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C O N T E N T SSCOTT-MACON HEALTHCARE REVIEW:JANUARY 2018January 2018 Healthcare Review2Healthcare Overview, Mean Revenue Multiples4Healthcare Overview, Mean EBITDA Multiples5Analysis of Selected Healthcare, Medical andPharmaceutical Merger and Acquisition TransactionsJanuary 1—January 31, 20186Analysis of SelectedPublicly-Traded Healthcare, Medical andPharmaceutical Companies11Scott-Macon Professionals’Representative Closed Transactions22Scott-Macon Contact Information23
2JANUARY 2018H E A LT H C A R E R E V I E WDear Clients and Friends,Scott-Macon is pleased to present our for 104 million, or 1.3X revenues; and theHealthcare Review covering January 2018. takeover of Practice Fusion by AllscriptsIf you haven’t done so already, pleasefor 100 million. In the Outsourcing Ser-email me at ncortright@scott-macon.comvices segment, the largest deal for theto automatically continue receiving ourmonth was McKesson’s buyout of RXCpublications in the future as we are transi-for 735 million, expanding its enormoustioning to digital publishing with email dis- footprint into yet another specialty outtribution.Pages four and five represent a visualsnapshot of the average multiples for all ofthe healthcare, medical and pharmaceuticaltransactions that either closed or were an-sourcing business. Also, lab giant Questpicked up a health screening company as itexpands its service offerings across itsenormous client base.Turning next to the Provider space,nounced during January, along with the av- while Labs and Home Health/Hospice haderage multiples for the major publicly-a fairly quiet month, the Non-Acute areatraded healthcare, medical and pharmaceu- saw lots of activity, including MFC’s 87tical companies.In the Technology Services arena, thefour largest deals by disclosed valuationwere the buyout of ProVation Medical for 180 million; the purchase of MaestroHealthcare by AXA of France for 155million; Connecture’s going-private dealmillion buyout of 7 ambulatory surgerycenters; Skyline’s purchase of Whiteall for 26 million; and Invesque’s purchase of arehab center for 21 million. In the LongTerm Care segment, the largest deal forJanuary was Sienna’s acquisition of ten facilities in Ontario for 368 million. TheAcute Care area was once again very
3busy—the merger of Hackensack Merid- Products companies by sector. Meanian with JFK in New Jersey creates oneEBITDA multiples for Services compa-of the largest hospital systems in thenies ended the fourth quarter at 15.1Xstate. In addition, American Academic(down from 15.4X in December 2017);acquired one of Tenet’s hospitals forProviders at 12.2X (down from 12.4X in 170 million.December 2017); and Products at 15.8XIn the Products area, Weigao ofHong Kong closed on Argon in the Clinical Devices area for 844 million, or12.4X EBITDA. The Pharmaceuticalsspace was very active in January, withthe largest deal by disclosed value beingCelgene’s acquisition of Impact for a(unchanged from 15.8X in December2017). Technology services companiesended January at 21.8X, while Outsourcing services companies were 16.6X. TheInsurance segment EBITDA multiplecame in at 11.2X (down from 11.3X December 2017).cool 7 billion. In addition, Aphria announced its deals for Nuuvera and Bro-Finally, contact information for theScott-Macon Healthcare