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HYDE PARK CAPITALIntegrity Expertise ResultsInvestment Banking Mergers & Acquisitions Capital RaisingOverviewDigitalHealthMarket InsightsNationally recognized investment bankfounded in 2000Over 300 transactions completed, totalingmore than 10 billion in transaction valueSummer 2022Extensive relationships with leadinginstitutional lenders, PE investors,and strategic buyersProven ability to source quality buyersand maximize deal valueIndustry Expertise Technology Healthcare Business Services Industrial Services Financial Services ConsumerInvestment Banking ServicesMergers & acquisitions, recapitalizations,and management buyoutsCapital raising of equity, mezzanine, andsenior debt capitalFinancial advisory, analytical support,and fairness opinionsComprehensive and targeted sell-sidemarketing effortsHyde Park Capital Advisors, LLC701 N Franklin StreetTampa, FL 33602Tel: 813-383-0202www.hydeparkcapital.comYDE ARKHPCAPITALInvestment Banking Mergers & Acquisitions Capital RaisingMember FINRA/SIPC1
Key Trends in 2022 Reshaping the Digital Health EcosystemPersonalized Care isTransforming asTechnologyAdvancesBehavioral HealthShifts as YoungerGenerations PivotFrom Traditional CareManagementWearable Technologyin HealthcareContinues to Improveand ExpandEMR/EHRInteroperability isTaking ShapePharmacy BenefitManagement Fueled byConsumer-DrivenExpectationsFemTech isFinally Getting itsShare of theSpotlightHYDE PARK CAPITALInvestment Banking Mergers & Acquisitions Capital Raising2
Personalized Care is the New StandardPersonalized Care isTransforming asTechnologyAdvances The growing understanding of genetics and genomics – and how they drive health, disease and drugresponses in each person – is enabling doctors to provide better disease prevention, more accuratediagnoses, safer drug prescriptions and more effective treatments for the many diseases andconditions that diminish an individual’s health(1) The availability of wearable smart sensors, wireless connectivity, AI, and the IoT is changing thepersonalized/precision medicine research and implementation landscape(2)o Wearables constantly keep track of vitals/biometrics and then sends that information tohealthcare providers, reducing the number of doctor office visits per year (6) International payers report pursuing markedly different strategies to achieve all of their personalizedcare goals than those in the U.S.(3)o 84% of international payers are considering acquiring technology needed to drivepersonalization(3)o 82% of international payers are considering building their own tech solutions (3)o In the U.S., 36% of payers are considering making an acquisition to bolster their personalizedcare offerings(3)Drivers for Personalization of Care(3)Personalized Medicine VC Ecosystem(5)100%90%80%70%Ad-Hoc Personalized Testing84%Partnership76%76% Description73%60%50%40%68%67%69%69%60%BMS58% has partnered with Voluntis to use itsTheraxium Oncology platform to build a digitalcompanion for self-management of symptoms40%related to cancer therapy36%Bioinformatics30%20%10%0%Mental andBehavioralHealthSanofi partnered with an establishedmental19%health digital therapeutics firm, Happify13%Health, to build a digital therapeutic to helpmultipleanxietyandLifestyle (Diet, PhysicalHealth sclerosisRace/EthnicitypatientsGenomic ing Status)United StatesHYDE PARK CAPITALGenomic TestingInternationalSources:Investment Banking Mergers & Acquisitions Capital Raising(1) The Jackson Laboratory(2) Mary Ann Liebert(3) HIMSS(4) Deloitte(5) PitchBook(6) December Labs3
