DME Discussion Materials - Harris Williams
DME Discussion MaterialsDecember 26, 2012Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams& Co. Ltd, which is authorised and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris WilliamsLLC and Harris Williams & Co. Ltd conduct business.
Table of ContentsDME OverviewIPublic Comparables and Precedent TransactionsIIAppendix: Healthcare & Life Sciences GroupIII
Durable Medical Equipment (“DME”)Market OverviewThe underlying growth trends of the durable medical equipment market arefavorable. National health spending increased from 9.2% of GDP, or 256 billion, in 1980 to 17.6% of GDP, or 2.5 trillion,in 2009.– The DME sector has grown from 19.8 billion in 2000 to 28.1 billion in 2011, a 3.2% CAGR– However, DME represents only 5.2% of Medicare’s spending DME expenditures are expected to grow at a CAGR of 4.8%, reaching 43.0 billion by 2019P as demandaccelerates due to demographic trends in the U.S.Historical and Projected Durable Medical Equipment Expenditures in the U.S.For the Years Ended and Ending December 31, 2000 – 2019P( in billions) 502009 – 2019P CAGR: 4.8% 45 402000 – 2009 CAGR: 3.5% 35 30 25 19.8 19.8 28.1 29.2 26.6 27.0 27.4 25.5 24.7 22.8 23.9 21.3 21.9 30.7 32.6 34.7 36.9 38.8 40.9 43.0 20 15 10 5 020002001200220032004Source: Center for Medicare and Medicaid Services20052006200720082009 2010P 2011P 2012P 2013P 2014P 2015P 2016P 2017P 2018P 2019PI-1
Positive Demographic Trends Driving Home CareThe DME industry will continue to benefit from the aging of the U.S. population. The number of Americans aged 65 or older is expected to increase from 40 million in 2010 to approximately 55million in 2020P, a CAGR of 1.5%.– This figure is expected to reach 90 million by 2050P By 2050P, Americans over 65 years of age will account for over 20% of the entire U.S. population.U.S. Population Growth by Age GroupFor the Years Ended and Ending December 31, 2010 – 2050P(populations in millions)50065 – 84 years CAGR: 1.77%85 years and over CAGR: .72%50020102015PUnder 24Source: U.S. Census Bureau2020P2025P25 to 44 years2030P45 to 64 years2035P65 to 84 years2040P2045P2050P85 years and overI-2
Healthcare’s Relationship to U.S. Budgetary IssuesTogether, Medicare and Medicaid represent the largest U.S. entitlement programs,and individually are the two largest unfunded liabilities on the U.S. balance sheet. Medicare and Medicaid make up 21% of all federal expenses, meaning that any effort to balance the federalbudget must find a way to address them. Medicare and Medicaid together made up 37% of total federal entitlement expenses in fiscal 2010.– Combined, the cost of the two programs exceeds that of Social Security– Unfunded Medicare liabilities are estimated at 22.8 trillion, and the estimated present value of future federal Medicaidexpenses are even greater at 35.3 trillionU.S. Expenses for Fiscal Year 2010For the Federal Fiscal Year Ended September 30, 2010U.S. Federal LiabilitiesAs of Federal Fiscal Year Ended September 30, 2010( in trillions)Total: 3.5 trillionNet InterestPayment6% 35Combined Unfunded Medicare and EstimatedNPV of Medicaid: 58.1 trillion 35.3 30Social Security20%Non-DefenseDiscretionary13%Liability (trillions)DiscretionaryOne-Time4% 40 25 22.8 20 15 9.1 10Medicare andFederalMedicaid21%Defense20%Unemploymentand OtherEntitlements16%Source: White House Office of Management and Budget 7.9 3.7 5 1.6 2.1 0Entitlements: 57% or 2.0 trillionAll OtherFederal VeteranEmployee BenefitsBenefitsFederal Unfunded Unfunded MedicaidDebtSocial Medicare (NPV) 1SecuritySource: White House Office of Management and Budget(1) Medicaid funding is appropriated on an as-needed basis, making “funded” statusinapplicable. NPV estimates the present value of spending through 2085P.I-3