Investmentken Coast Cannabis for 638 million and Banking Group Professionals appears on 185 million respectively. In addition,the back cover. We welcome your call orpublicly-traded Melinta picked up the in- email to discuss your thoughts on this arfectious disease business of MedicinesCompany for 304 million. Lastly, in theDistribution area, AmerisourceBergenticle.Sincerely yours,picked up smaller competitor H. D.Smith for 815 million.Following the mergers and acquisitions analysis, we present an analysis ofpublicly-traded Services, Providers, andNathan D. CortrightManaging DirectorGroup Head – Healthcare Investment Banking
4H E A LT H C A R E O V E R V I E WM E A NR E V E N U EM U L T I P L E SOVERALL: Revenue roductsSERVICES: Revenue yOutsourcing1.9xNANAIndia-Based OutsourcingInformationPROVIDERS: Revenue Multiple2.5x1.7x1.4xLabs1.6xNAHome Health & Hospice1.3xNANon-Acute1.0xNALong-Term Care0.2xAcutePRODUCTS: Revenue Multiple3.0x3.0x2.0xNAClinical DevicesNon-Clinical 3.1x2.5xNAPharmaceuticalsPublic CompaniesM&A Transactions1.0xNADistribution
5H E A LT H C A R E O V E R V I E WM E A NE B I T D AM U L T I P L E SOVERALL: EBITDA roductsSERVICES: EBITDA ologyNANAOutsourcingNAIndia-Based OutsourcingInformationPROVIDERS: EBITDA Multiple15.9xNANALabs14.7x11.6x10.6x8.4xNAHome Health & HospiceNANon-AcuteNALong-Term CareAcutePRODUCTS: EBITDA harmaceuticalsPublic CompaniesCommercialM&A TransactionsNADistribution
6ANALYSIS OF SELECTED HEALTHCARE, MEDICAL AND PHARMACEUTICALSERVICES AND PRODUCTS MERGER & ACQUISITION TRANSACTIONS1(CLOSED OR ANNOUNCED BETWEEN JANUARY 1—JANUARY 31, 2018)( Millions Except Per Share Data)DateAcquirer / Price/EBITDA2Target DescriptionSERVICES - INSURANCEMEAN (INSURANCE)MEDIAN (INSURANCE)AnnouncedAnnouncedAllscripts Healthcare, LLC /Practice Fusion, Inc.AXA SA (ENXTPA:CS) /Maestro Healthcare Technology, Inc.SERVICES - TECHNOLOGY 100.0NANANANANANANANA Offers cloud-based electronic health recordssoftware platform to doctors.NA Provides integrated “one stop shopping” alongwith private labeled exchange solutions, andemployee health and benefits managementsolutions for brokers, small employers, andFortune 1000 organizations.NA Designs and develops cloud based solutions thatdeliver medical guidelines to point of care throughelectronic health record systems.NA Offers procedure documentation and codingsoftware that improves medical records, as well asand enhances communication, care coordination,and patient satisfaction.NA Management software developer for health andathletic clubs and medically integrated wellnesscenters.NA Provides IT services focusing on medical software,medical billing, and IT managed services.NA Operates as a developer of treatment algorithmsfor cancer.NM Operates as a Web-based consumer shopping,enrollment, and retention platform for healthinsurance distribution.NA Provides medical imaging software solutions forphysicians and hospitals.NA Develops tools that leverage Artificial Intelligenceand Natural Language Processing to extractcancer related information and data from clinicaldocuments.NA Develops digital pathology solutions for theanatomic pathologist in the hospital and referencelab.NA Offers a telemedicine solution that enablesproviders, patients, and health systems toconnect face-to-face through a web-based videoconferencing port.NA Enables home health