INDUSTRY UPDATE │ JUNE 2015 - Harris Williams · 5/21/2015 FastMed Urgent Care ABRY Partners, LLC 5/20/2015 Omnicare Inc. (NYSE:OCR) CVS Pharmacy, Inc. 5/18/2015 Par Pharmaceutical

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HEALTHCARE & LIFE SCIENCES

0

INDUSTRY UPDATE │ JUNE 2015


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WHATWE’RE READING

1

CONTENTS

DEBT MARKETS OVERVIEW

EQUITY MARKETS OVERVIEW

M&A OVERVIEW

DEBT CAPITAL MARKETS OVERVIEW

HEALTHCARE & LIFE SCIENCES TRADING STATISTICS

M&A TRANSACTIONS

CONTACTS

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

HEALTH INSURANCE | INSURERS PLAYING A GAME OF THRONES

The stage of the health insurance industry has been set for unprecedentedconsolidation. Ongoing deal discussions between the largest publically tradedinsurers, UnitedHealth, Anthem, Aetna, Cigna, and Humana, as well as thepotential industry ramifications of any M&A activity among these payors. We notethat UnitedHealth is targeting Aetna, Anthem has moved to acquire Cigna, andHumana drew potential interest from both Aetna and Cigna after the companyput itself “in play” last month. The move towards high-growth, government, andMedicare business has led the major payors to reevaluate offering portfolios andconsider acquiring a competitor. The WSJ reports that an acquisition among “anyone of them is a seismic event in the industry,” and could lead to a variety ofchanges, such as higher premiums or fees, larger discounts from medicalproviders, and other impacts driven by economies of scale. A link to the articlecan be found here.



AFFORDABLE CARE ACT| KING V. BURWELL

New York Times

Obama’s Legacy Is at Stake in Supreme Court’s Health Care Ruling

The Supreme Court is expected to rule by the end of the month on a criticalprovision of the Affordable Care Act regarding the legality of federally subsidizedpremiums in states that use the HealthCare.gov website. If the Supreme Courtsides against the government, up to 6.4 million HealthCare.gov exchange usersmay see their premiums significantly increase, potentially leading to insurancecompanies being less willing to take part in marketplaces across the country. Theruling has the potential to drastically change the mechanisms of the ACA, andRepublicans are already preparing legislation that would protect policy holdersfrom losing subsidies until 2017, when President Obama would no longer be inoffice. At minimum, a ruling against the government by the Supreme Court wouldmean years of uncertainty for the Affordable Care Act and would make healthinsurance a leading discussion point in the upcoming presidential election cycle. Alink to the article can be found here.

The Wall Street Journal

Insurers, Hospitals Brace for Affordable Care Act Ruling

A potential strike down of federal subsidies has led doctors, hospitals, and

consumers to prepare for the ramifications of the ACA ruling. If SCOTUS sides

against the government, insurance prices may soar for those who currently get the

tax credits and will likely raise the number of uninsured Americans, posing financial

peril for many hospitals and insurers. Health insurers and hospital systems have

been actively lobbying for extensions of the subsidies, and some health systems

are considering increased charitable work for patients unable to afford insurance.

Hospitals are also expecting emergency room visits to spike as the number of

uninsured climbs, and are considering staffing arrangements in advance of this

movement. While insurers and hospitals are preparing in advance of a ruling,

many consumers are unaware of the Supreme Court case and its potential

impact. In a March poll released by the Independent Women’s Voice, over 60% of

consumers within these state exchanges were unaware of the court case and its

potential impact on their lives. A link to the article can be found here. (A

subscription to The Wall Street Journal Online may be required)

http://www.harriswilliams.com/

mailto:[email protected]











http://www.theatlantic.com/business/archive/2015/04/who-will-care-for-americas-seniors/391415/

http://www.harriswilliams.com/sites/default/files/content/hcls_behavioral_health_industry_overview.pdf

http://www.wsj.com/articles/ge-prepared-to-exit-the-bulk-of-ge-capital-1428662109

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Contract Pharma Manufacturing

Home Care, Hospice, and Home Infusion

HMO - Medical

Healthcare Staffing

Behavioral Health / Management

Durable Medical Equipment

Specialty Pharmacy Management

Surgicenters / Rehabilitation

Acute-Care Hospitals

Dialysis Services

Medical / Surgical / Dental Supplies & Distribution

HW&Co. HCLS Composite Index

Clinical Laboratories

Physician Practice Management

Medical Devices and Products

Disease Management

Information Services

Dental Products

Life Sciences Tools

S&P 500

Assisted Living

Diagnostic Imaging

Specialty Pharmacy

Long-Term Care

Specialty Managed Care

Emergency Services

(40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%

Change in Stock Price

3 mos. 12 mos. Revenue EBITDA Revenue EBITDA

Clinical Laboratories 3 $33,910 (4.1%) 22.4% 1.9x 10.0x 1.9x 9.6x

Contract Pharma Manufacturing 3 11,567 (1.1%) 61.0% 3.2x 14.4x 2.9x 13.8x

Contract Research Organizations 8 30,493 6.7% 33.2% 2.5x 13.9x 2.3x 12.8x

Disease Management 2 8,521 (9.4%) 15.5% 2.0x 15.5x 2.0x 11.5x

Emergency Serv ices 1 2,280 (20.4%) (13.5%) 2.2x 8.6x 2.1x 7.7x

Healthcare Staffing 4 9,115 (1.6%) 48.6% 1.2x 15.9x 1.1x 12.3x

HMO - Medical 9 328,070 13.5% 56.4% 0.9x 10.7x 0.8x 10.1x

Information Serv ices 12 39,103 (4.1%) 13.4% 6.0x 21.7x 4.7x 16.5x

Specialty Managed Care 3 6,742 7.5% (13.2%) 1.4x 8.5x 5.9x 4.8x

Specialty Pharmacy 1 2,255 28.8% NM 0.9x NA 0.8x NM

Specialty Pharmacy Management 4 100,288 21.8% 29.6% 0.7x 12.8x 0.7x 12.2x

Dental Products 3 118,397 (1.8%) 11.7% 3.3x 14.7x 3.4x 14.2x

Durable Medical Equipment 3 11,974 7.6% 30.7% 1.9x 14.3x 1.8x 15.8x

Life Sciences Tools 4 125,729 (1.4%) 10.7% 2.9x 14.2x 3.6x 15.2x

Medical Devices and Products 14 683,752 0.9% 17.9% 3.6x 13.7x 3.5x 13.1x

Medical / Surgical / Dental Supplies & Distribution 6 138,136 0.7% 23.3% 0.3x 13.5x 0.3x 11.6x

Acute-Care Hospitals 4 111,363 14.2% 27.8% 1.2x 8.4x 1.1x 8.0x

Assisted Liv ing 3 15,131 3.0% 8.5% 3.6x 19.9x 2.6x 14.9x

Diagnostic Imaging 3 9,894 (23.1%) 2.0% 1.8x 8.6x 1.9x 9.8x

Dialysis Serv ices 2 62,096 8.1% 24.3% 2.1x 11.4x 2.0x 11.1x

Home Care, Hospice, and Home Infusion 6 5,528 5.1% 58.0% 1.2x 11.8x 1.1x 10.9x

Long-Term Care 3 7,190 5.2% (1.5%) 1.0x 11.6x 0.8x 8.4x

Physician Practice Management 2 8,598 1.2% 21.5% 2.9x 13.3x 2.6x 12.4x

Behavioral Health / Management 6 28,872 11.1% 31.2% 1.5x 10.6x 1.4x 9.8x

Surgicenters / Rehabilitation 5 18,562 10.2% 29.3% 2.4x 12.9x 2.0x 11.0x

Payor, Provider, & Pharmacy Support Serv ices 50 $572,344 9.2% 43.7% 1.6x 12.3x 1.4x 11.1x

Products & Devices 30 $1,077,988 (0.8%) 14.1% 3.3x 13.6x 3.2x 12.4x

Provider-Based Serv ices 34 $267,236 8.8% 32.5% 2.1x 11.7x 1.9x 10.6x

HW&Co. HCLS Composite Index 114 $1,917,568 3.1% 22.9% 2.7x 13.0x 2.5x 11.8x

S&P 500 0.1% 9.8%

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

yo

r, P

rov

ide

r, &

Ph

arm

ac

y

Su

pp

ort

Se

rvic

es

PUBLICMARKETS OVERVIEW

2

Key Trading Statistics (detail begins on page 6)

