Fairness opinions › Bankers
Piper Sandler: healthcare fairness opinions
11 opinions in healthcare transactions, 2010-2025 — 11 to the target board. Each links to the filing and the full summary of analyses.
Opinions
11
2010-2025
Typical DCF discount rate
11.4%–13.4%
median of low / high · n=8
Terminal method
exit multiple 5 · perpetuity growth 3
Median disclosed fee
$4.7M
n=8
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2025-04-15 | iCAD | RadNet | Digital / HealthTech | $85.8M | — | 8.09x | 19.6%–20.4% |
| 2022-11-29 | Apollo Endosurgery | Boston Scientific | Medical Devices and Supplies | $615M | — | 6.34x | 11.8%–12.8% |
| 2022-10-11 | SeaSpine Holdings | Orthofix Medical | Medical Devices and Supplies | $280M | — | 1.03x | 10.5%–12.5% |
| 2018-08-29 | K2M Group Holdings | StrykerCorp. | Medical Devices and Supplies | $1.4B | 92.0x | 4.14x | 10.3%–12.3% |
| 2018-05-16 | Abaxis | Zoetis | Diagnostics / Life Sciences | $1.9B | 41.3x | 7.75x | 11.8%–13.8% |
| 2017-12-07 | Entellus Medical | StrykerCorp. | Medical Devices and Supplies | $697M | — | 5.76x | 10.0%–12.0% |
| 2017-08-07 | NxStage Medical | Fresenius Medical Care AG & Co. KGaA | Medical Devices and Supplies | $1.9B | 29.7x | 3.96x | 10.5%–12.5% |
| 2014-02-03 | ArthroCare | Smith & Nephew | Medical Devices and Supplies | $1.5B | 16.1x | 3.82x | 9.1%–11.1% |
| 2013-12-16 | Solta Medical | Valeant Pharmaceuticals International | Medical Devices and Supplies | $293M | 11.2x | 1.77x | 19.6%–23.6% |
| 2011-12-13 | Synovis Life Technologies | Baxter International | Medical Devices and Supplies | $260M | 17.1x | 3.32x | 20.1%–23.3% |
| 2010-06-01 | ev3 | Covidien | Medical Devices and Supplies | $2.5B | 27.9x | 4.78x | 10.5%–12.0% |
Segments: Medical Devices and Supplies (9) · Digital / HealthTech (1) · Diagnostics / Life Sciences (1)
Discount rates Piper Sandler has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| iCAD 2025 | 19.6%–20.4% | exit multiple | 2.5x–4.0x | $2.97–$4.15 |
| Apollo Endosurgery 2022 | 11.8%–12.8% | perpetuity growth | 4.0%–5.0% | $5.31–$6.87 |
| SeaSpine Holdings 2022 | 10.5%–12.5% | perpetuity growth | 3.5%–5.0% | $2.93–$6.52 |
| K2M Group Holdings 2018 | 10.3%–12.3% | exit multiple | 4.0x–5.0x | $23.90–$31.69 |
| ArthroCare 2014 | 9.1%–11.1% | exit multiple | 10.0x–12.0x | $39.98–$48.43 |
| Solta Medical 2013 | 19.6%–23.6% | exit multiple | 8.0x–9.0x | $2.29–$2.96 |
| Synovis Life Technologies 2011 | 20.1%–23.3% | exit multiple | 2.5x–3.0x | $26.00–$32.17 |
| ev3 2010 | 11.0%–14.0% | perpetuity growth | 2.5%–3.5% | $16.51–$24.71 |
Peer companies Piper Sandler selects most often
AtriCure, Inc. (4) · Alphatec Holdings, Inc. (4) · NuVasive, Inc. (4) · Neuronetics, Inc. (3) · Globus Medical, Inc. (3) · Masimo Corporation (3) · OrthoPediatrics Corp. (2) · SI-BONE, Inc. (2) · Sight Sciences, Inc. (2) · Treace Medical Concepts, Inc. (2) · Paragon 28, Inc. (2) · CONMED Corporation (2) · Cutera, Inc. (2) · Merit Medical Systems, Inc. (2) · Tornier N.V. (2) · Volcano Corporation (2)
Precedent transactions Piper Sandler cites most often
LDR Holding Corporation / Zimmer Biomet Holdings, Inc. (3) · Datascope Corp. / Getinge AB (2)
3,000+ healthcare deal-level valuation multiples
The Valuation database includes financial details for more than 3,000 healthcare M&A transactions, private and public, with deal-level multiples, categorized by segment, type, and year.