1、Investment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.DateDateTargetTargetBuyer(s)Buyer(s)SegmentSegmentAmountAmount($in Mil)($in Mil)TEV/TEV/RevRevTEV/TEV/EBITDAEBITDA1 2/7/2022Sparrow Health SystemsUniversity of Michigan Health SystemOutpatient/Clinics800.00-1 1/7

2、/2022Summit Medical GroupEvernorth,VillageMDOutpatient/Clinics8,900.00-1 0/20/2022Corium Pharma SolutionsGurnet Point Capital,Webster Equity PartnersPharma and Lab Services408.00-1 0/1 2/2022Discovery Senior LivingCoastWood Senior Housing Partners,Lee Equity PartnersLong Term&Behavioral Care455.00-1

3、 0/7/2022EyeSouth PartnersOlympus PartnersOutpatient/Clinics1,000.00-9/6/2022Action Behavior CentersCharlesbank Capital PartnersLong Term&Behavioral Care840.00-9/1/2022Aeratech Home MedicalAdvent Home Medical,Maranon Capital,New Harbor CapitalHealthcare Distributors-If You Are a Business Owner Looki

4、ng for Additional Transaction Activity If You Are a Business Owner Looking for Additional Transaction Activity Within Your Industry,Please Call Our Offices at 720.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.16 186 28 37 75 -50 100 150 200Strategic45%Financial55%Company Name

5、SymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAMcKessonMCK53,1 90$375.1 2$50.9%50.9%93.4%3.8%1.5%0.2x1 4.5xNM0.2x1 1.5xAmerisourceBergenABC33,486 1 65.71 24.7%24.7%94.9%7.1%1.3%0.2x1 1.6x20.6x

6、0.1 x9.7xCardinal HealthCAH20,1 50 76.87 49.3%49.3%94.2%1 1.5%(0.1%)0.1 xNMNM0.1 x8.5xHenry ScheinHSIC1 0,826 79.87 3.0%3.0%86.2%2.0%8.7%1.1 x1 2.1 x1 7.4x1.0 x1 1.6xPrestige Consumer HealthcarePBH3,1 00 62.60 3.2%3.2%97.7%3.0%32.7%4.1 x1 2.5x1 5.2x4.0 x1 1.5xPatterson CompaniesPDCO2,721 28.03 (4.5%

7、)(4.5%)79.4%2.7%5.7%0.5x9.1 x1 3.8x0.5xNMOwens&MinorOMI1,489 1 9.53 (55.1%)(55.1%)39.8%3.0%4.4%0.4x9.6x1 2.2x0.4x7.1 xSegment Average10.2%10.2%83.7%4.7%7.7%0.9x11.6x15.8x0.9x10.0 xSegment M edian3.2%3.2%93.4%3.0%4.4%0.4x11.9x15.2x0.4x10.6xM arket Stats Operating Stats LTM M ultiples NTM M ultiples-5

8、0%-40%-30%-20%-10%0%10%20%30%40%Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Healthcare DistributorsOutpatient/ClinicsInpatient/HospitalsPharma and Lab ServicesLong Term and Behavioral CareS&P 500 Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 5

9、2 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAOak Street HealthOSH5,225$21.51$(35.1%)(35.1%)60.6%54.4%(24.5%)3.0 xNMNM2.0 xNMSurgery PartnersSGRY3,41 6 27.86 (47.8%)(47.8%)43.6%1 4.2%1 9.4%3.3x1 7.0 xNM2.9x1 8.6xSelect Medical HoldingsSEM3,1 53 24.8

10、3 (1 5.5%)(1 5.5%)80.6%5.5%1 0.0%1.3x1 3.2x1 8.0 x1.3x1 0.1 xU.S.Physical TherapyUSPH1,054 81.03 (1 5.2%)(1 5.2%)61.6%7.5%1 5.9%2.6x1 6.6x27.1 x2.5x1 8.3xThe JointJYNT203 1 3.98 (78.7%)(78.7%)21.0%27.0%8.2%2.3xNMNM1.8xNMSegment Average(38.5%)(38.5%)53.5%21.7%5.8%2.5x15.6x22.5x2.1x15.6xSegment M edia