Public Company Sector Performance

(12-month % change in stock price)



PAGE |

EQUITYMARKETS OVERVIEW

3

Healthcare & Life Sciences Industry Stock Performance

Top Equity Offerings

(by proceeds)

211.6%

160.8%

179.9%



Closing Date Issuer Ticker Transaction Type Gross Proceeds ($ mm)

05/05/15 Acadia Healthcare Co Inc ACHC Follow-On $344.1

05/19/15 Momenta Pharmaceuticals Inc MNTA Follow-On 158.4

05/05/15 Adeptus Health Inc ADPT Follow-On 154.0

05/06/15 aTyr Pharma Inc LIFE IPO 86.3

05/06/15 Collegium Pharmaceutical Inc COLL IPO 80.0

05/21/15 Agenus Inc AGEN Follow-On 79.7

05/05/15 CoLucid Pharmaceuticals Inc CLCD IPO 55.0

05/06/15 HTG Molecular Diagnostics Inc HTGM IPO 50.0

05/20/15 Dicerna Pharmaceuticals Inc DRNA Follow-On 48.8

05/01/15 Lion Biotechnologies Inc LBIO Follow-On 47.5

05/06/15 Antares Pharma Inc ATRS Follow-On 46.0

05/08/15 Global Future City Holding Inc FHWY Follow-On 35.0

05/06/15 CEL SCI Corp CVM Follow-On 35.0

05/20/15 Fate Therapeutics Inc FATE Follow-On 34.5

05/27/15 NeoStem Inc NBS Follow-On 28.8

05/13/15 Constellation Healthcare Tech CHT Follow-On 27.3

05/07/15 Aldeyra Therapeutics Inc ALDX Follow-On 21.2

05/13/15 Jaguar Animal Health Inc JAGX IPO 20.0

05/05/15 Cytori Therapeutics Inc CYTX Follow-On 19.4

05/13/15 Viveve Medical Inc VIVMF Follow-On 12.0

05/28/15 RXi Pharmaceuticals Corp RXII Follow-On 10.4

05/29/15 Catasys Inc CATS Follow-On 10.0

40

60

80

100

120

140

160

180

200

220

240

May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15

S&P 500 Dow Jones U.S. Health Care Index HW&Co. HCLS Index

PAGE |

M&A OVERVIEW

4

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



HC&LS Industry Number of

Segment Companies

Biotechnology 3

Healthcare Technology 17

Healthcare Distributors 6

Healthcare Equipment 19

Healthcare Facilities 48

Healthcare Serv ices 50

Healthcare Supplies 10

Life Sciences Tools & Serv ices 16

Managed Healthcare 3

Pharmaceuticals 19

Aggregate Number Median Transaction Multiples

Value ($bn) of Deals TEV/Rev TEV/EBITDA

$310.1 1,223 2.07x 13.6x

$110.6

$141.4

$101.6 $108.2

$236.6

$139.6

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

12.8x

11.1x 10.9x 10.0x

13.6x

15.2x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

0.0x

3.0x

6.0x

9.0x

12.0x

15.0x

18.0x

21.0x

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

229 221

291

200 209

304

248

304290 279

292 303

203

2012

22

1612

18

15

22

1411

1511

9

0

50

100

150

200

250

300

350

2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15

Nu

mb

er

of Tr

an

sac

tio

ns

PEG Acquirer Strategic Acquirer

69

94

113

79

42

7165 65

61 62

20

60 62

95

49 50

80

120

139144 143

42

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

Announced Target Buyer

5/22/2015 Adv anced Medical Personnel Serv ices, Inc. Clearv iew Capital, LLC

5/21/2015 FastMed Urgent Care ABRY Partners, LLC

5/20/2015 Omnicare Inc. (NYSE:OCR) CVS Pharmacy, Inc.

5/18/2015 Par Pharmaceutical Holdings, Inc. Endo International plc (NasdaqGS:ENDP)

5/18/2015 Dental Connections, Inc. Benco Dental Supply Co., Inc.

5/13/2015 Eureka Genomics Corporation Affymetrix Inc. (NasdaqGS:AFFX)

5/13/2015 Tev a Pharmaceutical Industries Limited ANI Pharmaceuticals, Inc. (NasdaqGM:ANIP)

5/12/2015 Virtual Radiologic Corporation MEDNAX, Inc. (NYSE:MD)

5/6/2015 Atlantic Hospitalist Group Inc. IPC Healthcare, Inc. (NasdaqGS:IPCM)

5/2/2015 Animal Health International, Inc. Patterson Companies, Inc. (NasdaqGS:PDCO)

PAGE |

DEBTMARKETS OVERVIEW

5

Key Credit Statistics

QUARTERLY HEALTHCARE LOAN VOLUME AVERAGE SPREAD ON HEALTHCARE LOANS

Select Healthcare & Life Sciences Debt Offerings

(by deal amount)

CREDIT STATISTICS AVERAGE SECONDARY SPREAD



$0

$3

$6

$9

$12

$15

$18

$21

$24

1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15

Loa

n V

olu

me

by

Qu

art

er

($ in

billio

ns)

Pro Rata Institutional

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

2010 2011 2012 2013 2014 1Q15A

ve

rag

e S

pre

ad

Ov

er

LIB

OR

Revolving Credit / Term Loan A Weighted-Average Institutional

NA

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

2010 2011 2012 2013 2014 2015

L + 0

L + 200

L + 400

L + 600

L + 800

1Q10 4Q10 3Q11 2Q12 1Q13 4Q13 3Q14

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

Date Effective Borrower Name Description Amount ($ mm) Tranche Rating Spread

5/14/15 Community Health Systems General med'l/surgical hospitals $4,540.0 Term Loan H Ba2 / BB L+ 300

5/14/15 Community Health Systems General med'l/surgical hospitals 4,540.0 Term Loan G Ba2 / BB L+ 275

5/11/15 Concentra Inc Offices/clinics of med'l doctors 500.0 Term Loan B Ba3 / BB- L+ 300

5/19/15 National Surgical Hospitals General med'l/surgical hospitals 365.0 Term Loan B1 / B L+ 350

5/29/15 Paradigm Acquisition Corp Specialty hospitals not psych'ric 247.0 Term Loan B B1 / B L+ 500

5/21/15 Physiotherapy Associates Offices of health practices nec 175.0 Term Loan NR / NR L+ 900

5/15/15 US Acute Care Solutions LLC Offices of health practices nec 85.0 Term Loan A NR / NR L+ 425

5/11/15 Colonial Management Group LP Home health care serv ices 54.0 Term Loan NR / NR L+ 150

PAGE |

PUBLIC COMPARABLES

6

Payor, Provider, & Pharmacy Support Services

As of May 29, 2015.


INDUSTRY UPDATE│ JUNE 2015

Stock Price

% Change 52 Week

5/29/2015 3 mos. 12 mos. High Low Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA

Clinical Laboratories

Bio-Reference Laboratories Inc. $33.22 (4.9%) 22.4% $36.75 $26.10 $923 $70 $22 $956 $882 $116 $90 Apr-15 Oct-14 $933 $127 $100 1.1x 8.2x 1.0x 7.5x

Laboratory Corp. of America Holdings 117.95 (4.1%) 14.6% 131.19 95.61 11,842 6,946 446 18,358 6,353 1,270 1,019 Mar-15 Dec-14 8,485 1,662 1,253 2.9x 14.5x 2.2x 11.0x

Quest Diagnostics Inc. 75.23 7.3% 26.2% 89.00 56.27 10,806 4,736 974 14,596 7,528 1,462 1,145 Mar-15 Dec-14 7,609 1,523 1,201 1.9x 10.0x 1.9x 9.6x

Number of Companies 3 Median: (4.1%) 22.4% Total $23,571 $33,910 $14,764 $17,028 1.9x 10.0x 1.9x 9.6x

Market Cap. Weighted Average: 1.1% 20.2% 2.4x 12.2x 2.0x 10.2x

Contract Pharma Manufacturing

Akorn, Inc. $45.90 (14.7%) 61.0% $57.10 $27.09 $5,252 $1,125 $71 $6,299 $593 $208 $150 Dec-14 Dec-14 $968 $455 $425 10.6x 30.2x 6.5x 13.8x

Cambrex Corporation. 40.02 16.8% 84.7% 44.22 15.76 1,253 60 68 1,245 386 92 69 Mar-15 Dec-14 426 104 80 3.2x 13.5x 2.9x 12.0x