U.S. Reimbursement ChangesUncertainty in the regulatory environment will factor into valuation of DME assets. 32% average price cut for all competitively bid products in the first nine MSAs.NationalCompetitiveBidding Most significant impact on the credit risk associated with DME customers. Second round of competitive bidding (i.e., 91 additional MSAs) already delayed six months toJuly 2013. Some level of uncertainty regarding firms’ ability to hold dealer pricing and protect margins. Market share and strong relationships with dealers will differentiate under competitive biddingenvironment. 2.3% excise tax on medical device manufacturers or importers starting January 1, 2013.Excise Tax Does not apply to medical devices determined to be purchased by the general public at retail forindividual use.I-4
European Reimbursement IssuesWhile DME’s growth opportunities in Europe are attractive, the reimbursementoutlook remains uncertain. Europe is generally more mature and stable than the U.S., with bidding a normal phenomenon. Fiscal and budgetary issues in the European Zone are creating challenges from reimbursement cuts to theproliferation of rental models.GermanyFrance Public insurance companies requiredto pursue competitive bidding Beginning August 2008, Frenchsocial security pays nursing homes aflat fee per patient As of January 2009, scooters areonly reimbursed for 50% of theirinitial value Nursing homes are beginning torecycle durable medical equipmentrather than purchasing newequipment for each patient Consumers must make up thedifference in value themselves New Health Funds put in place inJanuary 2009, providingreimbursement to 180 publicinsurers Employees will have choice ofinsurers, which then havecompetitive bidding with dealers Increasing private pay market forscooters, walking aids, and hygieneproductsDenmark Homecare standard beds are nowrented to consumers instead of sold There is discussion by the Frenchgovernment of reduced wheelchairreimbursement in the second half of2011, delayed from 2010I-5
Table of ContentsDME OverviewIPublic Comparables and Precedent TransactionsIIAppendix: Healthcare & Life Sciences GroupIII
Historical Relative ValuationsDespite depressed valuation multiples post-crisis, on a Price/NTM Earnings basis,public comparables currently trade above the S&P 500.Historical NTM P/E MultiplesFor the 10 Years Ending December 26, 201230x10 Yr MedianCurrent% Var. from 10 Yr MedianPublic Comparables Index16.9x15.5x(8.5%)S&P 50015.8x13.6x(13.9%)25x20x15x10xBear Stearns collapseLehman bankruptcy5xPublic Comparables IndexS&P 500Historical TEV/ LTM EBITDA MultiplesFor the 10 Years Ending December 26, 201216x10 Yr MedianCurrent% Var. from 10 Yr MedianPublic Comparables Index8.3x6.9x(16.1%)S&P 5009.4x8.4x(10.5%)14x12x10x8x6x4xPublic Comparables IndexS&P 500Source: CapitalIQNote: Public comparables index includes Getinge AB, ResMed Inc., Hill-Rom Holdings, Inc., Paramount Bed Co. Ltd., Invacare Corporation, Prism Medical Ltd., and Rotech Healthcare, Inc.II - 1
Overview of Public ComparablesOverview of Public ComparablesCompanySummary DescriptionGetinge ABGetinge AB, a medical technology company, engages in the provision of medical technical equipment for surgery, intensive care, infection control,care ergonomics, and wound care primarily in western Europe, the United States, and Canada. The company operates in three segments: MedicalSystems, Extended Care, and Infection Control. The Medical Systems segment offers surgical work-station systems and products under theMaquet brand for cardio surgery and intensive care. The Extended Care segment provides systems for hygiene and the lifting of elderly anddisabled persons, as well as products that prevent and treat pressure ulcers under the ArjoHuntleigh brand. This segment's product rangecomprises bathing and shower solutions, lifting equipment, and mattresses for the treatment and prevention of pressure ulcers, as well as serviceand consulting. The company was founded in 1904 and is headquartered in Getinge, Sweden.ResMed Inc.ResMed Inc., through its subsidiaries, engages in the development, manufacture, and distribution of medical equipment for treating, diagnosing,and managing sleep-disordered breathing and other respiratory disorders. It offers various products for the treatment of obstructive sleep apneaand other respiratory disorders, including airflow generators, diagnostic products, mask systems, headgear products, and ventilation devices, aswell as other