agencies, nursing homes,and practices to send patient photographs forremote patient evaluation and management toolsusing skin and wound analysis algorithms tomeasure, segment, and classify the images.NA Offers a cross enterprise communication tool thatenables physicians, nurses, and other teammembers to message and share pertinent patientinformation securely.NA Offers a product that combines EAP, wellness,and care coordination data into a customizedprofile for individuals.NA Develops a cloud-based analytics platform formeasuring continuous quality improvement of thepatient experience to hospital-based outpatientservice lines, community-based clinics, and grouppractices through patient-centered insights.NA Comprises electronic health record solutionsbusiness.NA Offers a durable medical equipment benefitsmanagement software solution that controls costs,mitigates risks, increases transparency, andoptimizes operational efficiencies for hospiceoperators and DME providers.NA Provides information technology consulting andmanagement, project management, and softwaredevelopment services. 155.0NANANANANANANA 180.0NANANA1/18/2018Change Healthcare Holdings, Inc. /National Decision Support CompanyAnnouncedClearlake Capital Group, L.P. /ProVation Medical, Inc.1/30/2018DAXKO LLC /Club Automation, LLCNANANANA1/2/2018Doctors' Administrative Solutions, LLC /Integra IT Solutions, LLCEl Sevier /Via Oncology, LLCFrancisco Partners Management LLC /Connecture, Inc. (OTCPK:CNXR)NANANANANANANANA 104.3 78.0NM1.3xHitachi Healthcare Americas Corporation /Vidistar, LLCInspirata, Inc. /Artificial Intelligence in Medicine, Inc.NANANANANANANANA1/31/2018Inspirata, Inc. /Omnyx, LLCNANANANAAnnouncedInTouch Technologies, Inc. /TruClinic LLCNANANANA1/12/2018Mölnlycke Health Care AB /Tissue Analytics, Inc.NANANANA1/24/2018Network Billing Systems, L.L.C. /IQMax, Inc. 1.1NANANA1/16/2018New Directions Behavioral Health, LLC /E4 LLCNANANANA1/16/2018Press Ganey Holdings, Inc. /Bivarus, Inc.NANANANA1/2/2018Quantitative Medical Systems, Inc. /Assets of Infian, LLCStateServ Medical, LLC /Network Medical, Inc.NANANANANANANANA 3.3 81/10/2018VitalHub Corp. (TSXV:VHI) /HInext Inc.MEAN (TECHNOLOGY)MEDIAN (TECHNOLOGY)1/19/20181/1/2018American Surgical Professionals, Inc. /Chesapeake Medical Staffing, LLCEVIO, Inc. (OTCPK:EVIO) /C3 Labs, LLC1.3x1.3xSERVICES - OUTSOURCINGNANA 1.0NANANANANANANANA Provides various health care and medical staffingservices.NA Operates cannabis focused contract researchorganization.
nouncedAcquirer / TargetTargetRevenuePriceFoster & Foster Consulting Actuaries, Inc. /Marsh Consulting GroupInGenesis, Inc. /Healthcare Specialty Business of Kelly Services, Inc.Jackson Healthcare, LLC /Avant Healthcare Professionals, LLCMcKesson Specialty Health /RXC Acquisition CompanyPredictive Technology Group, Inc. (OTCPK:PRED) /FlagshipHealth GroupQuest Diagnostics Incorporated (NYSE:DGX) /Mobile Medical Examination Services, Inc.TargetEBITDA2NANANANANANANA Engages in the management and consultancy ofhealth and welfare benefits.NA Comprises healthcare staffing business.NANANANANA A health care professional staffing company. 