Mercer Capital provides medical device manufacturers, related start-up enterprises, and private equity funds with valuation services, including purchase price allocation, 409a compliance, goodwill impairment testing, and other transaction and valuation advisory services. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.

1. VALUE FOCUS
Medical Device Industry
Second Quarter 2016
BUSINESS VALUATION &
FINANCIAL ADVISORY SERVICES
www.mercercapital.com
Stock Market Performance 1
Venture Capital Funding Exit Activity 3
Transactions 6
Select Operating Metrics 11
Public Medical Device Companies 12
About Mercer Capital 18

2. © 2016 Mercer Capital // www.mercercapital.com 1
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Medical device stock returns were generally positive in 1Q16 and in the preceding twelve months, despite broad stock
market weakness over the same period (-0.4% year-over-year (YOY) and 0.8% from the 1Q16 for the SP 500). Overall,
cardiovascular and large, diversified medtech companies saw the largest YOY returns. Multiples generally expanded
across sectors in relation to 4Q15.
»» IVD companies bested the overall market in the first quarter, rising 2.7% over the quarter
compared to 0.8% for the SP 500. Noteworthy price movers over the quarter included Bruker
(15.4%), Bio Techne (5.0%), and Hologic, (-10.8%). Thermo Fisher announced its acquisition of
Affymetrix in 1Q16 at $14.00 a share in cash, leading to a 52% increase in Affymetrix’s stock price
in anticipation of the merger.
»» Cardiovascular companies returned a collective 15.2% YOY to 1Q16, and 5.9% over the quarter.
Stock movements were mixed among group constituents, with Edward Lifesciences and CR Bard
exhibiting 23.8% and 21.1% YOY gains, respectively, while St. Jude saw a YOY decline of 16%.
»» The orthopedic, implants and prosthetics sector struggled (relatively), lagging other medical devices
sectors and broader markets. The sector remained flat to 1Q16 while declining 6.7% YOY, led by
pricing pressure for many of the sector’s end products. Significant price movers in the quarter
included Zimmer (3.9%), Integra LifeSciences (-0.6%), and NuVasive (-10.1%).
»» Large, diversified companies modestly outperformed the broader markets over the previous twelve
months, with gains of 3.5% during 1Q16 and 5.2% YOY. Notable movers in the quarter included
Johnson Johnson (5.3%), Stryker (15.4%) and Abbott Labs ( 6.9%).
Stock Market
Performance

3. © 2016 Mercer Capital // www.mercercapital.com 2
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Total Shareholder Returns
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Mar 31, 2015 Jun 30, 2015 Sep 30, 2015 Dec 31, 2015 Mar 31, 2016
SP 500 Large, Diversified
IV and Life Sciences Cardiovascular
Ortho, Implants and Prosthetics
Represents market capitalization weighted index for each group. Source: Bloomberg, Mercer Capital analysis
EV/EBITDA Multiples
Median EBITDA multiples from each MCM group. Data source: Bloomberg
0.0
2.5
5.0
7.5
10.0
12.5
15.0
17.5
20.0
Large, Diversified IVD Cardiovascular Ortho Other
Q1 2015 Q4 2015 Q1 2016

4. © 2016 Mercer Capital // www.mercercapital.com 3
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Venture Capital funding in the medical device industry fell nearly 22% in 1Q16 from the previous quarter. 1Q16
medical device investment totaled $508 million, representing the lowest total since 1Q15. Deal volume also declined
significantly in the quarter, falling from 83 deals in 4Q15 to 59 in 1Q16. This decline in total deals led to an expansion
in average deal size however, increasing 10.3% from 4Q15 to 1Q16.
»» VC investments in medical device companies accounted for 4.2% of all VC investments during 1Q16,
down from 5.4% in 1Q16 but up from 3.5% in 1Q15.
»» TotalVC funding for 1Q16 was $12.1 billion, up 1.2% from the previous quarter. Life Science investment
funding (including biotechnology and medical devices) totaled $2.3 billion in 1Q16, holding relatively
flat from the previous quarter.
Venture Capital
Funding Exit
Activity

5. © 2016 Mercer Capital // www.mercercapital.com 4
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Venture Capital Investments in Medical Devices
Data Source: MoneyTree Report; PwC/NVCA, Thomson Reuters, Mercer Capital analysis
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
Q1
1995
Q1 96 Q1 97 Q1 98 Q1 99 Q1
2000
Q1 01 Q1 02 Q1 03 Q1 04 Q1
2005
Q1 06 Q1 07 Q1 08 Q1 09 Q1
2010
Q1 11 Q1 12 Q1 13 Q1 14 Q1
2015
Q1 16
Billions
Medical Devices Equipment Medical Device % of Total VC Investments
Exit activity for venture-backed companies fell to its lowest level since 3Q11 according to the National Venture
Capital Association (NVCA).
»» Six IPOs of venture-backed life science companies (biotechnology and medical device / healthcare)
raised $574.5 million in 1Q16, compared to $681 million raised in 4Q15.
»» 18 venture-backed life science companies entered into strategic MA transactions during 1Q16 with
total volume totaling $881 million.
Venture Capital
Funding Exit
Activity
(continued)

