Fairness opinions › Bankers
William Blair: healthcare fairness opinions
6 opinions in healthcare transactions, 2010-2022 — 5 to the target board, 1 to the acquirer. Each links to the filing and the full summary of analyses.
Opinions
6
2010-2022
Typical DCF discount rate
11.5%–14.5%
median of low / high · n=6
Terminal method
exit multiple 4 · perpetuity growth 1 · both 1
Median disclosed fee
$3.2M
n=5
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2022-02-02 | SOC Telemed | Patient Square Capital | Digital / HealthTech | $341M | — | 2.79x | 14.0%–16.0% |
| 2022-01-05 | Castlight Health | Vera Whole Health | Digital / HealthTech | $304M | 30.4x | 2.18x | 10.0%–12.0% |
| 2019-02-11 | CAS Medical Systems | Edwards Lifesciences | Medical Devices and Supplies | $100M | — | 4.06x | 9.0%–13.0% |
| 2015-09-01 | Synergetics USA | Bausch Health Companies | Medical Devices and Supplies | $155M | 13.2x | 2.01x | 16.0%–20.0% |
| 2011-01-21 | NovaMed | Surgery Partners | Specialty Outpatient Facilities | $214M | 7.8x | 1.41x | 12.0%–16.0% |
| 2010-06-09 | Eclipsys | Allscripts-Misys Healthcare Solutions | Digital / HealthTech | $1.3B | 14.9x | 2.47x | 10.3%–11.3% |
Segments: Digital / HealthTech (3) · Medical Devices and Supplies (2) · Specialty Outpatient Facilities (1)
Discount rates William Blair has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| SOC Telemed 2022 | 14.0%–16.0% | exit multiple | 1.5x–2.5x | $1.51–$3.48 |
| Castlight Health 2022 | 10.0%–12.0% | perpetuity growth | 2.0%–4.0% | $1.33–$2.13 |
| CAS Medical Systems 2019 | 9.0%–13.0% | both | 3.0%–5.0% | $-0.72–$3.12 |
| Synergetics USA 2015 | 16.0%–20.0% | exit multiple | 10.0x–12.0x | $5.08–$6.73 |
| NovaMed 2011 | 12.0%–16.0% | exit multiple | 7.0x–8.0x | $10.03–$16.20 |
| Eclipsys 2010 | 11.0%–13.0% | exit multiple | 13.0x–15.0x | — |
Peer companies William Blair selects most often
STAAR Surgical Company (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.