A Shift in Behavioral Health As younger generations appear to be moving away from traditional types of care, healthcare istransforming with how patients are managing their healthcareo Regarding mental health, 29% of U.K. patients say their mental health has worsened overthe past year, while under 15% say the same in the U.S. and Germany(1) Patients across all geographies are using different tactics to help manage and improve theirmental health, including meditation, exercise and prescription medicationo Ultimately, patients are looking for more options to address their health and providers areneeding to incorporate the nontraditional ways patients are managing their health intotheir patients’ overall treatment plan(1) At least 1 in 4 people experience significant behavioral illness at some point in life, and anestimated 20% of the working age population in OECD countries are affected by mild to moderatedisorders at any given moment(2) Behavioral health apps for patient self-care have become an effective adjunct to treatment,educating patients on how to manage their illnesses while care coordination and networkmanagement tools and services have helped care teams address, optimize, and scale treatments (3)Behavioral HealthShifts as YoungerGenerations PivotFrom Traditional CareManagementBehavioral Health Digital Landscape: Representative Solutions(3)Advanced Screening & TriageCare Coordination & ManagementPatient Self-CareTeletherapyTelepsychiatryNetwork ManagementHYDE PARK CAPITALSources:Investment Banking Mergers & Acquisitions Capital Raising(1) HIMSS(2) Deloitte(3) American Hospital Association4
Wearables in Healthcare Continue to Improve and Expand Wearables are the next step in personal health - they can now prove the results of client health recordsand incentivize behavior - reducing hospital visits /readmissions due to poorly managed personal healtho 75% of users agree that wearables help them keep track of their health(1) The Apple watch is a key wearable that is changing the market of healthcare detecting hard falls,tracking menstrual cycles, protecting aural health via notifications, tracking sleep and heart rate,measuring oxygen in blood, and acting as a wearable ECG (3) – with a new extreme sports variantrumored to launch in Septembero Key competitors include: Fitbit, Oura Health, Garmin, Whoop, etc. Through the COVID-19 pandemic and into 2022, as consumers started spending more time at home,many started using wearable devices as a means to monitor their health and seek medical treatmento U.S. consumer use of wearables increased from 9% to 33% in just four years (1) It is predicted that 320 million consumer health wearable devices will ship worldwide in 2022o By 2024, that figure will likely reach nearly 440 million units as new offerings hit the marketand more health care providers become comfortable with using them – these numbers includeboth smartwatches and medical-grade wearables(2)Wearable Technologyin HealthcareContinues to Improveand ExpandGlobal Health Wearables Market(2)500450(in millions)CAGR: 19%400CAGR: 11%Units35030025020059%Workouts / Athletic Performance38016013042%Heart Health37%Sleep Quality and Duration10035%Calories8532%Stress Levels150100Steps Per Day440320275How Wearable Users Use their Device(2)*19022028025017%Possible COVID-19 Symptoms11%Chronic Health Conditions50020212022HYDE PARK CAPITAL20232024Sources:Investment Banking Mergers & Acquisitions Capital Raising(1) Insider Intelligence(2) Deloitte(3) AppleOther8%2%* Data reflects respondents that both owned a fitness tracker orsmartwatch personally and used these devices. The data reflectsresponses from U.S. consumers to a survey conducted in June 2021.5
EMR/EHR Interoperability is Taking Shape Healthcare organizations are looking for support in finding value-based care solutions that work forthem – they’ve depended on the advancement of technology to enhance patient care, lower costs,and improve outcomes which has led to the implementation of EMR and EHR Incentives are being offered by various governments that motivate healthcare providers to use EHRsystems which are likely to fuel the global market growtho The global electronic health records market is estimated to cross the valuation of 42.3billion by 2030(1) Blockchain-based EMR systems, which reduce the time to access patient information whilemaintaining high data quality is expected to further grow in 2022 with companies like Medicalchain,Patientory, and MediBloc(7) Major companies such as Cerner and Allscripts