Upload
nguyenliem
View
217
Download
1
Embed Size (px)
Citation preview
www.harriswilliams.com
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised andregulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
HEALTHCARE & LIFE SCIENCES GROUP
0
INDUSTRY UPDATE │ FEBRUARY 2015
www.harriswilliams.com
PAGE |
www.harriswilliams.com
WHATWE’RE READING
1
CONTENTS
PUBLIC MARKETS OVERVIEW
EQUITY MARKETS OVERVIEW
M&A OVERVIEW
DEBT CAPITAL MARKETS OVERVIEW
HEALTHCARE & LIFE SCIENCES TRADING STATISTICS
M&A ACTIVITY
CONTACTS
UNITED STATES
Turner BredrupManaging [email protected]+1 (804) 915-0110
James ClarkManaging [email protected]+1 (804) 915-0119
Todd MorrisManaging [email protected]+1 (415) 217-3412
Cheairs PorterManaging [email protected]+1 (804) 915-0130
Geoff SmithManaging [email protected]+1 (804) 915-0195
Andy [email protected]+1 (415) 217-3419
Paul [email protected]+1 (804) 932-1326
Jacques FuVice [email protected]+1 (804) 915-0185
Andy HewlettVice [email protected]+1 (415) 217-3427
Bill KayserVice [email protected]+1 (804) 915-0180
Whit KnierVice [email protected]+1 (804) 932-1321
HEALTHCARE & LIFE SCIENCES
As many readers may be aware, on February 4th, the health insurer Anthemannounced that it had been the victim of a massive hacker attack. The attackexposed sensitive personal information from as many as 80 million of Anthem’sinsured individuals and represents the largest data breach of an Americanhealthcare company in history. In its announcement, Anthem stated thatinformation exposed in the breach included names, birthdays, addresses andSocial Security numbers, but did not appear to include medical information orfinancial details. Following the announcement, coverage in the media hasbeen extensive; below are links to several articles discussing the attack withfurther details.
− The Wall Street Journal (A subscription to The Wall Street Journal Online maybe required)
− Modern Healthcare (A free subscription to Modern Healthcare is required)
Healthy discussion surrounding the measurement of healthcare quality as itrelates to Medicare payments continued this month. The National QualityForum submitted performance measures as it relates to 20 federal programsgoverned by Health and Human Services. The debate on how to measurequality heightens as this year, many of the federal pay-for-performanceprograms carry financial penalties. Pay-for-performance programs currentlyrepresent approximately 80% of Medicare spending. A link to the article can befound here. (A subscription to The Wall Street Journal Online may be required)
HEALTHCARE & LIFE SCIENCES
INDUSTRY UPDATE │ FEBRUARY 2015
HW&CO. HCLS GROUP INSIGHT
Home Health Industry Overview
PAGE |
PUBLICMARKETS OVERVIEW
2
INDUSTRY UPDATE
HEALTHCARE & LIFE SCIENCES GROUP │ FEBRUARY 2015
Key Trading Statistics (detail begins on page 6)
Public Company Sector Performance(12-month % change in stock price)
Change in Stock Price
3 mos. 12 mos. Revenue EBITDA Revenue EBITDA
Clinical Laboratories 3 $26,996 12.0% 28.9% 1.9x 10.7x 1.8x 9.2x
Contract Pharma Manufacturing 3 9,940 (1.7%) 21.4% 2.5x 11.2x 2.5x 12.7x
Contract Research Organizations 8 27,253 7.3% 25.1% 2.3x 13.9x 2.2x 12.3x
Disease Management 2 8,340 17.3% 18.5% 2.1x 21.0x 2.0x 12.9x
Emergency Serv ices 1 2,283 (10.5%) (18.8%) 2.3x 9.3x 2.3x 9.0x
Health Care Staffing 4 7,986 8.0% 16.8% 1.1x 13.7x 1.1x 12.1x
HMO - Medical 9 273,504 11.9% 43.6% 0.7x 9.1x 0.7x 8.6x
Information Serv ices 11 37,499 4.7% 8.2% 6.0x 20.7x 4.8x 17.1x
Specialty Managed Care 3 5,999 (4.1%) (17.7%) 1.3x 7.2x 1.3x 4.4x
Specialty Pharmacy 1 1,451 13.7% NM 0.7x NA 0.5x 31.3x
Specialty Pharmacy Management 4 94,320 6.0% 4.5% 0.7x 12.0x 0.7x 11.9x
Dental Products 3 120,618 6.7% 24.3% 3.4x 14.3x 3.3x 13.5x
Durable Medical Equipment 3 11,906 8.1% 29.3% 1.8x 13.9x 1.6x 11.2x
Life Sciences Tools 4 109,426 7.8% 8.9% 2.5x 12.7x 3.2x 13.5x
Medical Devices and Products 14 728,180 4.0% 16.5% 3.4x 13.1x 3.3x 12.0x
Medical / Surgical / Dental Supplies & Distribution 6 127,439 9.2% 20.3% 0.3x 13.8x 0.3x 11.3x
Acute-Care Hospitals 4 103,405 (8.4%) 20.4% 1.2x 8.9x 1.1x 8.0x
Assisted Liv ing 3 13,907 2.1% 3.3% 3.6x 20.4x 2.5x 13.8x
Diagnostic Imaging 3 10,529 (10.3%) 12.4% 1.7x 8.2x 2.0x 10.4x
Dialysis Serv ices 2 54,885 (1.0%) 9.7% 1.9x 10.3x 1.9x 10.0x
Home Care, Hospice, and Home Infusion 6 4,915 4.0% 30.3% 1.0x 13.4x 1.0x 11.4x
Long-Term Care 3 4,459 4.0% (1.9%) 0.9x 9.0x 0.8x 7.5x
Physician Practice Management 2 8,072 9.1% 19.6% 2.8x 12.9x 2.6x 11.9x
Behavioral Health / Management 6 22,414 (0.0%) 20.4% 1.4x 10.4x 1.3x 9.1x
Surgicenters / Rehabilitation 5 16,158 6.3% 28.6% 2.4x 11.2x 2.2x 10.4x
Payer, Provider, & Pharmacy Support Serv ices 49 $495,572 9.1% 30.8% 1.6x 10.9x 1.4x 10.4x
Products & Devices 30 $1,097,571 2.4% 18.0% 4.1x 15.4x 3.9x 14.0x
Provider-Based Serv ices 34 $238,742 0.8% 21.8% 2.0x 11.0x 1.8x 10.0x
HW&Co. HCLS Composite Index 113 $1,831,885 4.2% 15.5% 3.3x 13.9x 3.1x 12.7x
S&P 500 0.0% 11.2%
Pro
du
cts
&
De
vic
es
Pro
vid
er-
Ba
sed
Se
rvic
es
Median TEV/
Forward MulitplesSectorNumber of
Companies
Aggregate
Enterprise Value
($ mm)
Median TEV/
LTM Multiples
Pa
ye
r, P
rov
ide
r, &
Ph
arm
ac
y
Su
pp
ort
Se
rvic
es
HMO - Medical
Home Care, Hospice, and Home Infusion
Durable Medical Equipment
Clinical Laboratories
Surgicenters / Rehabilitation
Contract Research Organizations
Contract Pharma Manufacturing
Behavioral Health / Management
Acute-Care Hospitals
Medical / Surgical / Dental Supplies & Distribution
Physician Practice Management
Disease Management
Health Care Staffing
Medical Devices and Products
HW&Co. HCLS Composite Index
Diagnostic Imaging
S&P 500
Dialysis Services
Life Sciences Tools
Information Services
Specialty Pharmacy Management
Assisted Living
Specialty Pharmacy
Long-Term Care
Specialty Managed Care
Emergency Services
(30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%
PAGE |
