15
www.harriswilliams.com Member FINRA/SIPC Healthcare & Life Sciences Industry Update May 2012
www.harriswilliams.com
Member FINRA/SIPC
Healthcare & Life Sciences
Industry Update May 2012
What We’ve Been
Reading
May 2012
1
• With the Obamacare debate temporarily cooled while the Supreme Court deliberates on the
constitutionality of the Patient Protection and Affordable Care Act (“ACA”), Miles
Zaremski contributed an article to the Huffington Post in which he dissects the key issues.
While Zaremski is biased in favor of the ACA, the piece succinctly summarizes for the
casual reader topics such as the penalty for failing to purchase health insurance (the
individual mandate) and the impact on the remainder of the bill should the individual
mandate be found unconstitutional. Read the article here.
• Despite the future of the ACA still being unclear, according to the Wall Street Journal,
health insurers are bracing for the cost associated with one of its provisions. As part of the
bill, health insurers are required to pay refunds back to consumers and employers if an
insufficient portion of those premiums are actually spent reimbursing healthcare
expenditures. According to estimates cited in the article, the total refunds and rebates
could be as high as $1.3 billion. (Wall Street Journal subscription may be required)
• An article published in the New England Journal of Medicine titled “Medicare's
Readmissions-Reduction Program – A Positive Alternative” makes the case that hospitals
should begin providing warranties to discharged patients for medical services performed
while admitted. According to the article, 20% of Medicare beneficiaries are rehospitalized
within 30 day of discharge at an annual cost of $17 billion. Furthermore, the article asserts
that hospitals are disincentivized by the current reimbursement model, even factoring in
changes from healthcare reform, to reduce readmissions as they provide an additional
revenue stream.
• A blog post in the Harvard Business Review, “Health Care for 1% of the Cost,” suggests
the U.S. healthcare system has something to learn from poorer countries when it comes to
meeting cost constraints without diminishing quality of care. The article illustrates a
number of examples, ranging from cheap prosthetic legs for amputees in Thailand to low-
cost cataract surgery in India, of how many Third World countries have shifted their
paradigms of innovation away from the U.S. model requiring large spend on high
technology and sophisticated training for healthcare professionals.
2
Key Trading
Statistics
(detail begins
on page 6)
Equity Trading
Overview
May 2012
Public Company
Sector
Performance
(12-month %
change in stock
price)
Change in Stock Price
3 mos. 12 mos. Revenue EBITDA Revenue EBITDA
Clinical Laboratories 3 $8,026 (1.0%) (8.9%) 1.7x 7.8x 1.7x 7.8x
Contract Pharma Manufacturing 5 748 11.2% (5.0%) 1.0x 8.3x 1.2x 10.9x
Contract Research Organizations 5 1,524 6.3% (15.8%) 1.2x 11.5x 1.1x 8.7x
Disease Management 3 1,824 (1.4%) (46.0%) 2.0x 6.8x 1.3x 6.9x
Emergency Services 1 1,636 1.2% 24.4% 2.5x 9.6x 2.0x 7.3x
Health Care Staffing 4 817 22.4% (6.9%) 0.6x 9.8x 0.7x 8.4x
HMO - Medical 11 13,507 0.0% 6.0% 0.3x 5.9x 0.3x 5.6x
Information Services 13 2,212 9.9% 0.0% 2.7x 13.9x 2.9x 10.2x
Specialty Managed Care 2 2,469 (7.2%) (7.2%) 0.9x 6.2x 0.8x NA
Specialty Pharmacy Management 5 11,614 9.0% 10.9% 0.8x 11.0x 0.6x 8.9x
Dental Products 4 18,575 6.3% 0.6% 2.7x 10.7x 2.5x 9.9x
Durable Medical Equipment 4 2,229 1.2% (20.4%) 1.3x 6.9x 1.2x 6.3x
Life Sciences Tools 3 13,856 (2.3%) (15.5%) 2.3x 8.5x 2.3x 8.0x
Medical Devices and Products 14 34,795 2.2% (7.4%) 2.3x 8.6x 2.3x 8.0x
Medical / Surgical / Dental Supplies 7 8,947 (0.8%) (3.3%) 0.2x 8.1x 0.2x 7.3x
Acute-Care Hospitals 6 12,590 6.0% (21.4%) 0.9x 6.3x 0.9x 6.2x
Assisted Living 7 1,515 6.4% (30.2%) 1.8x 12.2x 1.6x 8.8x
Diagnostic Imaging 3 2,691 21.2% (15.6%) 1.5x 6.0x 1.5x 5.5x
Dialysis Services 2 21,114 4.4% (4.5%) 2.1x 10.0x 1.9x 9.0x
Home Care / Hospice 7 901 20.5% (29.7%) 0.6x 5.3x 0.6x 5.9x
Long-Term Care 4 901 2.0% (21.1%) 0.6x 5.6x 0.6x 4.5x
Physician Practice Management 4 828 6.5% (8.2%) 0.5x 7.6x 1.2x 7.8x
Psychiatric Hospitals / Management 3 2,318 (6.1%) (14.9%) 0.3x 5.4x 0.3x 6.0x
Surgicenters / Rehabilitation 4 2,097 13.2% (1.9%) 1.6x 7.3x 1.5x 7.2x
Payer, Provider, & Pharmacy Support Services 52 $4,438 5.0% (4.8%) 1.4x 9.1x 1.3x 8.3x
Products & Devices 32 $15,681 1.3% (9.2%) 1.8x 8.6x 1.7x 7.9x
Provider-Based Services 40 $4,995 8.2% (16.4%) 1.1x 7.3x 1.1x 6.8x
HW&Co. HCLS Composite Index 124 $6,989 5.5% (10.1%) 1.4x 8.3x 1.3x 7.6x
S&P 500 6.5% 2.5%
Median TEV/
Forward MulitplesSectorNumber of
Companies
Average
Enterprise
Value ($ mm)
Median TEV/
LTM Multiples
Emergency Services
Specialty Pharmacy Management
HMO - Medical
S&P 500
Dental Products
Information Services
Surgicenters / Rehabilitation
Medical / Surgical / Dental Supplies
Dialysis Services
Contract Pharma Manufacturing
Health Care Staffing
Specialty Managed Care
Medical Devices and Products
Physician Practice Management
Clinical Laboratories
HW&Co. HCLS Composite Index
Psychiatric Hospitals / Management
Life Sciences Tools
Diagnostic Imaging
Contract Research Organizations
Durable Medical Equipment
Long-Term Care
Acute-Care Hospitals
Home Care / Hospice
Assisted Living
Disease Management
(60.0%) (50.0%) (40.0%) (30.0%) (20.0%) (10.0%) (0.0%) 10.0% 20.0% 30.0% 40.0%
3
Healthcare &
Life Sciences
Industry Stock
Performance
Top 25 Equity
Offerings
(by proceeds)
Equity Markets
Overview
May 2012
40
60
80
100
120
140
160
180
May-09 Aug-09 Nov-09 Feb-10 May-10 Aug-10 Nov-10 Feb-11 May-11 Aug-11 Nov-11 Feb-12 May-12
HW&Co. HCLS Index S&P 500 Dow Jones U.S. Health Care Index
Closing Date Filing Date Issuer Ticker Transaction Type
Gross Proceeds
($mm)
04/02/12 04/02/12 Theravance Inc THRX Follow-On $212.9
04/30/12 04/30/12 Acadia Healthcare Co Inc ACHC Follow-On 126.6
