Fairness opinions › By year
Healthcare fairness opinions, 2026
18 public-company healthcare transactions announced in 2026 with a fairness opinion in the SEC filing.
2026 valuation benchmarks
EV / LTM EBITDA
12.1x / 16.3x / 25.1x
Q1 / median / Q3 · n=17
EV / LTM revenue
1.53x / 2.97x / 7.21x
Q1 / median / Q3 · n=18
DCF discount rate (midpoint)
10.0% / 11.0% / 13.0%
Q1 / median / Q3 · n=18
Transactions announced in 2026. 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 |
|---|---|---|---|---|---|---|---|---|
| 2026-08-10 | Varex Imaging | Teledyne Technologies | Medical Devices and Supplies | $1.1B | 9.4x | 1.28x | 12.0%–14.0% | |
| 2026-08-03 | Integer | KKR | Medical Devices and Supplies | $5.7B | 14.6x | 3.09x | 9.0%–10.0% | |
| 2026-08-03 | Bowhead Specialty | American Family Mutual Insurance | Outsourced Services | $1.2B | 15.2x | 1.96x | 7.5%–11.5% | |
| 2026-07-29 | Sanara MedTech | MiMedx Group | Medical Devices and Supplies | $350M | 20.6x | 3.39x | 12.1%–14.1% | |
| 2026-07-27 | Lantheus | Curium | Diagnostics / Life Sciences | $7.0B | 14.1x | 4.54x | 8.8%–10.7% | |
| 2026-07-22 | BioLife Solutions | Repligen | Diagnostics / Life Sciences | $1.5B | 60.0x | 15.59x | 12.5%–15.0% | |
| 2026-07-20 | Personalis | Tempus | Diagnostics / Life Sciences | $1.5B | — | 18.99x | 16.5%–19.0% | |
| 2026-06-25 | BIO-TECHNE | Merck | Diagnostics / Life Sciences | $11B | 26.2x | 9.33x | 9.0%–10.5% | Goldman Sachs |
| 2026-06-15 | Simulations Plus | Altaris | Digital / HealthTech | $375M | 16.7x | 4.66x | 9.4%–11.4% | Morgan Stanley |
| 2026-05-06 | Cross Country Healthcare | Knox Lane | Outsourced Services | $437M | 16.3x | 0.41x | 9.0%–11.0% | BofA Securities |
| 2026-04-23 | TruBridge | Inventurus Knowledge Solutions Health | Digital / HealthTech | $557M | 8.1x | 1.61x | 12.0%–13.0% | Solomon Partners |
| 2026-04-14 | Avanos Medical | American Industrial Partners | Medical Devices and Supplies | $1.3B | 14.7x | 1.81x | 10.5%–12.5% | J.P. Morgan |
| 2026-04-02 | Forian | Management-Led Consortium | Digital / HealthTech | $68.0M | 85.0x | 2.24x | 13.5%–16.5% | Houlihan Lokey |
| 2026-03-09 | Talkspace | Universal Health Services | Digital / HealthTech | $835M | 23.9x | 2.85x | 11.0%–13.0% | Wells Fargo Securities |
| 2026-03-02 | Select Medical | WCAS, et. al. | Hospitals | $3.9B | 8.0x | 0.68x | 10.0%–12.0% | Goldman Sachs |
| 2026-02-23 | Enhabit | Kinderhook Industries | Home-Based Services | $1.1B | 10.0x | 1.01x | 11.5%–14.5% | |
| 2026-02-17 | Masimo | Danaher | Diagnostics / Life Sciences | $9.9B | 21.2x | 6.50x | 10.8%–11.8% | Centerview Partners |
| 2026-01-15 | Penumbra | Boston Scientific | Medical Devices and Supplies | $15B | 57.7x | 10.82x | 9.0%–11.0% | Perella Weinberg Partners |