735.0NANANANANANANANANANANANA Provides healthcare outsourcing services topharmaceutical, biotechnology and medicaldevice manufacturers.NA Offers sales and consulting services for thehealthcare industry.NA Provides health screening services to healthcompanies and medical groups.NAMEAN (INFORMATION)MEDIAN (INFORMATION)MEAN (SERVICES)MEDIAN (SERVICES)1/1/2018PROVIDERS - LABS 0.7 0.4Sunshine Biopharma, Inc. (OTCPK:SBFM) /Atlas Pharma Inc.NAMEAN (LABS)MEDIAN (LABS)1/30/20181/1/2018Care Advantage, Inc. /Ready Hands, Inc.Five Points Healthcare, LLC /Millenium Home Health Care, Inc.PROVIDERS - HOME HEALTH & HOSPICENANANANANAAdfinitas Health, LLC /Advance Inpatient Medicine, LLC1/22/2018Advanced ENT & Allergy, PLLC /Vaaca of Kentucky PSCAdvantia Health LLC /Comprehensive Women's Health, Inc.Alliance Oncology, LLC /e CancerCareAltercare of Ohio, Inc. /Eight Operational Centers of Greystone Healthcare ManagementCorp.Clinton Memorial Hospital LLC /PROVIDERS - NON-ACUTENANANANANANANANA Provides continuing professional education andhealthcare professional's development services.NANANANA1.3x1.3xNANA1.7xNA Provides analytical analysis and laboratoryservices for pharmaceuticals, cosmetics, andnatural products.1.7x1.7xNANANANA Provides personal care services to elderly anddisabled people.NA Provides home health care services.NANANANANANANA Operates a hospitalist group and providesinpatient management and preoperativeevaluation services.NA Owns and operates healthcare centers thatprovide treatment for allergic disorders.NA Offers women's internal medicine services.NAMEAN (HOME HEALTH & HOSPICE)MEDIAN (HOME HEALTH & HOSPICE)1/8/2018Target DescriptionNASERVICES - INFORMATIONNANARenovus Capital Partners /Continuing Education Alliance, LLCPrice/EBITDA2NAMEAN (OUTSOURCING)MEDIAN NANANANANANANANANANA Operates a network of outpatient cancer carecenters.NA Comprises healthcare centers.NANANANANA Provides healthcare services.NANANANANA Operates as a mobile health screening company.NANANANACORDENTAL Group /Spring Creek Dental Care, PCEpiphany Dermatology PA /Lucy Li, MD, PAFamily Treatment Network Inc. /Behavior Care Specialists, Inc.NANANANANA Operate clinics that provide rehabilitation servicesincluding post-operative orthopedic surgeries,sports injuries, motor vehicle injuries, andworkplace injuries.NA Provides dental care services.NANANANANA Provides dermatology services.NANANANA1/4/2018Five Arrows Managers (USA) LLC /Stepping Stones Group, LLCNANANANA1/9/2018Great Lakes Management Services Organization /Shoreline VisionNANANANANA Provides autism spectrum disorder services,clinical diagnostic services, early behavioralintervention, center-based services, adultdiagnostic services, boarding school, andfunctional behavioral assessment.NA Provides therapeutic behavioral health services topublic school districts and private learningcenters.NA Provides comprehensive eye examinations topatients of all 1/4/20181/15/20181/3/20181/24/2018Southwest Ohio Gastroenterology Inc.Community Care Health Network, Inc. /HealthFair USA, Inc.Construction Supply Holdings, LLC /4 Companies