optional accessories, such as cold passover humidifiers, carry bags, and breathing circuits. The company also provides datacommunications and data control products. ResMed Inc. markets its products to sleep clinics, home healthcare dealers, and third-party payers.The company sells its products through a network of distributors, independent manufacturers, representatives, and direct sales force inapproximately 70 countries primarily in the United States, Germany, France, the United Kingdom, Switzerland, Australia, Japan, Norway, andSweden. ResMed Inc. was founded in 1989 and is based in San Diego, California.Hill-Rom Holdings, Inc.Hill-Rom Holdings, Inc. manufactures and provides medical technologies and related services for the health care industry worldwide. It offerspatient support system, safe mobility and handling solutions, medical equipment rental services, surgical products, and information technologysolutions, as well as non-invasive therapeutic products for acute and chronic medical conditions. The company rents and sells patient supportsystems. It also provides rentals and health care provider asset management services for moveable medical equipment, such as ventilators,defibrillators, intravenous pumps, and patient monitoring equipment; mobility solutions, including lifts and other devices used to move patients;architectural products comprising headwalls and power columns; and health care furniture solutions. It sells its products primarily to acute andextended care health care facilities through direct sales force and distributors. The company was formerly known as Hillenbrand Industries, Inc.and changed its name to Hill-Rom Holdings, Inc. in March 2008. Hill-Rom Holdings, Inc. was founded in 1969 and is headquartered in Batesville,Indiana.Paramount Bed Holdings Co.,Ltd.Paramount Bed Holdings Co., Ltd., through its subsidiaries, manufactures and sells medical and nursing-care products in Japan andinternationally. The company offers hospital bed products, including ICU, VIP room, electric, manual crank, bariatric, pediatric, infant, andpsychiatric beds, as well as accessories for beds; mattress products comprising standard and pressure reduction mattress; emergency andtransport stretchers; and chemotherapy/dialysis chairs. Its products also include bed side items, such as bed side table, adjustable table, overbedtable, rehabilitation table, folding beds, and bed side cabinets; and various ward equipments consisting of walking aids, IV stands, nursing carts,transfer products, examination tables, partitions, furniture, and clothes baskets. In addition, the company provides homecare beds, mattress, bedside items, wheel chairs, and transfer products, as well as automatic urine bottles; and luxury products, such as adjustable beds, custom-made andready-made mattresses, and pillows. Paramount Bed Holdings Co., Ltd. was founded in 1947 and is headquartered in Tokyo, Japan.II - 2
Overview of Public ComparablesOverview of Public ComparablesCompanySummary DescriptionInvacare CorporationInvacare Corporation designs, manufactures, and distributes medical equipment and supplies for non-acute care environment, including the homehealth care, retail, and extended care markets worldwide. The company offers mobility and seating products. Further, it manufactures and marketshealthcare furnishings comprising beds, case goods, and patient handling equipment for the long-term care markets; specialty clinical recliners fordialysis and oncology clinics; and other home medical equipment and accessory products. Additionally, the company offers home medicalequipment for rent. It serves home health care and medical equipment providers, distributors, and government locations through its sales force,telesales associates, and various organizations of independent manufacturers’ representatives and distributors. Invacare Corporation was foundedin 1885 and is headquartered in Elyria, Ohio.Prism Medical Ltd.Prism Medical Ltd. engages in the manufacture and sale of durable medical equipment and related services for the mobility challenged in Canada,the United Kingdom, and the United States. The