The momentum in the HealthTech market shows no signs of letting-up: (i) the Evolent IPO (the 6th in 18 months) closely followed by Kainos’ in early July once again demonstrates the significant appetite in the space; (ii) market indices continue to rise with the European players catching up with their US counterparts; and (iii) there is increased focus on the use of data analytics to improve diagnoses and patient outcomes as evidenced by IBM’s investment in Watson Health through the acquisitions of Explorys and Phytel. M&A activity in the space is on an upward trend, fundraising appetite is strong and valuations in the sector remain healthy. As a result, now is a good time to be contemplating corporate activity in the HealthTech space – if you are, please do get in touch. Results International is a leading adviser to entrepreneurs, investors and corporates in the technology, healthcare, and marketing services sectors. Our team has more than 70 years experience in supporting businesses in the software sector with M&A activity and fundraising. We hope that you enjoy the document and look forward to discussing the data and underlying themes with you.

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3. 60
70
80
90
100
110
120
130
Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15
Healthcare IT - Europe Healthcare IT - US Biopharma IT Generalists NASDAQ Composite Index FTSE 100
Q2 2015 Performance
Healthcare IT – Europe 19.3%
Healthcare IT - US (0.3)%
Biopharma IT 10.2%
Generalists (3.9)%
HealthTech
(1)
0.8%
Results International Global HealthTech Indices
Note: Based on share prices as at 30 June 2015
Note: Indices weighted by market capitalisation
Note: (1)
Excludes Generalists
Sources: Capital IQ and Results analysis 2
18.8%
17.3%
13.1%
(0.9)%
17.0%
(3.3)%

4. 49.3%
26.0%
47.4%
15.1% 17.9% 21.2% 20.7%
33.9%
(8.4)%
3.3%
(14.8)%
(3.4)%
2.3% 3.2%
(46.4)%
25.2%
(16.0)%
111.5%
10.1%
26.9%
13.3%
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
Last12Months
14.6%
5.7%
20.6%
6.6%
11.5%
22.3%
(1.9)%
(6.8)%
14.2%
(4.2)%
(6.0)%
15.2%
17.0%
2.3%
3.6% 4.2%
20.6%
(1.7)%
5.7%
10.2% 9.5%
7.1%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Q1-2015HealthTech: Share Price Performance
Note: Share price performance as at 30 June 2015
Note: *‘Last 3 Months’ & ‘Last 12 Months’ reference dates adjusted to first trading day post IPO for Evolent Health (4-Jun-15); and ‘Last 12 Months’ for Inovalon Holdings (11-Feb-15)
Sources: Capital IQ and Results analysis 3
Healthcare IT – Europe Healthcare IT – US Biopharma IT
**

5. HealthTech: Recent IPO Performances
4
Note: Calendarised to December year end; $ millions, except share price data
Note: (1)
Current increase from IPO price; Market data as of 30 June 2015
Note: (2)
Evolent Health projecting negative EBITDA for CY2015; current EV adjusted to reflect additional cash from IPO not accounted for in most recent Balance Sheet
Note: (3)
Castlight projecting negative EBITDA for CY2015
Source: Capital IQ
Company IPO Date Description Raised
Indicative Price
Range ($)
IPO Price
($)
Increase vs.
range
Day 1
Increase
Current
Increase(1)
Current
EV
EV / Revenue
2015E
EV / EBITDA
2015E
Jun-15
Healthcare delivery and
payments software
195.5 14.00-16.00 17.00 13.3% 10.9% 14.7% 947 6.0x n.m.
(2)
Feb-15
Cloud-based healthcare
data analytics software
600.0 24.00-26.00 27.00 8.0% 0.0% 3.3% 3,622 8.3x 22.4x
Apr-14
Healthcare information
technology and services
1,300.0 18.00-21.00 20.00 2.5% 15.0% 53.3% 13,602 4.7x 14.9x
Mar-14
Healthcare enterprise
management software
177.6 13.00-15.00 16.00 14.3% 148.8% (49.1)% 578 7.6x n.m.
(3)
Dec-13
Software, hardware and
services for the healthcare
and energy sectors
199.7 n.a. 2.93 n.a. 20.1% 63.1% 335 3.2x 13.1x
Oct-13
Cloud-based CRM
software for the biopharma
industry
260.9 16.00-18.00 20.00 17.6% 85.8% 40.2% 3,264 8.4x 28.7x
NYSE
NYSE
LSE
NYSE
NasdaqGS
NYSE