Healthcare Solutions have acquired smaller companiesin recent years, fueling industry consolidationo Cerner acquired EMR provider, Elligo Health Research, in late 2021 for 135 million(2)o Allscripts recently acquired EMR provider, Babel Health, for an undisclosed amount (2) The most common reason for implementing an EHR over the past year was to support growth (1)EMR/EHRInteroperability isTaking ShapeMarket Share Breakdown(4)9.8%Highlight Transaction(5)(6)Epic Systems16.5%50.1%AcquiredCerner Oracle’s chairman, Larry Ellison, shared that Oracle plans to build anational health record database that would pull data from thousandsof hospital-central EHRs Oracle is already involved in numerous areas of the healthcareindustry – adding Cerner will allow them to move beyond cloud-basedservices and deliver care more directly to patients Oracle’s autonomous database, APEX low-code development tools, andvoice-enabled user interface enables them to rapidly modernizeCerner’s systems and move them to the next generation cloudAllscripts Healthcare23.6%HYDE PARK CAPITALOtherSources:Investment Banking Mergers & Acquisitions Capital RaisingOracle acquired Cerner for 28.3 billionon June 8, 2022 The deal closed after a majority of theMissouri-based health informationtechnology maker’s outstanding shareswere validly tendered(1) Transparency Market Research(2) PitchBook(3) Software Path(4) IBISWorld(5) TechCrunch(6) Healthcare Innovation(7) Revolve Pulse6
PBMs Fueled by Consumer-Driven ExpectationsPharmacy BenefitManagement Fueled byConsumer-DrivenExpectations Consumer-driven care is leading to greater demand for access, transparency, and navigation – with that,providers are being pushed to innovate in order to meet these expectationso Providers have been influenced by consumer sentiment on the following: patients’ desire forconvenience requiring greater access, rising healthcare costs requiring greater transparency,and heightened competition requiring greater ability in patient navigation (1) Point solution fatigue is resulting from a growing need for integrationo Many plans are using between four and nine different digital point solutions (3)o 30% of employers report using point solutions offered by their PBM, while another 17% areplanning or considering them(3)o To get more value out of the pharmacy benefit, plan sponsors are expected to demand clinicalprograms from PBMs to integrate more tightly with navigator, concierge services, and virtualprimary care resources(1) The industry profitability is forecast to stagnate from 2021 to 2026o EBIT in 2026 is forecasted to be 6.5% of revenue in 2026 (4)o A slowdown in the number of new generic drugs is likely to constrain growth in profitability (4)Market Share Breakdown(4)15.7%15.7%5.3%5.3%CignaPBM Market(5) 800 75020.6%20.6%UnitedHealthCVS Health25.9%25.9% 740 704 700 669 650Humana32.5%32.5%( in billions)CAGR: 5.1% 605 600 550 500Other 637 495 521 548 576 450 4002021 2022 2023 2024 2025 2026 2027 2028 2029HYDE PARK CAPITALSources:Investment Banking Mergers & Acquisitions Capital Raising(1) WithMe Health(2) Wellframe(3) Willis Towers Watson(4) IBISWorld(5) Credible Markets7
FemTech is Finally Getting its Share of the SpotlightFemTech isFinally Getting itsShare of theSpotlight A sector coined FemTech has recently emerged, focusing on cutting-edge technologies for womeno The FemTech industry accounts for 1.4% of capital invested in healthcare while only 4% ofhealthcare R&D funding is targeted at women’s health(1) FemTech companies are filling gaps not yet addressed by biopharma and device incumbents, such asin the area of maternal health, which is sparking interest in the rising industryo By 2025, the global FemTech market is projected to be worth 50 billion (2) Venture capital funding has highlighted FemTech’s quick rise over the past yearo In 2021, investment reached an all-time high, with women’s health and wellness startupsraking in a record-setting 2.7 billion – up 44% from 1.9 billion in 2020(2)o Elvie, a producer of breast pumps and pelvic floor trainers, raised