Fairness opinions › Segments
Medical Devices and Supplies fairness opinions
78 public-company healthcare transactions in Medical Devices and Supplies, 2010-2026, each with the banker's fairness opinion from the SEC filing: the DCF discount rate and terminal assumptions, the selected companies and precedent transactions, and the deal terms.
Valuation benchmarks
EV / LTM EBITDA
12.3x / 16.2x / 25.7x
Q1 / median / Q3 · n=59
EV / LTM revenue
2.04x / 3.85x / 5.07x
Q1 / median / Q3 · n=78
DCF discount rate (midpoint)
10.0% / 11.0% / 13.0%
Q1 / median / Q3 · n=78
Medical Devices and Supplies transactions with a fairness opinion, 2010-2026. Multiples are enterprise value over the last-twelve-months figure disclosed in the filing; the discount rate is the midpoint of the range the banker used in its DCF.
Bankers most often engaged in Medical Devices and Supplies
J.P. Morgan (12) · Piper Sandler (9) · Perella Weinberg Partners (8) · Goldman Sachs (7) · Guggenheim Securities (5) · BofA Securities (4) · Centerview Partners (3) · Jefferies (3)
All Medical Devices and Supplies transactions
| Announced | Target | Acquirer | EV | EV/EBITDA | EV/Rev | DCF rate | Fairness opinion |
|---|---|---|---|---|---|---|---|
| 2026-08-10 | Varex Imaging | Teledyne Technologies | $1.1B | 9.4x | 1.28x | 12.0%–14.0% | |
| 2026-08-03 | Integer | KKR | $5.7B | 14.6x | 3.09x | 9.0%–10.0% | |
| 2026-07-29 | Sanara MedTech | MiMedx Group | $350M | 20.6x | 3.39x | 12.1%–14.1% | |
| 2026-04-14 | Avanos Medical | American Industrial Partners | $1.3B | 14.7x | 1.81x | 10.5%–12.5% | J.P. Morgan |
| 2026-01-15 | Penumbra | Boston Scientific | $15B | 57.7x | 10.82x | 9.0%–11.0% | Perella Weinberg Partners |
| 2025-10-20 | Hologic | Blackstone / TPG | $18B | 14.1x | 4.53x | 8.5%–10.5% | Goldman Sachs |
| 2025-07-21 | ZimVie | ARCHIMED | $730M | 10.8x | 1.61x | 11.5%–13.5% | Centerview Partners |
| 2025-03-24 | LENSAR | Alcon | $356M | — | 6.65x | 11.8%–13.0% | Wells Fargo Securities |
| 2025-02-06 | Nevro | Globus Medical | $250M | — | 0.61x | 12.0%–14.8% | BofA Securities |
| 2025-01-06 | Inari Medical | Stryker | $4.9B | — | 8.13x | 9.5%–10.5% | Morgan Stanley |
| 2024-06-18 | Silk Road Medical | Boston Scientific | $1.2B | — | 5.47x | 11.7%–14.5% | BofA Securities |
| 2024-05-29 | Surmodics | GTCR | $616M | 36.9x | 4.98x | 13.1%–14.1% | Jefferies |
| 2024-05-28 | Atrion | Nordson | $800M | 19.1x | 4.36x | 11.0%–12.0% | Truist Securities |
| 2024-04-05 | Shockwave Medical | Johnson & Johnson | $13B | 58.5x | 13.80x | 11.3%–12.8% | Perella Weinberg Partners |
| 2024-01-08 | Axonics | Boston Scientific | $3.4B | 68.0x | 9.29x | 9.5%–11.0% | J.P. Morgan |
| 2023-02-09 | NuVasive | Globus Medical | $3.1B | 10.6x | 2.46x | 7.5%–9.5% | |
| 2023-02-08 | Cardiovascular Systems | Abbott | $850M | — | 3.32x | 10.5%–12.5% | J.P. Morgan |
| 2022-11-29 | Apollo Endosurgery | Boston Scientific | $615M | — | 6.34x | 11.8%–12.8% | Piper Sandler |
| 2022-11-01 | Abiomed | Johnson & Johnson | $17B | 55.9x | 12.83x | 11.5%–13.0% | Goldman Sachs |