6. HealthTech: Valuation Benchmarks
5
EBITDA Margin 2015E EV / EBITDA 2015E
Revenue Growth (2015-16E) EV / Revenue 2015E
Note: EV = Enterprise Value; Financials calendarised to December year end
Note: Median values reported; excludes negative multiples
Note: See Selected Publicly Traded Companies (Slide 9) for details of companies included in each category
Note: McKesson excluded from above analysis because majority of revenue is generated from pharmaceutical distribution
Source: Capital IQ
4.2%
8.0%
12.7%
19.2%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Generalists Healthcare IT -
Europe
Healthcare IT - US Biopharma IT
28.0%
23.3%
19.5%
23.3%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Generalists Healthcare IT -
Europe
Healthcare IT - US Biopharma IT
4.0 x
3.3 x
4.6 x
7.5 x
0.0 x
1.0 x
2.0 x
3.0 x
4.0 x
5.0 x
6.0 x
7.0 x
8.0 x
Generalists Healthcare IT -
Europe
Healthcare IT - US Biopharma IT
11.0 x
12.7 x
14.4 x
28.7 x
0.0 x
5.0 x
10.0 x
15.0 x
20.0 x
25.0 x
30.0 x
35.0 x
Generalists Healthcare IT -
Europe
Healthcare IT - US Biopharma IT

7. 21
17
20
32
29
18
28
27
28
32
44
61
54
49
4
3
5
1
1
7
2
7
5
6
2
8
12
5
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
0
10
20
30
40
50
60
70
80
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
Healthcare IT Biopharma IT Healthcare IT Total Disclosed Deal Value Biopharma IT Total Disclosed Deal Value
HealthTech: Global M&A Activity
6Sources: Press releases, Capital IQ, Mergermarket, 451 Research and Results analysis
NumberofDeals
TotalDisclosedDealValue($m)

8. HealthTech: Selected Deals in Q2 2015
Date Buyer Target EV ($m)
EV /
Revenue
EV /
EBITDA
Company description
Target
Location
Jun-15 - - - Nurse and doctor scheduling automation software
Jun-15 6.4 - -
Healthcare information systems software for sexual health and
substance misuse
May-15 - - -
Population health information platform for socioeconomic and
community health data
May-15 - - - Healthcare informatics and image archiving software
May-15 140.0 - -
Customer-driven healthcare and reimbursement accounts software and
services
May-15 1.9 - - Patient flow and bed management software
May-15 - - - Big data analysis software for healthcare
May-15 - - - Medical informatics software for diagnostic image management
May-15 105.0 - -
Big data machine learning software for the life sciences, healthcare,
manufacturing, retail and financial services sectors
May-15 - - -
Compliance and performance improvement software for care
enhancement
May-15 - - - Occupational medicine and preventative health software
May-15 46.9 - -
Diagnostic laboratory and clinical applications support software and
managed services
Apr-15 24.1 - - Venous biometric patient identification systems
Apr-15 175.4 - - Healthcare information management systems software
Apr-15 - - - Cloud-based healthcare intelligence software
Apr-15 - - - Cloud-based population health data management software
Apr-15 - - - Healthcare data analytics software
7
Note: Financials relate to the companies’ full fiscal year before the transaction took place
Note: Enterprise Value (EV) = transaction value scaled to 100% shareholding plus net debt (includes minority interest)
Sources: Press releases, Capital IQ, Mergermarket, 451 Research and Results analysis