8Acquirer / TargetTargetRevenuePriceIntegrated Dermatology LLC /Dermatology & Advanced Skin Care, Inc.Invesque Inc. (OTCPK:MHIV.F) /State Of Art Post Acute Transitional Care Facility In Lincoln ofMainstreet Property Group, LLCJefferson Health System, Inc. /Magee Rehabilitation HospitalLENSAR, Inc. /Laser Business Unit of Precision Eye Services, Inc.MEDNAX, Inc. (NYSE:MD) /Tri-Valley Neonatal Medical Group, Inc.MFC Nueterra Holding Company, LLC /Seven Ambulatory Surgical Centers of Meridian Surgical Partners,LLCOchsner Health System /New Orleans Urgent Care, L.L.C.Omni Eye Services, Inc. /Phillips Eye CenterOne Vision Eye Partners /Arlington Eye Center, Inc.PinnacleHealth System Inc. /ARMAR, Inc.Proex Physical Therapy, LLC /ProEx Physical Therapy's Norwell, MA ClinicProject 1493, LLC /Pre-Qualified Medicinal Cannabis Dispensary in San JuanRadiology Partners, Inc. /Renaissance Imaging Medical Associates, Inc.Skyline Healthcare, LLC /Whitehall OpCo, LLCSSM Health /Agnesian Healthcare, Inc.; Monroe Clinic, Inc.Sun Capital Partners, Inc. /ClearChoice Holdings, LLCUpstream Rehabilitation Inc. /Drayer Physical Therapy Institute, nnouncedAnnounced1/23/2018Affinity Living Group, LLC; LTC Properties, Inc. (NYSE:LTC) /Inverness At SpartanburgElderWood Senior Care, Inc. /Elderwood of Lakeside at BrockportElderWood Senior Care, Inc. /Lakeside Beikirch Care Center Inc.HMG Park Manor of Friendswood, LLC /Friendship Haven Healthcare and Rehabilitation CenterMainstreet Property Group, LLC /Chisholm Creek Healthcare, Inc.Sienna Senior Living Inc. (TSX:SIA) /Portfolio of Ten Seniors Housing Assets in OntarioUnknown Buyer /Comprehensive Healthcare Management Services LLCUnknown Buyer /Park Manor At Bee CaveNANANA Provides dermatology services. 21.6NANANANA Comprises post-acute transitional care facility.NA 60.0NANANANANANANANANANA 87.7NANANANA Provides physical and cognitive rehabilitationservices for persons with disabilities.NA Comprises business operation that offers mobilelaser cataract service.NA Operates as a neonatology physician practicewhich provides neonatology and newbornnursery services.NA Comprises seven ambulatory surgical centers.NANANANANA Offers urgent care services.NANANANANA Operates an ophthalmic care and surgery facility.NANANANANA Operates as an eye care center.NANANANANANANANANANANANANA Offers emergency basic life support and advancelife support ambulance services.NA Owns and operates clinics that provides physicaltherapy services.NA Comprises a medical marijuana dispensary.NANANANA 26.0NANANANANANANANANANANANANANANANA Owns and operates outpatient physical therapyclinics.NANANANANANANA Comprises an assisted living and memory carecommunity.NA Operates a nursing facility.PROVIDERS - LONG-TERM CARE nnouncedAnnouncedAmerican Academic Health System, LLC /Tenet HealthSystem Hahnemann; Tenet HealthSystem St.Christopher's Hospital For ChildrenBaylor Scott & White Health LLC /25% of Baylor Scott & White at Centennial and 23.67% of BaylorScott & White at Lake PointeBJC Health System, Inc. /Memorial Hospital BellevilleHackensack Meridian Health, Inc. /JFK Health System, Inc.Inland Real Estate Acquisitions, Inc. /Surgical Hospital of Oklahoma, L.L.C.Lateral Investment Management LLC /Assets and Business of Green Valley Hospital, LLCRennova Health, Inc. (OTCPK:RNVA) /HMA Fentress County General Hospital, LLCSt. Luke's Hospital /Des Peres Hospital, Inc.Target DescriptionNANA Provides diagnostic imaging and radiologyservices.NA Provides nursing and rehabilitation services.NA Provides healthcare services and operates not-forprofit integrated healthcare facilities.NA Develops and manages dental-treatment centers. 11.5NANANA 11.5NANANANANANANANA Operates a nursing facility and offers short termrehabilitation services.NA Provides short and long-term healthcare.NANANANANA Operates a senior care and assisted living facility. 