a 75 million Series C (3)o Flo, a fertility-focused period app, raised a 50 million Series B (3) Insurer, Anthem, is planning to team up with Happify Health to offer a slate of new digital tools forwomen’s health and develop a new program for maternal health(4) Up to 45% of women suffer from specific chronic conditions, and every year, women spend 1,000 3,000 to address the symptoms(5)Women’s Health & Wellness Funding(2) 3.0B272 2.5B252 2.0B 1.9B213Early-Stage Companies Transforming FemTech(2)Funding 2.7B300Deals231250Gynecological Health 1.5B 1.5B181 1.0B 0.9B200 1.0B150 0.5B 0.0B2017Cancer2018HYDE PARK CAPITAL20192020Sources:Investment Banking Mergers & Acquisitions Capital Raising2021Menopause100(1) WRAL TechWire(2) CB Insights(3) Sifted(4) Fierce Healthcare8
A Small Snapshot of the Digital Health EcosystemHealthcare IT/AnalyticsCare Coordination SoftwarePrescription TechnologyEHR SoftwareHYDE PARK CAPITALInvestment Banking Mergers & Acquisitions Capital RaisingTelemedicineHealthTech Devices9
Select Digital Health M&A TransactionsDeal DateTargetBuyer/AcquirersTarget Business DescriptionTEV ( M)EV/Revenue07/01/22Provider of respiratory monitoring systems designed to measureminute ventilation non-invasively 44N/A06/21/22Provider of a healthcare platform that uses blockchain technologiesand smart applications to allow healthcare professionals to easilyshare information among one anotherN/AN/A06/21/22Provider of revenue recovery and consulting services catering tohospitals and health care systems nationwide 4,100N/A06/08/22Provider of health care information technology solutions and techenabled services in the United States and internationally 28,3004.7x05/24/22Developer of a digital health platform designed to provideemployee mental wellness solutionsN/AN/A05/17/22Operator of a digital healthcare company intended to developdevices to measure lung function and transform respiratory careN/AN/A05/02/22Provider of a suite of EHR offerings along with financialmanagement, population health management, and other relatedoperational tools 700N/AProvider of gene-based laboratory testing by using DNA sequencingtechnologies to provide clinical genomic solutions 623N/A(Allscripts’ Hospitals and LargePhysician Practices Business)05/02/22HYDE PARK CAPITALSources: (1) PitchbookInvestment Banking Mergers & Acquisitions Capital Raising10
Select Digital Health M&A Transactions (cont.)Deal DateTargetBuyer/AcquirersTarget Business DescriptionTEV ( M)EV/Revenue04/28/22Developer of health analytics platform designed to makepredictions down to the individual member level while protectingmembers' privacyN/AN/A04/20/22Operator of students and staff wellness check-in tool intended toregulate well-being based on user given data from a simple emojiassessmentN/AN/A04/20/22Developer of a teledental platform designed to connect people witha dentist and let them get a report, smile score and learn aboutdental healthN/AN/A04/06/22Developer of an online chatbot designed to improve patient accessto knowledge and monitoring of health risksN/AN/A04/05/22Developer of a health conversational chatbot designed to facilitatepersonalized conversations between healthcare enterprises andtheir patients and healthcare professionalsN/AN/A04/04/22Developer and provider of mobile-personal emergency responsesystems and personal health management technologiesN/AN/A03/30/22Operator of digital health company intended to provide technologyfor fall prevention, gait assessment, rehabilitation monitoring, anddigital biomarkersN/AN/A03/30/22Developer of a mobile application designed to provide health andfitness tracking so as to reverse diabetesN/AN/AHYDE PARK CAPITALSources: (1) PitchbookInvestment Banking Mergers & Acquisitions Capital Raising11
