Varex Imaging acquired by Teledyne Technologies: fairness opinion
Announced August 10, 2026 · Merger ·
PREM14A filed September 8, 2026
Enterprise value
$1.1B
EV / LTM EBITDA
9.4x
EBITDA $118M · 14% margin
EV / LTM revenue
1.28x
revenue $858M
DCF discount rate
12.0%–14.0%
Deal terms
Consideration—
Price per share—
Premium—
Premium basis—
StructureMerger
Termination fee—
Reverse termination fee—
Go-shopNone
Outside date—
FilingPREM14A · 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 | $913M | $971M | $1.1B | $1.2B | $1.2B | 7.9% |
| Revenue growth | 6.4% | 6.4% | 9.2% | 10.2% | 6.0% | |
| EBITDA | $124M | $155M | $194M | $240M | $267M | 21.1% |
| EBITDA growth | 5.4% | 25.0% | 25.2% | 23.7% | 11.3% | |
| EBITDA margin | 14% | 16% | 18% | 21% | 22% | |
| Implied EV / EBITDA | 8.9x | 7.1x | 5.7x | 4.6x | 4.1x |
Year-1 growth is against LTM at announcement ($858M revenue, $118M EBITDA); later years are year over year.
Other Medical Devices and Supplies fairness opinions
- Integer / KKR 2026 · 14.6x EV/EBITDA
- Sanara MedTech / MiMedx Group 2026 · 20.6x EV/EBITDA
- Avanos Medical / American Industrial Partners 2026 · 14.7x EV/EBITDA
- Penumbra / Boston Scientific 2026 · 57.7x EV/EBITDA
- Hologic / Blackstone / TPG 2025 · 14.1x EV/EBITDA
- ZimVie / ARCHIMED 2025 · 10.8x EV/EBITDA