West Pharmaceutical Serv ices, Inc. 54.14 (1.1%) 27.1% 60.30 39.11 3,895 334 0 4,022 1,411 279 189 Mar-15 Dec-14 1,412 288 189 2.9x 14.4x 2.8x 14.0x


Market Cap. Weighted Average: (5.8%) 51.2% 6.8x 22.3x 4.7x 13.7x

Contract Research Organizations

Albany Molecular Research Inc. $20.15 24.2% 24.2% $23.95 $13.73 $667 $201 $29 $840 $299 $35 $15 Mar-15 Dec-14 $364 $65 $44 2.8x 24.1x 2.3x 13.0x

Charles River Laboratories International, Inc. 72.34 (5.6%) 34.9% 84.69 52.02 3,426 786 152 4,079 1,319 289 195 Mar-15 Dec-14 1,328 317 240 3.1x 14.1x 3.1x 12.9x

ICON Public Limited Company 64.87 (6.0%) 54.5% 72.40 41.16 3,930 20 0 3,758 1,542 290 235 Mar-15 Dec-14 1,630 329 271 2.4x 13.0x 2.3x 11.4x

INC Research Holdings, Inc. 34.59 15.6% NM 38.76 19.61 1,944 419 156 2,207 837 168 114 Mar-15 Dec-14 894 185 163 2.6x 13.1x 2.5x 11.9x

PAREXEL International Corporation 66.47 3.1% 31.5% 71.42 49.70 3,667 382 295 3,754 2,004 298 215 Mar-15 Jun-14 2,024 306 222 1.9x 12.6x 1.9x 12.3x

PRA Health Sciences, Inc. 33.46 6.2% NM 33.96 18.47 2,002 961 85 2,899 1,287 171 80 Mar-15 Dec-14 1,364 227 204 2.3x 16.9x 2.1x 12.8x

Quintiles Transnational Holdings Inc. 69.71 7.3% 37.0% 70.79 50.06 8,522 2,306 779 10,049 4,191 728 606 Mar-15 Dec-14 4,312 767 641 2.4x 13.8x 2.3x 13.1x

WuXi PharmaTech (Cayman) Inc. 43.02 7.7% 27.1% 46.14 30.38 3,047 244 211 2,907 708 144 97 Mar-15 Dec-14 799 190 116 4.1x 20.2x 3.6x 15.3x

Number of Companies 8 Median: 6.7% 33.2% Total $27,206 $30,493 $12,185 $12,714 2.5x 13.9x 2.3x 12.8x


Disease Management

Alere Inc. $51.58 13.4% 43.4% $51.98 $33.76 $4,391 $3,132 $0 $7,719 $2,562 $527 $201 Mar-15 Dec-14 $2,568 $567 $495 3.0x 14.6x 3.0x 13.6x

Healthways Inc. 15.16 (32.3%) (12.4%) 23.30 13.99 541 264 4 802 755 49 26 Mar-15 Dec-14 809 86 34 1.1x 16.4x 1.0x 9.3x



Emergency Services

Air Methods Corp. $42.16 (20.4%) (13.5%) $60.74 $40.31 $1,655 $642 $13 $2,280 $1,022 $265 $184 Mar-15 Dec-14 $1,081 $295 $213 2.2x 8.6x 2.1x 7.7x

Number of Companies 1 Median: (20.4%) (13.5%) Total $1,655 $2,280 $1,022 $1,081 2.2x 8.6x 2.1x 7.7x

Market Cap. Weighted Average: (20.4%) (13.5%) 2.2x 8.6x 2.1x 7.7x

Healthcare Staffing

AMN Healthcare Serv ices Inc. $26.59 17.9% 135.9% $27.34 $10.95 $1,265 $238 $13 $1,491 $1,123 $96 $78 Mar-15 Dec-14 $1,347 $124 $97 1.3x 15.6x 1.1x 12.0x

Cross Country Healthcare, Inc. 10.62 (18.1%) 80.9% 13.51 5.60 342 75 5 410 686 21 13 Mar-15 Dec-14 779 33 24 0.6x 19.5x 0.5x 12.6x

On Assignment Inc. 37.49 (1.9%) 5.3% 39.87 25.98 1,939 335 76 2,197 1,883 190 152 Mar-15 Dec-14 1,915 214 153 1.2x 11.6x 1.1x 10.3x

Team Health Holdings, Inc. 58.48 (1.3%) 16.3% 63.89 48.41 4,212 820 20 5,017 3,018 308 222 Mar-15 Dec-14 3,397 367 226 1.7x 16.3x 1.5x 13.7x



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 |

PUBLIC COMPARABLES

7


As of May 29, 2015.



Stock Price

% Change 52 Week


HMO - Medical

Commercial:

Aetna Inc. $117.97 18.5% 52.8% $120.15 $71.81 $41,195 $9,007 $1,916 $48,353 $59,103 $4,950 $4,311 Mar-15 Dec-14 $61,617 $5,209 $4,714 0.8x 9.8x 0.8x 9.3x

Anthem, Inc. 167.85 14.6% 54.6% 170.98 104.79 44,402 17,863 1,397 60,868 75,066 6,017 5,498 Mar-15 Dec-14 78,114 5,192 4,748 0.8x 10.1x 0.8x 11.7x

Cigna Corp. 140.83 15.8% 56.3% 145.33 85.75 36,245 6,061 2,620 39,785 35,885 3,886 3,569 Mar-15 Dec-14 38,239 4,004 3,489 1.1x 10.2x 1.0x 9.9x

Health Net, Inc. 62.24 8.5% 55.7% 63.20 39.35 4,801 595 1,018 4,377 14,860 349 325 Mar-15 Dec-14 17,200 567 NA 0.3x 12.5x 0.3x 7.7x

Humana Inc. 214.65 30.6% 72.3% 219.79 115.51 32,150 4,112 1,946 34,316 50,621 2,696 2,431 Mar-15 Dec-14 54,907 3,123 2,720 0.7x 12.7x 0.6x 11.0x

UnitedHealth Group Incorporated 120.21 5.8% 51.5% 123.76 77.53 114,428 18,375 8,650 125,605 134,522 11,934 10,860 Mar-15 Dec-14 144,301 12,721 11,115 0.9x 10.5x 0.9x 9.9x



Government:

Centene Corp. $75.34 22.6% 104.3% $75.50 $35.49 $8,959 $1,128 $1,666 $8,576 $17,102 $645 $549 Mar-15 Dec-14 $22,047 $770 $673 0.5x 13.3x 0.4x 11.1x

Molina Healthcare, Inc. 72.74 14.2% 67.0% 73.98 39.23 3,647 913 1,539 2,689 10,430 331 251 Mar-15 Dec-14 14,273 481 379 0.3x 8.1x 0.2x 5.6x

WellCare Health Plans, Inc. 85.67 (5.7%) 10.2% 95.09 55.43 3,773 900 1,314 3,500 13,444 264 232 Mar-15 Dec-14 13,909 538 470 0.3x 13.3x 0.3x 6.5x



Information Services

Data/Analytics:

Castlight Health, Inc. $8.73 19.8% (46.3%) $17.90 $6.52 $819 $0 $17 $633 $53 ($80) ($82) Mar-15 Dec-14 $76 ($69) ($68) 11.9x NM 8.3x NM

Inovalon Holdings, Inc. 26.58 (14.4%) NM 33.75 22.06 3,925 295 163 3,427 370 132 112 Mar-15 Dec-14 438 162 138 9.2x 26.0x 7.8x 21.2x

National Research Corp. 32.10 (2.0%) (22.8%) 43.00 30.20 405 8 40 376 99 30 26 Mar-15 Dec-14 104 31 27 3.8x 12.7x 3.6x 12.0x

Number of Companies 3 Median: (2.0%) (34.6%) Total $5,149 $633 $523 $618 9.2x 19.3x 7.8x 16.6x

Market Cap. Weighted Average: (8.0%) (9.2%) 9.2x 24.8x 7.6x 20.3x

eHealth:

WebMD Health Corp. $45.90 4.2% 5.3% $53.30 $34.48 $1,667 $952 $707 $1,884 $590 $120 $102 Mar-15 Dec-14 $625 $179 $117 3.2x 15.7x 3.0x 10.5x

Number of Companies 1 Median: 4.2% 5.3% Total $1,667 $1,884 $590 $625 3.2x 15.7x 3.0x 10.5x


