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Medical Devices Deals, 2006 to 2015
Mergers and acquisitions in the medical device sector hit a rough patch in 2013. That’s when the 2.3% excise tax, mandated in the Affordable Care Act, went into effect, and the change was felt almost immediately. In 2015, the tax was lifted for a period of two years, but deal making still hasn’t gone back to the heady days of 2011. Read More »Hospital Deals, 2006 to 2015
Hospital merger and acquisition activity remained strong in 2015, as the effects of the Affordable Care Act continued to ripple through the healthcare industry. Small hospitals and healthcare systems felt greater financial pressure to merge, partner or affiliate with larger hospitals and systems as the shift to value-based and capitated reimbursements gained ground. Hospitals in states that expanded Medicaid generally were in better financial shape than those in states that did not expand the healthcare safety net. Read More »American Addiction Centers Adds Property
American Addiction Centers, part of AAC Holdings, Inc. (NYSE: AAC), is expanding its Greenhouse operations in Arlington, Texas. The company actually bought a 100-room Econo Lodge and Suites Six Flags, located less than three miles from its 130-bed Greenhouse residential facility and its new outpatient center. The price was $5.35 million. AAC expects the 100-room sober living property to generate approximately $5 million in incremental revenue and approximately $2 million in incremental adjusted EBITDA for its Greenhouse outpatient center in 2017. Read More »Long-Term Care Deals, 2006 to 2015
Much has happened in the acquisition market since the record-setting year in 2014. As 2015 progressed, it became apparent that at least a few more records would fall. But the market activity was not consistently bullish throughout the year, even though the continued low cost of capital for both debt and equity fueled a thriving M&A market across all healthcare sectors. Read More »Managed Care Deals, 2006 to 2015
The managed care sector surged back to life in 2015, with deal volume growing 104%, to 45 transactions. Enrollment for health insurance continued to climb, albeit slowly, through the federal and state healthcare exchanges, which made managed Medicare and Medicaid companies appealing targets. The big moment came in late June, when the U.S. Supreme Court handed down its decision in King v. Burwell, upholding the use of subsidies to people who enrolled in healthcare coverage through the federal exchange, Healthcare.gov. Almost immediately, Centene Corp. (NYSE: CNC) announced its intention to buy Health Net for $6.8 billion. That deal was soon dwarfed by Aetna’s (NYSE: AET) proposed buyout of... Read More »Labs, MRI & Dialysis Deals, 2006 to 2015
Deal volume rebounded sharply in the Laboratories, MRI & Dialysis sector in 2015, up 57% compared with 2014. Laboratories have had to adapt as hospitals and health systems have merged or closed in recent years. Some labs have evolved to offer coordinated diagnostics: offering tests that give on-the-spot diagnoses, handling bills and lab data from several sources and providers as an aid to accountable care organizations, and focusing on the patient experience to ensure repeat business. Read More »Home Health & Hospice Deals, 2006 to 2015
The M&A bubble burst in this sector in 2015. At least part of the slow down stemmed from Kindred Healthcare’s (NYSE: KND) $1.8 billion acquisition of Gentiva Health Services in the fourth quarter of 2014. Kindred spent much of 2015 integrating Gentiva’s assets and operations, and didn’t announce a single acquisition all year. Another factor is that valuations were still high in 2015, after a very busy 2014. Amedysis Inc.’s (NYSE: AMED) acquisition of Infinity HomeCare was one of the few deals that reported a price, $63 million, and the target’s financial information. The resulting multiples were 1.3x revenue and 9.8x EBITDA. Read More »eHealth Deals, 2006 to 2015
Merger and acquisition activity in the eHealth sector has grown since 2013. Strategic buyers such as IBM Watson Health (NYSE: IBM) made big moves into this area, and private equity investors are focusing on revenue cycle manaegment, electonic health records serving specific segments and any platform that offers better cost containment for health care providers. Read More »Biotechnology Deals, 2006 to 2015
The biotechnology sector has had some ups and downs in recent years, to put it mildly. After a strong start in the first quarter of 2015, when 62 transactions were recorded, deal volume slowed considerably, to only 20 deals in the fourth quarter of 2015. One of the strongest headwinds has been the criticism of the pharmaceutical industry for the high prices charged for certain drugs. Presidential candidates and federal legislators have called for hearings on this issue, which caused some investors to pull back in this and the pharmaceutical sector. Read More »Schedule a demo
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