04/30/12 04/27/12 Rockwell Medical Technologies RMTI Follow-On 120.0
04/04/12 04/04/12 Savient Pharmaceuticals Inc SVNT Follow-On 100.0
04/03/12 03/23/12 Clovis Oncology Inc CLVS Follow-On 75.0
04/12/12 03/27/12 Pacira Pharmaceuticals Inc PCRX Follow-On 67.3
04/11/12 05/05/10 ArQule Inc ARQL Follow-On 60.0
04/13/12 04/13/12 Hyperion Therapeutics Inc HPTX IPO 57.5
04/10/12 04/10/12 Horizon Pharma Inc HZNP Follow-On 53.2
04/30/12 12/23/10 Supernus Pharmaceuticals Inc SUPN IPO 50.0
04/02/12 04/02/12 Stemline Therapeutics Inc STML IPO 50.0
04/26/12 06/17/10 Transcept Pharmaceuticals Inc TSPT Follow-On 40.5
04/23/12 04/23/12 Accelr8 Technology Corp AXK Follow-On 35.0
04/23/12 12/23/11 PhotoMedex Inc PHMD Follow-On 27.6
04/18/12 03/07/12 Osprey Medical Inc OSP IPO 20.7
04/02/12 05/03/11 Derma Sciences Inc DSCI Follow-On 19.7
04/06/12 04/06/12 Catalyst Pharmaceutical CPRX Follow-On 17.9
04/23/12 04/19/12 TrovaGene Inc TROV Follow-On 17.3
04/12/12 04/12/12 AspenBio Pharma Inc APPY Follow-On 17.3
04/06/12 03/13/12 DARA Biosciences Inc DARA Follow-On 15.0
04/05/12 02/17/12 Galena Biopharma Inc GALE Follow-On 14.6
04/18/12 04/18/12 Proteonomix Inc PROT Follow-On 13.0
04/24/12 12/23/11 PhotoMedex Inc PHMD Follow-On 12.4
04/10/12 04/10/12 TearLab Corp TLB Follow-On 12.4
04/16/12 04/16/12 DARA Biosciences Inc DARA Convertible 10.3
52.6%
59.3%
58.7%
4
Announced
Healthcare &
Life Sciences
M&A
Announced Healthcare & Life Sciences Transactions Median Healthcare & Life Sciences Transaction Multiples
PEG Investments and Exits PEG Investments by Segment (Last 3 Years)
Healthcare &
Life Sciences
M&A Trends
Announced
Private Equity
M&A Activity
Middle Market Healthcare Transaction Highlights Quarterly M&A Activity
LTM Deal Statistics
Note: Transactions based on publicly available information
M&A
Overview
May 2012
179
223
278 279
255
225242
256267
245 236219
81
5
11
17 18
19
17
13
18
16
1318
11
6
0
50
100
150
200
250
300
350
2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Nu
mb
er o
f T
ra
nsa
cti
on
s__
PEG Acquirer Strategic Acquirer
$389.4
$194.1 $174.6
$110.6
$141.4
$44.6
0
200
400
600
800
1000
1200
1400
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
2007 2008 2009 2010 2011 2012 YTD
Nu
mb
er o
f Tra
nsa
ctio
ns_
_
Ag
greg
ate
Tra
nsa
cti
on
Va
lue (
$ i
n b
illi
on
s)
Aggregate Deal Value # of deals
15.5x 15.2x
7.7x
12.8x 11.1x
18.3x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
0x
3x
6x
9x
12x
15x
18x
21x
2007 2008 2009 2010 2011 2012 YTD
EV
/ LT
M R
ev
en
ue M
ultip
le_
_EV
/ L
TM
EB
ITD
A M
ult
iple
__
TEV / LTM EBITDA TEV / LTM Sales
31
40
58
69
94
113
79
42
71
65
17
2327
40
60 62
95
49 50
80
120
32
0
20
40
60
80
100
120
140
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD
Tra
nsa
cti
on
Vo
lum
e'
Number of Investments Number of Exits
HC&LS Industry Number of
Segment Companies
Biotechnology 4
Healthcare Technology 16
Healthcare Distributors 8
Healthcare Equipment 23
Healthcare Facilities 34
Healthcare Services 53
Healthcare Supplies 8
Life Sciences Tools & Services 10
Managed Healthcare 6
Pharmaceuticals 22
Aggregate Number Median Transaction Multiples
Value ($bn) of Deals TEV/Rev TEV/EBITDA
$148.4 1,013 1.76x 11.7x
Announced Target Buyer
4/26/2012 EUSA Pharma, Inc. Jazz Pharmaceuticals plc (NasdaqGS:JAZZ)
4/24/2012 BREG, Inc. Water Street Healthcare Partners
4/17/2012 Community Intervention Services, Inc. H.I.G. Growth Partners, LLC
4/12/2012 Pervasis Therapeutics, Inc. Shire plc (LSE:SHP)
4/10/2012 eResearchTechnology, Inc. (NasdaqGS:ERT) Genstar Capital, LLC
4/10/2012 CodeRyte, Inc. 3M Co. (NYSE:MMM)
4/10/2012 KAI Pharmaceuticals, Inc. Amgen Inc. (NasdaqGS:AMGN)
4/9/2012 CornerStone Research & Development, Inc. Sun Capital Partners, Inc.
4/5/2012 Allos Therapeutics, Inc. (NasdaqGS:ALTH) Spectrum Pharmaceuticals, Inc.
(NasdaqGS:SPPI)
4/2/2012 Fresenius Medical Care Holdings Inc., 54
Dialysis Clinics
Golub Capital; DSI Renal, Inc.
5
Key Credit
Statistics
Top 20 Recent
Healthcare &
Life Sciences
Debt Offerings
(by deal amount)
Average Secondary Spread
Average Spread on Healthcare Loans
Credit Statistics
Quarterly Healthcare Loan Volume
Debt Markets
Overview
May 2012
$0
$3
$6
$9
$12
$15
$18
$21
$24
1Q06 3Q06 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12
Lo
an
Vo
lum
e b
y Q
ua
rte
r (
$ i
n b
illi
on
s)_
__
Pro Rata Institutional
L + 0
L + 100
L + 200
L + 300
L + 400
L + 500
2006 2007 2008 2009 2010 2011 2012 YTD
Aver
age
Sp
read
Over
LIB
OR
__
Revolving Credit / Term Loan A Weighted-Average Institutional
L + 0
L + 200
L + 400
L + 600
L + 800
L + 1000
Av
era
ge
Sp
rea
d O
ver
LIB
OR
__
0.0x
2.0x
4.0x
6.0x
Debt/EBITDA Senior Debt/EBITDA EBITDA/Cash Interest EBITDA - Capex/Cash Interest
EB
ITD
A M
ult
iple
__
2006 2007 2008 2009 2010 2011 2012 YTD
Date Effective Borrower Name Description Tranche Amount ($mn) Type Rating Spread
05/15/12 Watson Pharmaceuticals Inc Pharmaceutical preparations $4,500 Bridge Loan Baa3 / BBB L+ 150
05/15/12 Watson Pharmaceuticals Inc Pharmaceutical preparations 1,500 Term Loan Baa3 / BBB L+ 150
04/18/12 Boston Scientific Corp Surgical and medical instruments 2,000 Revolver/Line >= 1 Yr. Baa3 / BBB- L+ 150
05/01/12 Zimmer Holdings Surgical appliances and supplies 1,350 Revolver/Line >= 1 Yr. Baa1 / A- L+ 100
04/04/12 Aveta Holdings LLC Offices & clinics of medical doctors 525 Term Loan B B1 / B+ L+ 650
04/04/12 Aveta Holdings LLC Offices & clinics of medical doctors 50 Revolver/Line >= 1 Yr. B1 / B+ L+ 600
04/01/12 ResCare Inc Intermediate care facilities 175 Revolver/Line >= 1 Yr. B1 / B- L+ 275
04/01/12 ResCare Inc Intermediate care facilities 175 Term Loan A B1 / B- L+ 275
04/13/12 Steris Corp Surgical appliances and supplies 300 Revolver/Line >= 1 Yr. NR / NR L+ 100
04/20/12 AMN Healthcare Inc. Health and allied services 200 Term Loan B Ba2 / BB- L+ 475
04/20/12 AMN Healthcare Inc. Health and allied services 50 Revolver/Line >= 1 Yr. Ba2 / BB- L+ 425
04/04/12 Dialysis Newco Inc Kidney dialysis centers 133 Term Loan NR / NR L+ 500