Select Digital Health M&A Transactions (cont.)Deal DateTargetBuyer/AcquirersTarget Business DescriptionTEV ( M)EV/Revenue03/18/22Developer of healthcare informatics systems designed to digitallytransform the care experience for patients, staff and familymembersN/AN/A03/16/22Developer of a cardiovascular imaging post-processing systemintended to diagnose complex cardiovascular diseases 213N/A03/14/22Developer of a wellness engagement platform designed to boostcorporate wellness and motivate employees to get active in the waythey chooseN/AN/A03/08/22Provider of surgical pathology services to hospitals based in theunited kingdom 24N/A03/01/22Developer of a cloud-based cybersecurity platform intended toprevent cyber attacks and potential risks associated with patientsafety and hospital operational continuity 80N/A03/01/22Provider of accountable care advisory services intended to helphospitals and physicians to succeed under value-based paymentmodels 300N/A02/23/22Provider of secure, integrated, and intelligent communication andworkflow solutions for mobile workers in healthcare that integrateswith clinical systems, including EHR, patient monitoring, and more 2,97011.3x02/17/22Provider of a SaaS platform used for health benefits navigation foremployees in the U.S. 3652.6xSources: (1) Pitchbook(2) Capital IQ(3) CB InsightsInvestment Banking Mergers & Acquisitions Capital Raising(4) Mercom Capital GroupHYDE PARK CAPITAL12
Digital Health FundingQ2’22 funding drops 33% QoQ, deal activity slows down 17.0B1000 15.0B900842809 13.0B 11.0B unding 7.1B607551600 7.0BDeals554 5.0B400 3.0B 1.0B- 1.0B500 4.9B 7.7B 7.5B 5.6B 4.5B 6.6B 4.9B 5.4B 6.7B 6.4BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q22018HYDE PARK CAPITAL2019Q32020Sources:Investment Banking Mergers & Acquisitions Capital Raising(1) CB Insights300 8.9B 10.6B 12.6B 16.8B 13.8B 16.1B 10.5BQ4Q1Q2Q32021Q4Q1Q2202213200
Select Digital Health Capital RaisesDeal DateTargetMajor Investor(s)Target Business DescriptionDealTypeDeal Size( M)EV/Revenue06/29/22Developer of a data-driven medical equipment sourcingplatform that streamlines ordering and access to homemedical equipment supplies for patients and their familiesSeries B 60N/A06/23/22Developer of a healthcare platform that gathers data toprovide insights into wellness for seniors and connects themto clinical and social assistanceSeries A 15N/A06/16/22Developer of novel prescription digital therapeutics thatoffer evidence-based transformative digital treatmentsSeries A 10N/A05/31/22Developer of a digital health platform designed to provideaccess to treatment for substance abuseSeries B 36N/A05/27/22Developer of a digital health platform intended to developa pipeline of biomonitoring productsSeries B 116N/A05/12/22Developer of a clinical workflow software designed toanalyze sleep data by leveraging AI and machine learning toautomate data interpretationSeries A 20N/A05/05/22Developer of clinical software designed to offer virtualstudies that streamlines participant eligibility, enrollment,education, and consentSeries B 40N/A05/02/22Developer of a health monitoring system consisting of ablood pressure monitor and smartphone applicationdesigned to facilitate self-health diagnosisSeries D 70N/ASources: (1) Pitchbook(2) Capital IQ(3) CB InsightsInvestment Banking Mergers & Acquisitions Capital RaisingHYDE PARK CAPITAL14
Select Digital Health Capital Raises (cont.)Deal DateTargetMajor Investor(s)Target Business DescriptionDealTypeDeal Size( M)EV/Revenue04/26/22Developer of a health analytics platform designed toanalyze physiology data from clinical-grade wearablesSeries D 300N/A04/19/22Developer of a mental wellness application designed tooffer at-home ketamine therapySeries A 23N/A04/18/22Developer of a medical records management softwareintended to be used for creating a comprehensive healthtimeline for its usersSeries C 60N/A04/11/22Developer of a care delivery system designed to givepersonalized on-demand care in partnership withindependent physiciansSeries B 50N/A04/06/22Developer of an online teleconsultation platform intendedto guide women during and after menopauseSeries A 29N/A04/05/22Developer of a wellness wearable ring designed to track andimprove the quality of sleep and performanceSeries C 2,550N/A04/05/22Developer of a real-time analytics and care guidanceplatform designed to incorporate predictive analytics andmachine learning into the design of care delivery modelsSeries D 150N/A03/29/22Operator of a health care platform intended to transformbehavioral health care for kids, teens, and their familiesSeries C 105N/ASources: (1) Pitchbook(2) Capital IQ(3) CB InsightsInvestment Banking Mergers & Acquisitions Capital RaisingHYDE PARK CAPITAL15
