Fairness opinions › By year
Healthcare fairness opinions, 2024
16 public-company healthcare transactions announced in 2024 with a fairness opinion in the SEC filing.
2024 valuation benchmarks
EV / LTM EBITDA
12.1x / 19.0x / 41.4x
Q1 / median / Q3 · n=14
EV / LTM revenue
1.60x / 3.54x / 5.35x
Q1 / median / Q3 · n=16
DCF discount rate (midpoint)
10.0% / 11.0% / 14.0%
Q1 / median / Q3 · n=16
Transactions announced in 2024. 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 |
|---|---|---|---|---|---|---|---|---|
| 2024-12-24 | NeueHealth | New Enterprise Associates | Managed Care | $1.5B | 54.7x | 1.56x | 23.0%–25.0% | Lincoln International |
| 2024-12-11 | Patterson Companies | Patient Square Capital | Distribution and Equipment Services | $4.1B | 12.0x | 0.61x | 8.6%–10.2% | Guggenheim Securities |
| 2024-12-03 | Cross Country Healthcare | Aya Healthcare | Outsourced Services | $615M | 12.1x | 0.46x | 9.8%–11.8% | BofA Securities |
| 2024-11-06 | Avid Bioservices | GHO Capital Partners / Ampersand Capital Partners | Pharmaceutical Services | $1.1B | — | 7.86x | 12.0%–17.0% | Moelis & Company |
| 2024-08-01 | R1 RCM | TowerBrook and CD&R | Outsourced Services | $8.9B | 13.6x | 3.34x | 9.5%–11.0% | Barclays |
| 2024-06-21 | ShareCare | Altaris | Digital / HealthTech | $419M | 18.9x | 1.00x | 11.5%–12.5% | Houlihan Lokey, MTS Health Partners |
| 2024-06-18 | Silk Road Medical | Boston Scientific | Medical Devices and Supplies | $1.2B | — | 5.47x | 11.7%–14.5% | BofA Securities |
| 2024-06-03 | Stericycle | Waste Management | Outsourced Services | $7.2B | 15.1x | 2.63x | 8.5%–10.0% | BofA Securities |
| 2024-05-29 | Surmodics | GTCR | Medical Devices and Supplies | $616M | 36.9x | 4.98x | 13.1%–14.1% | Jefferies |
| 2024-05-28 | Atrion | Nordson | Medical Devices and Supplies | $800M | 19.1x | 4.36x | 11.0%–12.0% | Truist Securities |
| 2024-04-08 | Model N | Vista Equity Partners | Digital / HealthTech | $1.3B | 24.5x | 4.73x | 10.0%–11.0% | Jefferies |
| 2024-04-05 | Shockwave Medical | Johnson & Johnson | Medical Devices and Supplies | $13B | 58.5x | 13.80x | 11.3%–12.8% | Perella Weinberg Partners |
| 2024-02-28 | Societal CDMO | CoreRx | Pharmaceutical Services | $144M | 11.4x | 1.71x | 14.5%–16.5% | Raymond James |
| 2024-02-26 | Agiliti | Thomas H. Lee Partners | Distribution and Equipment Services | $2.5B | 9.4x | 2.13x | 10.0%–11.5% | Centerview Partners |
| 2024-02-05 | Catalent | Novo Holdings / Novo Nordisk | Pharmaceutical Services | $17B | 22.9x | 3.75x | 9.8%–10.9% | Citi |
| 2024-01-08 | Axonics | Boston Scientific | Medical Devices and Supplies | $3.4B | 68.0x | 9.29x | 9.5%–11.0% | J.P. Morgan |