Fairness opinions › By year
Healthcare fairness opinions, 2016
23 public-company healthcare transactions announced in 2016 with a fairness opinion in the SEC filing.
2016 valuation benchmarks
EV / LTM EBITDA
10.4x / 11.8x / 15.2x
Q1 / median / Q3 · n=16
EV / LTM revenue
1.44x / 2.29x / 4.44x
Q1 / median / Q3 · n=23
DCF discount rate (midpoint)
8.0% / 10.0% / 13.0%
Q1 / median / Q3 · n=23
Transactions announced in 2016. 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.
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate | Fairness opinion |
|---|---|---|---|---|---|---|---|---|
| 2016-12-22 | Network Medical Management | Apollo Medical Holdings | Physician Groups | $345M | 9.5x | 1.13x | 14.0%–16.0% | BofA Securities, Vantage Point Advisors |
| 2016-12-22 | Apollo Medical Holdings | Network Medical Management | Managed Care | $85.5M | — | 1.49x | 14.0%–16.0% | BofA Securities, Vantage Point Advisors |
| 2016-12-02 | Vascular Solutions | Teleflex | Medical Devices and Supplies | $976M | 25.7x | 5.86x | 9.4%–11.4% | Guggenheim Securities |
| 2016-11-17 | Universal American | WellCare Health Plans | Managed Care | $770M | 9.3x | 0.52x | 8.3%–9.3% | MTS Health Partners |
| 2016-10-31 | Team Health Holdings | Blackstone | Physician Groups | $5.9B | 11.5x | 1.27x | 7.5%–8.5% | Goldman Sachs |
| 2016-10-24 | Everyday Health | Ziff Davis | Digital / HealthTech | $465M | 10.3x | 1.82x | 8.0%–12.5% | Qatalyst Partners |
| 2016-09-27 | EndoChoice Holdings | Boston Scientific | Medical Devices and Supplies | $458M | — | 4.28x | 11.8%–13.8% | Guggenheim Securities |
| 2016-08-29 | USMD Holdings | WellMed Medical Management | Physician Groups | $255M | 15.5x | 0.72x | 9.4%–10.4% | Jefferies |
| 2016-08-09 | Press Ganey Holdings | EQT | Digital / HealthTech | $2.4B | 16.1x | 6.28x | 8.0%–10.0% | Barclays, Goldman Sachs |
| 2016-07-27 | Sequenom | Laboratory Corporation of America | Diagnostics / Life Sciences | $379M | — | 3.01x | 15.0%–17.0% | J.P. Morgan |
| 2016-07-13 | Imprivata | Thoma Bravo | Digital / HealthTech | $544M | — | 3.78x | 11.0%–15.0% | Barclays |
| 2016-06-27 | HeartWare International | Medtronic | Medical Devices and Supplies | $1.1B | — | 4.47x | 10.0%–11.0% | Perella Weinberg Partners |
| 2016-06-15 | AmSurg | Envision Healthcare Holdings | Specialty Outpatient Facilities | $7.1B | 12.0x | 2.29x | 6.3%–7.2% | Evercore |
| 2016-06-15 | Envision Healthcare Holdings | AmSurg | Physician Groups | $8.2B | 11.2x | 1.23x | 6.5%–7.5% | Evercore |
| 2016-06-07 | LDR Holding | Zimmer Biomet Holdings | Medical Devices and Supplies | $1.0B | — | 5.55x | 9.5%–11.5% | BofA Securities |
| 2016-05-27 | FEI | Thermo Fisher Scientific | Diagnostics / Life Sciences | $4.1B | 15.1x | 3.73x | 9.5%–11.5% | Goldman Sachs |
| 2016-05-03 | Quintiles | IMS Health | Pharmaceutical Services | $10B | 10.8x | 2.18x | 7.8%–8.3% | Barclays |
| 2016-05-03 | IMS Health | Quintiles | Pharmaceutical Services | $13B | 13.5x | 4.09x | 7.8%–8.3% | Barclays |
| 2016-05-02 | Symmetry Surgical | Roundtable Healthcare Partners | Medical Devices and Supplies | $129M | 12.6x | 1.44x | 13.0%–17.0% | Stifel |
| 2016-04-28 | St. Jude Medical | Abbott Laboratories | Medical Devices and Supplies | $29B | 15.2x | 4.70x | 7.0%–8.5% | Guggenheim Securities |
| 2016-04-27 | ExamWorks Group | Leonard Green & Partners | Physician Groups | $2.0B | 11.5x | 2.05x | 7.0%–8.0% | Evercore, Goldman Sachs |
| 2016-04-19 | Hansen Medical | Auris Surgical Robotics | Medical Devices and Supplies | $80.0M | — | 4.44x | 13.0%–14.0% | Perella Weinberg Partners |
| 2016-02-23 | Newport | MKS Instruments | Medical Devices and Supplies | $980M | 8.2x | 1.56x | 9.0%–11.0% | J.P. Morgan |