EQUITYMARKETS OVERVIEW
3
INDUSTRY UPDATE
HEALTHCARE & LIFE SCIENCES GROUP │ FEBRUARY 2015
Healthcare & Life Sciences Industry Stock Performance
Top 25 Equity Offerings(by proceeds)
197.7%
151.9%
165.6%
40
60
80
100
120
140
160
180
200
220
Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
S&P 500 Dow Jones U.S. Health Care Index HW&Co. HCLS Index
Closing Date Issuer Ticker Transaction Type
Gross Proceeds
($ mm)
01/21/15 BioMarin Pharmaceutical Inc BMRN Follow-On 911.5
01/20/15 Alnylam Pharmaceuticals Inc ALNY Follow-On 450.0
01/07/15 The Medicines Co MDCO Convertible 400.0
01/06/15 Synageva BioPharma Corp GEVA Follow-On 325.0
01/23/15 Auspex Pharmaceuticals Inc ASPX Follow-On 226.0
01/21/15 Puma Biotechnology Inc PBYI Follow-On 218.5
01/08/15 Alder BioPharmaceuticals Inc ALDR Follow-On 177.0
01/22/15 Radius Health Inc RDUS Follow-On 169.1
01/07/15 Avalanche Biotechnologies Inc AAVL Follow-On 162.8
01/07/15 Cempra Inc CEMP Follow-On 147.9
01/22/15 Zafgen Inc ZFGN Follow-On 138.0
01/07/15 OvaScience Inc OVAS Follow-On 132.3
01/21/15 Intrexon Corp XON Follow-On 116.4
01/28/15 XenoPort Inc XNPT Convertible 115.0
01/21/15 Keryx Biopharmaceuticals Inc KERX Follow-On 110.0
01/21/15 Arena Pharmaceuticals Inc ARNA Follow-On 105.0
01/30/15 IASIS Healthcare Corp IAS IPO 100.0
01/06/15 Karyopharm Therapeutics Inc KPTI Follow-On 99.0
01/28/15 Entellus Medical Inc ENTL IPO 90.0
01/28/15 Flex Pharma Inc FLKS IPO 86.4
01/21/15 Versartis Inc VSAR Follow-On 86.3
01/22/15 Otonomy Inc OTIC Follow-On 85.8
01/06/15 Five Prime Therapeutics Inc FPRX Follow-On 84.3
01/06/15 Cerus Corp CERS Follow-On 70.0
01/28/15 Omeros Corp OMER Follow-On 69.0
PAGE |
M&A OVERVIEW
4
INDUSTRY UPDATE
HEALTHCARE & LIFE SCIENCES GROUP │ FEBRUARY 2015
Announced Healthcare & Life Sciences M&A
Healthcare & Life Sciences M&A Trends
Announced Private Equity M&A Activity
QUARTERLY M&A ACTIVITY
MIDDLE MARKET HEALTHCARE TRANSACTION HIGHLIGHTS
ANNOUNCED HEALTHCARE & LIFE SCIENCES TRANSACTIONS
MEDIAN HEALTHCARE & LIFE SCIENCES TRANSACTION MULTIPLES
PEG INVESTMENTS BY SEGMENT (LAST 3 YEARS) PEG INVESTMENTS AND EXITS
Note: Transactions based on publicly available information
LTM DEAL STATISTICS
Aggregate Number Median Transaction Multiples
Value ($bn) of Deals TEV/Rev TEV/EBITDA
$264.5 1,205 2.40x 13.6x
HC&LS Industry Number of
Segment Companies
Biotechnology 3
Healthcare Technology 17
Healthcare Distributors 8
Healthcare Equipment 21
Healthcare Facilities 45
Healthcare Serv ices 48
Healthcare Supplies 10
Life Sciences Tools & Serv ices 17
Managed Healthcare 4
Pharmaceuticals 19
69
94
113
79
42
7165 65
61 62
4
60 62
95
49 50
80
120
139144 143
8
0
20
40
60
80
100
120
140
160
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015YTD
Nu
mb
er
of Tr
an
sac
tio
ns
Number of Investments Number of Exits
12.8x
11.1x 10.9x 10.0x
13.6x 14.3x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
0x
3x
6x
9x
12x
15x
18x
21x
2010 2011 2012 2013 2014 2015YTD
EV
/ LTM R
ev
en
ue
Mu
ltipleE
V /
LTM
EB
ITD
A M
ultip
le
TEV / LTM EBITDA TEV / LTM Sales
$110.6
$141.4
$101.6 $108.2
$236.6
$10.5 0
200
400
600
800
1,000
1,200
1,400
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
2010 2011 2012 2013 2014 2015YTD
Nu
mb
er o
f Tran
sac
tion
sAg
gre
ga
te T
ran
sac
tio
n V
alu
e
($ in
billio
ns
Aggregate Deal Value Number of Transactions
219 229 221
291
200 209
304
248
304290 279
292
106
1120
12
22
1612
18
15
22
1411
15
4
0
50
100
150
200
250
300
350
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Nu
mb
er
of Tr
an
sac
tio
ns
PEG Acquirer Strategic Acquirer
Announced Target Buyer
1/28/2015 Coastal Pharmaceutical Serv ices Corporation Amerita, Inc.
1/27/2015 Studer Group Huron Capital
1/26/2015 Qualcare Alliance Networks, Inc. Cigna Corp. (NYSE:CI)
1/23/2015 Strata Decision Technology, L.L.C. Roper Industries Inc. (NYSE:ROP)
1/20/2015 Walgreens Infusion Serv ices, Inc. Madison Dearborn Partners, LLC
1/12/2015 Lov ing Care Agency, Inc. Epic Health Serv ices, Inc.
1/11/2015 MWI Veterinary Supply, Inc. (NasdaqGS:MWIV) AmerisourceBergen Corporation (NYSE:ABC)
1/9/2015 NextCODE Health LLC WuXi PharmaTech (Cayman) Inc. (NYSE:WX)
1/5/2015 Traditions Home Care, Inc. Accelera Innov ations, Inc (OTCPK:ACNV)
1/5/2015 Priority Home Health Care, Inc. Addus HomeCare Corporation (NasdaqGS:ADUS)
1/5/2015 Health Through Friendship, Inc. Centene Corp. (NYSE:CNC)
PAGE |
DEBT CAPITALMARKETS OVERVIEW
5
INDUSTRY UPDATE
HEALTHCARE & LIFE SCIENCES GROUP │ FEBRUARY 2015
Key Credit Statistics
QUARTERLY HEALTHCARE LOAN VOLUME AVERAGE SPREAD ON HEALTHCARE LOANS
Recent Healthcare & Life Sciences Debt Offerings(by deal amount)
CREDIT STATISTICS AVERAGE SECONDARY SPREAD
L + 0
L + 100
L + 200
L + 300
L + 400
L + 500
2008 2009 2010 2011 2012 2013 2014A
ve
rag
e S
pre
ad
Ov
er
LIB
OR
Revolving Credit / Term Loan A Weighted-Average Institutional
$0
$3
$6
$9
$12
$15
$18
$21
$24
4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14
Loa
n V
olu
me
by
Qu
art
er
($ in
billio
ns)
Pro Rata Institutional
L + 0
L + 200
L + 400
L + 600
L + 800
L + 1000
Av
era
ge
Sp
rea
d O
ve
r LI
BO
R
0.0x
2.0x
4.0x
6.0x
Debt/EBITDA Senior Debt/EBITDA EBITDA/Cash
Interest
EBITDA -
Capex/Cash
Interest
EB
ITD
A M
ultip
le
2008 2009 2010 2011 2012 2013 2014
Date Effective Borrower Name Description Tranche Amount ($ mm) Type Rating Spread
01/14/15 Baylor Scott & White Holdings Specialty hospitals exc. psychiatric $400.0 Revolver/Line >= 1 Yr. NR / NR L+ 45
01/15/15 Superior Biologics Inc Home health care serv ices 17.5 Term Loan NR / NR L+ 525
01/16/15 Owasso LTC Land LLC Skilled nursing care facilities 16.8 Term Loan NR / NR N/A
01/08/15 Dental Care Alliance Inc Offices and clinics of dentists 4.0 Term Loan A NR / NR L+ 425
PAGE |
HEALTHCARE & LIFE SCIENCES TRADING STATISTICS
6
INDUSTRY UPDATE
HEALTHCARE & LIFE SCIENCES GROUP │ FEBRUARY 2015
Payer, Provider, & Pharmacy Support Services
As of January 30, 2015.