company provides patient moving and handling equipment, including fixed ceiling lifts, portableceiling lifts, floor lifts, slings, shower chairs, portable track systems, transfer and repositioning aids, bathing systems, track systems, and otherancillary patient handling products; and installation, training, and maintenance services. It also distributes third party products, such as stair lifts,baths, and beds. Prism Medical Ltd. offers its products under various brand names through a combination of direct sales, regional sales andservice centers, and independent dealers to the home care, acute care, and long-term care markets; and operates showroom/sales centers inMontreal and Orlando. The company was formerly known as Prism Equities Inc. and changed its name to Prism Medical Ltd. in June 2004. PrismMedical Ltd. was founded in 1996 and is headquartered in Toronto, Canada.Rotech Healthcare Inc.Rotech Healthcare Inc., together with its subsidiaries, provides home medical equipment and related products and services in the United States. Itrents and sells oxygen and other respiratory therapy equipment and services. The company also sells and rents a line of durable medicalequipment, such as hospital beds, wheelchairs, walkers, patient aids, and other ancillary supplies. Its patient service technicians or cliniciansprovide instruction and training to the patient and the patient’s family regarding equipment use and maintenance for the prescribed therapy. Thecompany principally serves older patients with breathing disorders, such as chronic obstructive pulmonary diseases, which include chronicbronchitis, emphysema, obstructive sleep apnea, and other cardiopulmonary disorders. It provides equipment and services in 48 states throughapproximately 425 operating locations located primarily in non-urban markets. The company was founded in 1981 and is headquartered in Orlando,Florida.II - 3
Market Performance of Public ComparablesMarket Performance of Public Comparables1( in 000s, except per share owCurrentPriceAs a %of HighStock Performance1-Year3-YearDME ManufacturersGetinge ABResMed Inc.Hill-Rom Holdings, Inc.Paramount Bed Holdings Co., Ltd.Invacare CorporationPrism Medical Ltd.Rotech Healthcare Inc.Median of DME Manufacturers:OM:GETI BNYSE:RMDNYSE:HRCTSE:7817NYSE:IVCTSXV:PMOTCPK:ROHI 357 926,395 34.1942.9436.1333.8420.666.692.05 25.3724.4124.6924.4712.874.880.26 1%19.5%(1) As of December 26, 2012.II - 4
Comparison of Public Comparables’ FinancialsSelected Financials for Public ComparablesSize1( in ity1LTM MarginsEBITDAEBITGrowth2Three-Year GrowthSalesEBITDAEBITLeverage1Net Debt /EquityLTM EBITDADME ManufacturersGetinge ABResMed Inc.Hill-Rom Holdings, Inc.Paramount Bed Holdings Co., Ltd.Invacare CorporationPrism Medical Ltd.Rotech Healthcare Inc. 357 1.4%52.8%1.5%(1.2%)64.6%1.1 x(0.4 x)0.3 x(0.2 x)0.4 x0.4 x(1.5 x)2.8 x(1.6 x)0.9 x(1.8 x)2.0 x1.4 x6.8 xMedian of DME Manufacturers: 926,395 1,393,47218.0%12.4%4.3%11.6%15.1%0.3 x1.4 x(1)(2)As of December 26, 2012.LTM as of each company’s most recent quarterly filing.II - 5
Comparison of Public Companies’ Trading MultiplesComparable DME manufacturers are currently trading at a median of 6.9x LTMEBITDA and 5.7x NTM EBITDA. Public comparables are trading at a NTM P/E Ratio of 15.5x.Comparison of Public Companies’ Trading Multiples1( in esEnterprise Value/LTMEBITDAEBITSalesEnterprise Value/NTMEBITDAEBITNTMP/E RatioDME ManufacturersGetinge ABResMed Inc.Hill-Rom Holdings, Inc.Paramount Bed Holdings Co., Ltd.Invacare CorporationPrism Medical Ltd.Rotech Healthcare Inc.Low of Entire Group:Median of Entire Group:High of Entire Group:(1)(2) 357 8,4182.9 x3.8 x1.2 x2.0 x0.4 x0.7 x1.1 x12.0 x13.3 x6.8 x8.7 x6.9 x6.6 x6.9 x16.0 x16.9 x9.9 x12.3 x11.2 x9.4 x57.2 0.2x-14.7x9.1x21.7x-18.8x14.2x-16.9x7.6x-- 12,357 57,3880.4 x6.6 x9.4 x0.5 x4.7 x9.1 x7.6 x 926,395 745,3641.2 x6.9 x12.3 x1.1 x5.7 x14.7 x15.5 x 7,986,899 10,426,1923.8 x13.3 x57.2 x3.5 x11.8 x21.7 x18.8 xAs of December 26, 2012.LTM as of each company’s most recent quarterly filing.II - 6
