J.P. Morgan: healthcare fairness opinions
28 opinions in healthcare transactions, 2010-2026 — 27 to the target board, 1 to the acquirer. Each links to the filing and the full summary of analyses.
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2026-04-14 | Avanos Medical | American Industrial Partners | Medical Devices and Supplies | $1.3B | 14.7x | 1.81x | 10.5%–12.5% |
| 2024-01-08 | Axonics | Boston Scientific | Medical Devices and Supplies | $3.4B | 68.0x | 9.29x | 9.5%–11.0% |
| 2023-10-17 | Olink Holding AB | Thermo Fisher Scientific | Diagnostics / Life Sciences | $3.0B | 591.4x | 14.79x | 10.5%–11.5% |
| 2023-02-08 | Cardiovascular Systems | Abbott | Medical Devices and Supplies | $850M | — | 3.32x | 10.5%–12.5% |
| 2021-08-19 | Inovalon Holdings | Nordic Capital / Insight Partners | Digital / HealthTech | $7.3B | 26.9x | 9.42x | 8.0%–9.0% |
| 2021-07-29 | Misonix | Bioventus | Medical Devices and Supplies | $518M | — | 6.48x | 10.3%–12.3% |
| 2021-04-15 | PPD | Thermo Fisher Scientific | Pharmaceutical Services | $20B | 20.3x | 3.83x | 7.5%–8.5% |
| 2021-03-15 | GenMark Diagnostics | Roche | Diagnostics / Life Sciences | $1.8B | 120.8x | 8.59x | 10.0%–12.0% |
| 2018-06-11 | Envision Healthcare Holdings | KKR | Physician Groups | $9.9B | 10.0x | 1.16x | 8.0%–9.0% |
| 2017-12-04 | Exactech | TPG | Medical Devices and Supplies | $737M | 15.0x | 2.73x | 8.5%–9.5% |
| 2017-07-24 | WebMD | Internet Brands | Digital / HealthTech | $2.9B | 11.9x | 3.96x | 8.0%–10.0% |
| 2017-06-28 | Spectranetics | Philips | Medical Devices and Supplies | $1.9B | — | 6.25x | 9.5%–11.5% |
| 2017-04-14 | Alere | Abbott Laboratories | Diagnostics / Life Sciences | $7.1B | 14.3x | 2.95x | 8.3%–9.8% |
| 2017-01-09 | Surgical Care Affiliates | Optum | Specialty Outpatient Facilities | $3.3B | 16.4x | 2.75x | 6.5%–7.5% |
| 2016-07-27 | Sequenom | Laboratory Corporation of America | Diagnostics / Life Sciences | $379M | — | 3.01x | 15.0%–17.0% |
| 2016-02-23 | Newport | MKS Instruments | Medical Devices and Supplies | $980M | 8.2x | 1.56x | 9.0%–11.0% |
| 2015-07-02 | Health Net | Centene | Managed Care | $6.0B | 9.3x | 0.37x | 8.0%–9.0% |
| 2013-09-24 | Greenway Medical Technologies | Vista Equity Partners | Digital / HealthTech | $644M | 33.9x | 4.24x | 9.0%–10.0% |
| 2013-06-24 | Vanguard Health Systems | Tenet Healthcare | Hospitals | $4.3B | 8.1x | 0.71x | 7.5%–8.0% |
| 2012-07-02 | Lincare | Linde AG | Home-Based Services | $4.6B | 9.1x | 2.25x | 9.0%–10.0% |
| 2012-04-18 | Catalyst Health Solutions | SXC Health Solutions | Managed Care | $4.7B | 19.1x | 0.72x | 8.0%–9.5% |
| 2012-04-10 | eResearch Technology | Genstar Capital | Pharmaceutical Services | $423M | 7.7x | 2.13x | 11.0%–12.0% |
| 2011-12-15 | SonoSite | FUJIFILM Holdings | Medical Devices and Supplies | $995M | 21.1x | 2.70x | 11.0%–13.0% |
| 2011-07-13 | Kinetic Concepts | Apax Partners, CPPIB and PSP Investments | Medical Devices and Supplies | $6.3B | 9.7x | 3.02x | 9.5%–11.5% |
| 2011-05-16 | Orthovita | StrykerCorp. | Medical Devices and Supplies | $316M | 18.1x | 2.62x | 11.5%–12.5% |
| 2011-05-04 | Kendle International | INC Research Holdings | Pharmaceutical Services | $367M | 9.9x | 1.10x | 11.5%–13.5% |
| 2011-04-11 | American Medical Systems | Endo Pharmaceuticals | Medical Devices and Supplies | $2.9B | 15.2x | 5.35x | 10.0%–11.0% |
| 2010-06-01 | ev3 | Covidien | Medical Devices and Supplies | $2.5B | 27.9x | 4.78x | 10.5%–12.0% |
Segments: Medical Devices and Supplies (12) · Diagnostics / Life Sciences (4) · Digital / HealthTech (3) · Pharmaceutical Services (3) · Managed Care (2) · Physician Groups (1) · Specialty Outpatient Facilities (1) · Hospitals (1) · Home-Based Services (1)