6. © 2016 Mercer Capital // www.mercercapital.com 5
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Recent Financing
Company Amount ($M) Round Founded Notes
Aprecia Pharmaceuticals Co $79 Later Stage 2003 Provides drug delivery systems and products.
Acutus Medical Inc $75 Early Stage 2011 Develops medical technologies to treat complex cardiac arrhythmias.
Spirox Inc $45 Early Stage 2012 Develops minimally invasive technologies.
Vertiflex Inc $27 Later Stage 2005 Provides minimally invasive and motion preserving spinal surgery technologies.
Bio Theranostics Inc $20 Later Stage NA Commercial-stage molecular diagnostics company.
Apnicure Inc $16 Later Stage 2007 Develops and commercializes novel home-use devices.
NiCo Corp $15 Expansion 2007 Develops medical devices for minimally invasive neurosurgery, as well as skull base and spinal surgical procedures.
Minerva Surgical Inc $15 Later Stage 2008 Develops medical devices for women’s healthcare.
Iowa Approach Inc $15 Startup/Seed 2012 Develops medical device for atrial fibrillation.
Convergent Dental Inc $13 Expansion 2011 Develops a computer-guided, laser-based drilling and cutting system for dentists.
Endostim Inc $11 Early Stage 2009 Develops therapeutics for gastrointestinal and urological neuro-muscular disorders.
Valencell Inc $11 Later Stage 2006 Develops biometric sensor technology.
Fe3 Medical Inc $11 Expansion 2008 Develops transdermal therapy for iron deficiency anemia.
Delphinus Medical Technologies Inc $11 Expansion 2010 Develops, commercializes, and services breast cancer screening technology to hospitals and imaging clinics.
Aerin Medical Inc $11 Early Stage 2011 Develops devices and procedures to improve nasal breathing.
Avadim Technologies Inc $10 Later Stage 2007 Provides therapeutic skin care products.
Powervision Inc $10 Later Stage 2002 Develops implantable intraocular lenses.
Select Venture Funding Deals
Data Source: MoneyTree Report, PwC/NVCA, Thomson Reuters; and, CrunchBase [http://www.crunchbase.com/] at TechCrunch.com. Medical Devices and Equipment funding rounds over $10 million during 1Q16.

7. © 2016 Mercer Capital // www.mercercapital.com 6
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Medical Devices Select Transactions Summary
($Millions)
Implied Enterprise Value
Acquirer Target
Announce
Date
Implied
EV EBIT EBITDA Revenue Sector
Shire plc Baxalta Incorporated 01/11/2016 35,218.9 19.1x 16.7x 5.7x Biotechnology
Abbott Laboratories Alere Inc. 01/30/2016 8,615.2 34.8x 15.2x 3.5x Healthcare Supplies
Canon Inc. Toshiba Medical Systems Corporation 03/17/2016 5,981.2 37.6x NA 2.4x Healthcare Equipment
Stryker Corporation Sage Products LLC 01/31/2016 2,775.0 NA NA 6.5x Healthcare Supplies
Nordic Capital; Novo A/S; Nordic Capital Fund VIII LP eResearchTechnology, Inc. 03/08/2016 1,800.0 NA NA 6.0x
Life Sciences Tools and
Services
Stryker Corporation Physio-Control International, Inc. 02/13/2016 1,344.0 NA NA NA Healthcare Equipment
Thermo Fisher Scientific, Inc. Affymetrix Inc. 01/08/2016 1,112.2 40.9x 25.0x 3.1x
Life Sciences Tools and
Services
TE Connectivity Ltd. Creganna-Tactx Medical 02/01/2016 895.0 NA NA 3.6x Healthcare Equipment
Hangzhou Cixuan Liangjia Investment Management
Partnership (Limited Partnership); Beijing Blue
Sea Strategic Capital Operations Center (Limited
Partnership)
Quantum Hi-Tech (China) Biological Co., Ltd. 03/23/2016 752.9 78.8x 59.1x 15.4x Biotechnology
Cathay Holdings Ltd. Tanvex BioPharma, Inc. 01/28/2016 611.6 NM NM NA Biotechnology
Bristol-Myers Squibb Company Padlock Therapeutics, Inc. 03/23/2016 600.0 NA NA NA Biotechnology
Only deals with available deal size information shown. | Data Source: Bloomberg and Capital IQ

