Intersect ENT acquired by Medtronic: fairness opinion
Announced May 13, 2022 · Merger ·
DEFM14A filed September 7, 2021
Enterprise value
$1.3B
EV / LTM EBITDA
—
EBITDA $-48.0M · -30% margin
EV / LTM revenue
8.08x
revenue $158M
DCF discount rate
9.5%–10.5%
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
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.
Management projections
| Projection year | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | CAGR |
|---|---|---|---|---|---|---|
| Revenue | $199M | $236M | $284M | $328M | $384M | 17.9% |
| Revenue growth | 25.9% | 18.6% | 20.3% | 15.5% | 17.1% | |
| EBITDA | $-15.0M | $11.0M | $48.0M | $60.0M | $75.0M | — |
| EBITDA growth | — | — | 336.4% | 25.0% | 25.0% | |
| EBITDA margin | -8% | 5% | 17% | 18% | 20% | |
| Implied EV / EBITDA | — | 116.1x | 26.6x | 21.3x | 17.0x |
Year-1 growth is against LTM at announcement ($158M revenue, $-48.0M EBITDA); later years are year over year.
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