Overview of Comparable TransactionsOverview of Comparable TransactionsTarget CompanyAcquirerKinetic Concepts TSS BusinessArjoHuntleigh ABHarmar Mobility, LLCDateTarget DescriptionNov-12Kinetic Concepts, Inc., Therapeutic Support Systems Business comprises therapeutic support systems business which includes specialty therapeutic beds, mattressreplacement systems and other support surfaces and patient mobility devices for the therapeutic wound care, bariatric and critical care settings.Cortec GroupJul-12Harmar Mobility, LLC manufactures lift and ramp products. It offers outside, inside, hybrid, micro, and wheelchair lift systems. The company also offers portable ramps, such assingle- and multi-fold, and extended reach ramps; and residential ramps, including solid and threshold ramps. It serves customers through a network of dealers in the UnitedStates. Harmar Mobility, LLC was founded in 1998 and is based in Sarasota, Florida.Acare Medical Science Co., Ltd.Getinge ABJun-12Acare Medical Science Co., Ltd. engages in the development, production, and sale of medical equipment. It offers electric and manual beds, paralytic programmable electric bedsand medication trolleys, nursing carts, periphery equipment, and pharmacy equipment. The company also offers professional installation and maintenance services. It sells itsproducts to customers in Europe, the United States, South-east Asia, the Middle East, and Africa. Acare Medical Science Co., Ltd. was founded in 1999 and is based in Zhuhai,China.Völker AGHill-Rom Holdings,Inc.Feb-12Völker AG, together with its subsidiaries, develops and produces beds and healthcare furnishings for the institutional care sector, hospitals, and the home care sector. It offersmedical products, accessories, and healthcare furniture to furnish rooms in nursing homes and hospitals; healthcare bedside cabinets and supply bars; and accessories, such asmattresses, lamps, and bed accessories. The company sells its products through distributors in the United Kingdom, Europe, the Middle East, the Americas, Asia/Pacific, andAfrica. Völker AG was founded in 1912 and is based in Witten, Germany. The company has subsidiaries in France, Belgium, Britain, Austria, and Spain. As of February 13, 2012,Völker AG operates as a subsidiary of Hill-Rom Holdings, Inc.M.C. Healthcare Products Inc.Span-AmericaMedical Systems Inc.Dec-11M.C. Healthcare Products Inc. manufactures hospital beds and related products for long term care in Canada and the United States. The company provides beds; case goods;mattresses; overbed tables; dining/stack chairs; patient room/visitor and lounge/lobby seating products; and tables. It serves customers through sales representatives. Thecompany was founded in 1912 and is based in Beamsville, Canada. As of December 9, 2011, M.C. Healthcare Products Inc. operates as a subsidiary of Span-America MedicalSystems Inc.Dynamic Medical Systems, LLCInvacare CorporationSep-11Dynamic Medical Systems, LLC provides medical equipment, clinical consulting, and educational training programs to healthcare facilities in the United States. It offers bedsand frames, therapeutic support surfaces, and bariatric equipment. The company also provides lifting and transferring products, such as overhead lift systems, freestandingsystems, mobile lifts, raising aids, slings and accessories, slingbars, patient transfers, and air transfers and positioning solutions. The company serves long term care, hospice,and acute care hospitals; and home care patients. The company was founded in 1995 and is based in Rancho Dominguez, California. As of September 2011, Dynamic MedicalSystems, LLC operates as a subsidiary of Invacare Corporation.ATG Rehab Inc.Audax GroupJan-11ATG Rehab Inc. provides medical rehabilitation equipment to children, adults, and elders with mobility, seating, and positioning needs in the United States. It offers powerwheelchairs, manual and lightweight wheelchairs, adaptive seating, standing and positioning frames, specialty ambulatory and toileting aids, specialty bathing aides, rentalequipment, and portable ramps.Arizant Inc.3M Co.Oct-10Arizant Inc., through its subsidiaries, engages in the design, manufacture, marketing, and distribution of