11、n(35.1%)(35.1%)60.6%14.2%10.0%2.6x16.6x22.5x2.0 x18.3xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAHCA Management Serv

12、icesHCA67,841$239.96$(6.6%)(6.6%)86.0%4.7%20.9%1.8x8.7x1 3.6x1.7x8.9xUniversal Health ServicesUHS1 0,060 1 40.89 8.7%8.7%89.0%5.8%1 2.2%1.1 x9.4x1 4.5x1.1 x8.7xTenet HealthcareTHC5,275 48.79 (40.3%)(40.3%)52.7%5.3%1 7.2%1.2x6.9x9.5x1.1 x6.8xCommunity Health SystemsCYH582 4.32 (67.5%)(67.5%)29.3%3.6%

13、1 3.4%1.1 x8.2xNM1.1 x9.2xSegment Average(26.4%)(26.4%)64.2%4.8%15.9%1.3x8.3x12.5x1.3x8.4xSegment M edian(23.4%)(23.4%)69.3%5.0%15.3%1.2x8.5x13.6x1.1x8.8xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.R

14、evenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDACVS HealthCVS1 22,449$93.1 9$(9.7%)(9.7%)83.8%3.1%3.4%0.6x1 6.2x39.2x0.5x8.6xLaboratory Corporation of AmericaLH20,864 235.48 (25.1%)(25.1%)74.2%(1.6%)20.1%1.8x8.7x1 2.5x1.8x9.9xQuest DiagnosticsDGX1 7,81 7 1 56.44 (9.6

15、%)(9.6%)89.8%(1 1.9%)21.4%2.1 x1 0.0 x1 5.4x2.4x1 1.5xAllscripts Healthcare SolutionsMDRX1,927 1 7.64 (4.4%)(4.4%)75.9%(57.1%)1 9.6%2.0 x7.4x1 9.0 x2.5x8.8xNextGen HealthcareNXGN1,270 1 8.78 5.6%5.6%85.4%1 4.1%1 1.4%2.0 xNMNM1.7x9.4xSegment Average(8.6%)(8.6%)81.8%(10.7%)15.2%1.7x10.6x21.5x1.8x9.7xS

16、egment M edian(9.6%)(9.6%)83.8%(1.6%)19.6%2.0 x9.3x17.2x1.8x9.4xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAAcadia He

17、althcareACHC7,489$82.32$35.6%35.6%91.6%1 1.7%22.3%3.6x1 6.0 x26.7x3.2x1 3.7xThe Ensign GroupENSG5,249 94.61 1 2.7%1 2.7%97.1%1 4.7%1 1.8%2.2x1 8.7x25.2x1.9x1 4.9xLHC GroupLHCG5,01 8 1 61.69 1 7.8%1 7.8%95.2%5.8%8.3%2.6x31.0 x78.9x2.4x22.9xAddus HomeCareADUS1,603 99.49 6.4%6.4%88.1%1 0.0%8.8%1.8x20.9

18、x36.2x1.7x1 5.4xNational HealthcareASE:NHC91 3 59.50 (1 2.4%)(1 2.4%)79.0%NM7.1%0.8x1 1.3x28.9xNMNMSegment Average12.0%12.0%90.2%10.6%11.7%2.2x19.6x39.2x2.3x16.7xSegment M edian12.7%12.7%91.6%10.9%8.8%2.2x18.7x28.9x2.2x15.1xM arket Stats Operating Stats LTM M ultiples NTM M ultiples 51%47%54%42%8%10

19、%10%11%41%43%36%47%41%39%42%42%13%9%11%9%46%52%47%49%41%35%36%37%8%8%9%5%51%57%55%58%39%47%39%36%8%6%7%10%54%47%54%55%0%20%40%60%80%100%Senior DebtSub DebtEquitySource:GF DataSource:GF DataNote:The most current source of GF Data is as of November 2022.MultiplesSource:PitchBook Financial Data and Ana

20、lytics2019202120202022*$0.0M$100.0B$200.0B$300.0B$400.0B$500.0B$600.0B1,3002,3003,3004,3005,3006,3002021 Q42022 Q12022 Q22022 Q32022 Q4Deals ClosedDeals ClosedCapital Invested6.1x5.9x6.1x6.6x6.9x6.8x7.0 x7.1x7.5x8.0 x8.3x8.8x9.3x8.6x9.0 x9.7x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x2019202020212022*$10-