Hospital/Physician:

Allscripts Healthcare Solutions, Inc. $14.07 17.2% (6.0%) $17.17 $11.00 $2,545 $573 $53 $3,029 $1,372 $64 ($25) Mar-15 Dec-14 $1,402 $237 $129 2.2x NM 2.2x 12.8x

Athenahealth, Inc. 116.60 (8.2%) (10.2%) 153.25 107.88 4,495 266 33 4,700 796 62 1 Mar-15 Dec-14 918 166 79 5.9x NM 5.1x 28.3x

Cerner Corporation 67.29 (6.6%) 22.9% 75.72 50.30 23,153 626 635 23,095 3,527 1,002 777 Apr-15 Jan-15 4,738 1,492 1,098 6.5x 23.0x 4.9x 15.5x

Computer Programs & Systems Inc. 52.33 (0.5%) (19.1%) 67.42 47.40 592 0 30 551 199 49 45 Mar-15 Dec-14 198 49 45 2.8x 11.2x 2.8x 11.4x

HMS Holdings Corp. 17.04 (2.9%) (10.6%) 23.69 15.07 1,509 198 133 1,573 449 88 35 Mar-15 Dec-14 467 120 51 3.5x 17.8x 3.4x 13.1x

MedAssets, Inc. 20.87 8.6% (12.7%) 25.57 17.00 1,260 876 19 2,117 735 214 102 Mar-15 Dec-14 760 228 81 2.9x 9.9x 2.8x 9.3x

Merge Healthcare Incorporated 4.56 14.0% 104.5% 6.20 2.04 441 222 25 696 216 36 26 Mar-15 Dec-14 249 52 34 3.2x 19.2x 2.8x 13.4x

Quality Systems Inc. 15.84 (8.9%) (3.7%) 18.75 13.01 955 0 114 825 490 51 38 Mar-15 Mar-15 525 82 49 1.7x 16.2x 1.6x 10.1x

Number of Companies 8 Median: (1.7%) (8.1%) Total $34,950 $36,587 $7,783 $9,257 3.1x 17.0x 2.8x 12.9x


Forward Twelve Month

EstimateTEV/ LTM Multiples TEV/ Fwd Multiples

Total Ent.

Value

(TEV)


(LTM)LTM

Period

Latest

FYE DateCompany Name

Equity

Mkt.

Value

Total DebtCash and

Equiv.

PAGE |

PUBLIC COMPARABLES

8


As of May 29, 2015.

(1) To be acquired by UnitedHealth in a $12.8 billion transaction announced March 30, 2015.

(2) To be acquired by CVS in a $10.4 billion transaction announced May 21, 2015.



Stock Price

% Change 52 Week


Specialty Managed Care

Assurant Inc. $65.85 7.5% (2.8%) $69.94 $59.73 $4,472 $1,264 $1,319 $4,672 $10,532 $781 $647 Mar-15 Dec-14 $10,483 $980 $527 0.4x 6.0x 0.4x 4.8x

CorVel Corporation 35.90 1.3% (23.6%) 47.66 28.08 732 0 31 701 493 64 46 Mar-15 Mar-15 NA NA NA 1.4x 11.0x NA NA

HealthEquity, Inc. 26.51 30.8% NM 27.89 16.11 1,480 0 111 1,369 97 26 19 Apr-15 Jan-15 120 37 25 14.0x NM 11.4x NM

Number of Companies 3 Median: 7.5% (13.2%) Total $6,685 $6,742 $11,122 $10,603 1.4x 8.5x 5.9x 4.8x

Market Cap. Weighted Average: 12.0% (4.5%) 3.6x 6.7x 3.2x 4.8x

Specialty Pharmacy

Diplomat Pharmacy, Inc. $38.65 28.8% NM $39.99 $15.45 $2,412 $0 $18 $2,255 $2,374 $27 $20 Mar-15 Dec-14 $2,796 $46 $46 0.9x NM 0.8x NM

Number of Companies 1 Median: 28.8% NM Total $2,412 $2,255 $2,374 $2,796 0.9x NA 0.8x NM

Market Cap. Weighted Average: 28.8% NM 0.9x NM 0.8x NM

Specialty Pharmacy Management

Catamaran Corporation(1) $59.56 19.4% 35.6% $60.97 $35.33 $12,389 $1,416 $865 $12,955 $22,647 $898 $620 Mar-15 Dec-14 $24,532 $938 $706 0.6x 14.4x 0.5x 13.8x

Express Scripts Holding Company 87.14 2.8% 22.6% 91.21 65.08 63,550 12,348 906 75,003 102,102 6,733 4,719 Mar-15 Dec-14 105,041 7,041 6,613 0.7x 11.1x 0.7x 10.7x

Omnicare Inc.(2) 95.29 24.2% 50.0% 96.54 59.85 9,232 2,109 322 11,019 6,506 752 622 Mar-15 Dec-14 6,710 776 662 1.7x 14.7x 1.6x 14.2x

PharMerica Corporation 33.26 33.0% 23.6% 33.90 19.42 1,011 326 33 1,312 1,954 131 88 Mar-15 Dec-14 2,023 139 86 0.7x 10.0x 0.6x 9.4x



Total Ent.

Value

(TEV)


(LTM)LTM

Period

Latest

FYE Date


EstimateCompany Name

Equity

Mkt.

Value

Total DebtCash and

Equiv.

TEV/ LTM Multiples TEV/ Fwd Multiples

PAGE |

Stock Price

% Change 52 Week


Dental Products

3M Company $159.08 (5.7%) 11.7% $170.50 $130.60 $100,911 $6,591 $1,791 $104,728 $31,568 $8,546 $7,149 Mar-15 Dec-14 $31,186 $8,708 $7,269 3.3x 12.3x 3.4x 12.0x

DENTSPLY International Inc. 52.04 (1.8%) 10.0% 56.25 43.83 7,275 1,329 152 8,504 2,849 579 453 Mar-15 Dec-14 2,762 600 512 3.0x 14.7x 3.1x 14.2x

Sirona Dental Systems Inc. 98.72 8.7% 30.0% 99.97 74.38 5,484 79 368 5,165 1,140 267 229 Mar-15 Sep-14 1,149 345 294 4.5x 19.3x 4.5x 15.0x



Durable Medical Equipment

Hill-Rom Holdings, Inc. $51.56 7.6% 31.0% $55.29 $38.85 $2,921 $579 $115 $3,385 $1,817 $272 $176 Mar-15 Sep-14 $1,874 $307 $215 1.9x 12.4x 1.8x 11.0x

Invacare Corporation 21.73 14.5% 30.7% 21.98 11.65 703 23 21 706 1,255 1 (27) Mar-15 Dec-14 1,197 23 (2) 0.6x NM 0.6x 30.2x

ResMed Inc. 58.82 (8.6%) 17.1% 75.33 45.58 8,289 461 866 7,883 1,641 490 415 Mar-15 Jun-14 1,661 500 420 4.8x 16.1x 4.7x 15.8x



Life Sciences Tools

Agilent Technologies Inc. $41.19 (2.4%) (27.7%) $59.58 $37.68 $13,832 $1,656 $2,118 $13,294 $6,974 $1,221 $899 Apr-15 Oct-14 $4,067 $875 $746 1.9x 10.9x 3.3x 15.2x

Becton, Dickinson and Company 140.51 (4.2%) 20.1% 149.98 112.15 29,421 13,838 8,540 41,291 8,448 2,170 1,644 Mar-15 Sep-14 10,333 2,729 2,104 4.9x 19.0x 4.0x 15.1x

Thermo Fisher Scientific, Inc. 129.63 (0.3%) 10.7% 139.03 107.33 51,600 14,870 865 65,597 16,905 4,040 2,309 Mar-15 Dec-14 16,760 4,252 3,797 3.9x 16.2x 3.9x 15.4x

VWR Corporation 27.27 11.1% NM 28.83 20.60 3,582 2,063 121 5,547 4,348 453 327 Mar-15 Dec-14 4,284 459 383 1.3x 12.3x 1.3x 12.1x



Medical Devices and Products

Abbott Laboratories $48.60 2.6% 22.7% $49.43 $39.28 $72,354 $8,903 $0 $71,522 $20,389 $4,623 $3,141 Mar-15 Dec-14 $20,748 $5,174 $4,121 3.5x 15.5x 3.4x 13.8x

