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1、HEALTHCAREREPORTExplore M&A Activity,Capital Market Conditions and Current Trends for the Healthcare Industry720.221.9220|SDRVENTURES.COMInvestment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.1H 2023720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offere
2、d Through SDR Capital Markets,LLC,Member FINRA and SIPC.HEALTHCARE REPORT2H 2022 2H 2022|VOL 10|ISSUE 2HEALTHCARE 1H23:WHAT TO KNOW AfterAfter a a challengingchallenging fewfew yearsyears dealingdealing withwith thethe COVIDCOVID-1919 pandemicpandemic andand thethe resultingresulting inflation,infla
3、tion,laborlabor shortages,shortages,andand risingrising interestinterest rates,rates,wewe believebelieve thethe HealthcareHealthcare sectorsector is is poisedpoised forfor a a risingrising tidetide ofof M&AM&A activityactivity.MedicalMedical technologiestechnologies areare inin demanddemand asas hos
4、pitalshospitals adaptadapt toto newnew patientpatient preferencespreferences forfor telehealthtelehealth.ArtificialArtificial IntelligenceIntelligence (AI)(AI)offersoffers newnew efficienciesefficiencies thatthat applyapply toto everythingeverything fromfrom patientpatient diagnosticsdiagnostics tot
5、o recordrecord keepingkeeping andand billingbilling.TheThe rapidrapid evolutionevolution ofof MedTechMedTech applicationsapplications areare creatingcreating newnew opportunitiesopportunities bothboth forfor privateprivate equityequity readyready toto deploydeploy cashcash andand amongamong largerla
6、rger publicpublic andand privateprivate companiescompanies.TheseThese opportunitiesopportunities appearappear toto bebe inin bothboth acquisitionsacquisitions andand exitsexits.EagerEager buyersbuyers andand willingwilling sellerssellers makemake forfor dealsdeals.HeadwindsHeadwinds Subsiding,Subsid
7、ing,InnovationInnovation DrivesDrives OnOn“Big picture”stuff macroeconomic factors hamstrung dealmaking across the healthcare sector.The global business environment for more than a decade has feasted on“free money”in the form of ultra-low interest rates.But in the past couple of years,central banks
8、reacted with interest rate hikes,as the world struggled with supply chain woes and inflation.A lot of interest rate hikes.Wait,borrowing isnt free?And at hospitals,profitable elective surgeries have been backlogged in the wake of COVID-19 pressures.A shortage of available trained medical personnel m
9、eant higher wages.In a flash,profitable health centers reported losing money.Rural and smaller hospitals especially began to suffer.Mergers and acquisitions slowed.1,2,3Hospitals that were forced to pay hundreds of dollars an hour for traveling nurses cant pay their bills.They cant pay their lenders
10、.They cant borrow more money,as lenders including the buyers of municipal bonds are finding other ways to make money in a rising rate environment.In these turbulent waters,an emerging difference of opinion over valuations has driven a wedge between would-be sellers and would-be buyers.4,5 But all is
11、 not lost.We believe this slowdown was just a whipsaw reaction to rapid changes.Weve been through a lot in the past few years.How many investors today ever thought theyd see guaranteed,no-risk 1-year CD rates at nearly 5.5%?Thats free money for doing nothing and risking nothing.Suddenly a bond a loa
12、n for a struggling small hospital is a bit less appealing.But private equity money is circling,and 2023 could be a year for struggling systems to look for divestures to generate cash.Publicly traded hospitals with underwhelming returns may end up being taken private.Smaller,privately held specialty
13、clinics remain fragmented and ripe for consolidation through regional rollups.Digital solutions from telehealth to AI systems may unlock efficiencies and value.Watch for cross-regional partnerships,a reset and renewed interest in non-publicly traded providers that dont answer to stockholders,a retur