368.0NANANANANANANANANANANANA Comprises ten independent supportive living andassisted living retirement residences.NA Operates long- term-care facilities and providesrehabilitation and nursing care.NA Comprises nursing facility.NANANANAMEAN (LONG-TERM CARE)MEDIAN (LONG-TERM CARE)1/11/2018Price/EBITDA2NAMEAN (NON-ACUTE)MEDIAN (NON-ACUTE)1/31/2018Price/RevenuePROVIDERS - ACUTE 170.0 790.0NM0.2xNANANANANM Operates as an academic medical center andoperates a children hospital that offers pediatriccare.NA Own and operate hospitals.NANANANANA Owns and operates a 222 bed capacity hospital.NANANANANANANANA 31.5 0.0NMNANANANANANANANANANA Operates an acute care hospital, inpatient andoutpatient rehabilitation centers, and nursing andconvalescent facilities.NA Operates an in-patient facility that provideshealthcare services to patients.NM Comprises assets and business which owns andoperates a hospital.NA 85-bed hospital that offers acute care, medical,and surgical services.NA Owns and operates a hospital.MEAN (ACUTE)MEDIAN (ACUTE)0.2x0.2xNANAMEAN (PROVIDERS)MEDIAN (PROVIDERS)1.0x1.0xNANA
9DateAnnounced1/2/2018AnnouncedAcquirer / TargetTargetRevenuePriceTargetEBITDA2PRODUCTS - CLINICAL DEVICES 11.5 11.19332073 Canada Inc. /Ergoresearch Ltd. (TSXV:ERG)Arcamed, LLC /Veracity Medical Solutions, Inc.Celularity, Inc. /All Assets of Alliqua BioMedical, Inc.Price/RevenueNM1.0xNANANANA 26.9 20.5NM1.3x1/8/2018FHC, Inc. /Atanse Inc.NANANANA1/16/2018LivaNova PLC (NasdaqGS:LIVN) /ImThera Medical, Inc.RTI Surgical, Inc. (NasdaqGS:RTIX) /Zyga Technology, Inc.NANANANANA 4.0NANA 844.2 225.4 68.03.7xAnnounced1/23/2018Weigao International Medical Hong Kong Limited /Argon Medical Devices, Inc.MEAN (CLINICAL DEVICES)MEDIAN (CLINICAL DEVICES)1/25/2018Abattis Bioceuticals Corp. (OTCPK:ATTB.F) /GT Therapeutics Corporation2.0x1.3xPRODUCTS - NON-CLINICAL DEVICES 7.9NANAYoung Innovations Inc. /Mydent International, Inc.PRODUCTS - DISPOSABLESNANA1/17/20181/24/2018CBx Sciences LLC /Cannabis Brands and Product Development Platform Rights ofEvolabIpca Pharmaceuticals, Inc.; Onyx Scientific Limited /Pisgah Labs, Inc.Mobile Science Technologies Inc. /RedX Medical LLCPRODUCTS - COMMERCIALNANAHildred Capital Partners, LLC /Crown Laboratories, Inc.NANA Manufactures and sells consumables used in thedental operatory and other healthcare industries.NANANANANANANA Comprises cannabis brands and productdevelopment platform.NANA Alliance Growers Corp. (CNSX:ACG) /Biotech CannaAphria Inc. (TSX:APH) /Broken Coast Cannabis Ltd.Aphria Inc. (TSX:APH) /Nuuvera Inc. (TSXV:NUU)Canopy Growth Corporation (TSX:WEED) /Green Hemp Industries Ltd., Certain Assets And IntellectualPropertyCASI Pharmaceuticals, Inc. (NasdaqCM:CASI) /ANDA Portfolio of Sandoz Inc.Celgene Corporation (NasdaqGS:CELG) /Impact Biomedicines, Inc.Future Farm Technologies Inc. (CNSX:FFT) /BCWC, Inc.Isodiol International Inc. (CNSX:ISOL) /CBD assets of Green Island NaturalsLigand Pharmaceuticals Incorporated (NasdaqGM:LGND) /Verrow Pharmaceuticals, LLC.Luminor Medical Technologies Inc. (CNSX:LMT) /Rise Research Inc.PRODUCTS - PHARMACEUTICALS 6.4NA8.5x Offers custom and fine chemical, activepharmaceutical ingredients and drug substancemanufacturing for various corporations,businesses, entrepreneurs, and governmentagencies.NA Operates