temperature management systems in the United States andinternationally. It also provides blood/fluid warming, patient adjustable warming, and animal health systems. The company was founded in 1987 and is headquartered in EdenPrairie, Minnesota.Gaymar Industries, Inc.Stryker CorporationOct-10Gaymar Industries, Inc. produces and supplies patient temperature and pressure ulcer management devices in the United States, Canada, and internationally.Joerns Healthcare Inc.Quad-C Management,Inc.Aug-10Joerns Healthcare Inc. provides beds, cabinets, and chairs for hospitals and nursing homes. It offers electric low, bariatric, and manual beds, bed panels, and accessories; andfurnishings, such as casegoods, seating, tables, fabrics, and finishes. The company also provides lifts, slings, and accessories for lifting and repositioning applications; andwound management products, such as non-powered and powered products, accessories, positioners, pillows, and cushions. In addition, it offers WoundLink, an online woundcare resource for healthcare providers; OneSource, a single source program to provide a package of furnishings, accessories, and services for assisted living, senior housing,and sub-acute care facilities; and capital and rental equipment services.Apria Healthcare Group Inc.The Blackstone GroupOct-08Apria Healthcare Group Inc., together with its subsidiaries, provides integrated home healthcare products and services. It offers home respiratory therapy, home infusiontherapy, and home medical equipment services. The company also provides oxygen therapy services; RespiMed program, an infusion therapy that provides clinical care topatients with conditions, such as cancer, gastrointestinal diseases, or infectious diseases; home medical equipment, which comprises ambulatory aids, patient-room equipment,diabetic supplies, and bathroom safety items; and Great Escapes, a program that allows patients to travel with supplemental oxygen, respiratory medications, infusion services,and home medical equipment. It offers its products and services through a network of health professionals. The company was founded in 1924 and is headquartered in LakeForest, California with an additional office in Morrisville.Respironics Inc.Philips Holding USAInc.Mar-08Respironics, Inc. develops, manufactures, and distributes products for sleep and respiratory markets. It offers non-invasive ventilation systems, homecare pulse oximetrysystems, oxygen concentrators, portable home ventilators, CPAP and BiPAP therapy devices, masks, diagnostic sleep systems, titration systems, screening devices, oralappliances, peak flow meters, spacer/holding chambers, nebulizers and compressors, and allergy products.II - 7
Overview of Comparable TransactionsOverview of Comparable TransactionsTarget CompanyDateTarget DescriptionVIASYS Healthcare Inc.Cardinal Health, Inc.AcquirerJun-07VIASYS Healthcare, Inc. engages in the development, manufacture, marketing, and service of medical devices, instruments, and medical and surgical products in the UnitedStates and internationally. It operates in four segments: Respiratory Care, NeuroCare, MedSystems, and Orthopedics. The Respiratory Care segment offers products for thediagnosis and treatment of pulmonary and sleep-related disorders, as well as products and services to support pharmaceutical companies and clinical research organizations.The NeuroCare segment offers neurological, vascular, and audiological diagnostic and monitoring products.The MedSystems segment offers disposable medical products. TheOrthopedics segment offers specialty metal components for orthopedic products, medical-imaging equipment, cardio-vascular implants, and high precision metal components.Huntleigh Technology Ltd.Getinge ABJan-07Huntleigh Technology Ltd., together with its subsidiaries, engages in the design, manufacture, distribution, and rental of specialist medical equipment worldwide. The companyoffers pressure area care (PAC) products, including mattresses and pumps, overlays, seat cushions, and fluidised beds for the prevention and treatment of pressure ulcers. Itprovides patient positioning and