Baxter International Inc. 66.61 (3.7%) (10.5%) 77.31 65.95 36,205 10,061 0 43,766 16,587 4,173 3,157 Mar-15 Dec-14 15,778 3,464 2,824 2.6x 10.5x 2.8x 12.6x

Boston Scientific Corporation 18.27 8.1% 40.6% 18.62 11.10 24,494 4,268 242 28,520 7,302 1,719 990 Mar-15 Dec-14 7,391 1,975 1,240 3.9x 16.6x 3.9x 14.4x

CR Bard Inc. 170.32 0.7% 15.2% 180.94 135.80 12,646 1,640 1,004 13,277 3,344 1,006 837 Mar-15 Dec-14 3,368 1,015 854 4.0x 13.2x 3.9x 13.1x

Danaher Corp. 86.32 (1.1%) 9.9% 90.25 70.12 61,100 3,178 2,511 61,836 20,124 4,549 3,588 Apr-15 Dec-14 20,557 4,709 3,717 3.1x 13.6x 3.0x 13.1x

Hanger, Inc. 22.99 (11.2%) (24.6%) 32.88 18.25 791 540 5 1,326 1,061 156 117 Jun-14 Dec-13 1,071 162 116 1.2x 8.5x 1.2x 8.2x

Hologic Inc. 35.77 10.5% 47.5% 35.93 22.70 10,050 3,940 671 13,319 2,580 932 418 Mar-15 Sep-14 2,619 984 862 5.2x 14.3x 5.1x 13.5x

Hospira Inc.(1) 88.42 1.0% 81.9% 88.57 46.56 15,277 1,759 644 16,387 4,588 806 578 Mar-15 Dec-14 4,722 1,033 898 3.6x 20.3x 3.5x 15.9x

Johnson & Johnson 100.14 (2.3%) (0.6%) 109.49 95.10 277,693 18,983 11,988 265,357 73,590 24,614 20,837 Mar-15 Dec-14 70,637 24,156 20,123 3.6x 10.8x 3.8x 11.0x

K2M Group Holdings, Inc. 26.14 27.6% 75.0% 26.29 12.31 1,037 0 11 998 193 (15) (44) Mar-15 Dec-14 216 0 (32) 5.2x NM 4.6x NM

Medtronic plc 76.32 (1.6%) 25.9% 79.50 58.32 108,761 36,186 17,231 106,500 20,261 6,501 5,195 Apr-15 Apr-15 28,603 9,629 8,226 5.3x 16.4x 3.7x 11.1x

Stryker Corporation 96.13 1.5% 14.6% 98.24 77.87 36,376 3,482 1,674 35,580 9,749 2,602 2,221 Mar-15 Dec-14 9,928 2,605 2,294 3.6x 13.7x 3.6x 13.7x

Teleflex Incorporated 128.74 5.8% 20.7% 130.25 101.95 5,346 1,102 309 6,142 1,818 418 308 Mar-15 Dec-14 1,817 494 406 3.4x 14.7x 3.4x 12.4x

Zimmer Holdings, Inc. 114.09 (5.2%) 9.8% 121.84 94.73 19,441 9,061 8,794 19,222 4,646 1,801 1,443 Mar-15 Dec-14 6,191 2,384 1,975 4.1x 10.7x 3.1x 8.1x



Medical / Surgical / Dental Supplies & Distribution

AmerisourceBergen Corporation $112.56 9.5% 53.6% $120.68 $71.00 $24,728 $4,007 $2,337 $26,398 $128,195 $1,501 $1,297 Mar-15 Sep-14 $135,043 $2,075 $1,883 0.2x 17.6x 0.2x 12.7x

Cardinal Health, Inc. 88.17 0.2% 24.0% 91.91 67.27 29,170 4,003 3,183 29,990 97,877 2,544 2,093 Mar-15 Jun-14 100,907 2,691 2,437 0.3x 11.8x 0.3x 11.1x

Henry Schein, Inc. 141.67 1.2% 19.1% 143.89 109.34 11,846 831 59 13,194 10,405 879 726 Mar-15 Dec-14 10,719 926 765 1.3x 15.0x 1.2x 14.2x

McKesson Corporation 237.23 3.7% 25.8% 243.61 178.28 54,932 9,844 4,587 60,905 179,045 4,096 3,119 Mar-15 Mar-15 189,714 5,083 4,494 0.3x 14.9x 0.3x 12.0x

Owens & Minor Inc. 33.32 (6.6%) (2.8%) 36.35 31.55 2,103 575 159 2,518 9,575 246 203 Mar-15 Dec-14 9,866 281 219 0.3x 10.2x 0.3x 9.0x

Patterson Companies, Inc. 47.84 (4.5%) 22.5% 51.49 38.04 4,808 725 290 5,132 4,375 425 373 Apr-15 Apr-15 4,724 456 405 1.2x 12.1x 1.1x 11.2x



TEV/ LTM Multiples TEV/ Fwd MultiplesCash and

Equiv.Company Name

Equity

Mkt.

Value

Total Debt

Total Ent.

Value

(TEV)


(LTM)LTM

Period

Latest

FYE Date


Estimate

PUBLIC COMPARABLES

9

Products & Devices

As of May 29, 2015.

(1) To be acquired by Pfizer in a $16.3 billion transaction announced February 5, 2015.



PAGE |

PUBLIC COMPARABLES

10

Provider-Based Services

As of May 29, 2015.



Stock Price

% Change 52 Week


Acute-Care Hospitals

Community Health Systems, Inc. $55.31 14.0% 32.0% $57.72 $40.93 $6,528 $17,050 $509 $23,955 $19,374 $2,896 $1,766 Mar-15 Dec-14 $20,258 $3,084 $1,844 1.2x 8.3x 1.2x 7.8x

HCA Holdings, Inc. 81.83 14.4% 53.3% 83.88 52.37 33,904 29,634 586 64,255 37,762 7,692 5,846 Mar-15 Dec-14 39,648 7,791 5,855 1.7x 8.4x 1.6x 8.2x

Lifepoint Hospitals Inc. 75.29 4.6% 23.7% 78.23 60.04 3,336 2,215 282 5,385 4,740 606 335 Mar-15 Dec-14 5,196 705 422 1.1x 8.9x 1.0x 7.6x

Tenet Healthcare Corp. 53.19 14.9% 12.2% 63.61 41.47 5,278 12,334 185 17,768 17,117 2,094 1,231 Mar-15 Dec-14 18,872 2,165 1,290 1.0x 8.5x 0.9x 8.2x



Assisted Living

Brookdale Senior Liv ing Inc. $37.69 0.5% 13.4% $39.89 $30.12 $7,093 $6,473 $104 $13,451 $3,753 $676 ($5) Mar-15 Dec-14 $5,084 $904 $132 3.6x 19.9x 2.6x 14.9x

Capital Senior Liv ing Corp. 25.76 3.0% 8.5% 27.75 20.33 760 706 39 1,414 388 67 15 Mar-15 Dec-14 408 82 21 3.6x 21.2x 3.5x 17.2x

Five Star Quality Care Inc. 4.63 27.2% (12.5%) 5.33 3.23 227 81 21 266 1,112 20 (15) Mar-15 Dec-14 1,369 43 10 0.2x 13.4x 0.2x 6.2x



Long-Term Care

Kindred Healthcare Inc. $22.91 8.0% (10.4%) $26.81 $16.94 $1,912 $3,282 $164 $5,178 $5,431 $375 $220 Mar-15 Dec-14 $7,234 $621 $453 1.0x 13.8x 0.7x 8.3x

National Healthcare Corp. 62.92 (0.1%) 15.9% 66.00 52.91 894 46 70 898 884 106 71 Mar-15 Dec-14 NA NA NA 1.0x 8.4x NA NA

The Ensign Group, Inc. 46.37 5.2% (1.5%) 48.00 26.02 1,180 3 50 1,115 1,094 96 72 Mar-15 Dec-14 1,287 131 107 1.0x 11.6x 0.9x 8.5x

Number of Companies 3 Median: 5.2% (1.5%) Total $3,986 $7,190 $7,409 $8,521 1.0x 11.6x 0.8x 8.4x

Market Cap. Weighted Average: 5.3% (1.9%) 1.0x 11.9x 0.8x 8.4x

Diagnostic Imaging

Alliance Healthcare Serv ices, Inc. $18.39 (23.1%) (36.5%) $31.01 $18.31 $195 $534 $33 $777 $440 $118 $59 Mar-15 Dec-14 NA NA NA 1.8x 6.6x NA NA

