Fairness opinions › By year
Healthcare fairness opinions, 2022
18 public-company healthcare transactions announced in 2022 with a fairness opinion in the SEC filing.
2022 valuation benchmarks
EV / LTM EBITDA
12.6x / 19.2x / 32.4x
Q1 / median / Q3 · n=12
EV / LTM revenue
1.60x / 2.58x / 6.78x
Q1 / median / Q3 · n=18
DCF discount rate (midpoint)
10.0% / 11.0% / 12.0%
Q1 / median / Q3 · n=18
Transactions announced in 2022. 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 |
|---|---|---|---|---|---|---|---|---|
| 2022-11-29 | Apollo Endosurgery | Boston Scientific | Medical Devices and Supplies | $615M | — | 6.34x | 11.8%–12.8% | Piper Sandler |
| 2022-11-01 | Benefitfocus | Voya Financial | Digital / HealthTech | $570M | 11.6x | 2.25x | 11.0%–13.0% | Barclays |
| 2022-11-01 | Abiomed | Johnson & Johnson | Medical Devices and Supplies | $17B | 55.9x | 12.83x | 11.5%–13.0% | Goldman Sachs |
| 2022-10-11 | SeaSpine Holdings | Orthofix Medical | Medical Devices and Supplies | $280M | — | 1.03x | 10.5%–12.5% | Perella Weinberg Partners, Piper Sandler |
| 2022-09-05 | Signify Health | CVS Health | Physician Groups | $7.3B | 33.0x | 8.60x | 9.5%–11.5% | Goldman Sachs, Deutsche Bank |
| 2022-07-21 | 1Life Healthcare / One Medical | Amazon | Physician Groups | $3.9B | — | 3.58x | 12.9%–14.0% | Morgan Stanley |
| 2022-07-12 | Sharps Compliance | Aurora Capital Partners | Outsourced Services | $173M | 25.2x | 2.36x | 9.0%–13.0% | Raymond James |
| 2022-07-07 | Meridian Bioscience | SD Biosensor / SJL Partners | Diagnostics / Life Sciences | $1.5B | 17.6x | 5.07x | 9.5%–11.0% | Rothschild & Co |
| 2022-05-24 | Covetrus | Clayton, Dubilier & Rice | Distribution and Equipment Services | $4.0B | 14.0x | 0.81x | 9.0%–11.5% | Goldman Sachs |
| 2022-05-23 | CynergisTek | Clearwater Compliance | Outsourced Services | $17.7M | — | 0.92x | 20.0%–24.0% | Craig-Hallum |
| 2022-05-13 | Intersect ENT | Medtronic | Medical Devices and Supplies | $1.3B | — | 8.08x | 9.5%–10.5% | |
| 2022-04-06 | Tivity Health | Stone Point Capital | Physician Groups | $2.0B | 12.1x | 3.41x | 10.0%–11.0% | Lazard |
| 2022-03-29 | LHC Group | UnitedHealth Group | Home-Based Services | $6.1B | 20.8x | 2.26x | 8.5%–9.5% | Leerink Partners, Jefferies |
| 2022-02-28 | Intricon | Altaris | Medical Devices and Supplies | $236M | 16.8x | 1.64x | 12.1%–14.1% | |
| 2022-02-02 | SOC Telemed | Patient Square Capital | Digital / HealthTech | $341M | — | 2.79x | 14.0%–16.0% | William Blair |
| 2022-01-10 | Apria | Owens & Minor | Distribution and Equipment Services | $1.7B | 12.0x | 1.48x | 7.5%–9.0% | Goldman Sachs |
| 2022-01-06 | Vocera Communications | StrykerCorp. | Digital / HealthTech | $2.6B | 52.3x | 9.35x | 8.0%–9.0% | Evercore |
| 2022-01-05 | Castlight Health | Vera Whole Health | Digital / HealthTech | $304M | 30.4x | 2.18x | 10.0%–12.0% | William Blair |