14、n to normal in staffing and even2Established in 2002,SDR Ventures has developed deep M&A and capital transaction knowledge and expertise.SDR offers transaction advisory,private capital formation and business consulting services across a wide range of industries.We serve business owners and operators
15、 of privately held companies and provide them with a professional-class experience.ABOUT SDRTransaction ActivityActive BuyersPublic BasketM&A Market ActivityAbout SDR VenturesHEALTHCARE CONTACTSCONTENTSThe information contained herein is based on sources we believe reliable but is not guaranteed by
16、us and is not to be considered all-inclusive.It is not to be construed as an offer or consultation of an offer to sell or buy any securities.Scott MitchellScott MitchellManaging DirectorHealthcare TSasha RogachevskySasha RogachevskyVice PresidentHealthcare TIsaac HirschIsaac HirschAssociateHealthcar
17、e TBrian WilliamsonBrian WilliamsonDirectorHealthcare T1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.HEALTHCARE REPORT2H 2022 2H 2022|VOL 10|ISSUE 2at last,some certainty on where the Fed will land on
18、 interest rates as inflation shows signs of cooling.We believe the sector,reeling its way through a turbulent 2022,is ready to move forward.Government efforts to block big mergers appear to be faltering.Big players appear to be emboldened.Consolidations and acquisitions remain a proven path to gathe
19、ring new patients and bringing aboard skilled workers in a tight labor market.6,7,8,9,10 TalkingTalking TechTech:NothingNothing ArtificialArtificial AboutAbout ThisThis IntelligenceIntelligenceOne light at the end of the tunnel may be in“MedTech”technical innovations coming at us from several direct
20、ions with the promise of efficiencies and meeting new,learned patient behaviors.If patients and providers were reluctant to fully embrace online healthcare,the pandemic changed that,and were not going back.When medical centers were shuttered by uncertainty early in the pandemic,tech picked up the sl
21、ack.Online and telephone consultations,biosensors,and other innovations took over.States changed telehealth regulations,and once-stodgy providers were forced to innovate.A relaxed attitude toward tech is no longer limited to advice on a case of the sniffles.Tech solutions applied to everything,from
22、cardiology to mental health,including PTSD,depression,even substance abuse treatment.Patients have learned they can avoid travel and waiting rooms.Providers are enjoying cost reductions and less crowding with more flexibility.11,12,13 Now here comes AI.Some are calling whats next in AI a looming rev
23、olution with 70%of caregiver tasks reinvented through AI and automation.Imagine programs that instantly assess whole-body preventive MRI scans and deliver an ultra-early diagnosis to catch disease with signs too early for human diagnosis.Single-visit comprehensive diagnoses may be a key to cost cutt
24、ing,while better,faster,cheaper medical record handling further eliminates the need for staffing.Even in an office visit,developers are looking for ways to boost efficiency,as AI can add patient details to records in real time,eliminating the need for a doctor to dictate clinical notes.It also reduc
25、es administrative tasks a clinician today has to do,rather than providing care.Analysts are thinking big in the AI space,estimating one trillion dollars in annual savings simply by taking over mundane(and error-prone)tasks in recordkeeping and billing.Hospital administrators,physician groups,and ins
26、urance providers are taking a hard look.14,15 Dont think the biggest players arent seeing this.The rapid pace of innovation,application,and acceptance is reason for optimism.Deals are already getting done at the highest level.Walmart isnt diving head-first into healthcare because its a charitable or