8. © 2016 Mercer Capital // www.mercercapital.com 7
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Implied Enterprise Value
Acquirer Target
Announce
Date
Implied
EV EBIT EBITDA Revenue Sector
Shandong Sinobioway Biomedicine Co., Ltd.;
Beijing Sinobioway Group Co., Ltd.; CICC Qian
Hai Development (Shenzhen) Fund Management
Co., Ltd.; Peking University V-Ming (Shanghai)
Investment Holdings Co., Limited; Heng Feng
Investments (International) Limited; Fuerde Global
Investment Limited
Sinovac Biotech Ltd. 02/03/2016 375.0 100.0x 37.5x 5.6x Biotechnology
DiaSorin S.p.A. Focus Diagnostics, Inc. 03/29/2016 300.0 NA NA 3.8x Healthcare Equipment
Xinjiang Bai Hua Cun Co., Ltd
Nanjing Huawe Medicine Technology
Development co., LTD.
01/12/2016 295.9 NA NA NA
Life Sciences Tools and
Services
Ginwa Enterprise (Group) Inc. Waston Medical Co., Ltd. 03/11/2016 259.8 31.7x NA 10.6x Healthcare Equipment
Acorda Therapeutics, Inc. Biotie Therapies Corp. 01/19/2016 255.5 NM NM 62.7x Biotechnology
Jih Sun Securities Co., Ltd.; Securities and Futures
Investors Protection Center
UBI Pharma Inc. 01/13/2016 167.0 NM NM 13.5x Biotechnology
Agilent Technologies, Inc. LaserGen, Inc. 03/02/2016 166.7 NA NA NA Biotechnology
Duke Street LLP; Brederode SA; Harwood Capital
LLP; Deutsche Alternative Asset Management
(Global) Limited; DB Private Equity GmbH; DB
Secondary Opportunities Fund III LP; Atnahs Capital
Medi-Globe GmbH 03/01/2016 151.9 NA 8.4x 1.2x Healthcare Equipment
Halma plc CenTrak, Inc. 02/03/2016 140.0 NA NA 3.2x Healthcare Equipment
Only deals with available deal size information shown. | Data Source: Bloomberg and Capital IQ
Medical Devices Select Transactions Summary (continued)
($Millions)

9. © 2016 Mercer Capital // www.mercercapital.com 8
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Implied Enterprise Value
Acquirer Target
Announce
Date
Implied
EV EBIT EBITDA Revenue Sector
Juno Therapeutics Inc. AbVitro LLC 01/08/2016 124.9 NA NA NA Biotechnology
Launchpad12 LLC Gene Techno Science Co., Ltd. 03/28/2016 116.1 NM NA 11.4x Biotechnology
Shanghai Kinetic Medical Co., Ltd.
Jiangsu IDEAL Medical Science
Technology Co.,Ltd.
1/8/2016 119.5 NA NA NA Healthcare Equipment
Shanghai Yi'an Investment Center (Limited
Partnership); Shanghai Chunhe Investment
Management (Limited Partnership)
Essen Technology (Beijing) Co., Ltd. 12/31/2015 114.2 NA NA NA Healthcare Equipment
Shanghai Kinetic Medical Co., Ltd. Essen Technology (Beijing) Co., Ltd. 01/22/2016 114.2 NA NA NA Healthcare Equipment
ResMed Inc. Inova Labs, Inc. 12/24/2015 110.0 NA NA NA Healthcare Equipment
Qiagen NV Exiqon A/S 03/29/2016 99.8 183.5x 66.9x 4.1x
Life Sciences Tools and
Services
Hitachi Chemical Co. America, Ltd. PCT, LLC, a Caladrius Company 03/11/2016 97.5 NA NA NA Biotechnology
Hangzhou Tigermed Consulting Co., Ltd.
Taizhou Jyton Techray Pharmaceutical Technology
Co., Ltd
03/24/2016 92.1 22.4x NA 8.9x
Life Sciences Tools and
Services
Guanhao Biotech Co., Ltd. Zhuhai Sunny Pharmaceutical Co., Ltd. 03/15/2016 92.0 NA NA NA Biotechnology
Grifols, S.A. Progenika Biopharma, S.A. 03/03/2016 83.1 NA NA NA Biotechnology
Beijing Chieftain Control Engineering
Technology Co., Ltd.
Guangzhou Longest Science Technology Co., Ltd. 03/25/2016 78.6 NA NA NA Healthcare Equipment
Only deals with available deal size information shown. | Data Source: Bloomberg and Capital IQ
Medical Devices Select Transactions Summary (continued)
($Millions)