04/04/12 Dialysis Newco Inc Kidney dialysis centers 30 364-Day Facility NR / NR L+ 500
04/04/12 Dialysis Newco Inc Kidney dialysis centers 30 Revolver/Line >= 1 Yr. NR / NR L+ 500
04/25/12 Physiotherapy Associates Offices of health practitioners 100 Term Loan B Ba2 / B L+ 475
04/25/12 Physiotherapy Associates Offices of health practitioners 25 Revolver/Line >= 1 Yr. Ba2 / B L+ 475
04/02/12 Tri-City Healthcare District General medical & surgical hospitals 51 Term Loan A NR / NR L+ 175
04/02/12 Tri-City Healthcare District General medical & surgical hospitals 25 Revolver/Line >= 1 Yr. NR / NR L+ 175
04/20/12 Flager Hospital General medical & surgical hospitals 68 Other Loan NR / NR N/A
04/02/12 Legacy Hospital Partners Inc General medical & surgical hospitals 60 Term Loan A NR / NR L+ 450
Healthcare & Life Sciences Trading Statistics
May 2012
As of April 30, 2012 6
Payer, Provider, & Pharmacy Support Services Stock Price
Change in Stock
Price
% Change 52 Week
4/30/2012 3 mos. 12 mos. 3 mos. 12 mos. High Low Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA
Clinical Laboratories
Bio-Reference Laboratories Inc. $21.32 $19.41 $25.03 7.4% (15.4%) $25.99 $11.41 $592 $34 $22 $604 $587 $80 $64 Jan-12 Oct-11 $660 $90 $74 1.0x 7.6x 0.9x 6.7x
Laboratory Corp. of America Holdings 87.89 92.11 98.48 (3.3%) (8.9%) 100.94 74.57 8,508 2,121 130 10,520 5,597 1,277 1,081 Mar-12 Dec-11 5,717 1,353 1,124 1.9x 8.2x 1.8x 7.8x
Quest Diagnostics Inc. 57.69 57.71 56.78 (1.0%) 2.3% 62.32 45.13 9,153 3,920 145 12,953 7,625 1,635 1,345 Mar-12 Dec-11 7,709 1,661 1,366 1.7x 7.8x 1.7x 7.8x
Number of Companies 3 Median: (1.0%) (8.9%) Total $18,253 $8,026 $13,809 $14,086 1.7x 7.8x 1.7x 7.8x
Mean: 1.0% (7.3%) $8,026 1.5x 7.8x 1.5x 7.4x
Contract Pharma Manufacturing
Akorn, Inc. $12.13 $11.96 $6.69 9.5% 83.2% $13.09 $6.00 $1,153 $102 $28 $1,170 $163 $50 $44 Mar-12 Dec-11 $256 $99 $88 8.5x 22.1x 4.6x 11.8x
Cambrex Corporation. 6.48 6.84 4.54 (14.4%) 23.2% 8.44 3.87 192 84 21 258 265 52 29 Mar-12 Dec-11 265 NA 29 1.0x 5.7x 1.0x NA
Integrated Biopharma Inc. 0.05 0.04 0.19 151.2% (76.3%) 0.21 0.02 1 13 0 13 28 2 2 Dec-11 Jun-11 NA NA NA 0.5x 6.6x NA NA
Patheon Inc. 2.21 1.44 2.27 64.9% (7.4%) 2.37 1.09 286 284 33 541 678 33 (17) Jan-12 Oct-11 698 50 8 0.8x 16.4x 0.8x 10.9x
West Pharmaceutical Services, Inc. 44.90 41.06 46.88 11.2% (5.0%) 47.62 35.50 1,517 381 100 1,757 1,213 205 130 Mar-12 Dec-11 1,251 216 134 1.4x 8.3x 1.4x 8.1x
Number of Companies 5 Median: 11.2% (5.0%) Total $3,149 $748 $2,348 $2,470 1.0x 8.3x 1.2x 10.9x
Mean: 44.5% 3.6% $748 2.5x 11.8x 1.9x 10.3x
Contract Research Organizations
Albany Molecular Research Inc. $3.19 $2.99 $4.81 1.3% (34.8%) $5.55 $2.08 $98 $3 $8 $84 $204 $7 ($11) Mar-12 Dec-11 $216 $19 $4 0.4x 18.3x 0.4x 4.3x
Charles River Laboratories International, Inc. 35.53 34.81 40.52 6.3% (15.8%) 42.84 25.52 1,744 704 61 2,389 1,143 272 188 Mar-12 Dec-11 1,157 274 198 2.1x 8.8x 2.1x 8.7x
Covance Inc. 46.76 46.60 60.50 6.2% (25.3%) 63.86 42.02 2,661 340 440 2,302 2,125 308 203 Mar-12 Dec-11 2,189 311 199 1.1x 7.5x 1.1x 7.4x
ICON Public Limited Company 22.18 20.26 24.63 16.7% (9.7%) 26.22 15.03 1,334 20 129 1,148 969 76 35 Mar-12 Dec-11 1,090 117 74 1.2x 15.2x 1.1x 9.8x
PAREXEL International Corporation 26.94 24.29 24.24 31.7% (3.0%) 28.74 15.26 1,603 247 0 1,697 1,314 148 79 Mar-12 Jun-11 1,367 170 103 1.3x 11.5x 1.2x 10.0x
Number of Companies 5 Median: 6.3% (15.8%) Total $7,440 $1,524 $5,755 $6,019 1.2x 11.5x 1.1x 8.7x
Mean: 12.4% (17.7%) $1,524 1.2x 12.2x 1.2x 8.1x
Disease Management
Alere Inc. $23.89 $26.32 $39.10 (0.7%) (35.7%) $41.18 $17.82 $1,920 $3,534 $514 $4,941 $2,475 $566 $164 Mar-12 Dec-11 $2,690 $622 $547 2.0x 8.6x 1.8x 7.9x
Corac Group plc 0.16 $0.18 $0.27 (1.4%) (46.0%) 0.31 0.14 40 0 24 15 1 (9) (9) Dec-11 Dec-11(Capability Needed)(Capability Needed)(Capability Needed) 28.8x NM NA NA
Healthways Inc. 6.67 $7.93 $16.24 (10.8%) (60.6%) 17.62 5.59 223 294 1 516 691 101 51 Mar-12 Dec-11 685 88 38 0.7x 5.1x 0.8x 5.9x
Number of Companies 3 Median: (1.4%) (46.0%) Total $2,183 $1,824 $3,167 $3,375 2.0x 6.8x 1.3x 6.9x
Mean: (4.3%) (47.4%) $1,824 10.5x 6.8x 1.3x 6.9x
Emergency Services
Air Methods Corp. $84.11 $88.47 $62.87 1.2% 24.4% $93.30 $56.17 $1,060 $558 $2 $1,636 $719 $188 $111 Mar-12 Dec-11 $805 $223 $137 2.5x 9.6x 2.0x 7.3x
Number of Companies 1 Median: 1.2% 24.4% Total $1,060 $1,636 $719 $805 2.5x 9.6x 2.0x 7.3x
Mean: 1.2% 24.4% $1,636 2.5x 9.6x 2.0x 7.3x
Health Care Staffing
AMN Healthcare Services Inc. $6.71 $5.57 $8.94 41.0% (22.2%) $9.33 $3.60 $272 $194 $5 $501 $898 $56 $40 Mar-12 Dec-11 $934 $65 $47 0.6x 9.3x 0.5x 7.7x
Cross Country Healthcare, Inc. 4.61 6.14 7.52 (24.3%) (37.9%) 8.00 3.76 144 42 11 174 504 21 11 Dec-11 Dec-11 526 24 15 0.3x 8.4x 0.3x 7.2x
On Assignment Inc. 18.71 11.92 11.02 65.4% 70.2% 19.37 6.27 703 81 18 766 635 60 50 Mar-12 Dec-11 699 64 56 1.2x 12.9x 1.1x 11.9x
Team Health Holdings, Inc. 21.54 20.43 21.10 3.8% 8.4% 24.13 15.08 1,417 409 10 1,827 3,263 172 140 Mar-12 Dec-11 1,961 203 158 0.6x 10.4x 0.9x 9.0x
Number of Companies 4 Median: 22.4% (6.9%) Total $2,536 $817 $5,300 $4,120 0.6x 9.8x 0.7x 8.4x
Mean: 21.5% 4.6% $817 0.7x 10.2x 0.7x 8.9x
Company NameLTM
Period (3)
Lastest
FYE
Date(3)
TEV/ LTM Multiples (5)Equity
Mkt. ValueTotal Debt
Cash and
Equiv.
Total
Ent.
Value
(TEV)
Lastest Twelve Months
(LTM)TEV/ Fwd MultiplesForward Estimate
Healthcare & Life Sciences Trading Statistics
May 2012
As of April 30, 2012 7
Payer, Provider, & Pharmacy Support Services
Stock Price
Change in Stock
Price
% Change 52 Week
4/30/2012 3 mos. 12 mos. 3 mos. 12 mos. High Low Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA
HMO - Medical
Commercial:
Aetna Inc. $44.04 $45.80 $42.54 0.0% 6.4% $51.14 $33.43 $15,299 $4,128 $809 $18,619 $34,308 $3,796 $3,341 Mar-12 Dec-11 $35,523 $3,324 $2,965 0.5x 4.9x 0.5x 5.6x
Cigna Corp. 46.23 43.54 47.17 3.9% (1.3%) 52.95 38.79 13,283 5,229 2,111 13,698 23,375 2,407 2,206 Mar-12 Dec-11 28,146 2,862 2,337 0.6x 5.9x 0.5x 4.8x