Discount rates J.P. Morgan has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| Avanos Medical 2026 | 10.5%–12.5% | perpetuity growth | 2.0%–3.0% | $17.75–$24.75 |
| Axonics 2024 | 9.5%–11.0% | perpetuity growth | 4.3%–5.8% | $44.25–$75.25 |
| Olink Holding AB 2023 | 10.5%–11.5% | perpetuity growth | 2.5%–3.5% | $20.74–$26.46 |
| Cardiovascular Systems 2023 | 10.5%–12.5% | perpetuity growth | 3.0%–4.0% | $17.00–$25.00 |
| Inovalon Holdings 2021 | 8.0%–9.0% | perpetuity growth | 3.0%–4.0% | $34.00–$51.75 |
| Misonix 2021 | 10.3%–12.3% | perpetuity growth | 3.0%–4.0% | $18.50–$28.60 |
| GenMark Diagnostics 2021 | 10.0%–12.0% | perpetuity growth | 2.5%–3.5% | $14.75–$21.25 |
| Envision Healthcare Holdings 2018 | 8.0%–9.0% | perpetuity growth | 1.0%–1.5% | $34.75–$71.25 |
| Exactech 2017 | 8.5%–9.5% | perpetuity growth | 2.5%–3.5% | $23.00–$33.25 |
| WebMD 2017 | 8.0%–10.0% | perpetuity growth | 2.0%–3.0% | $55.00–$75.25 |
| Spectranetics 2017 | 9.5%–11.5% | perpetuity growth | 2.5%–3.5% | $21.25–$51.50 |
| Alere 2017 | 8.3%–9.8% | perpetuity growth | 1.5%–2.5% | $29.25–$47.75 |
| Surgical Care Affiliates 2017 | 6.5%–7.5% | perpetuity growth | 1.5%–2.0% | $40.00–$70.50 |
| Sequenom 2016 | 15.0%–17.0% | perpetuity growth | 2.5%–3.5% | $2.00–$2.55 |
| Newport 2016 | 9.0%–11.0% | perpetuity growth | 2.5%–3.5% | $18.50–$26.25 |
| Health Net 2015 | 8.0%–9.0% | perpetuity growth | 2.0%–3.0% | $61.00–$80.50 |
| Greenway Medical Technologies 2013 | 9.0%–10.0% | perpetuity growth | 3.0%–4.0% | $19.00–$25.25 |
| Vanguard Health Systems 2013 | 7.5%–8.0% | perpetuity growth | 0.5%–1.5% | $16.50–$24.60 |
| Lincare 2012 | 9.0%–10.0% | perpetuity growth | 2.0%–3.0% | $25.90–$33.35 |
| Catalyst Health Solutions 2012 | 7.5%–8.5% | perpetuity growth | 2.8%–3.3% | $69.50–$93.25 |
| eResearch Technology 2012 | 11.0%–12.0% | perpetuity growth | 2.0%–3.0% | $7.20–$8.50 |
| SonoSite 2011 | 11.0%–13.0% | perpetuity growth | 1.5%–2.5% | $24.25–$73.75 |
| Kinetic Concepts 2011 | 9.5%–11.5% | perpetuity growth | 1.0%–1.5% | $35.50–$87.45 |
| Orthovita 2011 | 11.5%–12.5% | perpetuity growth | 2.5%–3.5% | $2.60–$3.15 |
| Kendle International 2011 | 11.5%–13.5% | perpetuity growth | 2.5%–3.5% | $10.90–$16.50 |
| American Medical Systems 2011 | 10.0%–11.0% | perpetuity growth | 2.5%–3.5% | $25.00–$30.75 |
| ev3 2010 | 10.5%–12.0% | perpetuity growth | 2.0%–4.0% | $18.50–$25.60 |
Peer companies J.P. Morgan selects most often
Integra LifeSciences Holdings Corporation (5) · NuVasive, Inc. (5) · Hologic, Inc. (4) · Align Technology, Inc. (3) · CONMED Corporation (3) · ICU Medical, Inc. (3) · Hill-Rom Holdings, Inc. (3) · Merit Medical Systems, Inc. (3) · Medidata Solutions, Inc. (3) · Insulet Corporation (2) · AtriCure, Inc. (2) · Intersect ENT, Inc. (2) · Globus Medical, Inc. (2) · Bio-Rad Laboratories, Inc. (2) · PerkinElmer, Inc. (2) · QIAGEN N.V. (2) · OraSure Technologies, Inc. (2) · Orthofix International N.V. (2) · K2M Group Holdings, Inc. (2) · Cerner Corporation (2)
Precedent transactions J.P. Morgan cites most often
LDR Holding Corporation / Zimmer Biomet Holdings, Inc. (3) · VNUS Medical Technologies, Inc. / Covidien plc (3) · Arrow International, Inc. / Teleflex Incorporated (3) · K2M Group Holdings, Inc. / Stryker Corporation (2) · ATS Medical, Inc. / Medtronic, Inc. (2) · Vascular Solutions, Inc. / Teleflex Incorporated (2) · AngioScore Inc. / The Spectranetics Corporation (2) · Given Imaging Ltd. / Covidien plc (2) · Cepheid / Danaher Corporation (2) · ArthroCare Corporation / Smith & Nephew plc (2) · Yahoo! Inc. / Verizon Communications, Inc. (2) · Verinata Health, Inc. / Illumina, Inc. (2) · Genoptix, Inc. / Novartis AG (2) · Option Care, Inc. / Walgreen Co. (2) · I-Flow Corporation / Kimberly-Clark Corporation (2)