Select Digital Health Capital Raises (cont.)Deal DateTargetMajor Investor(s)Target Business DescriptionDealTypeDeal Size( M)EV/Revenue03/22/22Operator of a telemedicine application designed to providepremium healthcare that anyone can affordSeries A 22N/A03/21/22Developer of a chronic care management and monitoringsoftware designed to manage, provide, and coordinate caremanagement servicesSeries B 491.2x*03/10/22Provider of subscription-based healthcare services intendedto deliver online medical facilities to patientsSeries A 303.2x*03/07/22Developer of a clinical data aggregation platform designedto make it easy for providers to pull their patient'sinformation from any other clinical records systemSeries C 50N/A03/04/22Developer of biomedical software designed for advancedpatient analysis and personalized therapySeries B 150N/A03/04/22Developer of an electronic consultation platform designedto improve the specialty referral processLater StageVC 10N/A03/03/22Developer of an insurance-tech and digital health softwareintended to help employees promote their healthSeries C 55N/A02/16/22Developer of a fitness device designed to improve healthand increase longevity by assisting in monitoring bodytemperature, heart rate, and other physical activitySeries C 50N/ASources: (1) Pitchbook(2) Capital IQ(3) CB InsightsInvestment Banking Mergers & Acquisitions Capital RaisingHYDE PARK CAPITAL16
Indexed Stock Performance30%10%(10%)EHR Software, (14.8%)NASDAQ, (22.8%)HealthTech Devices,(22.6%)Healthcare IT/Analytics,(32.1%)(30%)(50%)Prescription Tech, (57.3%)Care Coordination Software,(58.7%)(70%)(90%)Jul-21Telemedicine, (72.9%)Sep-21Nov-21HYDE PARK CAPITALInvestment Banking Mergers & Acquisitions Capital RaisingJan-22Mar-22Source: Capital IQ as of 07/05/22(1) Healthcare IT/Analytics: VEEV, RCM, DOCS, AGTI, SGFY, NXGN,GOCO, HCAT, CMAX(2) Care Coordination Software: SGFY, EVH, ONEM, AVAH, ACCD,CLOV, NH(3) Telemedicine: TDOC, ONEM, HIMS, AMWL, LFMD, HCAT, CLOVMay-22Jul-22(4) HealthTech Devices: BSX, EW, LUMN, DXCM, ZBH, IART, TXG,IRTC, LMAT, ANGO, OM(5) Prescription Tech: OMCL, PRVA, GDRX, NOTV, TRHC, YI(6) EHR Software: ORCL, MDRX, NXGN, PHR, CPSI, OPRX, SHCR17
Public CompaniesHealthcare IT/Analytics( in millions, except per share)CompanyVeeva Systems Inc.R1 RCM Inc.Doximity, Inc.Agiliti, Inc.Signify Health, Inc.NextGen Healthcare, Inc.GoHealth, Inc.Health Catalyst, Inc.CareMax, ng Price% of 5207/05/22 207.1621.6238.5022.0515.8517.560.5716.314.39Week uityEnterpriseLTMLTM MarginsValue( M) 33,6036,1977,3543,0172,7561,19064812315Value( M) 30,8186,9126,5574,1833,0511,1511,125635398Revenue 1,9221,5183441,0988105961,129254405Gross Profit 1,39532630444740033387012444EBITDA 53327411531414333(26)(83)(22)Gross 5.4%)Enterprise Value ge50.3% 6,145 6,092 897 471 14251.7%10.1%4.7x20.0xMedian51.3% 2,756 3,051 810 333 11549.4%17.6%3.1x21.4xClosing Price07/05/22 15.8532.1610.342.388.992.420.42% of 52Week % 1,116Median20.3% 829Care Coordination Software( in millions, except per share)CompanySignify Health, Inc.Evolent Health, Inc.1Life Healthcare, Inc.Aveanna Healthcare Holdings Inc.Accolade, Inc.Clover Health Investments, Corp.NantHealth, Inc.TickerSGFYEVHONEMAVAHACCDCLOVNHHYDE PARK CAPITALSource: Capital IQInvestment Banking Mergers & Acquisitions Capital RaisingEquityEnterpriseValue( M) Value( M) 2,756 89LTM MarginsGross 8%46.2%(39.0%)(5.9%)(28.5%)63.5%(60.6%)Enterprise Value x1.7xNM0.3xNM4.6xNMRevenue 8109907561,7123362,07563LTMGross Profit 400270185556155(123)40EBITDA 14329(205)116(131)(591)(38) 1,363 989 180( 136.7)31.3%(24.3%)2.2x59.4x 1,215 873 170( 84.6)29.9%(27.8%)2.2x59.4x*Excluded from average and median calculation.18