Coventry Health Care Inc. 29.99 $30.53 $33.59 1.7% (7.1%) 37.86 25.78 4,258 1,585 1,745 4,097 12,847 947 831 Mar-12 Dec-11 14,141 812 680 0.3x 4.3x 0.3x 5.0x
Health Net, Inc. 35.61 $36.15 $33.01 (3.8%) 6.9% 41.22 20.51 2,964 511 391 3,245 11,368 483 452 Mar-12 Dec-11 11,584 472 441 0.3x 8.5x 0.3x 6.9x
Humana Inc. 80.68 85.16 77.09 (8.5%) 6.0% 96.46 65.20 13,165 1,915 3,656 11,424 37,860 2,541 2,236 Mar-12 Dec-11 39,571 2,606 2,206 0.3x 4.5x 0.3x 4.4x
Unitedhealth Group, Inc. 56.15 53.06 50.47 9.9% 14.1% 59.71 41.27 58,549 12,854 11,661 59,742 103,712 9,333 8,560 Mar-12 Dec-11 109,863 9,688 8,686 0.6x 6.4x 0.5x 6.2x
WellPoint Inc. 67.82 64.65 79.80 5.3% (11.7%) 81.92 56.61 22,437 10,189 2,279 30,347 61,232 4,991 4,326 Mar-12 Dec-11 61,542 4,528 4,067 0.5x 6.1x 0.5x 6.7x
Number of Companies 7 Median: 1.7% 6.0% Total $129,955 $20,168 $284,701 $300,369 0.5x 5.9x 0.5x 5.6x
Mean: 1.2% 1.9% $20,168 0.4x 5.8x 0.4x 5.7x
Government:
AMERIGROUP Corporation $61.76 $67.74 $68.30 (10.5%) (9.6%) $75.74 $37.57 $2,987 $737 $640 $3,097 $6,547 $294 $278 Mar-12 Dec-11 $8,711 $380 $339 0.5x 9.0x 0.4x 8.2x
Centene Corp. 39.59 47.08 35.30 (9.5%) 9.3% 50.98 25.28 2,037 350 433 1,954 5,851 251 200 Mar-12 Dec-11 7,989 309 240 0.3x 7.8x 0.2x 6.3x
Molina Healthcare Inc. 25.65 33.86 28.22 (14.6%) (10.5%) 36.83 13.93 1,188 229 518 900 5,024 192 147 Mar-12 Dec-11 5,968 201 148 0.2x 4.7x 0.2x 4.5x
WellCare Health Plans, Inc. 61.18 61.64 48.29 4.8% 39.6% 74.41 33.29 2,636 144 1,445 1,457 6,423 475 460 Mar-12 Dec-11 7,029 356 333 0.2x 3.4x 0.2x 4.1x
Number of Companies 4 Median: (10.0%) (0.2%) Total $8,849 $1,852 $23,845 $29,697 0.3x 6.2x 0.2x 5.4x
Mean: (7.5%) 7.2% $1,852 0.3x 6.2x 0.2x 5.8x
Information Services
Data/Analytics:
Accelrys Inc. $8.23 $7.49 $7.21 9.9% 8.7% $8.45 $5.68 $458 $0 $95 $335 $149 $16 ($9) Mar-12 Dec-11 $166 $33 $24 2.3x 26.0x 2.0x 10.2x
eResearchTechnology, Inc. 7.90 5.68 6.30 45.2% 24.2% 8.15 3.86 390 21 46 372 194 41 20 Mar-12 Dec-11 200 58 32 2.0x 9.1x 1.9x 6.4x
National Research Corp. 48.34 41.82 34.65 23.5% 35.7% 49.86 28.00 328 2 8 334 78 24 19 Mar-12 Dec-11 88 NA 23 4.4x 13.9x 3.8x NA
Number of Companies 3 Median: 23.5% 24.2% Total $1,175 $347 $421 $166 2.3x 13.9x 2.0x 8.3x
Mean: 26.2% 22.9% $347 2.9x 16.3x 2.6x 8.3x
eHealth:
WebMD Health Corp. 22.75 27.60 51.73 (17.5%) (60.7%) 58.55 22.27 1,268 800 1,142 947 534 96 81 Mar-12 Dec-11 $507 $108 $50 1.7x 7.3x NA NA
Number of Companies 1 Median: (17.5%) (60.7%) Total $1,268 $947 $534 $507 1.7x 7.3x NA NA
Mean: (17.5%) (60.7%) $947 1.7x 7.3x NA NA
Hospital/Physician:
Allscripts Healthcare Solutions, Inc. $11.10 $20.62 $20.36 (41.0%) (48.5%) $21.92 $8.99 $2,112 $344 $176 $2,280 $1,473 $242 $161 Mar-12 Dec-11 $1,512 $338 $263 1.5x 9.4x 1.5x 6.8x
athenahealth, Inc. 72.45 64.82 44.97 23.0% 56.8% 78.24 38.97 2,597 0 52 2,481 351 53 36 Mar-12 Dec-11 429 86 65 7.1x 46.9x 5.8x 28.9x
Cerner Corporation 81.11 69.39 59.99 33.3% 35.0% 81.48 53.93 13,826 153 281 13,085 2,307 629 494 Mar-12 Dec-11 2,587 833 577 5.7x 20.8x 5.1x 15.7x
Computer Programs & Systems Inc. 59.59 61.84 59.13 4.0% 1.4% 79.06 41.80 659 0 9 633 178 44 42 Mar-12 Dec-11 195 51 48 3.6x 14.3x 3.3x 12.4x
HMS Holdings Corp. 24.06 33.96 25.96 (26.9%) (8.3%) 34.98 19.78 2,078 346 107 2,316 389 117 86 Mar-12 Dec-11 505 166 106 6.0x 19.8x 4.6x 13.9x
MedAssets, Inc. 12.61 12.29 16.04 20.7% (21.3%) 16.28 8.52 729 967 1 1,586 598 182 79 Mar-12 Dec-11 606 198 88 2.7x 9.3x 2.6x 8.0x
Merge Healthcare Incorporated 4.29 6.07 5.64 (21.0%) (13.0%) 7.23 4.23 396 250 40 607 241 54 35 Mar-12 Dec-11 288 68 50 2.6x 11.2x 2.1x 9.0x
Quality Systems Inc. 37.40 43.74 44.53 (6.0%) (16.6%) 50.70 33.08 2,206 0 129 2,076 418 130 121 Dec-11 Mar-11 438 145 128 5.0x 15.9x 4.7x 14.3x
SunCoke Energy Inc. 15.22 15.26 0.00 13.4% 0.0% 18.00 9.20 1,067 726 114 1,700 1,675 157 94 Mar-12 Dec-11 1,866 264 181 1.1x 12.1x 0.9x 6.4x
Number of Companies 9 Median: 4.0% (8.3%) Total $25,670 $2,974 $7,629 $8,425 3.6x 14.3x 3.3x 12.4x
Mean: (0.1%) (1.6%) $2,974 3.9x 17.8x 3.4x 12.8x
Forward Estimate TEV/ LTM Multiples (5) TEV/ Fwd Multiples
Company NameEquity
Mkt. ValueTotal Debt
Cash and
Equiv.
Total
Ent.
Value
(TEV)
Lastest Twelve Months
(LTM)LTM
Period (3)
Lastest
FYE
Date(3)
Healthcare & Life Sciences Trading Statistics
May 2012
As of April 30, 2012 8
Payer, Provider, & Pharmacy Support Services Stock Price
Change in Stock
Price
% Change 52 Week
4/30/2012 3 mos. 12 mos. 3 mos. 12 mos. High Low Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA
Specialty Managed Care
Assurant Inc. 40.34 43.21 38.59 2.7% 1.6% 44.54 30.65 3,483 1,067 1,065 4,455 8,309 941 810 Mar-12 Dec-11 8,469 NA 930 0.5x 4.7x 0.5x NA
CorVel Corporation 43.49 48.29 45.35 (17.1%) (16.0%) 54.64 38.04 494 0 10 484 409 63 49 Dec-11 Mar-11 413 NA NA 1.2x 7.7x 1.2x NA
Number of Companies 2 Median: (7.2%) (7.2%) Total $3,976 $2,469 $8,718 $8,883 0.9x 6.2x 0.8x NA
Mean: (7.2%) (7.2%) $2,469 0.9x 6.2x 0.8x NA
Specialty Pharmacy Management
BioScrip Inc. $7.41 $6.55 $6.75 37.5% 60.7% $7.85 $4.52 $412 $291 $0 $705 $1,843 $63 $49 Mar-12 Dec-11 $586 $51 $34 0.4x 11.0x 1.2x 13.9x
Express Scripts Holding Company 55.79 50.28 58.99 9.0% (1.7%) 60.89 34.47 44,863 8,076 5,620 47,319 46,128 2,601 2,374 Dec-11 Dec-11 91,259 5,330 4,569 1.0x 18.2x 0.5x 8.9x
Catalyst Health Solutions, Inc. 86.37 56.48 63.25 55.8% 45.1% 92.62 45.35 3,885 269 51 4,109 5,663 218 169 Mar-12 Dec-11 6,337 239 185 0.8x 20.3x 0.6x 17.2x
Omnicare Inc. 34.84 33.05 32.66 6.0% 10.9% 36.48 20.36 3,936 1,992 622 5,306 6,250 662 528 Mar-12 Dec-11 6,235 661 551 0.8x 8.0x 0.9x 8.0x
PharMerica Corporation 11.87 12.25 13.21 (5.9%) (9.8%) 16.45 10.43 350 272 7 632 2,045 104 73 Mar-12 Dec-11 1,939 100 69 0.3x 6.4x 0.3x 6.3x
Number of Companies 5 Median: 9.0% 10.9% Total $53,445 $11,614 $61,929 $106,356 0.8x 11.0x 0.6x 8.9x
Mean: 20.5% 21.0% $11,614 0.7x 12.8x 0.7x 10.9x
Company NameEquity
Mkt. ValueTotal Debt
Cash and
Equiv.
Total
Ent.