Stock Price
% Change 52 Week
1/30/2015 3 mos. 12 mos. High Low Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA
Clinical Laboratories
Bio-Reference Laboratories Inc. $33.53 12.0% 25.8% $34.00 $24.19 $930 $55 $18 $968 $832 $109 $83 Oct-14 Oct-14 $942 $125 $100 1.2x 8.9x 1.0x 7.7x
Laboratory Corp. of America Holdings 114.78 6.9% 28.9% 119.21 87.25 9,699 3,015 576 12,156 5,936 1,138 936 Sep-14 Dec-13 5,996 1,186 940 2.0x 10.7x 2.0x 10.3x
Quest Diagnostics Inc. 71.07 12.0% 35.7% 72.63 50.46 10,272 3,762 192 13,871 7,435 1,288 974 Dec-14 Dec-14 7,623 1,513 1,201 1.9x 10.8x 1.8x 9.2x
Number of Companies 3 Median: 12.0% 28.9% Total $20,901 $26,996 $14,203 $14,561 1.9x 10.7x 1.8x 9.2x
Market Cap. Weighted Average: 9.6% 32.1% 1.9x 10.6x 1.9x 9.6x
Contract Pharma Manufacturing
Akorn, Inc. $42.58 (2.4%) 87.7% $45.25 $20.52 $4,591 $1,157 $131 $5,606 $459 $140 $99 Sep-14 Dec-13 $630 $261 $216 12.2x NM 8.9x 21.5x
Cambrex Corporation. 22.43 7.5% 21.4% 24.45 15.76 695 60 46 729 374 82 59 Dec-14 Dec-14 392 84 64 1.9x 8.9x 1.9x 8.7x
West Pharmaceutical Serv ices, Inc. 49.31 (1.7%) 2.4% 55.29 39.11 3,504 347 247 3,604 1,414 267 176 Sep-14 Dec-13 1,420 284 187 2.5x 13.5x 2.5x 12.7x
Number of Companies 3 Median: (1.7%) 21.4% Total $8,791 $9,940 $2,248 $2,442 2.5x 11.2x 2.5x 12.7x
Market Cap. Weighted Average: (1.4%) 48.5% 7.5x 12.8x 5.8x 16.9x
Contract Research Organizations
Albany Molecular Research Inc. $16.33 (28.2%) 50.6% $23.95 $10.28 $532 $160 $47 $638 $277 $33 $16 Dec-14 Dec-14 $339 $66 $46 2.3x 19.2x 1.9x 9.7x
Charles River Laboratories International, Inc. 69.35 10.4% 20.5% 70.73 49.60 3,254 778 160 3,924 1,298 274 178 Dec-14 Dec-14 1,357 322 230 3.0x 14.3x 2.9x 12.2x
ICON Public Limited Company 56.40 7.0% 33.1% 59.81 35.33 3,473 0 154 3,224 1,458 240 189 Sep-14 Dec-13 1,504 259 208 2.2x 13.5x 2.1x 12.4x
INC Research Holdings, Inc. 23.30 NM NM 28.73 19.61 1,398 588 186 1,801 770 139 84 Sep-14 Dec-13 800 146 108 2.3x 12.9x 2.3x 12.3x
PAREXEL International Corporation 60.96 14.7% 23.4% 64.72 41.79 3,354 347 302 3,440 1,994 297 215 Dec-14 Jun-14 2,061 307 224 1.7x 11.6x 1.7x 11.2x
PRA Health Sciences, Inc. 26.13 NM NM 28.15 18.47 1,563 1,260 49 2,774 1,242 134 39 Sep-14 Dec-13 1,267 177 155 2.2x 20.7x 2.2x 15.7x
Quintiles Transnational Holdings Inc. 60.50 7.5% 26.8% 62.73 45.85 7,475 2,308 867 8,890 4,166 687 599 Dec-14 Dec-14 4,482 767 645 2.1x 12.9x 2.0x 11.6x
WuXi PharmaTech (Cayman) Inc. 40.10 6.2% 11.0% 41.34 29.84 2,808 137 157 2,563 641 156 109 Sep-14 Dec-13 673 171 128 4.0x 16.5x 3.8x 15.0x
Number of Companies 8 Median: 7.3% 25.1% Total $23,857 $27,253 $11,845 $12,482 2.3x 13.9x 2.2x 12.3x
Market Cap. Weighted Average: 7.0% 21.7% 2.5x 14.1x 2.3x 12.4x
Disease Management
Alere Inc. $40.69 1.7% 7.0% $43.13 $31.94 $3,400 $3,725 $378 $7,355 $2,587 $563 $175 Dec-14 Dec-14 $2,709 $553 $513 2.8x 13.1x 2.7x 13.3x
Healthways Inc. 20.62 32.9% 30.1% 22.25 11.50 730 257 2 985 712 34 7 Sep-14 Dec-13 742 78 22 1.4x 28.8x 1.3x 12.6x
Number of Companies 2 Median: 17.3% 18.5% Total $4,130 $8,340 $3,299 $3,451 2.1x 21.0x 2.0x 12.9x
Market Cap. Weighted Average: 7.2% 11.1% 2.6x 15.9x 2.5x 13.2x
Emergency Services
Air Methods Corp. $41.55 (10.5%) (18.8%) $60.74 $40.33 $1,629 $664 $17 $2,283 $983 $246 $165 Sep-14 Dec-13 $1,005 $255 $173 2.3x 9.3x 2.3x 9.0x
Number of Companies 1 Median: (10.5%) (18.8%) Total $1,629 $2,283 $983 $1,005 2.3x 9.3x 2.3x 9.0x
Market Cap. Weighted Average: (10.5%) (18.8%) 2.3x 9.3x 2.3x 9.0x
Health Care Staffing
AMN Healthcare Serv ices Inc. $18.82 9.6% 24.8% $20.33 $10.35 $878 $146 $10 $1,014 $1,005 $84 $68 Sep-14 Dec-13 $1,024 $85 $65 1.0x 12.1x 1.0x 12.0x
Cross Country Healthcare, Inc. 10.23 6.5% (6.7%) 13.51 5.26 320 65 8 378 539 11 4 Sep-14 Dec-13 620 17 9 0.7x 33.5x 0.6x 21.9x
On Assignment Inc. 35.13 25.2% 15.7% 39.86 25.97 1,839 404 30 2,213 1,809 179 143 Sep-14 Dec-13 1,858 200 151 1.2x 12.4x 1.2x 11.1x
Team Health Holdings, Inc. 51.70 (16.5%) 17.8% 63.13 41.37 3,676 805 20 4,381 2,820 292 215 Dec-14 Dec-14 3,135 355 256 1.6x 15.0x 1.4x 12.3x
Number of Companies 4 Median: 8.0% 16.8% Total $6,713 $7,986 $6,173 $6,636 1.1x 13.7x 1.1x 12.1x
Market Cap. Weighted Average: (0.6%) 17.0% 1.6x 15.0x 1.4x 12.3x
TEV/ Fwd MultiplesForward Twelve Month
EstimateCompany NameLTM
Period
Latest
FYE Date
TEV/ LTM MultiplesEquity
Mkt.
Value
Total DebtCash and
Equiv.
Total Ent.
Value
(TEV)
Latest Twelve Months
(LTM)
PAGE |
HEALTHCARE & LIFE SCIENCES TRADING STATISTICS
7
INDUSTRY UPDATE
HEALTHCARE & LIFE SCIENCES GROUP │ FEBRUARY 2015
Payer, Provider, & Pharmacy Support Services
As of January 30, 2015.
Stock Price
% Change 52 Week
1/30/2015 3 mos. 12 mos. High Low Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA
HMO - Medical
Commercial:
Aetna Inc. 91.82 13.9% 33.4% 96.25 64.68 32,293 8,784 0 39,431 58,003 4,732 4,108 Dec-14 Dec-14 62,513 4,939 4,578 0.7x 8.3x 0.6x 8.0x
Anthem, Inc. 134.96 9.5% 53.8% 143.65 83.99 36,431 16,668 2,152 50,947 73,874 5,901 5,050 Dec-14 Dec-14 78,326 5,042 4,713 0.7x 8.6x 0.7x 10.1x
Cigna Corp. 106.83 10.0% 21.9% 112.95 73.47 27,944 5,152 1,420 31,581 34,914 4,157 3,569 Dec-14 Dec-14 37,971 3,979 3,449 0.9x 7.6x 0.8x 7.9x
Health Net, Inc. 54.17 14.0% 63.8% 56.72 30.39 4,221 500 869 3,606 14,009 349 320 Dec-14 Dec-14 17,460 571 NA 0.3x 10.3x 0.2x 6.3x
Humana Inc. 146.44 6.8% 49.2% 155.30 91.00 22,454 4,159 1,935 24,354 48,500 2,811 2,362 Dec-14 Dec-14 54,199 3,183 2,768 0.5x 8.7x 0.4x 7.7x
UnitedHealth Group Incorporated 106.25 13.2% 45.9% 114.32 69.57 101,978 17,461 7,495 113,277 130,474 11,330 10,274 Dec-14 Dec-14 141,586 12,564 10,973 0.9x 10.0x 0.8x 9.0x
Number of Companies 6 Median: 11.6% 47.6% Total $225,322 $263,196 $359,774 $392,055 0.7x 8.6x 0.6x 8.0x
Market Cap. Weighted Average: 11.7% 43.1% 0.8x 9.1x 0.7x 8.7x
Government:
Centene Corp. 109.16 21.3% 79.2% 112.80 55.11 6,404 893 1,546 5,985 15,695 581 492 Dec-14 Dec-14 21,179 741 649 0.4x 10.3x 0.3x 8.1x
Molina Healthcare, Inc. 50.91 9.4% 39.8% 54.57 32.41 2,464 905 1,539 1,774 9,372 327 193 Dec-14 Dec-14 13,511 459 353 0.2x 5.4x 0.1x 3.9x
WellCare Health Plans, Inc. 72.85 13.1% 10.8% 84.69 55.16 3,199 900 1,314 2,548 12,759 273 213 Dec-14 Dec-14 14,134 477 422 0.2x 9.3x 0.2x 5.3x
Number of Companies 3 Median: 13.1% 39.8% Total $12,067 $10,308 $37,826 $48,824 0.2x 9.3x 0.2x 5.3x
Market Cap. Weighted Average: 16.7% 53.0% 0.3x 9.0x 0.2x 6.5x
Information Services
Data/Analytics:
Castlight Health, Inc. 8.88 (31.7%) NM 41.95 8.25 802 0 25 620 36 (85) (86) Sep-14 Dec-13 44 (77) (76) 17.1x NM 14.0x NM
National Research Corp. 34.55 0.4% (11.1%) 44.95 30.20 410 2 40 380 99 32 28 Dec-14 Dec-14 107 37 32 3.8x 11.9x 3.6x 10.4x
Number of Companies 2 Median: (15.7%) (11.1%) Total $1,212 $500 $135 $151 10.5x 11.9x 8.8x 10.4x
Market Cap. Weighted Average: (20.8%) (3.7%) 12.6x 11.9x 10.5x 10.4x
eHealth:
WebMD Health Corp. 38.75 (6.9%) (19.7%) 53.30 34.48 1,401 952 700 1,653 564 108 90 Sep-14 Dec-13 579 156 94 2.9x 15.3x 2.9x 10.6x
Number of Companies 1 Median: (6.9%) (19.7%) Total $1,401 $1,653 $564 $579 2.9x 15.3x 2.9x 10.6x
Market Cap. Weighted Average: (6.9%) (19.7%) 2.9x 15.3x 2.9x 10.6x
Hospital/Physician:
Allscripts Healthcare Solutions, Inc. 11.91 (13.8%) (28.6%) 19.68 11.00 2,147 587 37 2,697 1,388 46 (56) Sep-14 Dec-13 1,398 202 106 1.9x NM 1.9x 13.3x
Athenahealth, Inc. 139.71 16.1% (3.8%) 206.70 97.30 5,322 209 74 5,430 753 62 1 Dec-14 Dec-14 919 165 88 7.2x NM 5.9x 32.9x
Cerner Corporation 66.35 5.9% 17.9% 68.37 48.39 22,657 130 635 21,472 3,313 962 763 Jan-15 Jan-15 4,328 1,409 1,075 6.5x 22.3x 5.0x 15.2x
Computer Programs & Systems Inc. 49.26 (24.0%) (13.3%) 71.89 47.40 552 0 24 518 205 53 50 Dec-14 Dec-14 206 51 46 2.5x 9.7x 2.5x 10.1x
HMS Holdings Corp. 19.79 (11.6%) (15.6%) 23.69 15.10 1,737 198 120 1,814 453 104 55 Sep-14 Dec-13 447 112 51 4.0x 17.5x 4.1x 16.3x
MedAssets, Inc. 18.51 (15.2%) (16.2%) 26.09 17.08 1,114 909 14 2,009 692 207 104 Sep-14 Dec-13 717 234 102 2.9x 9.7x 2.8x 8.6x
Merge Healthcare Incorporated 3.70 41.2% 75.4% 4.00 1.97 355 228 34 549 212 38 23 Sep-14 Dec-13 215 48 31 2.6x 14.4x 2.6x 11.5x
Quality Systems Inc. 16.29 9.0% (12.6%) 18.89 13.01 982 0 114 857 477 43 30 Dec-14 Mar-14 487 70 38 1.8x 19.9x 1.8x 12.2x
Number of Companies 8 Median: (2.9%) (13.0%) Total $34,866 $35,346 $7,493 $8,718 2.7x 15.9x 2.7x 12.8x
Market Cap. Weighted Average: 4.7% 8.2% 5.8x 21.1x 4.7x 17.5x
Forward Twelve Month
EstimateTEV/ LTM Multiples TEV/ Fwd Multiples
Total Ent.