9. Date Company Type of round
Funds
raised ($m)
Investor participation Description
Company
headquarters
Jun-15 Series B 9.2 Amadeus Capital Partners; Gilde Healthcare Partners; Archimedia
Primary care practice and case
management software
Jun-15 - 0.5 Investessor, Investment Arm
Mobile application for Electronic
Health Record management
Jun-15 - 1.2 Castle Connolly Medical; Inveready Asset Management
Consumer online physician selection
and healthcare information platform
Jun-15 - - WuXi PharmaTech (NYSE:WX)
Data management and analysis
software for the life sciences industry
May-15 - 0.5 Individual investor
Online marketplace and consultation
platform for telemedicine services
May-15 Seed 1.1 Rothenberg Ventures
Clinical treatment applications for
psychology
May-15 Series A 5.0 Industrifonden; Briban Invest
Mobile patient recruitment and trial
management software and services
May-15 Seed 1.9
Delft University of Technology, Endowment Arm; Buysse & Partners
Invest
Integrated genomics analytics
platform
May-15 - - Individual investor
Patient-oriented engagement solution
for diabetes management
May-15 - 10.0 -
Online platform for medical and dental
appointment scheduling
May-15 Series A 7.2
QUALCOMM Ventures; Mangrove Capital Partners; Innovation Capital;
ABRT Venture Fund; TA Ventures; Maya Capital LLP
Online platform for private and public
healthcare appointment booking
May-15 - - NorthCap Partners
Image analysis and stereology
software for the biopharma industry
May-15 Venture 3.9 XLHealth
Mobile telemedicine application for
video healthcare consultations
May-15 - - Parkwalk Advisors
Late phase clinical trial design, data
capture and management software
Apr-15 Venture 5.2 Den Danske Forskningsfond; RusBio Ventures
Tech-enabled MRI utilisation services
for clinical trials
Apr-15 Venture 1.1 Individual investors
DNA analysis software for laboratories
and biopharma
Apr-15 Venture 5.3 Prime Ventures
Healthcare information exchange
software for clinical information sharing
HealthTech: Selected European Fundraisings in Q2 2015
8Sources: Capital IQ and Results analysis