Value
(TEV)
Lastest Twelve Months
(LTM)LTM
Period (3)
Lastest
FYE
Date(3)
Forward Estimate TEV/ LTM Multiples (5) TEV/ Fwd Multiples
Healthcare & Life Sciences Trading Statistics
May 2012
As of April 30, 2012 9
Products & Devices Stock Price
Change in Stock
Price
% Change 52 Week
4/30/2012 3 mos. 12 mos. 3 mos. 12 mos. High Low Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA
Dental Products
3M Co. $89.36 $88.02 $95.99 2.3% (8.1%) $98.19 $68.63 $62,004 $5,174 $2,332 $63,447 $29,786 $7,494 $6,234 Mar-12 Dec-11 $30,725 $7,842 $6,563 2.1x 8.5x 2.1x 8.1x
DENTSPLY International Inc. 41.06 37.68 38.61 8.5% 9.3% 41.38 28.35 5,824 1,987 67 7,749 2,684 429 326 Mar-12 Dec-11 2,968 593 472 3.1x 18.3x 2.6x 13.1x
Sirona Dental Systems Inc. 50.51 45.74 55.63 4.0% (11.5%) 57.87 38.69 2,815 78 78 2,842 953 238 162 Mar-12 Sep-11 969 259 228 3.0x 12.3x 2.9x 11.0x
Young Innovations Inc. 34.00 30.15 29.85 12.0% 9.6% 34.66 25.06 268 0 5 263 107 29 25 Mar-12 Dec-11 109 30 26 2.5x 9.1x 2.4x 8.8x
Number of Companies 4 Median: 6.3% 0.6% Total $70,912 $18,575 $33,530 $34,771 2.7x 10.7x 2.5x 9.9x
Mean: 6.7% (0.2%) $18,575 2.7x 12.0x 2.5x 10.2x
Durable Medical Equipment
Hill-Rom Holdings, Inc. $32.45 34.39 45.92 (2.1%) (27.9%) $48.80 $26.90 $2,014 $95 $175 $1,934 $1,612 $307 $221 Mar-12 Sep-11 $1,667 $337 $225 1.2x 6.3x 1.2x 5.7x
Invacare Corporation 15.85 17.56 32.88 (5.4%) (51.8%) 34.52 14.54 504 268 33 739 1,806 131 91 Mar-12 Dec-11 1,701 NA NA 0.4x 5.6x 0.4x NA
ResMed Inc. 34.01 29.92 32.22 16.1% 6.6% 35.32 23.37 4,904 236 776 4,364 1,338 358 275 Mar-12 Jun-11 1,369 372 291 3.3x 12.0x 3.2x 11.7x
Steris Corp. 31.41 30.96 36.16 4.4% (12.8%) 36.76 27.08 1,810 210 151 1,878 1,407 285 223 Mar-12 Mar-12 1,444 299 220 1.3x 7.5x 1.3x 6.3x
Number of Companies 4 Median: 1.2% (20.4%) Total $9,232 $2,229 $6,163 $6,180 1.3x 6.9x 1.2x 6.3x
Mean: 3.3% (21.5%) $2,229 1.6x 7.9x 1.5x 7.9x
Life Sciences Tools
Agilent Technologies Inc. $42.18 $45.09 $49.88 (2.3%) (15.5%) $55.33 $28.67 $14,663 $2,181 $3,662 $13,183 $6,731 $1,385 $1,133 Jan-12 Oct-11 $6,950 $1,624 $1,429 2.0x 9.5x 1.9x 8.1x
Becton, Dickinson and Company 78.45 76.85 86.95 (0.7%) (8.7%) 89.75 69.59 16,483 4,170 1,839 17,960 7,943 2,208 1,684 Mar-12 Sep-11 7,882 2,257 1,691 2.3x 8.0x 2.3x 8.0x
Life Technologies Corporation 46.36 49.58 55.93 (4.5%) (16.0%) 56.71 35.30 8,264 2,425 219 10,426 3,819 1,234 826 Mar-12 Dec-11 3,841 1,396 1,149 2.7x 8.5x 2.7x 7.5x
Number of Companies 3 Median: (2.3%) (15.5%) Total $39,410 $13,856 $18,493 $18,673 2.3x 8.5x 2.3x 8.0x
Mean: (2.5%) (13.4%) $13,856 2.3x 8.7x 2.3x 7.8x
Medical Devices and Products
Abbott Laboratories $62.06 $55.26 $52.66 13.9% 19.3% $62.57 $46.29 $97,580 $16,647 $4,346 $104,984 $39,267 $11,435 $8,393 Mar-12 Dec-11 $39,955 $12,474 $9,772 2.7x 9.0x 2.6x 8.4x
ArthroCare Corporation 24.96 31.26 33.42 (19.4%) (29.4%) 35.82 23.54 690 0 162 548 360 22 (2) Mar-12 Dec-11 361 95 68 1.5x 25.8x 1.5x 5.8x
Baxter International Inc. 55.41 56.80 58.92 0.2% (2.6%) 62.50 47.55 30,826 5,216 2,272 33,359 13,997 3,852 3,165 Mar-12 Dec-11 14,252 4,039 3,315 2.4x 8.6x 2.3x 8.3x
Boston Scientific Corporation 6.26 5.95 7.71 4.5% (16.4%) 7.91 5.01 8,979 4,259 284 12,954 7,563 1,615 936 Mar-12 Dec-11 7,467 1,691 1,044 1.7x 7.9x 1.7x 7.7x
CR Bard Inc. 98.96 92.31 107.36 7.4% (7.3%) 113.84 80.80 8,306 1,239 675 8,870 2,926 947 835 Mar-12 Dec-11 3,027 947 829 3.0x 9.4x 2.9x 9.4x
Danaher Corp. 54.22 52.31 54.64 3.4% (1.8%) 56.45 39.34 37,561 4,926 1,043 41,512 17,115 3,730 2,997 Mar-12 Dec-11 18,583 4,054 3,262 2.4x 10.9x 2.2x 10.2x
Hanger Orthopedic Group Inc. 23.55 22.05 27.13 22.3% (13.3%) 27.90 14.57 800 506 32 1,265 936 166 134 Mar-12 Dec-11 975 163 127 1.4x 7.8x 1.3x 7.8x
Hologic Inc. 19.12 20.92 22.46 (0.4%) (13.2%) 23.24 13.90 5,043 1,527 855 5,715 1,862 619 310 Mar-12 Sep-11 1,921 702 597 3.1x 9.2x 3.0x 8.1x
Hospira Inc. 35.12 34.11 56.77 1.2% (38.1%) 57.25 26.92 5,794 1,779 656 6,945 4,021 621 377 Mar-12 Dec-11 4,006 714 503 1.7x 8.6x 1.7x 9.7x
Johnson & Johnson 65.10 64.89 65.63 (0.9%) (0.9%) 68.05 59.08 178,721 19,449 30,267 166,087 64,996 19,379 16,203 Apr-12 Jan-12 67,036 21,139 17,750 2.6x 8.6x 2.5x 7.9x
Medtronic, Inc. 38.20 39.93 42.24 (1.7%) (8.5%) 43.33 30.18 39,751 10,263 1,190 47,669 16,479 5,528 4,653 Jan-12 Apr-11 16,289 6,113 5,217 2.9x 8.6x 2.9x 7.8x
Stryker Corp. 54.57 53.96 60.11 (0.8%) (7.5%) 64.61 43.73 20,788 1,774 690 19,265 8,453 2,491 2,002 Mar-12 Dec-11 8,709 2,589 2,123 2.3x 7.7x 2.2x 7.4x
Thermo Fisher Scientific, Inc. 55.65 56.07 60.77 6.1% (7.2%) 65.86 43.06 20,439 6,675 788 26,322 12,105 2,439 1,517 Mar-12 Dec-11 12,411 2,732 2,332 2.2x 10.8x 2.1x 9.6x
Zimmer Holdings, Inc. 62.93 61.03 67.94 3.2% (3.6%) 69.93 47.00 11,151 1,717 674 11,639 4,477 1,484 1,114 Mar-12 Dec-11 4,534 1,664 1,330 2.6x 7.8x 2.6x 7.0x
Number of Companies 14 Median: 2.2% (7.4%) Total $466,429 $34,795 $194,556 $199,525 2.4x 8.6x 2.3x 8.0x
Mean: 2.8% (9.3%) $34,795 2.3x 10.1x 2.3x 8.2x
Medical / Surgical / Dental Supplies
AmerisourceBergen Corporation $37.21 $38.97 $42.22 (4.1%) (8.4%) $43.47 $34.33 $9,594 $1,882 $2,327 $9,149 $81,001 $1,388 $1,254 Mar-12 Sep-11 $80,956 $1,413 $1,283 0.1x 6.6x 0.1x 6.5x
Cardinal Health, Inc. 42.27 42.13 45.30 (0.8%) (3.3%) 47.06 37.53 14,612 2,553 2,410 15,063 107,551 2,059 1,746 Mar-12 Jun-11 107,738 2,143 1,847 0.1x 7.4x 0.1x 7.0x
Henry Schein, Inc. 76.74 71.27 72.96 8.2% 5.0% 77.72 58.50 6,925 481 102 7,622 8,682 721 603 Mar-12 Dec-11 8,803 726 609 0.9x 10.7x 0.9x 10.5x
McKesson Corporation 91.41 82.19 84.74 16.2% 10.1% 92.69 66.61 22,496 3,980 3,149 23,327 122,734 2,880 2,329 Mar-12 Mar-12 122,972 3,211 2,742 0.2x 8.1x 0.2x 7.3x
Owens & Minor Inc. 29.24 29.85 34.59 (3.8%) (15.1%) 35.71 25.87 1,858 212 214 1,857 8,722 248 214 Mar-12 Dec-11 9,035 261 228 0.2x 7.5x 0.2x 7.1x
Patterson Companies Inc. 34.09 32.09 35.54 6.8% (1.8%) 36.93 26.19 3,783 850 538 4,095 3,483 400 359 Jan-12 Apr-11 3,514 401 359 1.2x 10.2x 1.2x 10.2x
PSS World Medical Inc. 23.93 24.28 28.83 (1.6%) (16.8%) 29.47 18.51 1,227 319 32 1,517 2,113 171 136 Dec-11 Apr-11 2,119 171 136 0.7x 8.9x 0.7x 8.9x
Number of Companies 7 Median: (0.8%) (3.3%) Total $60,495 $8,947 $334,285 $335,138 0.2x 8.1x 0.2x 7.3x
Mean: 3.0% (4.3%) $8,947 0.5x 8.5x 0.5x 8.2x
TEV/ Fwd MultiplesCash and
Equiv.
Total
Ent.