Value
(TEV)
Latest Twelve Months
(LTM)LTM
Period
Latest
FYE DateCompany Name
Equity
Mkt.
Value
Total DebtCash and
Equiv.
PAGE |
HEALTHCARE & LIFE SCIENCES TRADING STATISTICS
8
INDUSTRY UPDATE
HEALTHCARE & LIFE SCIENCES GROUP │ FEBRUARY 2015
Payer, Provider, & Pharmacy Support Services
As of January 30, 2015.
Stock Price
% Change 52 Week
1/30/2015 3 mos. 12 mos. High Low Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA
Specialty Managed Care
Assurant Inc. $63.51 (6.2%) (3.3%) $69.94 $59.17 $4,462 $1,171 $0 $4,318 $10,382 $927 $803 Dec-14 Dec-14 $10,611 $980 $834 0.4x 4.7x 0.4x 4.4x
CorVel Corporation 32.94 (4.1%) (32.2%) 53.35 28.08 680 0 31 652 491 67 49 Dec-14 Mar-14 502 NA NA 1.3x 9.8x 1.3x NA
HealthEquity, Inc. 20.77 2.7% NM 27.74 16.11 1,137 0 108 1,029 80 22 16 Oct-14 Jan-14 86 24 17 12.8x NM 11.9x NM
Number of Companies 3 Median: (4.1%) (17.7%) Total $6,279 $5,999 $10,952 $11,200 1.3x 7.2x 1.3x 4.4x
Market Cap. Weighted Average: (4.4%) (5.8%) 2.8x 5.3x 2.6x 4.4x
Specialty Pharmacy
Diplomat Pharmacy, Inc. 24.57 13.7% NM 32.60 15.45 1,264 96 16 1,451 2,015 23 19 Sep-14 Dec-13 2,796 46 22 0.7x NM 0.5x 31.3x
Number of Companies 1 Median: 13.7% NM Total $1,264 $1,451 $2,015 $2,796 0.7x NA 0.5x 31.3x
Market Cap. Weighted Average: 13.7% NM 0.7x NM 0.5x 31.3x
Specialty Pharmacy Management
Catamaran Corporation $50.00 5.1% 0.9% $51.76 $31.93 $10,373 $1,437 $907 $10,848 $20,371 $806 $526 Sep-14 Dec-13 $21,381 $786 $592 0.5x 13.5x 0.5x 13.8x
Express Scripts Holding Company 80.71 6.8% 8.1% 86.64 64.64 59,234 14,687 835 73,097 100,356 6,496 4,420 Sep-14 Dec-13 100,277 6,767 6,405 0.7x 11.3x 0.7x 10.8x
Omnicare Inc. 74.98 13.1% 20.0% 77.05 56.41 7,339 2,216 287 9,268 6,326 730 596 Sep-14 Dec-13 6,403 714 608 1.5x 12.7x 1.4x 13.0x
PharMerica Corporation 23.01 (16.8%) (5.7%) 30.48 19.42 753 361 7 1,107 1,822 115 79 Sep-14 Dec-13 1,861 128 86 0.6x 9.6x 0.6x 8.7x
Number of Companies 4 Median: 6.0% 4.5% Total $77,700 $94,320 $128,874 $129,922 0.7x 12.0x 0.7x 11.9x
Market Cap. Weighted Average: 7.0% 8.1% 0.8x 11.7x 0.8x 11.4x
Total Ent.
Value
(TEV)
Latest Twelve Months
(LTM)LTM
Period
Latest
FYE Date
Forward Twelve Month
EstimateCompany Name
Equity
Mkt.
Value
Total DebtCash and
Equiv.
TEV/ LTM Multiples TEV/ Fwd Multiples
PAGE |
HEALTHCARE & LIFE SCIENCES TRADING STATISTICS
9
INDUSTRY UPDATE
HEALTHCARE & LIFE SCIENCES GROUP │ FEBRUARY 2015
Products & Devices
As of January 30, 2015.
Stock Price
% Change 52 Week
1/30/2015 3 mos. 12 mos. High Low Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA
Dental Products
3M Company $162.30 6.7% 26.7% $168.16 $123.61 $103,229 $6,896 $1,897 $107,543 $31,821 $8,543 $7,135 Dec-14 Dec-14 $32,324 $8,861 $7,437 3.4x 12.6x 3.3x 12.1x
DENTSPLY International Inc. 50.03 (0.1%) 7.3% 56.25 43.00 7,080 1,380 98 8,362 2,957 584 452 Sep-14 Dec-13 2,955 618 515 2.8x 14.3x 2.8x 13.5x
Sirona Dental Systems Inc. 90.22 14.9% 24.3% 93.23 67.22 5,014 80 368 4,713 1,165 269 230 Dec-14 Sep-14 1,208 347 293 4.0x 17.5x 3.9x 13.6x
Number of Companies 3 Median: 6.7% 24.3% Total $115,323 $120,618 $35,944 $36,486 3.4x 14.3x 3.3x 13.5x
Market Cap. Weighted Average: 6.6% 25.4% 3.4x 12.9x 3.3x 12.3x
Durable Medical Equipment
Hill-Rom Holdings, Inc. $47.76 8.1% 29.3% $49.33 $34.94 $2,698 $582 $114 $3,091 $1,758 $284 $188 Dec-14 Sep-14 $1,900 $307 $214 1.8x 10.9x 1.6x 10.1x
Invacare Corporation 14.65 (6.7%) (31.4%) 21.24 11.65 470 20 39 466 1,270 (1) (37) Dec-14 Dec-14 1,322 42 11 0.4x NM 0.4x 11.2x
ResMed Inc. 62.47 19.9% 42.2% 67.50 41.52 8,780 450 881 8,349 1,616 491 417 Dec-14 Jun-14 1,681 515 433 5.2x 17.0x 5.0x 16.2x
Number of Companies 3 Median: 8.1% 29.3% Total $11,949 $11,906 $4,644 $4,903 1.8x 13.9x 1.6x 11.2x
Market Cap. Weighted Average: 16.2% 36.4% 4.2x 15.6x 4.0x 14.6x
Life Sciences Tools
Agilent Technologies Inc. $37.77 (30.5%) (36.5%) $60.46 $37.68 $12,687 $2,762 $3,028 $12,424 $6,981 $1,279 $895 Oct-14 Oct-14 $4,118 $889 $759 1.8x 9.7x 3.0x 14.0x
Becton, Dickinson and Company 138.08 8.3% 27.9% 146.74 105.21 26,702 10,142 8,540 27,925 8,468 2,167 1,649 Dec-14 Sep-14 8,452 2,440 1,830 3.3x 12.9x 3.3x 11.4x
Thermo Fisher Scientific, Inc. 125.21 7.4% 8.9% 131.12 107.33 50,087 14,564 1,344 63,299 16,890 4,010 2,326 Dec-14 Dec-14 16,935 4,249 3,817 3.7x 15.8x 3.7x 14.9x
VWR Corporation 24.16 9.0% NM 27.14 20.60 3,174 2,739 135 5,778 4,333 462 331 Sep-14 Dec-13 4,351 444 367 1.3x 12.5x 1.3x 13.0x
Number of Companies 4 Median: 7.8% 8.9% Total $92,650 $109,426 $36,672 $33,856 2.5x 12.7x 3.2x 13.5x
Market Cap. Weighted Average: 2.5% 7.8% 3.3x 14.0x 3.4x 13.7x
Medical Devices and Products
Abbott Laboratories $44.76 2.9% 22.5% $46.50 $35.80 $67,399 $8,301 $0 $70,928 $20,247 $4,741 $3,204 Dec-14 Dec-14 $20,941 $5,170 $4,170 3.5x 15.0x 3.4x 13.7x
Baxter International Inc. 70.31 0.4% 1.5% 77.31 66.34 38,106 9,275 0 45,325 16,671 4,312 3,316 Dec-14 Dec-14 16,159 3,900 3,108 2.7x 10.5x 2.8x 11.6x
Boston Scientific Corporation 14.81 12.4% 9.2% 15.05 11.10 19,645 4,262 587 23,644 7,380 1,765 1,056 Dec-14 Dec-14 7,609 1,905 1,191 3.2x 13.4x 3.1x 12.4x
CR Bard Inc. 171.03 6.2% 30.5% 180.35 125.00 12,810 1,403 0 13,241 3,324 958 788 Dec-14 Dec-14 3,380 1,012 857 4.0x 13.8x 3.9x 13.1x
Danaher Corp. 82.38 3.3% 9.4% 87.49 70.12 57,888 3,473 3,006 58,427 19,914 4,370 3,431 Dec-14 Dec-14 20,791 4,869 3,879 2.9x 13.4x 2.8x 12.0x