10. © 2016 Mercer Capital // www.mercercapital.com 9
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Implied Enterprise Value
Acquirer Target
Announce
Date
Implied
EV EBIT EBITDA Revenue Sector
LAV Riches (Hong Kong) Co,. Ltd.
Nanjing Huawe Medicine Technology
Development co., LTD.
4/18/2015 72.9 NA NA NA
Life Sciences Tools and
Services
Shanghai Li'an Venture Capital Center (Limited
Partnership)
Nanjing Huawe Medicine Technology
Development co., LTD.
2/6/2015 72.8 NA NA NA
Life Sciences Tools and
Services
Shandong Oriental Ocean Sci-Tech Co., Ltd. Avioq, Inc. 1/8/2016 68.3 NA NA NA Healthcare Equipment
Keyhaven Capital Partners Ltd. ORLIMAN, S.L. 03/04/2016 66.3 NA NA NA Healthcare Equipment
Meridian Bioscience, Inc. Magellan Diagnostics, Inc. 3/24/2016 66.0 NA NA 4.1x Healthcare Equipment
Gentherm Incorporated Cincinnati Sub-Zero Products, Inc. 3/31/2016 65.0 NA NA 1.0x Healthcare Equipment
Avalanche Biotechnologies, Inc. (nka:Adverum
Biotechnologies, Inc.)
Annapurna Therapeutics SAS 01/29/2016 58.3 NA NA NA Biotechnology
Ningbo Xinhai Electric Co.,Ltd. Unimed Medical Supplies Inc. 01/23/2016 55.8 7.9x NA 3.0x Healthcare Supplies
Rallis India Limited Metahelix Life Sciences Limited 02/15/2016 56.2 NA NA 1.2x Biotechnology
Kolon Investment, Inc.; Kolon 2015
Secondary Market
BNC Korea Co.,Ltd. 2/24/2016 55.2 NA NA NA Healthcare Supplies
TRS Group Co., Ltd. Shenzhen Premierinve Biotechnology Co., Ltd. 02/05/2016 49.0 NA NA NA Biotechnology
Anhui Lucky Health Technology Co., Ltd. Shenzhen Forrest Electronic Technology CO., Ltd 3/4/2016 38.4 19.1x NA 2.2x Healthcare Equipment
Only deals with available deal size information shown. | Data Source: Bloomberg and Capital IQ
Medical Devices Select Transactions Summary (continued)
($Millions)

11. © 2016 Mercer Capital // www.mercercapital.com 10
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Implied Enterprise Value
Acquirer Target
Announce
Date
Implied
EV EBIT EBITDA Revenue Sector
Adelis Equity Partners AB; Adelis Equity Partners
Fund I AB
SSI Diagnostica A/S 03/30/2016 38.0 NA NA 1.7x Biotechnology
Anhui Weiming Biological Pharmaceutical Co., Ltd. Shenzhen Xinpeng Bio-tech Co., Ltd 01/08/2016 35.6 NA NA NA Biotechnology
OSE Pharma SA (nka:OSE
Immunotherapeutics SA)
Effimune SA 02/24/2016 34.4 NA NA NA Biotechnology
NK Relations Co., Ltd. GeneTech Inc. 3/25/2016 34.0 10.6x NA 2.6x Biotechnology
Only deals with available deal size information shown. | Data Source: Bloomberg and Capital IQ
Medical Devices Select Transactions Summary (continued)
($Millions)

12. © 2016 Mercer Capital // www.mercercapital.com 11
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Median measures for each group. | Data Source: Bloomberg
Gross Margin EBITDA Margin Operating Margin RD / Revenue
Segment Q1 2016 Q4 2015 Q1 2016 Q4 2015 Q1 2016 Q4 2015 Q1 2016 Q4 2015
Large, Diversified 67.0% 66.0% 27.0% 26.8% 13.6% 14.1% 7.3% 7.4%
IVD Life Sciences 58.2% 58.3% 14.2% 14.9% 9.5% 8.6% 9.4% 9.6%
Cardiovascular 66.3% 66.8% 17.6% 17.2% 7.4% 6.9% 12.3% 12.2%
Ortho, Implants Prosthetics 69.3% 69.9% 17.2% 17.7% 7.4% 7.7% 7.0% 6.7%
Other 53.6% 53.1% 4.6% 4.8% -0.8% 0.7% 8.0% 8.0%
All Companies 60.6% 60.1% 15.7% 15.7% 8.0% 7.8% 7.9% 7.9%
Historical Rev
Growth LT Fwd Op Earn Grwth Debt / EV Debt / EBITDA
Segment Quarterly Annual Q4 2015 Q3 2015 Q4 2015 Q3 2015 Q4 2015 Q3 2015
Large, Diversified 0.9% 1.4% 11.4% 10.5% 18.4% 18.8% 2.7 2.9
IVD Life Sciences 1.4% 2.6% 14.0% 13.1% 5.8% 5.9% 1.5 1.4
Cardiovascular 2.2% 4.3% 16.5% 17.4% 10.6% 7.3% 0.8 0.8
Ortho, Implants Prosthetics 2.2% 4.5% 14.3% 13.8% 23.2% 19.8% 2.7 1.9
Other 2.2% 4.8% 13.1% 14.5% 6.2% 2.1% 0.3 0.2
All Companies 1.9% 4.3% 13.4% 14.0% 10.6% 7.4% 1.4 1.1
Select
Operating
Metrics

