Fairness opinions › By year
Healthcare fairness opinions, 2025
17 public-company healthcare transactions announced in 2025 with a fairness opinion in the SEC filing.
2025 valuation benchmarks
EV / LTM EBITDA
9.3x / 13.3x / 43.5x
Q1 / median / Q3 · n=10
EV / LTM revenue
1.09x / 2.09x / 5.50x
Q1 / median / Q3 · n=17
DCF discount rate (midpoint)
10.0% / 12.0% / 14.0%
Q1 / median / Q3 · n=17
Transactions announced in 2025. 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 |
|---|---|---|---|---|---|---|---|---|
| 2025-12-23 | FONAR | Damadian family Acquisition Group | Specialty Outpatient Facilities | $69.3M | 4.3x | 0.65x | 14.5% | Marshall & Stevens |
| 2025-12-15 | Quipt Home Medical | Kingswood Capital Management / Forager Capital Management | Distribution and Equipment Services | $260M | 4.7x | 1.06x | 10.8%–12.8% | Truist Securities, Evans & Evans |
| 2025-11-19 | Exact Sciences | Abbott | Diagnostics / Life Sciences | $21B | 44.2x | 6.41x | 10.5%–12.5% | Centerview Partners |
| 2025-10-20 | Hologic | Blackstone / TPG | Medical Devices and Supplies | $18B | 14.1x | 4.53x | 8.5%–10.5% | Goldman Sachs |
| 2025-09-22 | Premier | Patient Square Capital | Outsourced Services | $2.6B | 10.9x | 2.68x | 8.5%–10.5% | Goldman Sachs, BofA Securities |
| 2025-07-31 | Performant Healthcare | Machinify | Managed Care | $670M | 43.2x | 4.60x | 12.3%–15.3% | Truist Securities |
| 2025-07-21 | ZimVie | ARCHIMED | Medical Devices and Supplies | $730M | 10.8x | 1.61x | 11.5%–13.5% | Centerview Partners |
| 2025-06-23 | Enzo Biochem | Battery Ventures | Diagnostics / Life Sciences | $37.0M | — | 1.35x | 12.0%–16.0% | BroadOak Capital Partners |
| 2025-05-29 | Streamline Health | MDaudit | Digital / HealthTech | $37.4M | — | 2.09x | 16.9%–18.9% | Cain Brothers |
| 2025-04-15 | iCAD | RadNet | Digital / HealthTech | $85.8M | — | 8.09x | 19.6%–20.4% | Piper Sandler |
| 2025-03-24 | LENSAR | Alcon | Medical Devices and Supplies | $356M | — | 6.65x | 11.8%–13.0% | Wells Fargo Securities |
| 2025-03-19 | ProAssurance | The Doctors | Outsourced Services | $1.3B | 12.4x | 1.13x | 7.5%–9.0% | Goldman Sachs |
| 2025-03-06 | Walgreens | Sycamore Partners | Pharmacy / Infusion | $24B | 52.4x | 0.16x | 9.3%–10.8% | Centerview Partners, Morgan Stanley |
| 2025-02-06 | Nevro | Globus Medical | Medical Devices and Supplies | $250M | — | 0.61x | 12.0%–14.8% | BofA Securities |
| 2025-01-10 | Akoya Biosciences | Quanterix | Diagnostics / Life Sciences | $286M | — | 3.33x | 12.5%–15.3% | Perella Weinberg Partners, Goldman Sachs |
| 2025-01-08 | Accolade | Transcarent | Digital / HealthTech | $621M | 35.5x | 1.33x | 13.2%–15.2% | Morgan Stanley |
| 2025-01-06 | Inari Medical | Stryker | Medical Devices and Supplies | $4.9B | — | 8.13x | 9.5%–10.5% | Morgan Stanley |