Hanger, Inc. 21.58 (8.3%) (44.8%) 37.60 18.25 742 540 5 1,277 1,061 156 117 Jun-14 Dec-13 1,070 166 116 1.2x 8.2x 1.2x 7.7x
Hologic Inc. 30.37 17.1% 44.5% 31.20 19.91 8,501 3,955 544 11,912 2,549 914 397 Dec-14 Sep-14 2,601 1,007 850 4.7x 13.0x 4.6x 11.8x
Hospira Inc. 63.43 16.9% 45.1% 66.56 40.41 10,732 1,756 802 11,953 4,464 730 497 Dec-14 Dec-14 4,530 835 623 2.7x 16.4x 2.6x 14.3x
Johnson & Johnson 100.14 (6.4%) 11.9% 109.49 86.09 280,303 15,271 0 262,569 74,331 25,009 21,137 Dec-14 Dec-14 71,731 24,779 20,696 3.5x 10.5x 3.7x 10.6x
K2M Group Holdings, Inc. 18.90 21.1% NM 23.63 12.31 706 0 23 683 178 (15) (52) Sep-14 Dec-13 186 (10) (52) 3.8x NM 3.7x NM
Medtronic plc 71.40 5.9% 25.2% 77.39 53.33 172,271 13,708 1,287 171,495 17,255 5,682 4,830 Oct-14 Apr-14 19,859 6,922 5,998 9.9x 30.2x 8.6x 24.8x
Stryker Corporation 91.05 4.6% 16.5% 98.24 75.78 34,446 3,973 1,795 32,692 9,675 2,604 2,226 Dec-14 Dec-14 9,981 2,691 2,316 3.4x 12.6x 3.3x 12.1x
Teleflex Incorporated 109.56 (2.9%) 16.2% 119.99 90.15 4,537 1,065 286 5,318 1,802 405 295 Sep-14 Dec-13 1,838 445 348 3.0x 13.1x 2.9x 12.0x
Zimmer Holdings, Inc. 112.10 2.6% 20.5% 120.70 90.48 18,985 1,426 1,083 18,714 4,673 1,789 1,413 Dec-14 Dec-14 4,640 1,893 1,500 4.0x 10.5x 4.0x 9.9x
Number of Companies 14 Median: 4.0% 16.5% Total $727,073 $728,180 $183,523 $185,315 3.4x 13.1x 3.3x 12.0x
Market Cap. Weighted Average: 0.6% 16.8% 5.0x 16.2x 4.7x 14.6x
Medical / Surgical / Dental Supplies & Distribution
AmerisourceBergen Corporation $95.05 12.0% 40.3% $100.20 $62.55 $20,787 $1,996 $2,299 $20,484 $123,981 $1,407 $1,213 Dec-14 Sep-14 $133,238 $1,933 $1,747 0.2x 14.6x 0.2x 10.6x
Cardinal Health, Inc. 83.19 6.4% 20.6% 87.33 63.06 27,533 3,976 2,881 28,628 93,928 2,441 1,996 Dec-14 Jun-14 99,345 2,686 2,426 0.3x 11.7x 0.3x 10.7x
Henry Schein, Inc. 138.07 14.9% 20.0% 143.89 109.34 11,628 731 89 12,929 10,371 867 715 Dec-14 Dec-14 10,985 929 772 1.2x 14.9x 1.2x 13.9x
McKesson Corporation 212.65 4.5% 20.0% 222.93 162.90 49,310 10,394 4,587 57,673 173,870 3,921 2,969 Dec-14 Mar-14 177,627 4,806 4,074 0.3x 14.7x 0.3x 12.0x
Owens & Minor Inc. 34.23 3.6% (2.6%) 35.99 31.55 2,159 766 610 2,315 9,267 237 196 Sep-14 Dec-13 9,398 254 197 0.2x 9.8x 0.2x 9.1x
Patterson Companies, Inc. 50.09 17.5% 24.4% 51.49 37.03 5,028 726 285 5,411 4,348 418 366 Oct-14 Apr-14 4,416 432 382 1.2x 13.0x 1.2x 12.5x
Number of Companies 6 Median: 9.2% 20.3% Total $116,444 $127,439 $415,765 $435,009 0.3x 13.8x 0.3x 11.3x
Market Cap. Weighted Average: 7.9% 23.5% 0.4x 13.8x 0.4x 11.6x
TEV/ LTM Multiples TEV/ Fwd MultiplesCash and
Equiv.Company Name
Equity
Mkt.
Value
Total Debt
Total Ent.
Value
(TEV)
Latest Twelve Months
(LTM)LTM
Period
Latest
FYE Date
Forward Twelve Month
Estimate
PAGE |
HEALTHCARE & LIFE SCIENCES TRADING STATISTICS
10
INDUSTRY UPDATE
HEALTHCARE & LIFE SCIENCES GROUP │ FEBRUARY 2015
Provider-Based Services
As of January 30, 2015.
Stock Price
% Change 52 Week
1/30/2015 3 mos. 12 mos. High Low Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA
Acute-Care Hospitals
Community Health Systems, Inc. 47.07 (11.4%) 16.8% 57.72 34.55 5,473 17,069 221 23,104 17,129 2,241 1,394 Sep-14 Dec-13 18,717 2,779 1,627 1.3x 10.3x 1.2x 8.3x
HCA Holdings, Inc. 70.80 2.0% 43.1% 76.18 46.02 29,770 29,645 566 59,242 36,918 7,385 5,565 Dec-14 Dec-14 38,730 7,712 5,866 1.6x 8.0x 1.5x 7.7x
Lifepoint Hospitals Inc. 65.24 (5.3%) 24.0% 76.50 50.18 2,954 2,219 192 5,024 4,483 577 312 Dec-14 Dec-14 5,122 706 412 1.1x 8.7x 1.0x 7.1x
Tenet Healthcare Corp. 42.28 (23.7%) (6.7%) 63.61 37.95 4,155 11,553 200 16,035 16,032 1,750 950 Sep-14 Dec-13 17,237 1,929 1,082 1.0x 9.2x 0.9x 8.3x
Number of Companies 4 Median: (8.4%) 20.4% Total $42,352 $103,405 $74,562 $79,806 1.2x 8.9x 1.1x 8.0x
Market Cap. Weighted Average: (2.8%) 33.4% 1.5x 8.5x 1.4x 7.8x
Assisted Living
Brookdale Senior Liv ing Inc. 33.75 2.1% 21.5% 37.23 26.11 6,190 6,266 104 12,368 3,344 605 71 Dec-14 Dec-14 5,016 896 173 3.7x 20.4x 2.5x 13.8x
Capital Senior Liv ing Corp. 23.87 8.5% 3.3% 26.89 20.33 694 666 28 1,333 367 57 11 Sep-14 Dec-13 383 69 13 3.6x 23.4x 3.5x 19.3x
Five Star Quality Care Inc. 3.48 (13.9%) (38.2%) 6.09 3.23 169 77 25 206 1,103 20 (12) Sep-14 Dec-13 1,362 42 15 0.2x 10.2x 0.2x 4.9x
Number of Companies 3 Median: 2.1% 3.3% Total $7,054 $13,907 $4,814 $6,761 3.6x 20.4x 2.5x 13.8x
Market Cap. Weighted Average: 2.3% 18.3% 3.6x 20.5x 2.5x 14.1x
Long-Term Care
Kindred Healthcare Inc. 18.46 (13.1%) (5.4%) 26.81 16.94 1,285 1,497 82 2,648 5,081 291 132 Sep-14 Dec-13 5,085 368 207 0.5x 9.1x 0.5x 7.2x
National Healthcare Corp. 62.97 4.0% 18.7% 64.96 49.06 887 47 77 920 855 105 72 Sep-14 Dec-13 872 NA NA 1.1x 8.8x 1.1x NA
The Ensign Group, Inc. 41.50 9.6% (1.9%) 47.78 26.02 933 68 50 891 1,027 99 73 Dec-14 Dec-14 1,167 115 96 0.9x 9.0x 0.8x 7.7x
Number of Companies 3 Median: 4.0% (1.9%) Total $3,105 $4,459 $6,963 $7,124 0.9x 9.0x 0.8x 7.5x
Market Cap. Weighted Average: (1.4%) 2.5% 0.8x 9.0x 0.7x 7.4x
Diagnostic Imaging
Alliance Healthcare Serv ices, Inc. 22.54 (10.3%) (19.7%) 35.40 18.92 238 505 39 749 437 127 60 Sep-14 Dec-13 NA NA NA 1.7x 5.9x NA NA
RadNet, Inc. 7.89 (14.2%) 315.3% 10.35 1.75 337 614 0 953 710 116 56 Sep-14 Dec-13 716 125 54 1.3x 8.2x 1.3x 7.7x