27、ganization.Theres money to be made.As early as 2021,Walmart snapped up telehealth provider MeMD to boost its Walmart Health brand.In 2022 MeMD was rebranded as Walmart Virtual Health.This retail giant isnt alone.Other nontraditional operations,including Amazon and CVS,are piling into the healthcare
28、sector.Amazon is involved in a$4 billion deal to acquire a private care provider and launch a cheap prescription subscription program.16,17,18 PrivatePrivate EquityEquity andand VentureVenture CapitalCapital:ReadyReady SellersSellers MeetMeet EagerEager Buyers?Buyers?Disruption,reinvention,and a gol
29、d rush to the latest developments can certainly benefit VC investing in innovation and savvy PE groups with ready cash to acquire smaller,profitable startups.For nontraditional players entering the market,buying is usually easier than building.When pockets as deep as Amazon and Walmart go head-to-he
30、ad,VC and PE investors in innovative applications are bound to find profitable exit opportunities.Early investors are carefully watching and are positioned to gain on both sides.Eyes are on retail players entering the market that will need to bolt on technologies.As for the traditional players hospi
31、tals and care providers attention is on the latest trend:“hospital-to-home care”.This helps meet patient demand,newly learned behaviors,and get patients out of money-losing hospital beds.Were seeing private equity show an interest across the sector in healthcare,from renal and gastrointestinal outpa
32、tient groups to autism care.19,20,21 Deals are going both ways between PE and those in,or about to get into,the healthcare field.In May,PE firm New Mountain Capital(with a$37 billion stack of ready cash)acquired the medical AI platform Apixio from publicly traded,Fortune 500 traditional healthcare c
33、ompany Centene Corporation,which provides care to underinsured and uninsured patients through government programs as well as those enrolled in Medicaid and Medicare.New Mountain leaders said they plan to further develop Apixio into a“connected care”platform.Apixio digitizes back-end functions for pr
34、oviders including electronic patient records and physician notes.22,23,24 31H 2023 1H 2023|VOL 11|ISSUE 11H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.HEALTHCARE REPORT2H 2022 2H 2022|VOL 10|ISSUE 2Ve
35、nture capital is investing in healthcare innovation.Private equity is buying in and making deals(an estimated$90 billion worth of deals in the Healthcare sector in 2022).And deep-pocketed healthcare providers are adapting to changing patient demands,meeting patients where they are,and seeking new ef
36、ficiencies.Seems like a pretty good environment for M&A activity.25,26 HouseHouse CallCall:MergersMergers&AcquisitionsAcquisitions In April,University of Michigan Health completed the deal to acquire Lansing-based Sparrow Health System.With a value of$7 billion,11 hospitals,44,000 employees includin
37、g nearly 4,000 doctors,University of Michigan Health became one of the states biggest healthcare systems.The deal included Sparrows insurance plan,Physicians Health Plan,with more than 70,000 members.As part of the deal,University of Michigan Health promised to invest$800 million in Sparrows six hos
38、pital facilities,including a renovation of a neonatal intensive care unit and improvements to Sparrows cardiology,oncology,and neuroscience divisions.The two parties say they anticipate some changes to the combined enterprises brand in the coming year.Michigan has been a busy market in healthcare M&
39、A.Last year systems Beaumont and Spectrum merged to form Corewell Health with 22 hospitals and 60,000 employees.27 The seemingly insatiable pharmacy/health provider and retailer CVS Health continued its romp in 1H23.In February,the Rhode Island based chain acquired Oak Street Health in a$10.6 billio