13. © 2016 Mercer Capital // www.mercercapital.com 12
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Price ∆ Stock Price EV TTM Rev
TTM
EBITDA FWD EBITDA
EV /
Sales
EV /
EBITDA
EV /
FWD EBITDA
Q1 2016 Q4 2015 Q1 2015 Qtrly Annual Q1 2016 Q1 2016 Q1 2016 FY 2016 FY 2017 Q1 2016 Q1 2016 2016 2017
Large, Diversified
Abbott Laboratories $41.83 $45.27 $47.08 -7.6% -11.2% $66,378.7 $20,393.0 $5,277.0 $5,229.2 $5,627.1 3.25 12.6 12.7 11.8
Baxter $41.08 $38.05 nm 8.0% nm $22,516.1 $11,358.0 $2,073.0 $1,865.5 $2,080.2 1.98 10.9 12.1 10.8
Becton, Dickinson and Company $151.82 $155.43 $145.64 -2.3% 4.2% $42,960.0 $12,232.0 $3,545.0 $3,464.5 $3,751.8 3.51 12.1 12.4 11.5
Boston Scientific Corporation $18.81 $18.61 $18.07 1.1% 4.1% $30,811.8 $7,673.0 $2,017.0 $2,284.8 $2,512.6 4.02 15.3 13.5 12.3
Medtronic, Inc. $75.00 $77.53 $78.42 -3.3% -4.4% $123,684.2 $28,833.0 $8,737.0 $9,963.4 $10,640.4 4.29 14.2 12.4 11.6
Johnson Johnson $108.20 $103.78 $101.55 4.3% 6.5% $281,946.9 $70,182.0 $23,488.0 $25,126.3 $26,758.6 4.02 12.0 11.2 10.5
Stryker Corporation $107.29 $94.25 $93.55 13.8% 14.7% $40,032.7 $10,062.0 $2,721.0 $3,089.6 $3,435.2 3.98 14.7 13.0 11.7
IVD Life Sciences
Affymetrix, Inc. $14.01 $10.00 $12.86 40.1% 8.9% $1,116.9 $359.8 $49.4 $68.0 $74.5 3.10 22.6 16.4 15.0
Bio-Rad Laboratories, Inc. $136.72 $139.57 $135.13 -2.0% 1.2% $3,691.4 $2,017.8 $294.1 $280.5 $299.0 1.83 12.5 13.2 12.3
Bruker Corporation $28.00 $24.96 $18.75 12.2% 49.3% $4,464.6 $1,645.7 $258.7 $285.0 $312.5 2.71 17.3 15.7 14.3
Enzo Biochem, Inc. $4.55 $4.60 $3.03 -1.1% 50.2% $179.4 $101.9 ($5.8) ($6.3) ($4.6) 1.76 nm nm nm
GenMark Diagnostics, Inc. $5.27 $7.77 $13.30 -32.2% -60.4% $196.9 $40.4 ($40.7) ($50.0) ($45.0) 4.88 nm nm nm
Haemonetics Corporation $34.98 $32.91 $44.97 6.3% -22.2% $2,071.5 $909.7 $184.7 $192.8 $207.2 2.28 11.2 10.7 10.0
Hologic, Inc. $34.50 $39.34 $33.17 -12.3% 4.0% $12,881.1 $2,785.2 $1,010.4 $1,050.2 $1,116.3 4.62 12.7 12.3 11.5
Illumina, Inc. $162.11 $191.07 $187.62 -15.2% -13.6% $23,629.6 $2,253.0 $711.2 $762.5 $894.3 10.49 33.2 31.0 26.4
Luminex Corporation $19.40 $21.64 $16.04 -10.4% 20.9% $688.7 $242.9 $55.4 $58.0 $59.0 2.83 12.4 11.9 11.7
OraSure Technology $7.23 $6.55 $6.42 10.4% 12.6% $298.9 $121.7 $16.8 $16.6 $19.5 2.46 17.8 18.0 15.3
Quidel Coporation $17.26 $21.28 $27.50 -18.9% -37.2% $548.3 $184.4 $14.1 $32.4 $45.3 2.97 38.9 16.9 12.1
TECHNE Corporation $94.52 $91.21 $100.64 3.6% -6.1% $3,592.4 $481.9 $192.9 $203.0 $212.7 7.45 18.6 17.7 16.9
Trinity Biotech $11.66 $12.00 $19.19 -2.8% -39.2% $272.1 $98.5 $0.0 $20.0 $23.8 2.76 nm 13.6 11.4
Vermillion, Inc. $1.47 $1.81 $1.84 -18.8% -20.1% $63.6 $1.7 ($19.4) nm nm 36.74 nm nm nm
($Millions, except per share figures)
Data Source: Bloomberg
Public Medical Device Companies