| 2022-10-11 | SeaSpine Holdings | Orthofix Medical | $280M | — | 1.03x | 10.5%–12.5% | Perella Weinberg Partners, Piper Sandler |
| 2022-05-13 | Intersect ENT | Medtronic | $1.3B | — | 8.08x | 9.5%–10.5% | |
| 2022-02-28 | Intricon | Altaris | $236M | 16.8x | 1.64x | 12.1%–14.1% | |
| 2021-09-02 | Hill-Rom Holdings | Baxter International | $12B | 17.6x | 3.89x | 7.0%–9.0% | BofA Securities, Goldman Sachs |
| 2021-07-29 | Misonix | Bioventus | $518M | — | 6.48x | 10.3%–12.3% | J.P. Morgan, Perella Weinberg Partners |
| 2021-01-12 | Cantel Medical | STERIS | $4.3B | 16.2x | 3.63x | 9.3%–10.0% | Centerview Partners |
| 2020-08-02 | Varian Medical Systems | Siemens Healthineers | $16B | 29.4x | 5.18x | 8.0%–9.0% | Goldman Sachs |
| 2019-11-04 | Wright Medical Group | StrykerCorp. | $4.1B | 14.6x | 3.49x | 7.0%–8.4% | Guggenheim Securities |
| 2019-03-13 | Osiris Therapeutics | Smith & Nephew | $660M | 28.8x | 4.19x | 10.5%–12.5% | Cantor Fitzgerald |
| 2019-02-11 | CAS Medical Systems | Edwards Lifesciences | $100M | — | 4.06x | 9.0%–13.0% | William Blair |
| 2018-09-10 | Invuity | StrykerCorp. | $190M | — | 4.12x | 13.0%–17.5% | Moelis & Company |
| 2018-08-29 | K2M Group Holdings | StrykerCorp. | $1.4B | 92.0x | 4.14x | 10.3%–12.3% | Piper Sandler |
| 2018-04-10 | Analogic | Altaris | $937M | 13.8x | 2.05x | 8.2%–9.4% | |
| 2018-03-12 | Cogentix Medical | Laborie | $214M | 101.9x | 3.65x | 14.5%–16.5% | Duff & Phelps |
| 2017-12-07 | Entellus Medical | StrykerCorp. | $697M | — | 5.76x | 10.0%–12.0% | Piper Sandler |
| 2017-12-04 | Exactech | TPG | $737M | 15.0x | 2.73x | 8.5%–9.5% | J.P. Morgan |
| 2017-08-07 | NxStage Medical | Fresenius Medical Care AG & Co. KGaA | $1.9B | 29.7x | 3.96x | 10.5%–12.5% | Piper Sandler |
| 2017-06-28 | Spectranetics | Philips | $1.9B | — | 6.25x | 9.5%–11.5% | J.P. Morgan |
| 2017-06-12 | Miramar Labs | Sientra | $29.4M | — | 1.21x | 17.4% | Canaccord Genuity |
| 2017-04-23 | C. R. Bard | Becton Dickinson | $25B | 20.1x | 6.47x | 6.0%–7.0% | Goldman Sachs |
| 2017-04-03 | Syneron Medical / Candela | Apax Partners | $340M | 16.8x | 1.14x | 15.5%–17.5% | Barclays |
| 2017-02-14 | Cynosure | Hologic | $1.7B | 21.6x | 3.34x | 14.0%–16.0% | Leerink Partners |
| 2017-02-13 | ZELTIQ Aesthetics | Allergan | $2.4B | 32.9x | 5.03x | 10.1%–11.8% | Guggenheim Securities |
| 2017-01-10 | Derma Sciences | Integra Lifesciences | $248M | — | 3.03x | 13.0%–15.0% | Greenhill |
| 2016-12-02 | Vascular Solutions | Teleflex | $976M | 25.7x | 5.86x | 9.4%–11.4% | Guggenheim Securities |
| 2016-09-27 | EndoChoice Holdings | Boston Scientific | $458M | — | 4.28x | 11.8%–13.8% | Guggenheim Securities |
| 2016-06-27 | HeartWare International | Medtronic | $1.1B | — | 4.47x | 10.0%–11.0% | Perella Weinberg Partners |
| 2016-06-07 | LDR Holding | Zimmer Biomet Holdings | $1.0B | — | 5.55x | 9.5%–11.5% | BofA Securities |
| 2016-05-02 | Symmetry Surgical | Roundtable Healthcare Partners | $129M | 12.6x | 1.44x | 13.0%–17.0% | Stifel |
| 2016-04-28 | St. Jude Medical | Abbott Laboratories | $29B | 15.2x | 4.70x | 7.0%–8.5% | Guggenheim Securities |