40、n all-cash deal.Oak Street is a multi-payor primary care company focused on the health and wellness of seniors in traditionally underserved areas.The company has about 600 providers and 169 medical centers in 21 states.Oak Street senior leadership will remain in place.CVS reported it is funding the
41、deal within its own resources and financing capacity and predicts Oak Street will nearly double its number of centers by 2026.CVS,which started as a health and beauty outlet in Lowell,Massachusetts in 1963 has been on a tear in recent years,including the$77 billion acquisition of Aetna in 2017 and$2
42、1 billion acquisition of Caremark.The company has invested nearly$130 billion in acquisitions including pharmacy and healthcare tech and payer programs.28,29 Big Pharma made some big moves in biotech as both Merck&Co.and GSK announced big deals in April.Merck came in with a$10 billion acquisition of
43、 Prometheus Biosciences,developer of a bowel disease drug,while GSK put up$2 billion to swallow up Bellus Health and its cough-treatment products.Meanwhile,the Federal Trade Commission is seeking more information about drug giant Pfizers proposed$43 billion acquisition of cancer drug maker Seagen an
44、d Amgen has delayed closing the$28 billion acquisition of thyroid medication maker Horizon Therapeutics at the request of the FTC.The moves come as analysts believe big pharmaceutical companies are stocking pipelines with new,patented treatments and expect others to join over the next year and a hal
45、f.30,31JustJust WhatWhat thethe DoctorDoctor Ordered,Ordered,ReturnReturn toto DealmakingDealmakingWith so many players in both public and private sectors,innovation everywhere from biotech to AI,ready cash on hand,and a sector that accounts for 18%of the U.S.Gross Domestic Product(GDP),its hard to
46、be negative about Healthcare.Of course,a few challenges are present.Where will interest rates for borrowers land?What happens to government support and regulatory waivers for providers now that the COVID-19 healthcare emergency is over?32,33 The bigger the players and the deal,the more the Federal T
47、rade Commission takes an interest.The FTC took a long look at Amazons bid for the primary care provider group One Medical.The government(unsuccessfully)tried to block UnitedHealth Groups$13 billion acquisition of Change Healthcare,ultimately dropping its appeal this year.34 But ultimately,were feeli
48、ng good about activity in the sector looking ahead.A new landscape is shaping up after the pandemic seemed to suck much of the air out of the sector.Regional hospital groups appear to be ready to gain strength through partnerships,biotech companies are eager to fill pipeline gaps,private equity grou
49、ps have cash on hand,and were seeing activity in everything from medical devices to advancements in technology and AI.After one of the most disruptive,challenging periods in healthcare,we propose a toast:to your health(care).35,36,37,38 41H 20231H 2023|VOL 11|ISSUE 11H 2023|VOL 11|ISSUE 1720.221.922
50、0|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.HEALTHCARE REPORT2H 2022 2H 2022|VOL 10|ISSUE 25Source:PitchBook Financial Data and AnalyticsNote:This data represents recorded transactions only,and is not all-inclusive.Nevertheless,the
51、y are typically representative of the industry.TRANSACTIONS BY SEGMENTTRANSACTIONS BY TYPETRANSACTIONS BY LOCATIONTRANSACTION ACTIVITY21 or more transactions11-20 transactions1-10 transactions0 transactionsIf You Are a Business Owner Looking for Additional Transaction Activity If You Are a Business
52、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 720.221.9220.1H 2023 1H 2023|VOL 11|ISSUE 11H 2023|VOL 11|ISSUE 118 212 47 28 78 -50 100 150 200 250Strategic47%Financial53%720.221.9220|SDRV