14. © 2016 Mercer Capital // www.mercercapital.com 13
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Public Medical Device Companies (continued)
Price ∆ Stock Price EV TTM Rev
TTM
EBITDA FWD EBITDA
EV /
Sales
EV /
EBITDA
EV /
FWD EBITDA
Q1 2016 Q4 2015 Q1 2015 Qtrly Annual Q1 2016 Q1 2016 Q1 2016 FY 2016 FY 2017 Q1 2016 Q1 2016 2016 2017
Cardiovascular
ABIOMED, Inc. $94.81 $92.12 $73.47 2.9% 29.0% $3,810.4 $329.5 $68.4 $90.3 $147.3 11.56 55.7 42.2 25.9
CR Bard Inc. $202.67 $190.69 $169.37 6.3% 19.7% $15,745.0 $3,469.8 $1,077.3 $1,192.9 $1,263.6 4.54 14.6 13.2 12.5
CardioNet Inc. $11.68 $11.76 $8.79 -0.7% 32.9% $323.2 $183.7 $32.4 $41.8 $45.9 1.76 10.0 7.7 7.0
Cardiovascular Systems, Inc. $10.37 $15.22 $38.82 -31.9% -73.3% $275.0 $178.2 ($43.7) ($35.2) ($8.1) 1.54 nm nm nm
CryoLife, Inc. $10.75 $11.25 $10.29 -4.4% 4.5% $391.9 $155.1 $23.3 $23.9 $25.5 2.53 16.8 16.4 15.4
Edwards Lifesciences Corporation $88.21 $79.21 $72.07 11.4% 22.4% $18,327.5 $2,600.7 $744.9 $860.0 $1,008.2 7.05 24.6 21.3 18.2
Greatbatch, Inc. $35.64 $53.90 $57.11 -33.9% -37.6% $2,709.7 $971.3 $168.0 $317.0 $326.3 2.79 16.1 8.5 8.3
HeartWare International, Inc. $31.42 $50.32 $88.76 -37.6% -64.6% $552.3 $261.9 ($36.4) ($39.8) ($28.1) 2.11 nm nm nm
LeMaitre Vascular, Inc. $15.52 $17.50 $8.24 -11.3% 88.3% $258.7 $79.7 $15.6 $19.3 $22.7 3.25 16.6 13.4 11.4
Merit Medical Systems, Inc. $18.49 $18.96 $19.25 -2.5% -3.9% $1,041.7 $550.6 $83.5 $94.4 $105.0 1.89 12.5 11.0 9.9
St. Jude Medical, Inc. $55.00 $62.22 $66.67 -11.6% -17.5% $21,334.8 $5,644.0 $1,679.0 $1,756.6 $1,872.3 3.78 12.7 12.1 11.4
The Spectranetics Corporation $14.52 $15.23 $35.65 -4.7% -59.3% $855.7 $251.4 ($13.4) ($15.7) ($5.0) 3.40 nm nm nm
Vascular Solutions, Inc. $32.53 $35.28 $31.08 -7.8% 4.7% $535.1 $152.0 $33.7 $32.6 $43.8 3.52 15.9 16.4 12.2
($Millions, except per share figures)
Data Source: Bloomberg

15. © 2016 Mercer Capital // www.mercercapital.com 14
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Price ∆ Stock Price EV TTM Rev
TTM
EBITDA FWD EBITDA
EV /
Sales
EV /
EBITDA
EV /
FWD EBITDA
Q1 2016 Q4 2015 Q1 2015 Qtrly Annual Q1 2016 Q1 2016 Q1 2016 FY 2016 FY 2017 Q1 2016 Q1 2016 2016 2017
Ortho, Implants and Prosthetics
Alphatech Holdings $0.24 $0.30 $1.41 -20.0% -83.0% $119.3 $181.4 $8.8 nm nm 0.66 13.5 nm nm
Exactech, Inc. $20.26 $18.12 $25.42 11.8% -20.3% $291.2 $245.8 $42.2 $44.7 $48.3 1.18 6.9 6.5 6.0
Globus Medical, Inc. $23.75 $28.24 $24.86 -15.9% -4.5% $1,886.8 $552.4 $193.8 $208.4 $225.5 3.42 9.7 9.1 8.4
Intergra LifeSciences Holdings $67.36 $68.37 $62.14 -1.5% 8.4% $3,145.3 $948.4 $199.0 $235.5 $264.0 3.32 15.8 13.4 11.9
NuVasive, Inc. $48.65 $54.81 $46.40 -11.2% 4.8% $2,762.7 $833.8 $184.3 $231.8 $267.3 3.31 15.0 11.9 10.3
Orthofix International N.V. $41.52 $39.58 $31.31 4.9% 32.6% $723.0 $405.4 $52.8 $70.5 $85.9 1.78 13.7 10.3 8.4
RTI Surgical Inc. $4.00 $4.00 $4.92 0.0% -18.7% $355.5 $281.6 $42.3 $40.0 $43.7 1.26 8.4 8.9 8.1
Wright Medical Group, Inc. $16.60 $23.90 $26.32 -30.5% -36.9% $2,156.1 $516.2 ($9.3) $31.9 $70.0 4.18 nm 67.5 30.8
Zimmer Holdings, Inc. $106.63 $102.47 $118.57 4.1% -10.1% $31,311.6 $6,767.4 $2,196.8 $3,087.1 $3,282.6 4.63 14.3 10.1 9.5
($Millions, except per share figures)
Data Source: Bloomberg
Public Medical Device Companies (continued)