Value
(TEV)
Lastest Twelve Months
(LTM)LTM
Period (3)
Lastest
FYE
Date(3)
Company NameEquity
Mkt. ValueTotal Debt
TEV/ LTM Multiples (5)Forward Estimate
Healthcare & Life Sciences Trading Statistics
May 2012
As of April 30, 2012
Stock Price
Change in Stock
Price
% Change 52 Week
4/30/2012 3 mos. 12 mos. 3 mos. 12 mos. High Low Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA
Acute-Care Hospitals
Community Health Systems, Inc. $24.34 $20.03 $30.90 28.9% (20.8%) $31.55 $14.61 $2,169 $9,557 $129 $12,021 $14,056 $1,867 $1,203 Mar-12 Dec-11 $13,825 $1,915 $1,180 0.9x 6.3x 0.9x 6.3x
Health Management Associates Inc. 7.20 6.84 11.62 12.5% (36.2%) 11.74 4.81 1,846 3,715 8 5,271 6,064 866 576 Mar-12 Dec-11 6,475 964 648 0.9x 6.1x 0.8x 5.5x
HCA Holdings, Inc. 26.92 27.83 34.59 8.3% (17.9%) 35.37 17.03 11,796 27,902 471 40,038 33,650 6,155 4,631 Mar-12 Dec-11 35,386 6,392 4,779 1.2x 6.5x 1.1x 6.3x
Lifepoint Hospitals Inc. 39.02 41.16 43.27 (3.3%) (6.2%) 43.45 28.95 1,903 1,603 116 3,431 3,654 549 358 Mar-12 Dec-11 3,694 557 372 0.9x 6.2x 0.9x 6.2x
Tenet Healthcare Corp. 5.19 5.72 6.63 (2.6%) (25.1%) 6.74 3.46 2,142 4,583 104 6,808 9,646 1,083 667 Mar-12 Dec-11 9,797 1,238 811 0.7x 5.9x 0.7x 5.5x
Universal Health Services Inc. 42.71 42.40 56.41 3.6% (22.0%) 56.46 31.35 4,145 0 0 7,968 0 0 0 Mar-12 Dec-11 7,632 1,243 942 1.1x 6.6x 1.0x 6.4x
Number of Companies 6 Median: 6.0% (21.4%) Total $24,001 $12,590 $67,070 $76,810 0.9x 6.3x 0.9x 6.2x
Mean: 7.9% (21.4%) $12,590 0.9x 6.3x 0.9x 6.0x
Assisted Living
Assisted Living Concepts Inc. $17.91 $16.34 $18.29 13.9% (0.7%) $18.58 $11.16 $415 $88 $3 $499 $234 $66 $44 Dec-11 Dec-11 $241 $71 $48 2.1x 7.5x 2.1x 7.0x
Brookdale Senior Living Inc. 19.01 $18.50 $26.85 6.4% (30.2%) 27.38 10.98 2,303 2,466 42 4,738 2,341 382 122 Mar-12 Dec-11 2,540 407 155 2.1x 12.2x 1.9x 11.6x
Capital Senior Living Corp. 9.69 $8.56 $9.40 21.9% 4.5% 10.10 5.44 262 280 18 473 271 39 18 Mar-12 Dec-11 304 54 28 1.8x 13.0x 1.6x 8.8x
Emeritus Corp. 17.20 18.43 23.45 (1.3%) (29.8%) 24.72 13.36 775 2,231 50 2,970 1,278 209 75 Mar-12 Dec-11 1,315 235 101 2.4x 15.0x 2.3x 12.6x
Five Star Quality Care Inc. 3.43 3.50 8.25 (2.0%) (59.1%) 8.44 2.15 164 115 27 243 1,276 41 17 Mar-12 Dec-11 1,381 45 14 0.2x 6.1x 0.2x 5.4x
Skilled Healthcare Group, Inc. 7.67 6.06 13.16 33.2% (36.7%) 13.95 3.30 295 476 10 754 867 118 93 Mar-12 Dec-11 873 113 86 0.9x 5.8x 0.9x 6.7x
Sunrise Senior Living Inc. 6.28 7.77 10.55 (14.1%) (39.5%) 10.65 3.68 358 758 47 928 624 58 18 Mar-12 Dec-11 1,354 74 NA 1.6x 24.8x 0.7x 12.6x
Number of Companies 7 Median: 6.4% (30.2%) Total $4,572 $1,515 $6,891 $8,007 1.8x 12.2x 1.6x 8.8x
Mean: 8.3% (27.4%) $1,515 1.6x 12.1x 1.4x 9.3x
Diagnostic Imaging
Alliance Healthcare Services, Inc. $1.37 $1.37 $4.40 21.2% (69.0%) $4.45 $0.93 $70 $642 $60 $719 $496 $144 $34 Mar-12 Dec-11 $480 $132 $28 1.5x 4.9x 1.5x 5.4x
RadNet, Inc. 3.09 2.39 4.21 26.1% (15.6%) 5.19 1.87 118 557 2 675 644 110 52 Mar-12 Dec-11 690 124 58 1.1x 6.0x 1.0x 5.5x
Varian Medical Systems Inc. 63.42 64.73 71.16 (3.3%) (9.7%) 71.95 48.72 7,166 162 617 6,679 2,714 628 573 Mar-12 Sep-11 2,846 652 600 2.5x 10.6x 2.3x 10.2x
Number of Companies 3 Median: 21.2% (15.6%) Total $7,354 $2,691 $3,854 $4,016 1.5x 6.0x 1.5x 5.5x
Mean: 14.7% (31.4%) $2,691 1.7x 7.2x 1.6x 7.0x
Dialysis Services
DaVita Inc. $88.58 $83.97 $85.44 8.8% 0.6% $90.42 $59.14 $8,327 $4,515 $449 $13,049 $7,298 $1,533 $1,252 Mar-12 Dec-11 $7,685 $1,602 $1,319 1.9x 9.0x 1.7x 8.1x
Fresenius Medical Care AG & Co. KGAA 71.17 72.15 73.45 (0.0%) (9.5%) 75.48 56.51 21,593 8,806 580 29,180 13,060 2,675 2,110 Mar-12 Dec-11 14,162 2,961 2,384 2.2x 10.9x 2.1x 9.9x
Number of Companies 2 Median: 4.4% (4.5%) Total $29,920 $21,114 $20,358 $21,847 2.1x 10.0x 1.9x 9.0x
Mean: 4.4% (4.5%) $21,114 2.1x 10.0x 1.9x 9.0x
Home Care / Hospice
Addus HomeCare Corporation $4.62 $3.75 $6.01 26.6% (22.9%) $6.38 $3.00 $50 $32 $1 $79 $274 $14 $10 Mar-12 Dec-11 $276 $16 $12 0.3x 5.3x 0.3x 5.1x
Almost Family Inc. 24.38 19.50 33.29 32.7% (29.7%) 34.67 12.50 227 2 37 196 347 36 33 Mar-12 Dec-11 361 33 30 0.6x 5.2x 0.5x 5.9x
Amedisys Inc. 14.73 11.33 33.41 42.6% (55.8%) 34.42 9.12 453 137 41 552 1,482 133 94 Mar-12 Dec-11 1,487 101 59 0.4x 3.6x 0.4x 5.4x
Gentiva Health Services Inc. 8.28 7.36 25.91 15.0% (70.4%) 28.21 2.81 256 938 73 1,082 1,783 180 151 Mar-12 Dec-11 1,755 175 145 0.6x 4.0x 0.6x 6.2x
LHC Group, Inc. 17.71 15.34 28.12 20.5% (40.2%) 30.54 12.34 336 14 0 385 631 69 61 Mar-12 Dec-11 649 62 58 0.6x 5.6x 0.6x 6.2x
Lincare Holdings Inc. 24.40 25.47 30.97 (5.4%) (22.3%) 31.79 19.65 2,061 727 29 2,719 1,917 459 330 Mar-12 Dec-11 2,040 495 362 1.4x 5.9x 1.3x 5.5x
Chemed Corp. 60.34 57.44 72.02 6.8% (13.3%) 72.25 47.66 1,160 169 34 1,295 1,378 182 158 Mar-12 Dec-11 1,436 204 168 0.9x 7.1x 0.9x 6.3x
Number of Companies 7 Median: 20.5% (29.7%) Total $4,543 $901 $7,812 $8,005 0.6x 5.3x 0.6x 5.9x
Mean: 19.8% (36.4%) $901 0.7x 5.3x 0.7x 5.8x
Long-Term Care
The Ensign Group, Inc. $26.71 $26.48 $28.08 2.5% (3.4%) $32.67 $19.61 $585 $205 $33 $746 $777 $116 $90 Mar-12 Dec-11 $842 $125 $99 1.0x 6.5x 0.9x 6.0x
Kindred Healthcare Inc. 9.64 12.28 24.86 (24.8%) (61.8%) 26.15 7.60 503 1,658 40 1,975 5,909 388 206 Mar-12 Dec-11 6,299 444 239 0.4x 5.6x 0.3x 4.5x
National Healthcare Corp. 45.60 46.07 47.27 1.6% (1.9%) 53.08 29.97 631 10 60 666 752 96 67 Mar-12 Dec-11 747 NA NA 0.9x 5.7x 0.9x NA
Sun Healthcare Group, Inc. 7.23 4.49 11.34 61.0% (38.7%) 12.23 2.06 182 89 45 216 1,923 80 49 Mar-12 Dec-11 1,913 76 40 0.1x 2.3x 0.1x 2.8x
Number of Companies 4 Median: 2.0% (21.1%) Total $1,901 $901 $9,361 $9,802 0.6x 5.6x 0.6x 4.5x
Mean: 10.1% (26.4%) $901 0.6x 5.0x 0.6x 4.4x
TEV/ LTM Multiples (5) TEV/ Fwd Multiples
Company NameEquity Mkt.
ValueTotal Debt
Cash and
Equiv.
Total Ent.