53、ENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.HEALTHCARE REPORT2H 2022 2H 2022|VOL 10|ISSUE 26ACTIVE BUYERSSource:PitchBook Financial Data and AnalyticsNote:This data represents recorded transactions only,and is not all-inclusive.Neverthel
54、ess,they are typically representative of the industry.FIRMRECENT SUBSIDIARY ACQUISITIONSMOST ACTIVE STRATEGIC BUYERSSELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGSFIRMRECENT SUBSIDIARY ACQUISITIONS1H 20231H 2023|VOL 11|ISSUE 11H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Se
55、curities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.HEALTHCARE REPORT2H 2022 2H 2022|VOL 10|ISSUE 2PUBLIC BASKET7HEALTHCARE DISTRIBUTORSHEALTHCARE SEGMENTS VS.S&P 500Segment Market Cap Performance Running 12 MonthsSource:PitchBook Financial Data and Analytics1H 2023 1H 2023|VOL 11
56、|ISSUE 11H 2023|VOL 11|ISSUE 1-30%-20%-10%0%10%20%30%40%50%60%70%Jun-22 Jul-22 Aug-22Sep-22 Oct-22 Nov-22Dec-22 Jan-23 Feb-23 Mar-23 Apr-23May-23May-23 Jun-23 Jul-23Healthcare DistributorsOutpatient/ClinicsInpatient/HospitalsPharma and Lab ServicesLong Term and Behavioral CareS&P 500 Company NameSym
57、bolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAMcKessonMCK57,906$427.31$29.7%13.9%99.4%10.7%1.9%0.2x11.3x17.1x0.2x11.7xAmerisourceBergenABC38,921 192.43 34.4%16.1%99.5%8.8%1.2%0.2x14.4x24.7x0.2x1
58、0.7xCardinal HealthCAH24,078 94.57 78.1%23.0%99.4%12.5%0.7%0.1x19.2xNM0.1x9.0 xHenry ScheinHSIC10,624 81.10 5.2%1.5%90.4%4.4%7.1%1.1x15.1x23.0 x1.0 x11.6xPatterson CompaniesPDCO3,169 33.26 8.7%18.7%99.4%3.8%6.0%0.6x9.4x15.7x0.5x9.6xPrestige Consumer HealthcarePBH2,943 59.43 (0.3%)(5.1%)88.1%1.4%0.7%
59、3.8xNMNM3.7xNMOwens&MinorOMI1,451 19.04 (41.2%)(2.5%)51.4%4.7%3.6%0.4x10.9xNM0.4x6.6xSegment Average16.4%9.4%89.7%6.6%3.0%0.9x13.4x20.1x0.9x9.9xSegment Median8.7%13.9%99.4%4.7%1.9%0.4x12.9x20.0 x0.4x10.2xMarket Stats Operating Stats LTM Multiples NTM Multiples 720.221.9220|SDRVENTURES.COMInvestment
60、Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.HEALTHCARE REPORT2H 2022 2H 2022|VOL 10|ISSUE 28PUBLIC BASKET(CONTINUED)OUTPATIENT/CLINICSINPATIENT/HOSPITALSPHARMA AND LAB SERVICESSource:PitchBook Financial Data and AnalyticsLONG TERM AND BEHAVIORAL CARE1H 2023 1
61、H 2023|VOL 11|ISSUE 11H 2023|VOL 11|ISSUE 1 Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDASurgery PartnersSGRY5,690 44.99 43.8%61.5%98.3%10.9%15.8%3.7x23.5xNM3.3x21.1xSelect Medic
62、al HoldingsSEM4,050 31.86 26.6%28.3%98.2%5.5%10.7%1.5x13.6x22.4x1.4x11.2xU.S.Physical TherapyUSPH1,788 121.39 8.1%49.8%92.3%7.5%13.4%3.9x29.2x56.5x3.6x26.6xThe JointJYNT198 13.50 (16.1%)(3.4%)53.5%24.5%12.6%2.0 x15.5x56.3x1.6x14.8xSegment Average15.6%34.0%85.6%12.1%13.1%2.8x20.4x45.0 x2.5x18.4xSegme
63、nt Median17.3%39.1%95.3%9.2%13.0%2.8x19.5x56.3x2.5x18.0 xMarket Stats Operating Stats LTM Multiples NTM Multiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAHCA Management Serv
64、icesHCA83,484$303.48$73.4%26.5%99.5%7.9%22.2%2.1x9.3x15.3x1.9x9.7xUniversal Health ServicesUHS11,072 157.77 48.9%12.0%99.5%7.5%11.9%1.2x10.1x16.8x1.1x9.1xTenet HealthcareTHC8,295 81.38 48.0%66.8%95.3%6.9%15.9%1.3x8.5x21.7x1.3x7.5xCommunity Health SystemsCYH602 4.40 9.2%1.9%54.9%3.1%13.8%1.1x8.0 xNM1
65、.1x8.6xSegment Average44.8%26.8%87.3%6.3%15.9%1.4x9.0 x17.9x1.3x8.8xSegment Median48.4%19.2%97.4%7.2%14.8%1.3x8.9x16.8x1.2x8.9xMarket Stats Operating Stats LTM Multiples NTM Multiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/
66、RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDACVS HealthCVS88,626$69.13$(26.4%)(25.8%)64.5%4.3%3.7%0.4x12.3x22.9x0.4x7.3xLaboratory Corporation of AmericaLH21,382 207.14 0.2%2.5%91.7%(11.8%)13.8%1.9x13.3x21.7x2.2x12.6xQuest DiagnosticsDGX15,744 140.56 2.8%(10.2%)88.8%(3.8%)17.0%2.1x12.4x20.6x2.