as a regulated company that owns andoperates a medical waste disposal business.8.5x8.5xNANA Manufactures and markets products likeshampoos, lotions and moisturizers referred bydermatologists and oncologists.NANANANANANANA Produces cannabis for medical purposes.MEAN (CONSUMER PRODUCTS)MEDIAN (CONSUMER PRODUCTS)1/31/201812.4x12.4xNANA 9.7PRODUCTS - CONSUMERNANANM Comprises regenerative medical products thatassist the body in the repair or replacement of softtissue.NA Develops precision neurosurgical instruments forbiotechnology companies seeking to delivertherapeutics in brain.NA Develops implantable neurostimulation devices forthe treatment of obstructive sleep apnea.NA Engages in the research, design, development,and commercialization of minimally invasiveproducts for the treatment of underservedconditions of the lumbar spine.12.4x Manufactures and sells medical devices forinterventional radiology, vascular surgery,interventional cardiology, and critical careprocedures.NANAMEAN (COMMERCIAL)MEDIAN (COMMERCIAL)1/5/2018NM Manufactures and sells custom foot and generalorthotics.NA Manufactures medical devices.NA Manufactures medical marijuana vaporizers.MEAN (DISPOSABLES)MEDIAN (DISPOSABLES)1/9/2018Target DescriptionNAMEAN (NON-CLINICAL DEVICES)MEDIAN (NON-CLINICAL DEVICES)1/24/2018Price/EBITDA2 185.4NANANANA Produces medical cannabis products. 638.8NANANANA Produces medicinal marijuana products. 0.7NANANANA Comprises medical hemp farming operations andassociated assets, equipment, and genetic stock. 18.0NANANA 7,000.0NANANA 10.0NANANANA Comprises a portfolio of drug development andmanufacturing.NA Engages in the development of cancertreatments.NA Produces and retails medical marijuana. 1.6NANANA 2.0NANANA 3.2NANANANA Comprises cannabidiol-containing medicinalproducts manufacturing assets.NA Drug development company which developsgadolinium-based contrast agents, anticanceragents, and aminoglycosides to reduce acutekidney injury during medical interventions.NA Develops cannabis consumer products for bothmedical and adult-use consumer market sectors.
1/18/20181/30/2018AnnouncedAcquirer / TargetMelinta Therapeutics, Inc. (NasdaqGS:MLNT) /Medicines Company, Infectious Disease BusinessNovaQuest Capital Management, L.L.C. /Viamet Pharmaceuticals, Inc.Praxis Precision Medicines, Inc. /Z944 Assets of EPIRUS Biopharmaceuticals, Inc.Ravenquest Biomed Inc. (CNSX:RQB) /Bloomera Inc.Relmada Therapeutics, Inc. (OTCPK:RLMD) /Global Rights to Develop And Market DextromethadoneTorrent Pharmaceuticals Limited (BSE:500420) /Bio-Pharm, Inc.Unknown Buyer /CorePharma, LLCWe Grow BC Ltd. /AREV Nutrition Sciences Inc. rceBergen Corporation (NYSE:ABC) /H. D. Smith, LLC1/2/2018WMK, Inc. /Accessible Mobility Center, LLCMEAN (DISTRIBUTION)MEDIAN (DISTRIBUTION)MEAN (PRODUCTS)MEDIAN (PRODUCTS)1) Source: Financial Information from SEC filings and other publicly-available sources2) EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization3) NA: Not Available4) NM: Not MeaningfulPrice/EBITDA2Target Description 304.5NANANANA Comprises pharmaceutical products.NANANANA 1.0NANANANA Offers novel antifungal agents through aproprietary medicinal chemistry platform.NA Comprises pharmaceutical product portfolio. 