Value
(TEV)
Lastest Twelve Months
(LTM)LTM
Period (3)
Lastest
FYE Date(3)
Forward Estimate
10
Provider-Based Services
Healthcare & Life Sciences Trading Statistics
May 2012
As of April 30, 2012 11
Provider-Based Services
Stock Price
Change in Stock
Price
% Change 52 Week
4/30/2012 3 mos. 12 mos. 3 mos. 12 mos. High Low Revenue EBITDA EBIT Revenue EBITDA EBIT Revenue EBITDA Revenue EBITDA
Physician Practice Management
Multispecialty / Primary Care:
IPC The Hospitalist Company, Inc. $38.41 32.06 51.13 13.8% (25.9%) $52.23 $29.70 $637 $15 $22 $629 $474 $50 $47 Mar-12 Dec-11 $524 $58 $55 1.3x 12.5x 1.2x 10.8x
Number of Companies 1 Median: 13.8% (25.9%) Total $637 $629 $474 $524 1.3x 12.5x 1.2x 10.8x
Mean: 13.8% (25.9%) $629 1.3x 12.5x 1.2x 10.8x
Specialty:
Integramed America Inc. $12.39 $9.32 $10.23 35.4% 22.9% $13.50 $6.70 $149 $10 $57 $102 $280 $19 $10 Mar-12 Dec-11 $302 $22 $12 0.4x 5.6x 0.3x 4.7x
MEDNAX, Inc. 70.24 72.78 74.47 (1.4%) (1.0%) 75.86 58.48 3,368 84 22 3,375 1,629 386 359 Mar-12 Dec-11 1,778 431 402 2.1x 8.9x 1.9x 7.8x
Number of Companies 2 Median: 17.0% 11.0% Total $3,517 $1,738 $1,909 $2,080 1.2x 7.3x 1.1x 6.3x
Mean: 17.0% 11.0% $1,738 1.2x 7.3x 1.1x 6.3x
Dental:
Birner Dental Management Services Inc. $16.36 $17.75 $19.43 (0.8%) (15.5%) $21.99 $14.75 $31 $5 $1 $34 $62 $4 $2 Mar-12 Dec-11 NA NA NA 0.5x 7.6x NA NA
Number of Companies 1 Median: (0.8%) (15.5%) Total $31 $34 $62 $0 0.5x 7.6x NA NA
Mean: (0.8%) (15.5%) $34 0.5x 7.6x NA NA
Psychiatric Hospitals / Management
Magellan Health Services Inc. $44.28 $48.71 $51.21 (9.6%) (14.9%) $56.76 $41.10 $1,209 $0 $172 $1,007 $2,880 $203 $173 Mar-12 Dec-11 $3,281 $241 $176 0.3x 4.9x 0.3x 4.2x
Providence Service Corp. 14.06 15.22 15.09 (6.1%) (4.6%) 15.94 8.35 183 148 47 297 975 44 30 Mar-12 Dec-11 1,035 50 35 0.3x 5.9x 0.3x 6.0x
Universal Health Services Inc. 42.71 42.40 56.41 3.6% (22.0%) 56.46 31.35 4,145 3,584 42 7,968 7,567 1,204 906 Mar-12 Dec-11 7,632 1,243 942 1.1x 6.6x 1.0x 6.4x
Number of Companies 3 Median: (6.1%) (14.9%) Total $5,538 $2,318 $11,422 $11,948 0.3x 5.4x 0.3x 6.0x
Mean: (4.0%) (13.8%) $2,318 0.4x 4.4x 0.5x 5.5x
Surgicenters / Rehabilitation
Surgery Centers:
AmSurg Corp. $28.76 $26.38 $26.85 11.4% 7.1% $29.78 $19.08 $907 $448 $44 $1,621 $839 $288 $260 Mar-12 Dec-11 $923 $312 $284 1.9x 5.6x 1.8x 5.2x
Number of Companies 1 Median: 11.4% 7.1% Total $907 $1,621 $839 $923 1.9x 5.6x 1.8x 5.2x
Mean: 11.4% 7.1% $1,621 1.9x 5.6x 1.8x 5.2x
Rehabilitation / Long Term Acute Care:
HEALTHSOUTH Corp. $22.39 $18.85 $27.54 14.9% (12.6%) $28.50 $13.65 $2,140 $1,246 $44 $3,792 $2,060 $470 $391 Mar-12 Dec-11 $2,131 $488 $409 1.8x 7.9x 1.8x 7.8x
Select Medical Holdings Corporation 8.57 8.40 8.81 3.9% (3.9%) 9.66 5.48 1,226 1,433 9 2,660 2,855 385 315 Mar-12 Dec-11 2,904 401 322 0.9x 6.9x 0.9x 6.6x
US Physical Therapy Inc. 24.38 20.26 24.69 19.6% 0.1% 26.23 16.58 287 25 10 316 243 43 37 Mar-12 Dec-11 250 39 40 1.3x 7.6x 1.3x 8.0x
Number of Companies 3 Median: 14.9% (3.9%) Total $3,653 $2,256 $5,158 $5,285 1.3x 7.6x 1.3x 7.8x
Mean: 12.8% (5.5%) $2,256 1.4x 7.5x 1.3x 7.5x
Company NameEquity
Mkt. ValueTotal Debt
Cash and
Equiv.
Total
Ent.
Value
(TEV)
Lastest Twelve Months
(LTM)LTM
Period (3)
Lastest
FYE
Date(3)
Forward Estimate TEV/ LTM Multiples (5) TEV/ Fwd Multiples
12
M&A Detail
May 2012
Announced U.S.
Healthcare &
Life Sciences
M&A
4/30/2012 Columbus Oncology & Hematology Associates,
Inc.
- The Mark H. Zangmeister Cancer
Center
- - - - No
4/30/2012 Gen-Probe Inc. (NasdaqGS:GPRO) Kleiner, Perkins, Caufield & Byers;
Wellington Management Company
LLP; BAMCO Inc.
Hologic Inc. (NasdaqGS:HOLX) $3,868.8 6.6x 21.2x 27.9x No
4/30/2012 Triax Pharmaceuticals, LLC Clearlake Capital Group, LLC Onset Dermatologics LLC - - - - No
4/30/2012 Medcenter One, Inc. - Sanford Health of Northern Minnesota - - - - No
4/30/2012 BioSeek, Inc. Asterand Plc (LSE:ATD) - - - - - No
4/29/2012 Hemerus Medical, LLC - Haemonetics Corp. (NYSE:HAE) $27.0 - - - No
4/27/2012 Durango Cancer Center PC and Southwest
Oncology PC
- Mercy Regional Medical Center - - - - No
4/26/2012 SIGMA, LLC Lovett Miller & Co. Baxter International Inc. (NYSE:BAX) $150.0 - - - No
4/26/2012 EUSA Pharma, Inc. 3i Group plc (LSE:III); Advent
Venture Partners; Essex Woodlands
Health Ventures; Goldman Sachs
Jazz Pharmaceuticals plc
(NasdaqGS:JAZZ)
$700.0 - - - Yes
4/25/2012 Matrix Management Solutions LLC - Quality Systems Inc.
(NasdaqGS:QSII)
- - - - No
4/25/2012 Mid Michigan Orthopedics, PC - Memorial Healthcare - - - - No
4/24/2012 Smart Solutions Health Care Group - WeiserMazars LLP - - - - No
4/24/2012 Regional Toxicology Services, L.L.C. - Waud Capital Partners, L.L.C. - - - - Yes
4/24/2012 DecisionView, Inc. Granite Ventures, LLC; Adobe
Ventures; Aeris Capital AG
IMS Health Incorporated - - - - No
4/24/2012 BREG, Inc. Orthofix Holdings, Inc. Water Street Healthcare Partners $157.5 - - - Yes
4/24/2012 Creighton University Medical Center, Inc. Amisub (Saint Joseph Hospital), Inc.;
Creighton Health Care, Inc.
Alegent Health - - - - No
4/23/2012 Ardea Biosciences, Inc. (NasdaqGS:RDEA) Wellington Management Company
LLP; Prudential Investments LLC
AstraZeneca PLC (LSE:AZN) $1,080.9 148.0x - - No
4/23/2012 Nabi Biopharmaceuticals (NasdaqGS:NABI) Renaissance Technologies Corp.;
RRH Capital Management Inc.; 683
Capital Management, LLC
Biota Holdings Ltd. (ASX:BTA) - - - - No
4/23/2012 Pfizer Nutrition Inc. Pfizer Inc. (NYSE:PFE) Nestlé S.A. (SWX:NESN) $11,850.0 5.6x 23.7x - No
4/23/2012 ALARIS Medical Systems, Inc. And
CareFusion 2200, Inc.
CareFusion Corporation
(NYSE:CFN)
Natus Medical Inc.
(NasdaqGS:BABY)
$58.0 0.6x - - No
4/23/2012 Teaneck Anesthesia Group, P.A. and Bergen
Anesthesia Associates, P.A.
- Team Health Holdings, Inc.
(NYSE:TMH)
- - - - No
4/23/2012 Ascentia Health Care Solutions, LLC - Healthways Inc. (NasdaqGS:HWAY) - - - - No
4/23/2012 Prestige Laboratory, LLC - US Clinical Laboratories, LLC - - - - No
4/23/2012 St. Joseph's Mercy Health Center, Inc. Sisters Of Mercy Health System, Inc. Capella Healthcare, Inc. - - - - No
4/22/2012 Diabetes Specialty Centre - Byram Healthcare Centers, Inc. $16.0 0.6x - - No
4/20/2012 Biolex Therapeutics, Inc., LEX SystemSM and
Two Biological Drug Candidates
Biolex Therapeutics, Inc. Synthon Holding B.V. - - - - No
4/20/2012 XenneX, Inc. - LifeMap Sciences, Inc. - - - - No
4/19/2012 Central Arkansas Radiation Therapy Institute,
Inc., CARTI/UAMS Facility
Central Arkansas Radiation Therapy
Institute, Inc.