67、2x10.8xVeradigm(Healthcare Technology Systems)MDRX1,377 12.60 (16.9%)(28.6%)63.7%(57.2%)19.6%1.3x4.9x13.5x1.7x6.8xNextGen HealthcareNXGN1,070 16.22 (7.9%)(13.6%)73.8%11.9%6.7%1.7xNMNM1.5x8.3xSegment Average(9.6%)(15.1%)76.5%(11.3%)12.2%1.5x10.7x19.7x1.6x9.2xSegment Median(7.9%)(13.6%)73.8%(3.8%)13.8
68、%1.7x12.3x21.2x1.7x8.3xMarket Stats Operating Stats LTM Multiples NTM Multiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAAcadia HealthcareACHC7,330$79.64$11.3%(3.3%)88.6%11.9
69、%21.3%3.3x15.5x26.1x3.0 x12.7xThe Ensign GroupENSG5,344 95.46 26.1%0.9%93.4%20.8%11.7%2.2x18.4x23.2x1.8x15.4xAddus HomeCareADUS1,502 92.70 9.5%(6.8%)80.6%12.6%9.0%1.6x18.1x30.0 x1.4x12.7xNational HealthcareASE:NHC947 61.82 (12.8%)3.9%85.6%NM5.4%0.8x15.2xNMNMNMSegment Average8.5%(1.3%)87.1%15.1%11.9%
70、2.0 x16.8x26.4x2.1x13.6xSegment Median10.4%(1.2%)87.1%12.6%10.4%1.9x16.8x26.1x1.8x12.7xMarket Stats Operating Stats LTM Multiples NTM Multiples 720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.HEALTHCARE REPORT2H 2022 2H 2022
71、|VOL 10|ISSUE 247%54%42%50%10%10%11%9%43%36%47%41%39%42%42%30%9%11%9%12%52%47%49%58%35%36%37%41%8%9%5%7%57%55%58%52%47%39%36%32%6%7%10%4%47%54%55%64%0%20%40%60%80%100%Senior DebtSub DebtEquity9U.S.M&A ACTIVITY SNAPSHOTSource:GF DataSource:GF DataOVERALL U.S.M&A ACTIVITYNote:The most current source o
72、f GF Data is as of May 2023.LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTION MULTIPLESEBITDA Multiples By Transaction SizeCAPITAL BREAKDOWN LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTIONSSource:PitchBook Financial Data and Analytics2020202220212023*$0.0M$100.0B$200.0B$300.0B$400.0B$500.0B5001,5002,500
73、3,5004,5002022 Q22022 Q32022 Q42023 Q12023 Q2Deals ClosedDeals ClosedCapital Invested5.9x6.1x6.5x6.5x6.8x7.0 x7.1x7.7x8.0 x8.3x8.5x8.1x8.6x9.0 x9.1x10.0 x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x2020202120222023 YTD$10-25mm$25-50mm$50-100mm$100-250mm1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInve
74、stment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.HEALTHCARE REPORT2H 2022 2H 2022|VOL 10|ISSUE 2COMPREHENSIVE HEALTHCARE EXPERTISEHealthcare may have stolen the national spotlight in recent years,but we have been involved in the healthcare industry for well
75、 over a decade.Our experience and drive have placed us at the leading edge of information in the market,giving you an advantage when the time comes to buy,sell or seek investments to grow your business.Our healthcare investment banking expertise includes the following segments:Healthcare Distributor
76、s Outpatient/Clinics Inpatient/Hospitals Pharma and Lab Services Long Term&Behavioral Care10SDR SERVICE OFFERINGSPRIVATE CAPITAL FORMATIONSELL-SIDE ADVISORYBUY-SIDE ADVISORYSTRATEGIC CONSULTINGSELECT TRANSACTION EXPERIENCESDR has completed numerous transactions types throughout the Healthcare indust
