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Emerging Med Tech Market Update

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Emerging Med Tech Market Update

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    1. Emerging Med Tech Market Update May 9, 2011

    2. 1 Agenda

    4. 3 Med Tech M&A Environment: Increasingly Bifurcated World

    5. 4 Selected Med Tech M&A Transactions: 2009 – 2011YTD

    6. 5 Private Med Tech Companies: “Buying Time”

    8. 7 Med Tech IPO Market Evolution

    9. 8 Med Tech IPO Market Trends We anticipate a very orderly reopening of the Med Tech IPO market with more mature companies leading the pack First wave of IPOs post-market meltdown Mature businesses with $100-400 million revenue Profitable (in most cases) Opportunistic issuers driven by shareholder liquidity objectives Often financial sponsor-backed vs. venture-backed Typically some selling shareholder component as part of IPO to add size Gradually expect lowering of “stage of development” bar to allow for return of “Traditional Med Tech IPO” defined as: Single product or technology platform company Modest profitability or unprofitable Venture-backed $75-100 million IPOs with post-money IPO valuations of $275 million+ Keys to reopening of broader emerging growth Med Tech IPO market: Positive investor experiences with recent Med Tech IPOs Track record of IPO price being lowest cost point of entry to mitigate “we can buy it later cheaper” mentality Existing public Med Tech companies trading at richer valuations, so relative risk / return assessment makes IPO comparison attractive Valuations of public Med Tech companies returning to historical levels to support earlier stage IPOs

    10. 9 Stage Set for Improved Valuations of Public Med Tech

    11. 10 Existing Med Tech Universe Starting to Run

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