RadNet, Inc. 6.51 (25.7%) 2.0% 10.35 4.71 288 601 0 890 730 103 45 Mar-15 Dec-14 770 125 52 1.2x 8.6x 1.2x 7.1x

Varian Medical Systems, Inc. 86.60 (6.9%) 5.0% 96.67 76.73 8,642 513 862 8,227 3,057 656 591 Apr-15 Sep-14 3,135 664 599 2.7x 12.5x 2.6x 12.4x



Dialysis Services

DaVita HealthCare Partners Inc. $83.78 12.3% 19.9% $85.17 $69.83 $18,008 $8,498 $1,011 $26,120 $13,027 $2,405 $1,803 Mar-15 Dec-14 $13,625 $2,457 $1,887 2.0x 10.9x 1.9x 10.6x

Fresenius Medical Care AG & Co. KGAA 85.28 3.9% 28.8% 90.28 51.35 25,915 9,056 623 35,976 16,574 3,003 2,295 Mar-15 Dec-14 16,834 3,135 2,413 2.2x 12.0x 2.1x 11.5x



Home Care, Hospice, and Home Infusion

Home Care / Hospice:

Addus HomeCare Corporation $28.01 27.9% 22.1% $29.05 $17.02 $308 $3 $7 $304 $323 $23 $19 Mar-15 Dec-14 $348 $27 $23 0.9x 13.0x 0.9x 11.1x

Almost Family Inc. 38.40 7.8% 80.5% 49.71 19.74 365 55 7 418 504 33 29 Apr-15 Dec-14 531 39 34 0.8x 12.8x 0.8x 10.6x

Amedisys Inc. 31.02 2.8% 111.6% 31.98 13.25 1,044 98 3 1,140 1,193 89 62 Mar-15 Dec-14 1,227 100 72 1.0x 12.9x 0.9x 11.4x

Chemed Corp. 124.19 6.6% 39.8% 124.71 87.26 2,121 161 28 2,254 1,475 201 174 Mar-15 Dec-14 1,519 220 184 1.5x 11.2x 1.5x 10.2x

LHC Group, Inc. 36.76 8.8% 77.6% 37.52 19.69 661 48 1 719 745 66 56 Mar-15 Dec-14 781 67 58 1.0x 10.9x 0.9x 10.7x



Home Infusion:

BioScrip, Inc. $3.55 (41.9%) (54.0%) $8.75 $3.41 $244 $419 $1 $693 $1,006 ($45) ($65) Mar-15 Dec-14 $1,083 $46 $9 0.7x NM 0.6x 15.0x

Number of Companies 1 Median: (41.9%) (54.0%) Total $244 $693 $1,006 $1,083 0.7x NM 0.6x 15.0x

Market Cap. Weighted Average: (41.9%) (54.0%) 0.7x NM 0.6x 15.0x

TEV/ Fwd MultiplesTEV/ LTM MultiplesCompany Name

Equity

Mkt.

Value

Total DebtCash and

Equiv.

Total Ent.

Value

(TEV)


(LTM)LTM

Period

Latest

FYE Date


Estimate

PAGE |

Stock Price

% Change 52 Week


Physician Practice Management

Multispecialty / Primary Care:

IPC Healthcare, Inc. $49.37 14.2% 12.6% $53.46 $36.12 $858 $75 $10 $923 $702 $72 $66 Mar-15 Dec-14 $751 $72 $64 1.3x 12.9x 1.2x 12.9x

Number of Companies 1 Median: 14.2% 12.6% Total $858 $923 $702 $751 1.3x 12.9x 1.2x 12.9x


Specialty:

MEDNAX, Inc. $71.18 (0.4%) 22.6% $74.57 $49.82 $6,833 $897 $50 $7,674 $2,512 $573 $524 Mar-15 Dec-14 $2,759 $620 $557 3.1x 13.4x 2.8x 12.4x



Behavioral Health / Management

AAC Holdings, Inc. $38.86 8.0% NM $39.98 $17.91 $849 $77 $59 $863 $135 $20 $15 Mar-15 Dec-14 $179 $36 $25 6.4x NM 4.8x 23.7x

Acadia Healthcare Company, Inc. 74.14 17.3% 72.4% 75.46 41.63 5,309 2,054 38 7,325 1,169 243 202 Mar-15 Dec-14 1,699 377 305 6.3x 30.2x 4.3x 19.4x

Civ itas Solutions, Inc. 22.18 16.8% NM 22.24 11.88 820 654 5 1,473 1,315 139 69 Mar-15 Sep-14 1,370 152 70 1.1x 10.6x 1.1x 9.7x

Magellan Health, Inc. 67.63 5.6% 11.7% 71.83 52.37 1,841 268 231 1,773 3,775 208 155 Mar-15 Dec-14 4,468 286 119 0.5x 8.5x 0.4x 6.2x

Providence Serv ice Corp. 48.06 4.5% 18.1% 55.99 34.03 771 504 160 1,182 1,698 95 56 Mar-15 Dec-14 2,027 126 69 0.7x 12.5x 0.6x 9.4x

Universal Health Serv ices Inc. 129.58 14.3% 44.4% 132.03 88.66 12,839 3,141 35 16,256 8,352 1,537 1,156 Mar-15 Dec-14 9,313 1,622 1,240 1.9x 10.6x 1.7x 10.0x



Surgicenters / Rehabilitation

Surgery Centers(1):

AmSurg Corp. $67.34 12.0% 47.2% $69.85 $44.33 $3,260 $2,249 $208 $5,559 $1,933 $340 $294 Mar-15 Dec-14 $2,460 $455 NA 2.9x 16.3x 2.3x 12.2x

Surgical Care Affiliates, Inc. 37.99 17.0% 27.3% 40.10 26.55 1,494 793 9 2,194 891 146 96 Mar-15 Dec-14 1,003 170 NA 2.5x 15.0x 2.2x 12.9x



Rehabilitation:

HEALTHSOUTH Corp. $43.16 (0.7%) 23.2% $47.96 $34.64 $3,949 $2,272 $208 $6,339 $2,520 $600 $487 Mar-15 Dec-14 $2,946 $680 $548 2.5x 10.6x 2.2x 9.3x

Select Medical Holdings Corporation 16.35 20.6% 9.0% 16.85 11.46 2,143 1,600 7 3,790 3,052 355 285 Mar-15 Dec-14 3,184 383 296 1.2x 10.7x 1.2x 9.9x

US Physical Therapy Inc. 49.86 17.6% 49.7% 52.03 31.51 618 43 14 680 308 53 46 Mar-15 Dec-14 330 49 49 2.2x 12.9x 2.1x 13.8x



TEV/ LTM Multiples TEV/ Fwd MultiplesTotal Ent.

Value

(TEV)


(LTM)LTM

Period

Latest

FYE Date


EstimateCompany Name

Equity

Mkt.

Value

Total DebtCash and

Equiv.

PUBLIC COMPARABLES

11



Provider-Based Services

As of May 29, 2015.

(1) Figures are adjusted for minority interest.

PAGE |

M&A TRANSACTIONS

12

Announced U.S. Healthcare & Life Sciences M&A



Enterprise Enterprise Value / LTM Private Equity

Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement

hoh18.755/31/2015 SLH Vista, Inc. Tenet Healthcare Corp. (NYSE:THC) St. Louis University Endowment - - - - No

5/29/2015 ProSolus Pharmaceuticals, LP - Mission Pharmacal Company, Inc. - - - - No

5/29/2015 RSI Equipment, Inc. - Claflin Serv ice Company - - - - No

5/28/2015 Chino Valley Medical Center, PLLC and Troyer

Urgent Care

- NextCare, Inc. - - - - No

5/28/2015 First Class Solutions, Inc. - Tier 1 Performance Solutions, LLC - - - - No

5/28/2015 Pocono Health System, Inc. - Lehigh Valley Health Network, Inc. - - - - No

5/28/2015 Saint Jude Healthcare, LLC - St. Croix Hospice, LLC - - - - No

5/27/2015 FSP-Germantown, LLC Brookdale Senior Liv ing Inc. (NYSE:BKD) HCP, Inc. (NYSE:HCP) $65.4 - - - No

5/27/2015 Springfield Medical Associate, P.C. - - - - - - No

5/27/2015 Six Old-People Nursing Communities Summit Healthcare REIT, Inc. Unionlife Insurance Company,Ltd. - - - - No

5/27/2015 DA Management Corp. - Quantum International Income Corp.