10. Operating Metrics Valuation Metrics
Price % of 52 Market Total Net Enterprise Revenue Rev. Growth Gross Margin Revenue EBITDA
Company (30-Jun-15) Week High Cap Cash Debt Value CY2015 CY15-16 Historical CY2015 CY2016 CY2015 CY2016 CY2015 CY2016
Generalists with significant HealthTech exposure
Oracle 40.30 86% 179,559 54,368 (11,975) 167,584 38,517 2.6% 60.7% 44.7% 46.6% 4.4 x 4.2 x 9.7 x 9.1 x
EMC 26.39 85% 51,799 6,450 600 52,399 25,617 5.9% 62.4% 26.4% 27.1% 2.0 x 1.9 x 7.7 x 7.1 x
SAP 70.00 89% 85,510 4,959 6,324 91,833 22,631 5.3% 72.2% 34.0% 34.3% 4.1 x 3.9 x 12.0 x 11.3 x
Thermo Fisher Scientific 129.76 93% 52,265 873 13,997 66,262 16,765 4.2% 46.2% 25.4% 26.4% 4.0 x 3.8 x 15.6 x 14.4 x
Computer Sciences Corporation 65.64 90% 9,157 2,098 599 9,756 11,864 (0.5%) 24.1% 14.9% 18.1% 0.8 x 0.8 x 5.5 x 4.6 x
Thomson Reuters 38.12 90% 29,951 1,032 8,170 38,121 9,918 3.0% 28.0% 28.0% 29.2% 3.1 x 3.0 x 11.0 x 10.2 x
Aspen Technology 45.55 96% 3,921 216 (216) 3,705 458 9.1% 81.6% 45.4% 45.3% 8.1 x 7.4 x 17.9 x 16.4 x
25th percentile 2.8% 37.1% 25.9% 26.7% 2.6 x 2.5 x 8.7 x 8.1 x
Median 4.2% 60.7% 28.0% 29.2% 4.0 x 3.8 x 11.0 x 10.2 x
75th percentile 5.6% 67.3% 39.3% 39.8% 4.2 x 4.0 x 13.8 x 12.8 x
Healthcare IT - Europe
CompuGroup Medical 34.89 96% 1,735 28 361 2,096 613 9.2% 33.9% 22.0% 23.6% 3.4 x 3.1 x 15.5 x 13.3 x
Cegedim 42.17 97% 589 19 587 1,176 574 2.2% 46.2% 18.9% 19.8% 2.0 x 2.0 x 10.8 x 10.1 x
EMIS Group 14.50 92% 915 7 26 941 250 6.5% 48.2% 30.5% 30.8% 3.8 x 3.5 x 12.3 x 11.5 x
NoemaLife 6.46 91% 49 6 38 87 119 12.8% 22.4% 19.2% 19.6% 1.0 x 0.9 x 5.4 x 4.7 x
Servelec Group 4.78 93% 335 6 0 335 104 7.9% 45.3% 24.6% 25.3% 3.2 x 3.0 x 13.1 x 11.8 x
Craneware 10.34 95% 280 36 (36) 244 50 8.2% 90.5% 30.4% 30.7% 4.9 x 4.5 x 16.1 x 14.8 x
25th percentile 6.8% 36.7% 19.9% 20.7% 2.3 x 2.2 x 11.2 x 10.5 x
Median 8.0% 45.7% 23.3% 24.4% 3.3 x 3.1 x 12.7 x 11.6 x
75th percentile 8.9% 47.7% 28.9% 29.3% 3.7 x 3.4 x 14.9 x 12.9 x
Healthcare IT - US
McKesson 224.81 92% 52,878 5,341 5,973 58,851 186,896 5.6% 6.3% 2.6% 2.8% 0.3 x 0.3 x 12.2 x 10.6 x
Cerner 69.06 91% 24,798 684 (58) 24,740 4,950 20.7% 84.5% 32.7% 34.2% 5.0 x 4.1 x 15.3 x 12.1 x
IMS Health 30.65 95% 10,279 639 3,323 13,602 2,913 9.7% 53.4% 31.3% 31.9% 4.7 x 4.3 x 14.9 x 13.4 x
Allscripts Healthcare Solutions 13.68 80% 2,576 88 484 3,060 1,399 5.4% 45.5% 16.8% 18.7% 2.2 x 2.1 x 13.0 x 11.1 x
athenahealth 114.58 75% 4,509 61 205 4,714 918 21.2% 59.8% 18.1% 17.8% 5.1 x 4.2 x 28.4 x 23.8 x
MedAssets 22.06 86% 1,343 19 857 2,200 760 4.8% 76.1% 30.5% 30.7% 2.9 x 2.8 x 9.5 x 9.0 x
Quality Systems 16.57 88% 999 131 (131) 869 517 6.7% 54.6% 14.1% 15.8% 1.7 x 1.6 x 11.9 x 9.9 x
Inovalon Holdings 27.90 83% 4,120 793 (498) 3,622 438 21.2% 68.8% 37.0% 38.0% 8.3 x 6.8 x 22.4 x 18.0 x
Merge Healthcare 4.80 77% 470 25 255 725 249 9.1% 60.8% 20.9% 22.7% 2.9 x 2.7 x 14.0 x 11.8 x
Healthstream 30.42 94% 962 64 (36) 926 204 15.7% 56.6% 14.2% 16.5% 4.5 x 3.9 x 32.0 x 23.7 x
Computer Programs & Systems 53.42 80% 605 41 (41) 564 197 6.8% 45.9% 24.5% 26.3% 2.9 x 2.7 x 11.7 x 10.2 x
Evolent Health 19.50 98% 1,150 220 (203) 947 157 34.8% 27.5% (26.3%) (14.5%) 6.0 x 4.5 x n.m. n.m.
Castlight Health 8.14 49% 763 186 (186) 578 76 56.1% 39.1% (90.8%) (44.0%) 7.6 x 4.9 x n.m. n.m.
25th percentile 6.8% 45.8% 14.2% 16.4% 2.9 x 2.7 x 12.2 x 10.4 x
Median 12.7% 55.6% 19.5% 20.7% 4.6 x 4.0 x 14.4 x 11.9 x
75th percentile 21.2% 62.8% 30.7% 31.0% 5.4 x 4.3 x 20.6 x 16.8 x
Biopharma IT
Medidata Solutions 54.32 92% 3,085 298 (54) 3,031 403 19.2% 74.7% 23.3% 24.8% 7.5 x 6.3 x 32.3 x 25.5 x
Veeva Systems 28.03 83% 3,693 429 (429) 3,264 390 23.6% 62.9% 29.2% 29.9% 8.4 x 6.8 x 28.7 x 22.7 x
Instem 3.21 94% 40 2 - 28 22 8.7% 14.8% 16.6% 18.3% 1.7 x 1.5 x 10.1 x 8.4 x
25th percentile 14.0% 38.9% 20.0% 21.5% 4.6 x 3.9 x 19.4 x 15.6 x
Median 19.2% 62.9% 23.3% 24.8% 7.5 x 6.3 x 28.7 x 22.7 x
75th percentile 21.4% 68.8% 26.3% 27.3% 7.9 x 6.5 x 30.5 x 24.1 x
EBITDA Margin
HealthTech: Selected Publicly Traded Companies
9
Note: Calendarised to December year end; $ millions, except share price data; Multiples capped at 20x EV / Revenue and 50x EV / EBITDA; Net debt includes minority interest
Note: (1)
McKesson excluded from ‘Healthcare IT – US’ summary analysis above because majority of revenue is generated from pharmaceutical distribution
Note: (2)
Evolent Health current EV adjusted to reflect additional cash from IPO not accounted for in most recent Balance Sheet
Source: Capital IQ
(1)
(2)

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