16. © 2016 Mercer Capital // www.mercercapital.com 15
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Price ∆ Stock Price EV TTM Rev
TTM
EBITDA FWD EBITDA
EV /
Sales
EV /
EBITDA
EV /
FWD EBITDA
Q1 2016 Q4 2015 Q1 2015 Qtrly Annual Q1 2016 Q1 2016 Q1 2016 FY 2016 FY 2017 Q1 2016 Q1 2016 2016 2017
Cosmetics
Cutera, Inc. $11.25 $12.61 $12.97 -10.8% -13.3% $101.7 $98.1 ($2.0) $4.3 $6.8 1.04 nm 23.5 14.9
Cynosure, Inc. $44.12 $44.44 $30.74 -0.7% 43.5% $844.1 $359.2 $53.0 $59.3 $78.7 2.35 15.9 14.2 10.7
PhotoMedex, Inc. $0.54 $0.44 $1.91 22.7% -71.7% $11.5 $69.8 ($13.9) nm nm 0.16 nm nm nm
Dental
Align Technology, Inc. $72.69 $66.10 $54.60 10.0% 33.1% $5,146.6 $886.1 $211.5 $251.0 $325.6 5.81 24.3 20.5 15.8
DENTSPLY International $61.63 $61.41 $51.28 0.4% 20.2% $15,760.5 $2,790.6 $648.8 $975.1 $1,122.6 5.65 24.3 16.2 14.0
Obesity Treatment
EnteroMedics Inc. $0.97 $0.14 $0.94 590.7% 3.0% $7.4 $0.4 ($28.3) nm nm 20.46 nm nm nm
ZELTIQ Aesthetics, Inc. $27.16 $28.62 $31.44 -5.1% -13.6% $1,029.7 $268.3 ($3.1) $24.7 $55.9 3.84 nm 41.6 18.4
Pediatric Medical Devices
Natus Medical Incorporated $38.43 $48.98 $39.68 -21.5% -3.2% $1,192.9 $373.8 $76.3 $78.9 $88.2 3.19 15.6 15.1 13.5
Surgery and Life Support Devices
AtriCure $16.83 $22.58 $21.00 -25.5% -19.9% $547.5 $135.8 ($20.7) ($14.9) ($13.1) 4.03 nm nm nm
Intuitive Surgical, Inc. $601.05 $552.51 $506.16 8.8% 18.7% $20,837.8 $2,446.8 $871.2 $928.3 $1,044.3 8.52 23.9 22.4 20.0
Misonix, Inc. $6.08 $9.10 $12.66 -33.2% -52.0% $39.0 $23.5 ($2.5) nm nm 1.66 nm nm nm
NxStage Medical, Inc. $14.99 $22.37 $17.37 -33.0% -13.7% $924.8 $345.8 $20.7 $34.4 $44.6 2.67 44.6 26.9 20.7
Stereotaxis, Inc. $1.10 $0.76 $2.04 44.7% -46.1% $40.3 $36.8 ($4.9) nm nm 1.09 nm nm nm
SurModics Inc. $18.41 $20.61 $26.00 -10.7% -29.2% $200.3 $66.5 $25.1 $20.4 $29.3 3.01 8.0 9.8 6.8
Teleflex, Inc. $157.01 $133.15 $121.03 17.9% 29.7% $7,233.1 $1,805.2 $444.1 $543.3 $605.3 4.01 16.3 13.3 12.0
($Millions, except per share figures)
Data Source: Bloomberg
Public Medical Device Companies (continued)

17. © 2016 Mercer Capital // www.mercercapital.com 16
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Price ∆ Stock Price EV TTM Rev
TTM
EBITDA FWD EBITDA
EV /
Sales
EV /
EBITDA
EV /
FWD EBITDA
Q1 2016 Q4 2015 Q1 2015 Qtrly Annual Q1 2016 Q1 2016 Q1 2016 FY 2016 FY 2017 Q1 2016 Q1 2016 2016 2017
General Hospital Devices and Supplies
CONMED Corporation $41.94 $44.36 $50.97 -5.5% -17.7% $1,664.1 $722.4 $119.1 $138.3 $148.7 2.30 14.0 12.0 11.2
Digirad Corporation $4.96 $5.52 $4.43 -10.1% 12.0% $117.9 $78.1 $9.2 $17.7 $19.5 1.51 12.8 6.7 6.0
Dynatronics Corporation $2.93 $2.86 $2.96 2.4% -1.0% $14.3 $30.2 ($0.5) nm nm 0.47 nm nm nm
FONAR Corporation $15.38 $17.21 $13.24 -10.6% 16.2% $102.5 $71.5 $18.5 nm nm 1.43 5.5 nm nm
Intuitive Surgical, Inc. $601.05 $552.51 $506.16 8.8% 18.7% $20,837.8 $2,446.8 $871.2 $928.3 $1,044.3 8.52 23.9 22.4 20.0
Masimo Corporation $41.84 $42.32 $32.76 -1.1% 27.7% $2,179.5 $646.7 $127.0 $154.0 $168.0 3.37 17.2 14.2 13.0
Opko Health, Inc. $10.39 $10.14 $14.71 2.5% -29.4% $5,557.4 $752.7 ($5.9) $13.1 $91.3 7.38 nm 423.2 60.9
STERIS Corporation $71.05 $76.95 $70.38 -7.7% 1.0% $7,439.4 $2,238.8 $476.4 $590.0 $618.0 3.32 15.6 12.6 12.0
Varian Medical Systems, Inc. $80.02 $81.35 $94.79 -1.6% -15.6% $7,489.2 $3,117.7 $618.2 $666.9 $702.6 2.40 12.1 11.2 10.7
Home Health and Consumer Devices
Invacare Corporation $13.17 $17.76 $18.94 -25.8% -30.5% $441.3 $1,110.9 $9.9 $18.5 $54.6 0.40 44.6 23.9 8.1
Mine Safety Appliances Company $48.35 $44.20 $50.36 9.4% -4.0% $2,177.5 $1,152.3 $181.2 $206.5 $220.5 1.89 12.0 10.5 9.9
ResMed Inc. $57.82 $54.37 $71.65 6.3% -19.3% $7,814.3 $1,773.1 $506.5 $534.4 $621.7 4.41 15.4 14.6 12.6
Span-America Medical Systems, Inc. $19.01 $19.80 $19.01 -4.0% 0.0% $50.1 $69.9 $6.9 nm nm 0.72 7.2 nm nm
Syneron Medical Ltd. $7.31 $7.68 $11.67 -4.8% -37.4% $181.6 $283.2 $8.2 $13.8 $24.2 0.64 22.1 13.2 7.5
($Millions, except per share figures)
Data Source: Bloomberg
Public Medical Device Companies (continued)