Varian Medical Systems, Inc. 92.56 10.2% 12.4% 95.70 76.73 9,273 525 904 8,827 3,076 658 594 Jan-15 Sep-14 3,200 672 609 2.9x 13.4x 2.8x 13.1x
Number of Companies 3 Median: (10.3%) 12.4% Total $9,848 $10,529 $4,224 $3,916 1.7x 8.2x 2.0x 10.4x
Market Cap. Weighted Average: 8.9% 22.0% 2.8x 13.1x 2.7x 12.9x
Dialysis Services
DaVita HealthCare Partners Inc. 75.06 (3.3%) 15.6% 78.52 62.52 16,130 8,503 965 23,901 12,781 2,400 1,809 Dec-14 Dec-14 13,550 2,504 1,917 1.9x 10.0x 1.8x 9.5x
Fresenius Medical Care AG & Co. KGAA 74.11 1.2% 3.8% 75.37 52.83 22,466 9,073 588 30,984 15,666 2,902 2,220 Sep-14 Dec-13 15,733 2,938 2,261 2.0x 10.7x 2.0x 10.5x
Number of Companies 2 Median: (1.0%) 9.7% Total $38,597 $54,885 $28,446 $29,283 1.9x 10.3x 1.9x 10.0x
Market Cap. Weighted Average: (0.7%) 8.7% 1.9x 10.4x 1.9x 10.1x
Home Care, Hospice, and Home Infusion
Home Care / Hospice:
Addus HomeCare Corporation 22.18 14.9% (5.1%) 29.45 17.02 241 4 14 231 300 20 17 Sep-14 Dec-13 313 23 20 0.8x 11.5x 0.7x 10.1x
Almost Family Inc. 30.36 5.6% (2.8%) 32.18 19.74 288 53 5 338 466 22 18 Sep-14 Dec-13 493 36 30 0.7x 15.6x 0.7x 9.5x
Amedisys Inc. 28.18 11.5% 84.5% 30.48 12.86 941 114 6 1,049 1,191 52 21 Sep-14 Dec-13 1,206 74 38 0.9x 20.3x 0.9x 14.2x
Chemed Corp. 101.14 (4.7%) 26.7% 111.98 72.50 1,720 174 19 1,875 1,425 184 158 Sep-14 Dec-13 1,449 207 169 1.3x 10.2x 1.3x 9.1x
LHC Group, Inc. 29.72 22.2% 27.2% 32.01 19.69 529 65 5 603 690 56 47 Sep-14 Dec-13 731 55 46 0.9x 10.8x 0.8x 10.9x
Number of Companies 5 Median: 11.5% 26.7% Total $3,719 $4,097 $4,072 $4,191 0.9x 11.5x 0.8x 10.1x
Market Cap. Weighted Average: 5.3% 37.0% 1.1x 13.4x 1.0x 10.7x
Home Infusion:
BioScrip Inc. 5.75 (7.9%) (32.7%) 9.05 5.44 395 423 0 818 1,029 (3) (25) Sep-14 Dec-13 986 46 31 0.8x NM 0.8x 17.7x
Number of Companies 1 Median: (7.9%) (32.7%) Total $395 $818 $1,029 $986 0.8x NM 0.8x 17.7x
Market Cap. Weighted Average: (7.9%) (32.7%) 0.8x NM 0.8x 17.7x
Total Ent.
Value
(TEV)
Latest Twelve Months
(LTM)LTM
Period
Latest
FYE Date
Forward Twelve Month
EstimateCompany Name
Equity
Mkt.
Value
Total DebtCash and
Equiv.
TEV/ Fwd MultiplesTEV/ LTM Multiples
PAGE |
HEALTHCARE & LIFE SCIENCES TRADING STATISTICS
11
INDUSTRY UPDATE
HEALTHCARE & LIFE SCIENCES GROUP │ FEBRUARY 2015
Provider-Based Services
As of January 30, 2015.(1) EBITDA, EBIT, and Enterprise Value figures are adjusted for minority interest.
Stock Price
% Change 52 Week
1/30/2015 3 mos. 12 mos. High Low Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA
Physician Practice Management
Multispecialty / Primary Care:
IPC Healthcare, Inc. 40.36 (3.1%) (24.8%) 56.69 36.12 695 70 25 740 676 71 66 Sep-14 Dec-13 694 72 66 1.1x 10.4x 1.1x 10.3x
Number of Companies 1 Median: (3.1%) (24.8%) Total $695 $740 $676 $694 1.1x 10.4x 1.1x 10.3x
Market Cap. Weighted Average: (3.1%) (24.8%) 1.1x 10.4x 1.1x 10.3x
Specialty:
MEDNAX, Inc. 67.89 10.4% 24.1% 69.20 49.82 6,817 569 48 7,333 2,439 559 513 Dec-14 Dec-14 2,694 605 551 3.0x 13.1x 2.7x 12.1x
Number of Companies 1 Median: 10.4% 24.1% Total $6,817 $7,333 $2,439 $2,694 3.0x 13.1x 2.7x 12.1x
Market Cap. Weighted Average: 10.4% 24.1% 3.0x 13.1x 2.7x 12.1x
Behavioral Health / Management
AAC Holdings, Inc. 25.52 20.4% NM 33.32 17.91 538 47 5 587 112 9 5 Sep-14 Dec-13 132 20 11 5.2x NM 4.5x 29.0x
Acadia Healthcare Company, Inc. 57.75 (2.3%) 14.1% 66.88 38.76 3,460 1,096 94 4,447 1,005 205 173 Dec-14 Dec-14 1,446 327 268 4.4x 21.6x 3.1x 13.6x
Civ itas Solutions, Inc. 18.99 19.7% NM 19.28 11.88 702 810 196 1,315 1,256 126 60 Sep-14 Sep-14 1,371 149 74 1.0x 10.4x 1.0x 8.8x
Magellan Health, Inc. 60.12 0.1% (0.8%) 63.81 52.37 1,641 274 368 1,531 3,786 196 143 Sep-14 Dec-13 3,758 247 127 0.4x 7.8x 0.4x 6.2x
Providence Serv ice Corp. 39.00 (10.4%) 47.7% 49.41 23.91 618 192 137 673 1,304 62 42 Sep-14 Dec-13 1,444 84 45 0.5x 10.8x 0.5x 8.0x
Universal Health Serv ices Inc. 102.53 (0.1%) 26.7% 115.64 73.06 10,147 3,466 40 13,859 7,759 1,386 1,020 Sep-14 Dec-13 8,718 1,469 1,093 1.8x 10.0x 1.6x 9.4x
Number of Companies 6 Median: (0.0%) 20.4% Total $17,106 $22,414 $15,222 $16,867 1.4x 10.4x 1.3x 9.1x
Market Cap. Weighted Average: 0.6% 20.4% 2.2x 12.3x 1.8x 10.5x
Surgicenters / Rehabilitation
Surgery Centers1:
AmSurg Corp. 55.18 4.0% 30.2% 57.24 40.00 2,656 2,249 194 4,877 1,342 340 294 Sep-14 Dec-13 1,612 419 388 3.6x 14.3x 3.0x 11.6x
Surgical Care Affiliates, Inc. 32.25 5.9% (2.3%) 34.36 26.55 1,244 694 53 1,884 833 146 96 Sep-14 Dec-13 867 155 NA 2.3x 12.9x 2.2x 12.2x
Number of Companies 2 Median: 5.0% 14.0% Total $3,899 $6,761 $2,174 $2,478 2.9x 13.6x 2.6x 11.9x
Market Cap. Weighted Average: 4.6% 19.8% 3.2x 13.9x 2.8x 11.8x
Rehabilitation:
HEALTHSOUTH Corp. 44.10 11.3% 40.9% 44.80 29.82 3,870 1,650 272 5,496 2,336 584 479 Sep-14 Dec-13 2,400 582 473 2.4x 9.4x 2.3x 9.4x
Select Medical Holdings Corporation 13.52 3.2% 23.0% 16.17 10.15 1,770 1,558 11 3,364 2,997 362 295 Sep-14 Dec-13 3,062 370 294 1.1x 9.3x 1.1x 9.1x
US Physical Therapy Inc. 38.79 (9.7%) 20.1% 44.00 29.56 476 48 16 537 290 51 45 Sep-14 Dec-13 302 44 NA 1.8x 10.6x 1.8x 12.2x
Number of Companies 3 Median: 3.2% 23.0% Total $6,116 $9,397 $5,623 $5,763 1.8x 9.4x 1.8x 9.4x
Market Cap. Weighted Average: 7.3% 34.1% 2.0x 9.5x 1.9x 9.6x
Company Name
Equity
Mkt.
Value
Total DebtCash and
Equiv.
Total Ent.