transportation products, which include hospital beds, trolleys, hoists, lockers, couches, specialist beds, and nursing home furniture. Thecompany also offers intermittent pneumatic compression (IPC) products, including deep vein thrombosis prophylaxis systems, and the IPC therapy products. In addition, thecompany offers various diagnostics products that comprise obstetric and vascular diagnostic and monitoring products, and vital signs monitoring products for non-invasivediagnosis and monitoring of patients.Pulmonetic Systems, Inc.Viasys Healthcare Inc.Jun-05Pulmonetic Systems, Inc. engages in designing, manufacturing, and marketing products for respiratory care. It offers ventilators for home care ventilation, long acute careenvironments, hospitals/intensive care unit ventilation, and emergency medical services. The company also offers parts and accessories, and provides technical and clinicalsupport services.WP Domus GmbHInvacare CorporationSep-04WP Domus GmbH designs and manufactures walking aids, bath lifts, and shower commodes. WP Domus is based in Munich, Germany.Patterson Medical Products, Inc.Patterson Dental Co.Sep-03Patterson Medical Products, Inc. distributes and markets health care products to the healthcare industry. The company offers wheel chairs, head rest, neck braces, artificial legs,surgical equipments, multiple straps, and electro and laser therapy equipment. Additionally, it provides bandages, first aid kits, and physical therapy equipment.Gaymar Industries, Inc.Nautic Partners /Cortec GroupFeb-03II - 8
Purchase Multiples of Comparable TransactionsThe selected comparable M&A transactions have a median multiple of 10.0x LTMEBITDA.Purchase Multiples of Comparable Transactions( in 000s)Target CompanyAcquirerDateEnterpriseValueSalesEnterprise Value/LTMEBITDAEBITManufacturers and Providers of Durable Medical EquipmentKinetic Concepts TSS BusinessArjoHuntleigh ABHarmar Mobility, LLCCortec GroupNov-12Jul-12Need Value 275,0005.7 x--Confidential-10.8 x----Acare Medical Science Co., Ltd.Getinge ABJun-1227,612--9.0 x--Völker AGHill-Rom Holdings, Inc.Feb-1285,000------M.C. Healthcare Products Inc.Span-America Medical Systems Inc.Dec-117,4990.63 x21.4 x28.0 xDynamic Medical Systems, LLCInvacare CorporationSep-1149,465--ATG Rehab Inc.Audax GroupJan-1160,000Arizant Inc.3M Co.Oct-10Gaymar Industries, Inc.Stryker CorporationJoerns Healthcare Inc.Apria Healthcare Group Inc.----Confidential0.67x----810,0004.00x11.3 xConfidential--Oct-10150,6001.96x10.0 xConfidential--Quad-C Management, Inc.Aug-10Need ValueThe Blackstone GroupOct-081,524,4490.80 x5.0 x9.0 xRespironics Inc.Philips Holding USA Inc.Mar-084,857,8783.75 x19.4 x26.3 xVIASYS Healthcare Inc.Cardinal Health, Inc.Jun-071,533,0802.41 x16.6 x23.3 xHuntleigh Technology Ltd.Getinge ABJan-07831,3301.94 x9.9 x15.3 xPulmonetic Systems, Inc.Viasys Healthcare Inc.Jun-0598,000WP Domus GmbHInvacare CorporationSep-04286,4502.37 x10.4 x36.7 xPatterson Medical Products, Inc. Patterson Dental Co.Sep-03721,0273.95 x16.7 x17.9 xGaymar Industries, Inc.Low of Group:Nautic Partners / Cortec GroupFeb-03145,000-7.5 xConfidential2.33x-ConfidentialConfidential-8.3 x------ 7,4990.63 x5.0 x9.0 xMedian of Group: 150,6001.96 x10.0 x23.3 xHigh of Group: 4,857,8784.00 x21.4 x28.0 xII - 9
Table of ContentsDME OverviewIPublic Comparables and Precedent TransactionsIIAppendix: Healthcare & Life Sciences GroupIIIA-0
Healthcare & Life Sciences TeamFor further questions about HW&Co. or the DME sector, please call your seniorcoverage officer.NameTitlePhoneEmailTurner BredrupManaging Director(804) 915-0110tbredrup@harriswilliams.comTodd MorrisManaging Director(415) 217-3412tmorris@harriswilliams.comJames ClarkManaging Director(804) 915-0119jclark@harriswilliams.comCheairs PorterManaging Director(804) 915-0130cporter@harriswilliams.comGeoff SmithDirector(804) 915-0195gsmith@harriswilliams.comAndy DixonVice President(415) 217-3419adixon@harriswilliams.comPaul HepperVice President(804) 932-1326phepper@harriswilliams.comAndy HewlettVice President(415) 217-3427ahewlett@harriswilliams.comWhit KnierVice President(804) 932-1321wknier@harriswilliams.