77、ry,including:Scott MitchellScott MitchellManaging DirectorHealthcare TSasha RogachevskySasha RogachevskyVice PresidentHealthcare TIsaac HirschIsaac HirschAssociate Healthcare TBrian WilliamsonBrian WilliamsonDirectorHealthcare T1H 20231H 2023|VOL 11|ISSUE 11H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTU
78、RES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.HEALTHCARE REPORT2H 2022 2H 2022|VOL 10|ISSUE 2111.“Age Of Easy Money,”Frontline,Aug.2022 https:/www.pbs.org/wgbh/frontline/documentary/age-of-easy-money/transcript/2.“The Pandemic Has Irreversibly
79、 Changed Americas Health Care System.Heres Why We Will All Be Feeling The Consequences Of Delayed Care For Years To Come,”Fortune,Byelazer Edelman and Mike Mussallem,Feb.21,2023 https:/ Pretty Badly:Hospitals Report Financial Struggles Following Pandemic,”Indianapolis Star,Shari Rudavsky,Oct.21,2022
80、 https:/ Hospitals That Spent Big On Nurses During Pandemic Are Now Short on Cash,”Wall Street Journal,Heather Gillers and Melanie Evans,Jul.5,2023 https:/ 5.“Key Themes Driving M&A Activity In Health Industries:2023 Mid-Year Update,”PwC,2023 https:/ 6.“Key Themes Driving M&A Activity In Health Indu
81、stries,”PwC,2023 https:/ 7.“Best CD Rates For July 2023(Up To 5.48%),”Bankrate,Jul.18,2023 https:/ Hospital Mergers Expected In Post-Pandemic Market,Kaufman Hall Says,”Healthcare Dive,Brian Horowitz,Apr.17,2023 shttps:/ Merger And Acquisition Trends And Outlook For 2023,”Forbes,Jeffrey Bartel,Feb.6,
82、2023https:/ 10.“Nobel Prize Winning Economist Says Theres No Need For The Fed To Keep Hiking Interest Rates,”CNBC,Sam Meredith,Jul.14,2023 https:/ 11.“The Pandemics Impact On The Healthcare Sector:Unpacking The Latest Challenges And Opportunities In U.S.Healthcare,”Post University,Jan.4,2023 https:/
83、post.edu/blog/pandemic-impact-on-the-healthcare-sector/12.Behavioral Health Care Delivery Following The Onset Of The COVID-19 Pandemic,”Rand Corporation,Kimberly Hepner et al.,accessed Jul.17,2023 https:/www.rand.org/pubs/research_reports/RRA421-3.html 13.“Reshaping Care In The Aftermath Of The Pand
84、emic.Implications For Cardiology Health Systems,”ScienceDirect,Antonio Jordan Rios et al.,Mar.2023 https:/ 14.“The A.I.Revolution In Health Care Is Coming,”CNBC,Rachel Currey,Jul.12,2023https:/ 15.“Tackling Healthcares Biggest Burdens With Generative AI,”McKinsey&Company,Shashank Bhasker et al,acces
85、sed Jul.17,2023 https:/ 16.“Walmart To Acquire Telehealth Company MeMD As Amazon Care Signs First Customer,”Fierce Healthcare,Heather Landin,May 7,2021 https:/ ADDITIONAL REFERENCES1H 2023 1H 2023|VOL 11|ISSUE 11H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offer
86、ed Through SDR Capital Markets,LLC,Member FINRA and SIPC.HEALTHCARE REPORT2H 2022 2H 2022|VOL 10|ISSUE 212ADDITIONAL REFERENCES(CONTINUED)17.“MeMD Rebrands As Walmart Health Virtual Care,”Fierce Healthcare,Paige Minemyer,May 19,2022 https:/ 18.“Amazon Has Been Trying To Break Into Healthcare For Yea