Value
(TEV)
Latest Twelve Months
(LTM)LTM
Period
Latest
FYE Date
Forward Twelve Month
EstimateTEV/ LTM Multiples TEV/ Fwd Multiples
PAGE |
M&A ACTIVITY
12
INDUSTRY UPDATE
HEALTHCARE & LIFE SCIENCES GROUP │ FEBRUARY 2015
Announced U.S. Healthcare & Life Sciences M&A
Enterprise Enterprise Value / LTM Private Equity
Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement
hoh18.75
1/31/2015 Advanced Medical Imaging, LLC And Olympic
Radiology, LLC
- Harrison Medical Center - - - - No
1/31/2015 LCA-Vision Inc. PhotoMedex, Inc. (NasdaqGS:PHMD) - $11.9 0.1x - - No
1/30/2015 MEMAC Associates, P.C. - MEDNAX, Inc. (NYSE:MD) - - - - No
1/30/2015 Hospitalists Now, Inc. Santé Ventures, LLC IPC Healthcare, Inc. (NasdaqGS:IPCM) - - - - No
1/30/2015 Charter Medical, Ltd. Lydall Inc. (NYSE:LDL) Solesis Medical Technologies $29.9 1.5x 9.1x - No
1/30/2015 Coventry Village Harris Webber, Ltd. Senior Housing Properties Trust $40.4 - - - No
1/29/2015 Aquarius Biotechnologies, Inc. - Matinas BioPharma Holdings, Inc.
(OTCPK:MTNB)
$3.5 - - - No
1/29/2015 Four Non-Core Communities Capital Senior Liv ing Corp. (NYSE:CSU) - $36.5 - - - No
1/29/2015 Dispensary Mobile, LLC - MJ Freeway - - - - No
1/29/2015 Dendreon Corp, Substantially All Assets Dendreon Corp. (OTCPK:DNDN.Q) Valeant Pharmaceuticals International, $400.0 - - - No
1/29/2015 Baxano Surgical, Inc., Certain Assets Baxano Surgical, Inc. (OTCPK:BAXS.Q) City Surgical LLC $0.3 - - - No
1/28/2015 Coastal Pharmaceutical Serv ices Corporation - Amerita, Inc. - - - - No
1/28/2015 Premier Healthcare Exchange, Inc. Edison Partners; LK Partners, LLC; Performant Financial Corporation $149.1 - - - Yes
1/27/2015 Studer Group JMI Equity Huron Capital $325.0 0.0x 0.0x 0.0x Yes
1/27/2015 Trillium Diagnostics, LLC - Viv ione Biosciences, LLC $15.0 - - - No
1/27/2015 American HealthCare Lending, LLC - Prosper Marketplace, Inc. $21.0 - - - No
1/26/2015 Quality Mobile X-Ray Serv ices, Inc. - Schryver Medical Sales And Marketing,
Inc.
- - - - No
1/26/2015 Clinical Serv ices of Rhode Island, Inc. - AAC Holdings, Inc. (NYSE:AAC) $2.0 1.7x 10.0x - No
1/26/2015 Global Neuro-Diagnostics, LP - Natus Medical Inc. (NasdaqGS:BABY) - - - - No
1/26/2015 Exemplar Genetics LLC - Intrexon Corporation (NYSE:XON) - - - - No
1/26/2015 Qualcare Alliance Networks, Inc. - Cigna Corp. (NYSE:CI) - - - - No
1/26/2015 Vitall, Inc. - CaerVision Global, Inc. (OTCPK:SUGO) $0.1 - - - No
1/26/2015 Sesame Communications, Inc. Kidron Corporate Advisors LLC,
Investment Arm
Internet Brands, Inc. - - - - No
1/26/2015 St. James Mercy Health System, McAuley Manor
at Mercycare
St. James Mercy Health System, Inc. Post Acute Partners, LLC - - - - No
1/23/2015 Strata Decision Technology, L.L.C. Veronis Suhler Stevenson Roper Industries Inc. (NYSE:ROP) - - - - No
1/23/2015 RemedyCity, LLC JumpStart, Inc., Investment Arm; Hatch
Partners, LLC
Breaking Media, LLC - - - - No
1/22/2015 Cardiac, Vascular and Thoracic Surgeons, Inc. - Mercy Medical Associates, LLC - - - - No
1/21/2015 Firefly BioWorks, Inc. - Abcam Plc (AIM:ABC) $28.0 - - - No
1/21/2015 Virtual Medical Sales, Inc. - BC Technical, Inc. - - - - No
1/21/2015 Radisphere National Radiology Group, Inc. Oak Investment Partners; Maverick
Capital, Ltd.; Horizon Technology
Finance Management, LLC
Sheridan Healthcare, Inc. - - - - Yes
1/20/2015 Stella Blu, Inc. - - $0.2 - - - No
1/20/2015 Real Time Enterprises, Inc. - Sparton Corp. (NYSE:SPA) $3.1 0.8x - - No
1/20/2015 MJ Biologics, Inc., Certain Assets MJ Biologics, Inc. Phibro Animal Health Corporation
(NasdaqGM:PAHC)
- - - - No
1/20/2015 Baxano Surgical, Inc., AxiaLIF Vectre Screw
Product
Baxano Surgical, Inc. (OTCPK:BAXS.Q) Quandary Medical LLC $0.9 - - - No
1/20/2015 IVR Care Transition Systems, Inc. - MDnetSolutions, LLC - - - - No
1/20/2015 Walgreens Infusion Serv ices, Inc. Walgreen Co. Madison Dearborn Partners, LLC - - - - Yes
1/20/2015 Hubble Telemedical Inc. MB Venture Partners Welch Allyn, Inc. - - - - No
1/19/2015 HSM, Inc. - National Imaging Associates, Inc. - - - - No
1/19/2015 VISTA Staffing Solutions, Inc. On Assignment Inc. (NYSE:ASGN) EmCare Inc. $123.0 - - - No
1/17/2015 PharmaLogic Inc. MCG Capital Corporation
(NasdaqGS:MCGC); RadioPharmacy
Investors, LLC
MedEquity Capital, LLC; Webster
Capital
- - - - Yes
1/16/2015 Coldstream Laboratories Inc. University Of Kentucky Research
Foundation
Piramal Enterprises Limited (BSE:500302) $25.0 - - - No
1/15/2015 One Liv ing Community In USA - Capital Senior Liv ing Corp. (NYSE:CSU) - - - - No
1/15/2015 nanoMR Inc. Dow Venture Capital; HealthCare
Ventures LLC; Sun Mountain Capital;
Excel Venture Management; Signal
Peak Ventures
DNA Electronics Limited $24.0 - - - No
1/15/2015 Five Oaks Pharm, LLC - Drug Safety Navigator, LLC - - - - No
1/15/2015 Associates In Adult Medicine and Pine Grove
Internal Medicine
- OSS Orthopaedic Hospital LLC - - - - No
1/14/2015 Saint Catherine Hospital of Indiana LLC - Rialto Capital Advisors, LLC $3.0 - - - No
1/14/2015 Razor Insights, LLC Bluff Point Associates athenahealth, Inc. (NasdaqGS:ATHN) - - - - No
PAGE |
M&A ACTIVITY
13
INDUSTRY UPDATE
HEALTHCARE & LIFE SCIENCES GROUP │ FEBRUARY 2015
Announced U.S. Healthcare & Life Sciences M&A cont.
Enterprise Enterprise Value / LTM Private Equity
Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement
1/14/2015 Regado Biosciences, Inc. (NasdaqCM:RGDO) The Aurora Funds, Inc.; Domain
Associates, L.L.C.; Edmond de
Rothschild Investment Partners, S.A.S.;
Quaker BioVentures; Caxton
Associates LP; BVF Inc.; HBM Partners
Ltd.; Stonepine Capital Management
LLC; Valence Life Sciences;
RusnanoMedInvest, LLC; Baxter
Ventures
Tobira Therapeutics, Inc. - - - - No
1/14/2015 Johnson Memorial Medical Center, Inc. - Saint Francis Care, Inc. $23.8 - - - No
1/13/2015 96% Interest in Portfolio of 7 Medical Office
Facilities in Minneapolis and 1 Facility in
Jamestown
The Davis Group, Inc. Physicians Realty Trust (NYSE:DOC) $122.1 - - - No
1/13/2015 Cassell & Associates, LLC - Civ itas Solutions, Inc. (NYSE:CIVI) - - - - No
1/13/2015 Panthera MedTech, Project Bengal Panthera MedTech Avantec Vascular Corporation - - - - No
1/12/2015 Health Directions, LLC - DNH Medical Management, Inc. - - - - No
1/12/2015 Exclusive Worldwide License To Develop &
Commercialize Therapies For Treatment Of Multiple
Myeloma
- Oxis Biotech, Inc. - - - - No
1/12/2015 Loving Care Agency, Inc. MTS Health Investors, LLC Epic Health Serv ices, Inc. - - - - Yes
1/12/2015 Podiatry Affiliates, PC - Buffalo Medical Group, P.C. - - - - No
1/11/2015 Foundation Medicine, Inc. (NasdaqGS:FMI) Kleiner Perkins Caufield & Byers; Third
Rock Ventures, LLC; Google Ventures
Roche Holdings, Inc. $1,582.5 30.4x - - No
1/11/2015 MWI Veterinary Supply, Inc. (NasdaqGS:MWIV) BlackRock Fund Advisors; Jennison
Associates LLC; Fidelity Management
& Research Company
AmerisourceBergen Corporation
(NYSE:ABC)
$2,522.5 0.8x 18.5x 20.4x No
1/11/2015 NPS Pharmaceuticals, Inc. (NasdaqGS:NPSP) Janus Capital Group, Inc. (NYSE:JNS);
Janus Global Life Sciences Fund
Shire Pharmaceutical Holdings I reland
Limited
$4,864.4 23.0x 270.7x - No
1/11/2015 OnCore Biopharma, Inc. Roivant Sciences, Inc. Tekmira Pharmaceuticals Corporation
(TSX:TKM)
- - - - No
1/9/2015 Alignlife Chiropractic Centers - - - - - - No
1/9/2015 Twenty/20 Management, English Meadows at
Christiansburg and English Meadows Elks' Home
Twenty/20 Management, Inc. CareTrust REIT, Inc. (NasdaqGS:CTRE) - - - - No
1/9/2015 Melanovus Oncology, Inc. - Cipher Pharmaceuticals Inc. (TSX:CPH) $0.5 - - - No
1/9/2015 SSCI, Inc. Aptuit LLC Albany Molecular Research Inc.