21、25mm$25-50mm$50-100mm$100-250mm1.“Opportunities Abound Even As Risks Rise,”KPMG,Ross Nelson,Q3 2022 https:/advisory.kpmg.us/articles/2022/ma-trends-health-care.html?utm_source=google&utm_medium=cpc&utm_campaign=7014W000001GXfSQAW&cid=7014W000001GXfSQAW&gclid=CjwKCAiA2fmdBhBpEiwA4CcHzXzh0aya77s0M-z6S

22、BOBHziDb3E0305mwn2butnVzLMVIhwqcWVJwhoCQWkQAvD_BwE2.“Why is nurse pay skyrocketing?”A,staff,Feb.9,2022 https:/ M&A Trends in Health Industries:2022 Mid-Year Update,”PWC,2022 https:/ M&A Trends in Health Industries:2022 Outlook,”PWC,2022 https:/ Shortages Choking U.S.Health Care System,”U.S.News,Stev

23、en Ross Johnson,Jul.28,2022 https:/ Go on Strike at 2 New York City Hospitals,”New York Times,Sharon Otterman and Sean Piccoli,Jan.10,2023 https:/ Evolving Landscape of Healthcare Talent Acquisition,”PreCheck,Bryan Barajas,Sep.6,2022 https:/ Flurry Caps Off Another Year Of Low-Volume,High-Value Hosp

24、ital M&A,”Fierce Healthcare,Dave Muoio,Jan 13,2023 https:/ PE-backed Deals That Aim To Solve Staffing Shortages In Healthcare,”PE Hub,Aaron Weitzman,Oct.13,2022 https:/ Recent Payer Mergers And Acquisitions,”Beckers Payer Issues,Rylee Wilson,Nov.28,2022 https:/ Recent Payer Acquisitions,”Beckers Pay

25、er Issues,Jakob Emerson,Aug.17,2022 https:/ Therapeutics Closes$1.35 Billion Magellan Rx Acquisition,Uniting Pharmacy And Medical Drug Management Expertise,”Cision PR Newswire,Dec.5,2022 https:/ To Sell Majority Stake In Kindred Hospice Arm To PE Firm For$2.8B,”Healthcare Dive,Rebecca Pifer,Apr.22,2

26、022 https:/ VillageMD Inks$9B Deal To Buy Summit Health,Marking Largest Physician Deal Of The Year,”Fierce Healthcare,Heather Landi,Nov.7,2022 https:/ Vs.Amazon After The$3.9B One Medical Deal,”Becker Hospital Review,Laura Dyrda,Jul 26,2022 https:/ Nabs Home Healthcare Company Signify For$8B Followi

27、ng Bidding War,”Healthcare Dive,Rebecca Pifer,Sep.6,2022 https:/ Among Bidders for Signify Health,”Wall Street Journal,Laura Cooper,Aug.21,2022 https:/ Groups Optum Closes$13 Billion Change Healthcare Deal,”Forbes,Bruce Japsen,Oct.3,2022 UnitedHealth Groups Optum Closes$13 Billion Change Healthcare

28、Deal()19.“Walgreens Snaps Up Remaining Stake In Carecentrix For$392M,”Fierce Healthcare,Heather Landi,Oct.12,2022 https:/ U.S.Needs More Nurses,But Nursing Schools Dont Have Enough Slots,”NPR,Yuki Noguchi,Oct.25,2021 https:/www.npr.org/sections/health-shots/2021/10/25/1047290034/the-u-s-needs-more-n

29、urses-but-nursing-schools-have-too-few-slots21.“2023 Forecast:Why Digital Health Is Ripe For A New Wave Of M&A,Including More Disruptive Deals,”Fierce Healthcare,Heather Landi,Dec.21,2022 https:/ In Health Services 2023,”PwC,Thom Bales and Laura Robinette,Jan.2023 https:/ SPAC Crash of 2022 Deepens as Investors Cash Out in Droves,”Bloomberg,Bailey Lipschultz and Lydia Beyoud,Dec.14,2022 https:/