(TSXV:QIC.U)

$3.1 - - - Yes

5/27/2015 Extendicare Inc., Substantially All U.S. Business Extendicare Inc. (TSX:EXE) - - - - - No

5/27/2015 Cambridge Hospitalists - Hospitalists Now, Inc. - - - - No

5/27/2015 Three Assisted Liv ing and Memory Care

Communities in Tennessee and Connecticut

- Prudential Real Estate Investors - - - - No

5/27/2015 Four Senior Housing Facilities in Arizona LSREF Sun Devil REIT, Inc. LTC Properties Inc. (NYSE:LTC); Senior

Lifestyle Corporation; Silverstone Seniors

Housing

- - - - No

5/27/2015 Laser Ventures, Inc. - HealthTronics, Inc. - - - - No

5/26/2015 ZenCharts.com - Sanomedics, Inc. (OTCPK:SIMH) - - - - No

5/26/2015 Immunomedics Inc., ImmuSTRIP® HAMA IgG and

ImmuSTRIP® HAMA Fragment ELISA Kits

Immunomedics Inc.

(NasdaqGM:IMMU)

Zeus Scientific, Inc. - - - - No

5/25/2015 BurnsAdler Pharmaceuticals, Inc. - Tanner Pharma Group, LLC - - - - No

5/25/2015 IMRIS, Inc. And NeuroArm Surgical Limited IMRIS, Inc. (TSX:IM) Deerfield Management Company, L.P. $19.0 - - - Yes

5/22/2015 Proaxis Therapy, LLC - ATI Holdings LLC - - - - No

5/22/2015 Advanced Medical Personnel Serv ices, Inc. - Clearv iew Capital, LLC - - - - Yes

5/22/2015 Alere Analytics, Inc. Alere Inc. (NYSE:ALR) Persiv ia - - - - No

5/21/2015 Integrated Medical Diagnostics, Inc. and

Optimum Mobile Imaging LLC

IMD Companies, Inc. (OTCPK:ICBU) - $0.5 - - - No

5/21/2015 Children's & Women's Physicians of Westchester,

LLP.

- The Children's Hospital Corporation - - - - No

5/21/2015 Ambrx, Inc. Presidio Partners; Versant Ventures,

Inc.; Alexandria Real Estate Equities,

Inc. (NYSE:ARE); Aravis SA; 5AM

Venture Management LLC; Roche

Venture Fund; Apposite Capital LLP

WuXi PharmaTech (Cayman) Inc.

(NYSE:WX); Shanghai Fosun

Pharmaceutical (Group) Co., Ltd.

(SHSE:600196); HOPU Jinghua (Beijing)

Investment Consultancy Co., Ltd.; China

Everbright Investment Management

Limited

- - - - Yes

5/21/2015 Presbyterian Villages Of Michigan, Redford Senior

Facilities

Presbyterian Villages Of Michigan Advantage Management Group LTC

Inc.

$6.5 - - - No

5/21/2015 FastMed Urgent Care Comvest Partners ABRY Partners, LLC - - - - Yes

5/20/2015 Jazz Pharmaceuticals Public Limited Company,

ProstaScint Business

Jazz Pharmaceuticals Public Limited

Company (NasdaqGS:JAZZ)

Aytu BioSciences, Inc. (OTCPK:RSWN.D) $3.5 - - - No

5/20/2015 Omnicare Inc. (NYSE:OCR) ValueAct Capital, LLC; Fidelity

Management & Research Company

CVS Pharmacy, Inc. $11,308.9 1.7x 15.0x 18.2x No

5/20/2015 Picis Inc. OptumInsight, Inc. N. Harris Computer Corporation - - - - No

5/20/2015 Accredited Rehab and Treatment Serv ices LLC

and Hollywood Detox Center

- Convalo Health International Corp.

(TSXV:CXV)

- - - - No

5/20/2015 An Assisted Liv ing and Memory Care Community

in Southlake

- Silverado Senior Liv ing, Inc. - - - - No

5/19/2015 Body Werks Physical Therapy, Ltd. - ATI Holdings LLC - - - - No

5/19/2015 Toolbox Medical Innovations - Zeis Consulting Group - - - - No

5/19/2015 Predilytics, Inc. Highland Capital Partners;

QUALCOMM Ventures; Flare Capital

Partners; Flybridge Capital Partners;

Google Ventures

WellTok, Inc. - - - - Yes

5/19/2015 Briody Health Care Facility LLC - Maximus Healthcare LLC - - - - No

5/19/2015 Summit Air Ambulance LLC Texas Next Capital Mediplane, Inc. - - - - No

5/19/2015 Extab Corporation Sopharma AD (BUL:3JR) - - - - - No

5/19/2015 Achillion Pharmaceuticals, Inc., Worldwide

License Related to HCV Assets

Achillion Pharmaceuticals, Inc.

(NasdaqGS:ACHN)

Janssen Pharmaceuticals, Inc. $905.0 - - - No

5/18/2015 Five Franchises First Light Junction, Inc The Joint Corp. (NasdaqCM:JYNT) $0.8 - - - No

5/18/2015 Par Pharmaceutical Holdings, Inc. TPG Global, LLC Endo International plc

(NasdaqGS:ENDP)

$10,203.3 7.4x 21.7x 40.7x Yes

5/18/2015 Healthy Communities Institute Corporation - Xerox Corporation (NYSE:XRX) - - - - No

5/18/2015 Clifton Park Cancer Center Columbia Development Companies,

LLC

The Sanders Trust $12.0 - - - No

5/18/2015 Foreignexchange Translations Inc. - euroscript International S.A. - - - - No

5/18/2015 Dental Connections, Inc. - Benco Dental Supply Co., Inc. - - - - No

5/15/2015 Benton Nursing, LLC AdCare Health Systems, Inc.

(AMEX:ADK)

Bozeman Development, LLC $3.5 - - - No

5/15/2015 Silarx Pharmaceuticals, Inc. - Lannett Company, Inc. (NYSE:LCI) $37.0 - - - No

5/15/2015 Disability Serv ices, Inc. - Dungarv in Group, Inc. - - - - No

5/14/2015 IgDraSol Inc. Sorrento Therapeutics, Inc.

(NasdaqCM:SRNE)

NantPharma, LLC - - - - No

PAGE |



5/14/2015 Accountability Healthcare, INC. - IPC Healthcare, Inc. (NasdaqGS:IPCM) - - - - No

5/14/2015 Healthcare Business Insights, LLC - Decision Resources, Inc. $30.0 3.0x - - No

5/14/2015 LaClaro, Inc. - Source Medical Solutions, Inc. - - - - No

5/14/2015 Advanced Care Management, Inc. - LivHOME, Inc. - - - - No

5/14/2015 Watertown Regional Medical Center, Inc. - LifePoint Health, Inc. (NasdaqGS:LPNT) - - - - No

5/13/2015 Eureka Genomics Corporation - Affymetrix Inc. (NasdaqGS:AFFX) $15.0 - - - No

5/13/2015 Advanced Cannabis Testing Laboratory in

Portland

- Tumbleweed Holdings, Inc.

(OTCPK:DCDC)

- - - - No

5/13/2015 AlphaCM, Inc. - Mediware Information Systems, Inc. - - - - No

5/13/2015 Rest Haven Schuylkill County Home - Investment 360 L.L.C $10.9 - - - No

5/13/2015 Teva Pharmaceutical Industries Limited, New Drug

Application for Testosterone Gel

Teva Pharmaceutical Industries Limited

(NYSE:TEVA)

ANI Pharmaceuticals, Inc.

