Analogic acquired by Altaris: fairness opinion
Announced April 10, 2018 · Merger ·
DEFM14A filed May 16, 2018
Enterprise value
$937M
EV / LTM EBITDA
13.8x
EBITDA $68.0M · 15% margin
EV / LTM revenue
2.05x
revenue $457M
DCF discount rate
8.2%–9.4%
Deal terms
Consideration—
Price per share—
Premium—
Premium basis—
StructureMerger
Termination fee—
Reverse termination fee—
Go-shopNone
Outside date—
FilingDEFM14A · EDGAR index
3,000+ healthcare deal-level valuation multiples
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Management projections
| Projection year | Year 1 | Year 2 | CAGR |
|---|---|---|---|
| Revenue | $494M | $551M | 11.5% |
| Revenue growth | 8.1% | 11.5% | |
| EBITDA | $77.0M | $95.0M | 23.4% |
| EBITDA growth | 13.2% | 23.4% | |
| EBITDA margin | 16% | 17% | |
| Implied EV / EBITDA | 12.2x | 9.9x |
Year-1 growth is against LTM at announcement ($457M revenue, $68.0M EBITDA); later years are year over year.
Other Medical Devices and Supplies fairness opinions
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- Invuity / StrykerCorp. 2018
- Cogentix Medical / Laborie 2018 · 101.9x EV/EBITDA
- Wright Medical Group / StrykerCorp. 2019 · 14.6x EV/EBITDA
- CAS Medical Systems / Edwards Lifesciences 2019
- Osiris Therapeutics / Smith & Nephew 2019 · 28.8x EV/EBITDA