Hill-Rom Holdings, Inc. was founded in 1969 and is headquartered in Batesville, Indiana. Paramount Bed Holdings Co., Ltd. Paramount Bed Holdings Co., Ltd., through its subsidiaries, manufactures and sells medical and nursing-care products in Japan and internationally. The company offers hospital bed products, including ICU, VIP room, electric .
Type of mold Height split cavity blocks BK 41 Type A BKS 41 Type A. www.dmeeu.com - 9 29/07/2010 Casting Resins & Chemical Products . 1 x BK 4011 DME 3 - 1.2312 Top bolster plate 2 x BK 4012 1.7131 Wear strips 2 x BK 4013 A DME 3 - 1.2312 Split cavity blocks DME 5 - 1.2344 DME 6 - 1.2767 DME 7 - 1.2311 DME 9 - Impax DME 10 .
When a fault is detected by the system the Electronic Control Unit (ECU) records the code corresponding to the defect in the ECU's memory until either: MOTRONIC 'PEDAL' FAULT CODES (CARB) MOTRONIC INTERNAL TROUBLE CODES DME 1.1, 1.2, 1.3 DME 1.7, 1.7.1 & 3.1 DME1.7.2 DME 3.3 DME 3.3.1 DME MS40 DDE 1 DDE 2 SUPPLEMENTAL RESTRAINT SYSTEM (AIRBAG .
DME . Coverage criteria apply; refer to the DME MAC : LCD for Pressure Reducing Support Surfaces-Group 1 (L33830). (Accessed August 16, 2021) Pressure Reducing Support Surfaces-Group 2 (Low Air Loss or Powered Flotation without Low Air Loss ) DME : Coverage criteria apply; refer to the DME M
tection namely for the distance measuring equipment DME [ 2 ]. The DME system radiates short twin pulses each of a duration of 6 s and with a power of up to 2W.k The DME system al-lows to estimate the distance from the air-craft to a ground station. In order that GALILEO or GPS can coexist with the DME system in the E5 band such GNSS
Oct 10, 2020 · 17.2.1 Custom DME Custom DME is medical equipment that is made or modified specifically to address the individual client’s needs. After it is issued, customized equipment is the client’s property. Examples of covered custom DME include: Adaptive strollers. Custom-fitted w
2.10 Hot Runner and Hot Sprue Systems Molds incorporating hot runner systems must be wired to the DME wiring format. Standard connector to be used is DME TPC-0001. Molds incorporating hot sprue systems must be wired to the DME wiring format, utilizing DME CKPTM-1 connectors
DME India 5 & 6, 2nd Floor RT Nagar, Dinnur Main Road Bangalore, 560 032 India 91-80-69408902 tel (86-755) 8601-658 fax dme-sales-india@milacron.com DME of Canada Ltd. 6210 Northwest Drive Mississauga, Ontario Canada L4V 1J6 800-387-6600 toll-free tel 905-677-6370 tel 800-461-9965 toll-free fax dme_canada@milacron.com DME Mexico / South America
HARRIS UNIVERSITY OF HOUSTON CHARTER SCHOOL 4 3.31% HARRIS ILM Academy 4 3.13% . HARRIS Strake Jesuit College Preparatory 4 0.39%. HARRIS HARMONY SCHOOL OF EXCELLENCE - ENDEAVOR 2 0.37% HARRIS Harmony School of Ingenuity 2 0.34% HARRIS Family Christian Academy 1 0.33% CHAMBERS EAST CHAMBERS ISD 4 0.29%
