care
The FTC clears AmSurg with divestitures, FONAR's insiders buy the company at 4.3x EBITDA (or less), and LaserAway tests what a scaled medspa platform is actually worth.
Lilly pivots to vaccines with three deals, a retail-to-vet deal that actually makes sense, and why HCA is buying a college.
Quorum's nonprofit conversion, Boston Scientific takes a $1.5B flyer on TAVR, and a deep dive into medspas
The market repriced the GMR IPO by 36%, lenders took the keys at Affordable Care, and two fairness opinions explain why 7.9x and 23.9x might both be the right answer.
Knox Lane buys the dip in travel nursing and KKR goes public in EMS, plus a few private duty tidbits
A dental deep dive, Lilly's fourth biotech buy in four weeks, and Teleflex finally goes private.
A $1.1B home health take-private, and why the projections matter more than the multiple.
Avanos Medical take-private at 14.7x EBITDA, and why the headline number is the wrong read.
Healthcare M&A from the filings, not just the press releases. Issue #1 is here.