Public Companies (cont.)Telemedicine( in millions, except per share)CompanyTeladoc Health, Inc.One MedicalHims & Hers Health, Inc.Health Catalyst, Inc.American Well CorporationClover Health Investments, Corp.LifeMD, Inc.TickerTDOCONEMHIMSHCATAMWLCLOVLFMDClosing Price07/05/22 38.8110.345.0816.314.642.422.01% of 52Week ( M) 6,1721,7521,0128121,2071,05857EnterpriseValue( M) 6,9401,99881463557052137Revenue 2,1447563212542592,075104LTMGross Profit 1,453185239124110(123)84EBITDA( 8)(205)(73)(83)(198)(591)(55)LTM MarginsGross rprise Value xNM0.4xNMAverage29.2% 1,724 1,645 845 296( 173.3)47.5%(34.4%)2.0xNMMedian27.4% 1,058 635 321 124( 82.9)48.7%(28.5%)2.5xNMPrescription Tech( in millions, except per share)CompanyOmnicell, Inc.Privia Health Group, Inc.GoodRx Holdings, Inc.Inotiv, Inc.Tabula Rasa HealthCare, Inc.111, Inc.TickerOMCLPRVAGDRXNOTVTRHCYIHYDE PARK CAPITALClosing Price% of 5207/05/22 116.6231.046.4910.392.752.29Week alue( M) Value( M) 5,636 5,9853,2893,0422,6752,52920051465445190291LTMLTM MarginsRevenue 1,1991,0667882773402,021Gross Profit 58368740889749EBITDA 139(234)6728(38)(85)Gross Profit48.6%6.4%93.8%31.8%28.7%2.4%Enterprise Value rage31.7% 2,009 2,134 949 271( 21)35.3%(1.2%)2.4xNMMedian22.0% 1,437 1,522 927 93( 5)30.3%2.1%2.4xNMSource: Capital IQInvestment Banking Mergers & Acquisitions Capital Raising19
Public Companies (cont.)EHR Software( in millions, except per share)CompanyOracle CorporationAllscripts Healthcare Solutions, Inc.NextGen Healthcare, Inc.Phreesia, Inc.Computer Programs and Systems, Inc.OptimizeRx CorporationSharecare, Inc.TickerORCLMDRXNXGNPHRCPSIOPRXSHCRClosing Price07/05/22 71.9915.1217.5625.9232.4528.931.64% of 52Week ( M) 200,5642,0571,1901,335466511511EnterpriseValue( M) 258,6002,3721,1511,081600423327Revenue 42,4401,51259622829064423LTMGross Profit 33,56374933313914638213EBITDA 18,48313633(140)491(98)LTM MarginsGross %)50.2%16.8%59.0%1.1%50.3%(23.2%)Enterprise Value M2.1x12.3x6.6x589.1x*0.8xNMAverage52.0% 1,012 992 519 269( 3)54.3%(8.7%)2.9x14.9xMedian49.5% 851 840 357 179 1753.1%3.3%2.0x14.9xHealthTech Devices( in millions, except per share)CompanyBoston Scientific CorporationEdwards Lifesciences CorporationLumen Technologies, Inc.DexCom, Inc.Zimmer Biomet Holdings, Inc.Integra LifeSciences Holdings Corporation10x Genomics, Inc.iRhythm Technologies, Inc.LeMaitre Vascular, Inc.AngioDynamics, Inc.Outset Medical, E PARK CAPITALClosing Price07/05/22 6915.90% of 52Week 1.5%26.4%EquityValue( M) 765744EnterpriseValue( M) 4479Revenue TDA 3,2241,7817,7473772,366407(62)(83)4710(132) 1,42662.0%4.3%6.5xNM 37765.8%26.1%5.2xNMAverage61.1% 17,989 21,892 4,572 2,976Median68.9% 5,569 5,883 1,559 991Source: Capital IQInvestment Banking Mergers & Acquisitions Capital RaisingLTM MarginsGross %29.9%52.8%3.3%10.7%(119.9%)Enterprise Value *2.5x77.0x*4.3xNMLTMGross Profit 8,4544,10210,9971,7355,5359914172241041611220
HPC OverviewHYDE PARK CAPITALInvestment Banking Mergers & Acquisitions Capital Raising2121
HPC Overview Founded in 2000 – by the two prior heads of the Healthcare and Technology InvestmentBanking Groups at Raymond James Advised on 175 transactions and has been a consistent leader in providing independentand unbiased strategic counsel and advisory services to global sellers and buyers of middlemarket firms Diverse team with extensive execution experience across all areas of Healthcare Bulge bracket capabilities with a boutique touchIndustry Leading. . . USA M&A Atlas AwardsBoutique IB of the Year(2021); Deal of the Year(Business Services, 2021)Global Finance World’sBest Investment Bank(Southeast Region)Ernst & YoungEntrepreneur of the Year(Florida Region,Financial Services)GrowFL Florida Companiesto Watch AwardHYDE PARK CAPITALInvestment Banking Mergers &
Advanced Screening & Triage Care Coordination & Management Network Management Patient Self-Care. H. YDE . P. ARK . C. . protecting aural health via notifications, tracking sleep and heart rate, measuring oxygen in blood, and acting as a wearable ECG . Cigna Humana CVS Health Other UnitedHealth 495 521 548 576 605 637 669 704 740 .