87、rs.Heres A Look At Everything Its Done,”Business Insider,Lyndia Ramsey Pflanzer,Apr.23,2023 https:/ 19.“Walmart,Amazon And CVS Want To Disrupt Healthcare Services.Heres How PE And VC Could Benefit,”Pitchbook,Rebecca Springer,Sep.14,2022 https:/ 20.“Medtech M&A Outlook For 2023:Spinoffs,China Exits,A
88、I Opportunities Poised To Spur Deal Rebound,”MedtechDive,Peter Green,Jan.31,2023 https:/ Equity Health Care Acquisitions May 2023,”PE Stakeholder,May 4,2023 https:/pestakeholder.org/news/private-equity-health-care-acquisitions-march-2023/22.“Centene Completes Sale Of AI Business Apixio,”Fierce Healt
89、hcare,Paige Minemyer,Jun.15,2022 https:/ 23.“Centene Corporation Signs Definitive Agreement To Divest Apixio To New Mountain Capital,”Centene,May 3,2023 https:/ 24.“Centene Closes Buy Of Analytics Firm Apixio,”HelthcareDive,Rebecca Pifer,Dec.9,2020 https:/ Venture Capital Is Funding The Future Of He
90、althcare+7 VC Firms Making Investments,”Jun.1,2023 https:/visible.vc/blog/venture-capital-in-healthcare/26.“Healthcare Private Equity Deals Hit$90B In 2022,”Healthcare Finance,Jeff Lagasse,Apr.10,2023 https:/ 27.“University Of Michigan Health,Sparrow Combine To Form$7B System,”Detroit Free Press,Kri
91、sten Jordan Shamus,Apr.4,2023 https:/ Health To Acquire Oak Street Health,”CVS,Feb.8,2023 https:/ 29.“Acquisitions By CVS Health,”Tracxn,May 18,2023 https:/ 30.“Big Pharmas Finally Strike With GSK,Merck Acquisitions,Signaling Accelerating Pace Of M&A,”Fierce Pharma,Annalee Armstrong,Apr.18,2023 http
92、s:/ 31.“At Request Of FTC,Amgen Agrees To Delay Closure Of$27.8B Horizon Acquisition Until September,”Fierce Pharma,Kevin Dunleavy,May 19,2023 https:/ 32.“NHE Fact Sheet,”U.S.Centers for Medicare&Medicaid Studies,U.S.Government,accessed Jul 18,2023 https:/www.cms.gov/research-statistics-data-and-sys
93、tems/statistics-trends-and-reports/nationalhealthexpenddata/nhe-fact-sheet 1H 2023 1H 2023|VOL 11|ISSUE 11H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.HEALTHCARE REPORT2H 2022 2H 2022|VOL 10|ISSUE 213
94、ADDITIONAL REFERENCES(CONTINUED)33.“The End Of The COVID-19 Public Health Emergency:Whats Next?”McKinsey&Company,Stephanie Carlton et al,May 10,2023 https:/ 34.“DOJ,State Attorneys General Drop Appeal To Unitedhealth-Change Healthcare Deal Ruling,”Fierce Healthcare,Paige Minemyer,Mar.21,2023 https:/
95、 35.“Larger Hospital Mergers Expected In Post-Pandemic Market,Kaufman Hall Says,”Healthcare Dive,Brian Horowitz,Apr.17,2023 https:/ Health Systems Leading A New Wave Of Post-Pandemic Mergers,Kaufman Hall Finds,”Fierce Healthcare,Dave Muoio,Apr.14,2023 https:/ 37.“Key Themes Driving M&A Activity In Health Industries,”PwC,accessed Jul.18,2023 https:/ 38.“Johnson&Johnson Is Paying$17.3 Billion To Buy A Company That Helps Your Heart Pump Blood,”Fortune,Madison Muller and Bloomberg,Nov.1,2022 https:/ 2023 1H 2023|VOL 11|ISSUE 11H 2023|VOL 11|ISSUE 1