27.2NANANANA Produces cannabis for medical purpose.NANANANANANANANANANANANANANANMNANA Comprises rights to develop and marketdextromethadone, a novel N-methyl-D-aspartatereceptor antagonist, for the treatment ofneurological conditions.NA Manufactures and distributes genericpharmaceutical products.NA Develops, manufactures, and markets genericand branded prescription pharmaceuticals.NM Engages in developing natural health products.NANANANANANANANANA Distributes and supplies healthcare products andbusiness solutions to manufacturers andhealthcare providers.NA Engages in sales and rental service of wheelchairvans and other accessibility products.MEAN (PHARMACEUTICALS)MEDIAN (PHARMACEUTICALS)1/2/2018Price/RevenuePRODUCTS - DISTRIBUTION 815.0NANANANANANANA2.0x1.3x10.4x10.4x
11ANALYSIS OF SELECTED PUBLICLY-TRADEDHEALTHCARE, MEDICAL AND PHARMACEUTICALSERVICES AND PRODUCTS COMPANIES1(JANUARY 31, 2018)( Millions Except Per Share Data)Company Name (Ticker Symbol)StockPriceMarket Cap2TEV3LTM4RevenueLTM4EBITDA5LTM4Diluted EPSBefore ExtraTEV3/RevenueTEV3/EBITDA5P/ DilutedEPS BeforeExtraSERVICES - INSURANCEAetna Inc. 362.9x11.8x18.3xAnthem, Inc. 6014.350.8x11.7x15.7xCentene Corporation 04.840.4x8.1x20.8xCigna Corporation 6.002,677.0012.610.6x11.2x19.7xIndependence Holding Company x14.2xMolina Healthcare, Inc. 3)0.1x18.2xNMProAssurance Corporation x16.4x21.1xTriple-S Management Corporation 3x14.2xTrupanion, Inc. 8xNMNMUnitedHealth Group Incorporated (NYSE:UNH)220.46 .2x20.6xWellCare Health Plans, Inc. x25.2x1.4x1.1x11.2x11.2x18.4x19.7xAmerisafe, Inc. (NasdaqGS:AMSF)CNO Financial Group, Inc. (NYSE:CNO)Humana Inc. (NYSE:HUM)8,953.73MEAN (INSURANCE)MEDIAN (INSURANCE)SERVICES - TECHNOLOGYAllscripts Healthcare Solutions, Inc. 8)3.4xNMNMCerner Corporation 7.392.014.4x15.9xNMCompuGroup Medical Societas Europaea 3xNMComputer Programs and Systems, Inc. x19.9xNMCraneware plc 8xEvolent Health, Inc. NMNMHealthEquity, Inc. NMNMNMInovalon Holdings, Inc. 24.4x26.0xNMMedidata Solutions, Inc. 0NMNMNMModel N, Inc. xNMNMQuality Systems, Inc. NMSimulations Plus, Inc. 0xNMVeeva Systems Inc. NMNM3.0x3.0x21.8x22.3xNMNMCastlight Health, Inc. (NYSE:CSLT)RaySearch Laboratories AB (publ) (OM:RAY B)MEAN (TECHNOLOGY)MEDIAN (TECHNOLOGY)
12Company Name (Ticker Symbol)StockPriceMarket Cap2LTM4RevenueTEV3LTM4EBITDA5LTM4Diluted EPSBefore ExtraTEV3/RevenueTEV3/EBITDA5P/ DilutedEPS BeforeExtraSERVICES - OUTSOURCINGAMN Healthcare Services, Inc. .3xNMCegedim SA 20.9xNMCorVel Corporation x13.6x28.9xCross Country Healthcare, Inc. x14.0xNMeHealth, Inc. )1.5xNMNMEnvision Healthcare Corporation 009,505.50109.461.6x10.5x23.3xExpress Scripts Holding Company 33.206.090.5x7.5x12.3xHealthcare Services Group, Inc. 1.192.2x28.7xNMHMS Holdings Corp. 163.5x15.4x21.7xSyneos Health, Inc. (1.38)NM27.4xNMMagellan Health, Inc. 3.780.5x10.6x25.6xOn Assignment, Inc. 1.5x14.6x29.9xPRA Health Sciences, Inc. 1.793.9x26.3xNMIQVIA Holdings Inc. (NYSE: IQV .8xNMStericycle, Inc. (0.55)2.4x11.4xNMTeladoc, Inc. )NMNMNM2.0x1.6x16.6x14.6x23.2x23.3xathenahealth, Inc. (NasdaqGS:ATHN)BioScrip, Inc. (NasdaqNM:BIOS)EPS Holdings, Inc. (TSE:4282)ICON Public Limite
NA NA NA NA NA Comprises healthcare staffing business. 1/5/2018 Jackson Healthcare, LLC / Avant Healthcare Professionals, LLC NA NA NA NA NA A health care professional staffing company. 1/3/2018 McKesson Specialty Health / RXC Acquisition Company 735.0 NA NA NA NA Provides healthcare outsourcing services to pharmaceutical, biotechnology and .