(NasdaqGM:ANIP)

- - - - No

5/12/2015 Nostrum Laboratories, Inc. - Mylan N.V. (NasdaqGS:MYL) - - - - No

5/12/2015 The Oxford Centre, Inc. - American Addiction Centers, Inc. $35.0 2.9x 6.3x - No

5/12/2015 Virtual Radiologic Corporation Providence Equity Partners LLC MEDNAX, Inc. (NYSE:MD) $500.0 2.7x - - Yes

5/12/2015 Dank Bottles, LLC - Kush Bottles, Inc. - - - - No

5/12/2015 Targeted Testing Inc. - Sense Labs, Inc. - - - - No

5/11/2015 United Fertility Centers Of America - iGAMBIT, Inc. (OTCPK:IGMB) - - - - No

5/11/2015 TeraMedica, Inc. Beecken Petty O'Keefe & Company;

KD Venture Capital

Fujifilm Medical Systems USA, Inc. - - - - Yes

5/11/2015 AnazaoHealth Corporation - Fagron NV (ENXTBR:FAGR) - - 6.0x - No

5/11/2015 Allogeneic, Non-Viral Chimeric Antigen Receptor

Technology Platform

- Formula Pharmaceuticals, Inc. - - - - No

5/11/2015 IOD Incorporated LLR Partners Inc. HealthPort Incorporated - - - - Yes

5/11/2015 Imago Pharmaceuticals, Library of Research Tools Imago Pharmaceuticals, Inc. Michael J. Fox Foundation for

Parkinson's Research, Endowment Arm

- - - - No

5/11/2015 Acclaris, Inc. HarbourVest Partners, LLC; Trident

Capital, Inc.; Updata Partners; ORIX

Ventures; Staley Capital Management

LLC

Extend Health, Inc. $140.0 - - - Yes

5/11/2015 Hatfield Family Medicine, P.C. - Phoenix Partners in Primary Care, Inc. - - NM - No

5/11/2015 Mount Sinai Doctors Victory Internal Medicine - Mount Sinai Health System, Inc. - - - - No

5/9/2015 Victory Medical Center Plano, LP Victory Healthcare Holdings, LLP Nobilis Health Corp. (TSX:NHC) $12.5 - - - No

5/8/2015 LifePoint, Inc., Eye Bank Serv ices in South Carolina LifePoint, Inc. (OTCPK:LFPI) Miracles in Sight, Inc. - - - - No

5/8/2015 Cannabis Testing And Research Laboratory - Signal Bay, Inc. (OTCPK:SGBY) - - - - No

5/8/2015 The Myers Group, LLC - SPH Analytics - - - - No

5/7/2015 Retrophin, Inc., Pediatric PRV Retrophin, Inc. (NasdaqGM:RTRX) Sanofi (ENXTPA:SAN) $245.0 - - - No

5/7/2015 Legacy Oxygen and Home Care Equipment, LLC - Patient Home Monitoring Corp.

(TSXV:PHM)

$3.4 1.2x 5.5x - No

5/7/2015 14-Property, Multi-State Seniors Housing Portfolio I ron Point Partners; Meridian Senior

Liv ing, LLC

ROC Seniors Housing Fund Manager,

LLC

- - - - Yes

5/7/2015 Prairie Center Health Systems And Wellspring

Resource

- Centerstone of I llinois, Inc. - - - - No

5/7/2015 Oceanview Center for Rehabilitation &

Continuing Care

- Autumn Lake Healthcare LLC - - - - No

5/7/2015 Mercy Skilled Nursing Center Mercy Hospital St. Louis. Lutheran Senior Serv ices - - - - No

5/7/2015 Harmony Hand & Physical Therapy Center, Inc. - Colorado Physical Therapy Specialists,

LLC

- - - - No

5/6/2015 Bortz Health Care Facilities, Inc. - Villa Healthcare Management, Inc. - - - - No

5/6/2015 Atlantic Hospitalist Group Inc. - IPC Healthcare, Inc. (NasdaqGS:IPCM) - - - - No

5/6/2015 Five Medical Practices Located In Sherman Oaks,

Van Nuys And Panorama City

- Eisner Pediatric & Family Medical

Center

- - - - No

5/6/2015 Custom Data, Inc. - TelePharm, LLC - - - - No

5/5/2015 Abeona Therapeutics LLC Team Sanfilippo; Stop Sanfilippo;

Fondation Sanfilippo; The Children's

Medical Research Foundation, Inc.;

Cure Sanfilippo Foundation; Sanfilippo

Research Foundation; Abby Grace

Foundation; National MPS Society

PlasmaTech Biopharmaceuticals, Inc.

(NasdaqCM:PTBI)

$32.8 - - - No

5/5/2015 Synageva BioPharma Corp. (NasdaqGS:GEVA) Tullis Health Investors Inc.; Fidelity

Management & Research Company;

Hunt BioVentures, LP

Alexion Pharmaceuticals, Inc.

(NasdaqGS:ALXN)

$8,245.0 - - - No

5/5/2015 Peak Surgeon Innovations, LLC - Nobilis Health Corp. (TSX:NHC) $1.5 - - - No

5/5/2015 VisualShare, Inc. - XIFIN, Inc. - - - - No

5/5/2015 Specialty Physical Therapy Business - Agility Health, Inc. (TSXV:AHI) $5.0 - - - No

5/5/2015 Scale-Tronix, Inc. - Welch Allyn, Inc. - - - - No

5/4/2015 DentiSmart, LLC - Microbrush International Limited - - - - No

5/4/2015 Burlington Medical, LLC - Peninsula Capital Partners, L.L.C.; Fox-3

Partners

- - - - No

5/4/2015 Princeton Emergency Physicians, PA - Team Health Holdings, Inc. (NYSE:TMH) - - - - No

5/4/2015 CBR Associates, Inc. - symplr - - - - No

5/4/2015 Deseret Healthcare Inc. Deseret Health Group, Inc. Kansas Department of Aging and

Disability Serv ices

- - - - No

5/4/2015 Southwest Regional Medical Center Essent Healthcare, Inc. The Washington Hospital - - - - No

M&A TRANSACTIONS

13

Announced U.S. Healthcare & Life Sciences M&A cont.



PAGE |



5/4/2015 The Telemedicine Group, LLC - Kura MD, Inc. - - - - No

5/4/2015 Celebrity Healthcare - The M Group, Inc. - - - - No

5/4/2015 Sentry Data Systems, Inc. - ABRY Partners, LLC - - - - Yes

5/2/2015 Animal Health International, Inc. Leonard Green & Partners, L.P. Patterson Companies, Inc.

(NasdaqGS:PDCO)

$1,100.0 0.7x 16.2x - Yes

5/1/2015 Preferred Care Pharmaceutical Serv ices, Inc. - Guardian Pharmacy, LLC - - - - No

5/1/2015 The Gables at Caroline Inc. And Caroline Nursing

Home, Inc.

- Aurora Health Management, LLC - - - - No

5/1/2015 Greater Waterbury Health Network, Inc. - Prospect Medical Holdings, Inc. - - - - No

5/1/2015 David M. Schneider, M.D., Inc. - Tri-State Centers For Sight, Inc. - - - - No

5/1/2015 APS Healthcare, Inc. Universal American Corp (NYSE:UAM) The Keystone Peer Review

Organization, Inc.

$24.0 - - - No

5/1/2015 Align MD PLLC and Elite Management Serv ices - American Physician Partners, LLC - - - - No

5/1/2015 Medical Imaging Resources, Inc. - Oxford Instruments plc (LSE:OXIG) $23.5 1.4x 4.2x - No

5/1/2015 A Three Locations Physical Therapy Practice - US Physical Therapy Inc. (NYSE:USPH) $6.9 2.0x - - No

5/1/2015 De Moisy Healthcare, Inc. and St. George Care

and Bainbridge Island Health and Rehabilitation

- The Ensign Group, Inc.

(NasdaqGS:ENSG)

- - - - No

5/1/2015 Integrated Healthcare Strategies, LLC - Arthur J Gallagher & Co. (NYSE:AJG) - - - - No

5/1/2015 Tri-Continent Scientific, Inc. - Gardner Denver, Inc. - - - - No

5/1/2015 Toe River Home Health Agency in Burnsv ille, North

Carolina

- PruittHealth Home Health, Inc. - - - - No

5/1/2015 Endo Pharmaceuticals Inc., Antipsychotic

Risperidone

Endo Pharmaceuticals Inc. Braeburn Pharmaceuticals, Inc. - - - - No

5/1/2015 Blue Ridge Orthopaedics - Greenville Health System LLC - - - - No

M&A TRANSACTIONS

14

Announced U.S. Healthcare & Life Sciences M&A cont.



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

UNITED STATES EUROPE

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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.

15

OUR FIRM



PAGE |

HARRIS WILLIAMS & CO.

Company Filings.

Capital IQ.

Thomson Financial.

S&P.

Reuters.

Bloomberg.

16

SOURCES

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.

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INDUSTRY UPDATE │ JUNE 2015 - Harris Williams · 5/21/2015 FastMed Urgent Care ABRY Partners, LLC 5/20/2015 Omnicare Inc. (NYSE:OCR) CVS Pharmacy, Inc. 5/18/2015 Par Pharmaceutical