(NasdaqGS:AMRI)
$36.0 - - - No
1/9/2015 NextCODE Health LLC Arch Venture Partners, L.P.; Polaris
Partners
WuXi PharmaTech (Cayman) Inc.
(NYSE:WX)
$65.0 - - - Yes
1/9/2015 Advanced Surgery Center, LLC - Centers for Special Surgery, LLC $5.0 - - - No
1/9/2015 TrestleTree, Inc. - Health Plans, Inc. - - - - No
1/8/2015 DioGenix, Inc. Nerveda, Inc. Amarantus Diagnostics, Inc. $10.0 - - - No
1/8/2015 CRF Health, Inc. Verdane Capital Vitruv ian Partners LLP - - - - Yes
1/8/2015 The Benefit Planning Group, Inc. - Marsh & McLennan Agency LLC - - - - No
1/8/2015 Aeris Therapeutics, Inc. - Pulmonx Inc - - - - No
1/8/2015 The Mccullough-Hyde Memorial Hospital
Incorporated
- Trihealth, Inc. $28.3 - - - No
1/8/2015 Allied Medical, Inc. - A&D Healthcare, LLC - - - - No
1/8/2015 Women's Physician Group PLLC - Memphis Obstetrics and Gynecological
Association, P.C.
- - - - No
1/8/2015 DoctorsXL LLC - Etransmedia Technology, Inc. - - - - No
1/8/2015 Luitpold Pharmaceuticals, Inc., Sprix (Ketorolac
Tromethamine) Nasal Spray
Luitpold Pharmaceuticals, Inc. Egalet US, Inc. $7.0 - - - No
1/7/2015 Vintage Grandview LLC - Vintage Senior Housing, LLC - - - - No
1/7/2015 Acura Pharmaceuticals Inc., Exclusive Worldwide
Rights to Commercialize Oxaydo
Acura Pharmaceuticals, Inc.
(NasdaqCM:ACUR)
Egalet Limited; Egalet US, Inc. $20.0 - - - No
1/7/2015 Albany Dermatology Clinic, P.A. - Advanced Dermatology & Cosmetic
Surgery Inc.
- - - - No
1/7/2015 Integrity Urgent Care, PC - The Ensign Group, Inc.
(NasdaqGS:ENSG)
- - - - No
1/7/2015 Healthcare Observation Systems L.L.C. - Natus Medical Inc. (NasdaqGS:BABY) - - - - No
1/7/2015 EDCO Group Inc., SecureStore Business EDCO Group Inc. EvriChart, Inc. - - - - No
1/7/2015 Sequenta, Inc. Mohr Davidow Ventures; Index
Ventures; Celgene Corporation
(NasdaqGS:CELG); Foresite Capital
Management, L.L.C.
Adaptive Biotechnologies Corporation - - - - No
1/7/2015 Eastside Specialty Scribes, LLC - Essia Health Inc. - - - - No
1/7/2015 qPM,Inc. - PipelineRx, Inc. - - - - No
1/7/2015 MDS Consulting - VHA Inc. - - - - No
1/6/2015 Rasansky Physical Therapy, LLC - Good Shepherd Penn Partners - - - - No
1/6/2015 Celdara Medical, LLC, Immuno-Oncology Celdara Medical, LLC Cardio3 BioSciences SA (ENXTBR:CARD) $10.0 - - - No
1/6/2015 Crittenton Hospital Medical Center - Ascension Health, Michigan - - - - No
PAGE |
M&A ACTIVITY
14
INDUSTRY UPDATE
HEALTHCARE & LIFE SCIENCES GROUP │ FEBRUARY 2015
Announced U.S. Healthcare & Life Sciences M&A cont.
Enterprise Enterprise Value / LTM Private Equity
Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement
1/6/2015 Diagnovus, LLC TriStar Technology Ventures; Mountain
Group Capital LLC
Aegis Sciences Corporation - - - - Yes
1/6/2015 Siren Interactive Corporation - The F. Dohmen Co. - - - - No
1/6/2015 Infield Medical, LLC - EG GILERO - - - - No
1/6/2015 ValTech Holdings Inc., Medical Business ValTech Holdings, Inc. EG GILERO - - - - No
1/6/2015 Healthcare Management Solutions, Inc. - The Corridor Group, Inc. - - - - No
1/6/2015 Atlantic Anesthesia, P.A. - North American Partners in Anesthesia,
LLP
- - - - No
1/6/2015 Dermatology Associates of Northern Michigan,
P.C.
- Advanced Dermatology & Cosmetic
Surgery Inc.
- - - - No
1/5/2015 Traditions Home Care, Inc. - Accelera Innovations, Inc
(OTCPK:ACNV)
$6.0 1.0x - - No
1/5/2015 Priority Home Health Care, Inc. - Addus HomeCare Corporation
(NasdaqGS:ADUS)
- - - - No
1/5/2015 Home Health Operations in Phoenix - The Ensign Group, Inc.
(NasdaqGS:ENSG); Cornerstone
Healthcare, Inc.
- - - - No
1/5/2015 Repligen Corporation, Late-Stage Pancreatic
Imaging Assets
Repligen Corporation
(NasdaqGS:RGEN)
Innovate Biopharmaceuticals, Inc. - - - - No
1/5/2015 Health Through Friendship, Inc. - Centene Corp. (NYSE:CNC) - - - - No
1/5/2015 Optum, Inc., Select Optum Life Sciences Serv ices Optum, Inc. MAPI Developpement, SAS - - - - No
1/5/2015 ClinGenuity, LLC - Synchrogenix Information Strategies Inc. - - - - No
1/2/2015 Spencer Dermatology & Skin Surgery Center LLC - Advanced Dermatology & Cosmetic
Surgery Inc.
- - - - No
1/2/2015 24/7 Kid Doc, Inc. - Dale Jarrett Racing Adventure Inc.
(OTCPK:DJRT)
$0.3 - - - No
1/2/2015 Ambient Healthcare, Inc. Morgan Noble Healthcare Partners AxelaCare Health Solutions, LLC - - - - Yes
1/2/2015 Caring Partners Home Health, Inc. Glacier Hills, Inc. United Methodist Retirement
Communities, Inc.
$2.6 - - - No
1/1/2015 Scroggins Information Serv ices, LLC - The Consult, Inc - - - - No
1/1/2015 Metro Medical Equipment & Supply, Inc. - - - - - - No
1/1/2015 Lifecare Medical Associates, PC - Finger Lakes Health Systems Agency - - - - No
Energy & Power
IndustrialsHealthcare & Life Sciences
Transportation & Logistics
Aerospace, Defense & Government
Services
Business Services
Building Products & Materials
Technology, Media & Telecom
Specialty Distribution
Consumer
PAGE |
HARRIS WILLIAMS & CO. OFFICE LOCATIONS
Healthcare & Life Sciences
Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website at www.harriswilliams.com/industries
OUR FIRM
INDUSTRY UPDATE
HEALTHCARE & LIFE SCIENCES GROUP │ FEBRUARY 2015
BostonTwo International Place24th FloorBoston, Massachusetts 02110Phone: +1 (617) 482-7501Fax: +1 (617) 482-7503
Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400Fax: +1 (216) 689-2401
Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700Fax: +1 (612) 359-2701
Philadelphia1600 Market Street21st FloorPhiladelphia, Pennsylvania 19103Phone: +1 (267) 675-5900Fax: +1 (267) 675-5901
Richmond (U.S. Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072Fax: +1 (804) 648-0073
San Francisco575 Market Street31st FloorSan Francisco, California 94105, USAPhone: +1 (415) 288-4260Fax: +1 (415) 288-4269
FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00Fax: +49 069 3650638 01
London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900Fax: +44 (0) 20 7526 2187
UNITED STATES EUROPE
NETWORK OFFICES
Beijing
Hong Kong
Mumbai
New Delhi
Shanghai
15
PAGE |
HARRIS WILLIAMS & CO.
Company Filings.
Capital IQ.
Thomson Financial.
S&P.
Reuters.
Bloomberg.
16
SOURCES
INDUSTRY UPDATE
HEALTHCARE & LIFE SCIENCES GROUP │ FEBRUARY 2015
Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide.The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co.Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC andHarris Williams & Co. Ltd conduct business.
THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATIONPROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUEROR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITYOR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIALINFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRDPARTIES, PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS.
The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term isdefined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or asolicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein isbelieved by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. HarrisWilliams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securitiesof companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for thosecompanies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in thesecurities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this reportconstitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable forall investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upontheir specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this materialmay be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.
Copyright© 2015 Harris Williams & Co., all rights reserved.
DISCLOSURES