| 2016-04-19 | Hansen Medical | Auris Surgical Robotics | $80.0M | — | 4.44x | 13.0%–14.0% | Perella Weinberg Partners |
| 2016-02-23 | Newport | MKS Instruments | $980M | 8.2x | 1.56x | 9.0%–11.0% | J.P. Morgan |
| 2015-11-20 | Liberator Medical Holdings | C. R. Bard | $181M | 11.5x | 2.01x | 12.0%–16.0% | JMP Securities |
| 2015-10-19 | Sorin | Cyberonics / LivaNova | $1.8B | 12.3x | 1.96x | 8.5%–10.5% | |
| 2015-09-15 | Sirona Dental Systems | DENTSPLY | $5.7B | 16.2x | 4.78x | 9.4%–10.4% | Jefferies |
| 2015-09-01 | Synergetics USA | Bausch Health Companies | $155M | 13.2x | 2.01x | 16.0%–20.0% | William Blair |
| 2015-07-22 | Thoratec | St. Jude Medical | $3.3B | 26.5x | 6.39x | 9.5%–11.0% | Centerview Partners |
| 2014-10-05 | CareFusion | Becton Dickinson | $13B | 13.0x | 3.14x | 8.0%–9.0% | Perella Weinberg Partners |
| 2014-08-04 | Symmetry Medical OEMS Business | Tecomet | $450M | 8.5x | 1.42x | 9.0%–11.0% | Stifel |
| 2014-06-25 | Medical Action Industries | Owens & Minor | $207M | 13.8x | 0.68x | 17.7% | Canaccord Genuity |
| 2014-06-15 | Covidien | Medtronic | $56B | 17.5x | 4.94x | 8.0%–9.0% | Goldman Sachs, Perella Weinberg Partners |
| 2014-02-03 | ArthroCare | Smith & Nephew | $1.5B | 16.1x | 3.82x | 9.1%–11.1% | Piper Sandler |
| 2013-12-16 | Solta Medical | Valeant Pharmaceuticals International | $293M | 11.2x | 1.77x | 19.6%–23.6% | Piper Sandler |
| 2013-11-13 | Rochester Medical | C. R. Bard | $262M | 13.1x | 3.25x | 16.4%–18.6% | |
| 2013-08-02 | Theragenics | Juniper Investment | $68.0M | 9.6x | 0.87x | 20.0%–24.0% | Brown Gibbons Lang Securities |
| 2013-04-29 | Conceptus | Bayer HealthCare | $1.1B | 28.0x | 6.79x | 9.0%–12.0% | Goldman Sachs |
| 2012-12-04 | Young Innovations | Linden | $314M | 10.5x | 2.87x | 12.0%–13.0% | Robert W Baird |
| 2012-05-02 | Kensey Nash | Royal DSM | $360M | 11.4x | 4.03x | 10.0%–12.0% | Jefferies |
| 2011-12-15 | SonoSite | FUJIFILM Holdings | $995M | 21.1x | 2.70x | 11.0%–13.0% | J.P. Morgan |
| 2011-12-13 | Synovis Life Technologies | Baxter International | $260M | 17.1x | 3.32x | 20.1%–23.3% | Piper Sandler |
| 2011-09-22 | American Medical Alert | Tunstall Healthcare Group | $82.3M | 8.5x | 1.86x | 13.5%–15.5% | Houlihan Lokey |
| 2011-07-13 | Kinetic Concepts | Apax Partners, CPPIB and PSP Investments | $6.3B | 9.7x | 3.02x | 9.5%–11.5% | J.P. Morgan |
| 2011-05-16 | Orthovita | StrykerCorp. | $316M | 18.1x | 2.62x | 11.5%–12.5% | J.P. Morgan |
| 2011-04-27 | Synthes | Johnson & Johnson | $17B | 9.6x | 4.09x | 8.5%–10.5% | Credit Suisse |
| 2011-04-11 | American Medical Systems | Endo Pharmaceuticals | $2.9B | 15.2x | 5.35x | 10.0%–11.0% | J.P. Morgan |
| 2010-08-17 | Osteotech | Medtronic | $123M | 11.8x | 1.26x | 14.0%–19.0% | Deutsche Bank |
| 2010-07-12 | Micrus Endovascular | Johnson & Johnson | $397M | 23.1x | 3.70x | 11.0%–13.0% | Lazard |
| 2010-06-14 | Somanetics | Covidien | $250M | 20.5x | 4.39x | 11.8%–13.8% | Leerink Partners |
| 2010-06-01 | ev3 | Covidien | $2.5B | 27.9x | 4.78x | 10.5%–12.0% | J.P. Morgan, Piper Sandler |
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.