University of Arkansas for Medical
Sciences
$9.5 - - - No
4/19/2012 The Westerly Hospital - Westerly Hospital Holdco, LLC. - - - - No
4/19/2012 BlueLibris, LLC - Numera, Inc. - - - - No
4/18/2012 Catalyst Health Solutions, Inc.
(NasdaqGS:CHSI)
Principal Global Investors, LLC;
Fidelity Management & Research
Company
SXC Health Solutions, Inc. $4,326.3 0.8x 20.9x 26.6x No
4/18/2012 CareSource Michigan CareSource Management Group, Co.
Inc.
McLaren Health Plan, Inc. $27.0 - - - No
4/17/2012 Cardiovascular Consultants Of Nevada, LLP - Cardiovascular Consultants Of
Nevada HealthCare Partners
Cardiology
- - - - No
4/17/2012 Soulstis Med Spa - The Cascade Medspa and Laser
Centre
- - - - No
4/17/2012 Community Intervention Services, Inc. - H.I.G. Growth Partners, LLC - - - - Yes
4/17/2012 Dixie Elixirs, LLC Dixie Holdings, LLC Medical Marijuana, Inc.
(OTCPK:MJNA)
- - - - No
4/16/2012 Eli Lilly & Co., Worldwide License to Develop
and Commercialize VLY-686
Eli Lilly & Co. (NYSE:LLY) Vanda Pharmaceuticals, Inc.
(NasdaqGM:VNDA)
$100.0 - - - No
4/16/2012 Mount Auburn, Inc. - Home Health International Inc.
(OTCPK:HHII)
- - - - No
4/16/2012 Sunridge International, Inc., Substantially All
Assets
Sunridge International, Inc.
(OTCPK:SNDZ)
Westhouse Medical Services Plc
(DB:5WM)
$2.0 - - - No
4/14/2012 FusionSleep Atlanta North - FusionHealth LLC - - - - No
4/13/2012 Alliance Medical Group Inc. - University HealthCare Alliance - - - - No
4/13/2012 Alameda Family Physicians Medical Group, Inc. - University HealthCare Alliance - - - - No
4/12/2012 PhytoSPHERE Systems, LLC CannaBank Inc. Medical Marijuana, Inc.
(OTCPK:MJNA)
- - - - No
4/12/2012 PharmaSphere, LLC, License for the use of
TerraSphere Systems
PharmaSphere, LLC PhytoSPHERE Systems, LLC - - - - No
Enterprise Enterprise Value / LTM Private Equity
Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement
13
M&A Detail
May 2012
Announced U.S.
Healthcare &
Life Sciences
M&A
(Continued)
Turner Bredrup Managing Director
+1 (804) 915-0110
Cheairs Porter Managing Director
+1 (804) 915-0130
James Clark Managing Director
+1 (804) 915-0119
Todd Morris Managing Director
+1 (415) 217-3412
Geoff Smith Director
+1 (804) 915-0195
Andy Dixon Vice President
+1 (415) 217-3419
Contacts
Whit Knier Vice President
+1 (804) 932-1321
4/12/2012 Pedinol Pharmacal, Inc. - Valeant Pharmaceuticals International,
Inc. (TSX:VRX)
- - - - No
4/12/2012 Pervasis Therapeutics, Inc. Highland Capital Partners; Polaris
Venture Partners, Inc.
Shire plc (LSE:SHP) - - - - Yes
4/12/2012 Santa Barbara Medical Innovations, LLC - Primcogent Solutions - - - - No
4/11/2012 URL Pharma, Inc. Elliott Management Corporation;
Momar Corporation
Takeda Pharmaceuticals U.S.A., Inc. $800.0 1.3x - - No
4/10/2012 eResearchTechnology, Inc. (NasdaqGS:ERT) Blum Capital Partners Genstar Capital, LLC $376.7 2.0x 9.2x 19.3x Yes
4/10/2012 Discovery Labware Inc. Becton, Dickinson and Company
(NYSE:BDX)
Corning Inc. (NYSE:GLW) $730.0 2.3x - - No
4/10/2012 CodeRyte, Inc. Cardinal Partners; Polaris Venture
Partners, Inc.; SVB Capital
3M Co. (NYSE:MMM) - - - - Yes
4/10/2012 Collier's Sterilizer Sales and Service Co., Inc. - - - - - - No
4/10/2012 KAI Pharmaceuticals, Inc. Intersouth Partners; InterWest
Partners; Skyline Ventures; Investor
Growth Capital
Amgen Inc. (NasdaqGS:AMGN) $315.0 - - - Yes
4/10/2012 MasterCare DENTS - The Guardian Life Insurance
Company of America
- - - - No
4/9/2012 CornerStone Research & Development, Inc. Mitsui & Co. (U.S.A.), Inc. Sun Capital Partners, Inc. - - - - Yes
4/9/2012 Cook General BioTechnology LLC - Cook Group Incorporated - - - - No
4/9/2012 Lakewood Ranch Oncology Center LLC - Radiation Therapy Services Holdings,
Inc.
$26.0 - - - No
4/9/2012 Evans Memorial Hospital, Inc., Glenview Health
& Rehabilitation
Evans Memorial Hospital, Inc. AdCare Property Holdings, LLC $8.2 - - - No
4/5/2012 Allos Therapeutics, Inc. (NasdaqGS:ALTH) Calvert Investment Management,
Inc.; Warburg Pincus LLC; Perseus,
L.L.C.
Spectrum Pharmaceuticals, Inc.
(NasdaqGS:SPPI)
$108.7 1.4x - - Yes
4/5/2012 Farhouch Berdjis MD Medical Corp - Pediatrix Medical Group, Inc.(Florida) - - - - No
4/5/2012 Burlington Anesthesia PLLC - American Anesthesiology, Inc. - - - - No
4/5/2012 CompuData, Inc. - Advantedge Healthcare Solutions, Inc. - - - - No
4/5/2012 Unity Health Center, Inc. Community Health Partners, Inc. SSM Health Care Of Oklahoma - - - - No
4/5/2012 Current Solutions, LLC Advantage Capital Partners Roscoe Medical, Inc. - - - - No
4/4/2012 Whispering Oaks Assisted Living Facility, 450
E. Franklin Street
- First Business Bank - - - - No
4/4/2012 da Vinci Dental Studios, Inc. - - - - - - No
4/4/2012 SeqWright, Inc. BioWright Holdings, Inc. GE Healthcare Ltd. - - - - No
4/4/2012 New England Sinai Hospital Inc. - Steward Health Care System, LLC - - - - No
4/3/2012 Accutome, Inc. - Halma plc (LSE:HLMA) $25.0 1.2x - 12.5x No
4/3/2012 Merge Healthcare Solutions Inc., Health
Information Kiosks
Merge Healthcare Solutions Inc Higi LLC $2.8 - - - No
4/3/2012 DePuy Orthopaedics Inc., Worldwide Trauma
Business
DePuy Orthopaedics Inc. Biomet Inc. $280.0 - - - No
4/3/2012 Zion's Way Home Health, Inc. - The Ensign Group, Inc.
(NasdaqGS:ENSG)
- - - - No
4/3/2012 Pennsylvania Subacute Portfolio - Sabra Health Care REIT, Inc.
(NasdaqGS:SBRA)
$29.9 8.8x - - No
4/2/2012 Mercy Medical, A Corporation, Four Baldwin
Retirement Facilities
Mercy Medical, A Corporation The Covenant Group, Inc.; Legend
Retirement Corp.
- - - - No
4/2/2012 PinnacleHealth Medical Group, Inc. - Pinnacle Health System - - - - No
4/2/2012 GlobalNet Solutions, Inc. - Medical Transcription Billing, Corp. - - - - No
4/2/2012 BioSoteria, Inc. - Dohmen Investment Group, LLC - - - - No
4/2/2012 Five Senior Living Communities in Texas and
Indiana
- Capital Senior Living Corp.
(NYSE:CSU)
$49.4 - - - No
4/2/2012 Newport Laboratories, Inc. - Merial Limited - - - - No
4/2/2012 Research Organics, Inc. - Sigma-Aldrich Corporation
(NasdaqGS:SIAL)
- - - - No
4/2/2012 Fresenius Medical Care Holdings Inc., 54
Dialysis Clinics
Fresenius Medical Care Holdings
Inc.
Golub Capital; DSI Renal, Inc. - - - - Yes
4/2/2012 West Coast Radiology Center Inc. - RadNet, Inc. (NasdaqGM:RDNT) - - - - No
4/2/2012 Custom Holdings, LLC - ATG Rehab Inc. - - - - No
4/2/2012 MED-STAFF Oklahoma, LLC - Accountable Healthcare Holdings
Corp.
- - - - No
4/2/2012 iMed Cost Containment Solution LLC - Health Systems International, LLC - - - - No
4/2/2012 Chapman & Associates, Bill Review Clients Chapman & Associates, R.L.L.P. Health Systems International, LLC - - - - No
Enterprise Enterprise Value / LTM Private Equity
Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement
14
Sources:
Capital IQ.
Thomson Financial.
S&P.
Reuters.
Bloomberg.
Irving Levin Associates.
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