18. © 2016 Mercer Capital // www.mercercapital.com 17
Mercer Capital’s Value Focus: Medical Device Industry Second Quarter 2016
Price ∆ Stock Price EV TTM Rev
TTM
EBITDA FWD EBITDA
EV /
Sales
EV /
EBITDA
EV /
FWD EBITDA
Q1 2016 Q4 2015 Q1 2015 Qtrly Annual Q1 2016 Q1 2016 Q1 2016 FY 2016 FY 2017 Q1 2016 Q1 2016 2016 2017
Other Medical Device
Accuray Incorporated $5.78 $6.88 $9.31 -16.0% -37.9% $527.1 $405.6 $14.9 $29.5 $40.0 1.30 35.4 17.8 13.2
Allied Healthcare Products, Inc. $0.70 $1.09 $1.60 -35.9% -56.3% $3.9 $35.3 ($1.3) nm nm 0.11 nm nm nm
Arrhythmia Research Technology, Inc. $4.25 $5.48 $6.92 -22.4% -38.6% $16.1 $20.6 $0.9 nm nm 0.78 17.1 nm nm
Escalon Medical Corp. $0.80 $1.04 $1.41 -23.2% -43.4% $5.4 $12.2 ($1.2) nm nm 0.44 nm nm nm
Hansen Medical, Inc. $2.61 $2.40 $0.84 8.7% 210.7% $70.6 $13.3 ($34.2) nm nm 5.30 nm nm nm
IRIDEX Corporation $10.22 $9.29 $10.64 10.0% -3.9% $92.2 $42.9 $0.6 nm nm 2.15 158.7 nm nm
Navidea Biopharmaceuticals, Inc. $0.94 $1.34 $1.66 -29.5% -43.1% $202.8 $15.9 ($10.0) nm nm 12.78 nm nm nm
ThermoGenesis Corp. $3.88 $0.20 $0.85 1805.7% 358.0% $5.9 $12.7 ($10.0) nm nm 0.47 nm nm nm
Congentix Medical, Inc. $1.10 $1.27 $0.37 -13.4% 197.3% $50.1 $48.8 ($1.4) nm nm 1.03 nm nm nm
Other Diversified Cos with MedTech Components
Agilent Technologies, Inc. $39.85 $42.17 $41.72 -5.5% -4.5% $12,814.6 $4,096.0 $911.0 $936.0 $1,048.3 3.13 14.1 13.7 12.2
Danaher Corporation $94.86 $93.35 $85.60 1.6% 10.8% $76,983.3 $21,422.5 $4,989.6 $5,347.4 $5,845.7 3.59 15.4 14.4 13.2
General Electric $31.79 $31.05 $25.12 2.4% 26.6% $383,506.3 $124,078.0 $16,211.5 $21,110.8 $24,489.0 3.09 23.7 18.2 15.7
PerkinElmer, Inc. $49.46 $53.93 $51.47 -8.3% -3.9% $6,358.8 $2,274.1 $430.7 $472.9 $508.9 2.80 14.8 13.4 12.5
Thermo Fisher Scientific Inc. $141.59 $142.86 $135.57 -0.9% 4.4% $70,315.9 $17,341.4 $4,264.5 $4,545.0 $4,877.1 4.05 16.5 15.5 14.4
($Millions, except per share figures)
Data Source: Bloomberg
Public Medical Device Companies (continued)

19. Copyright © 2016 Mercer Capital Management, Inc. All rights reserved. It is illegal under Federal law to reproduce this publication or any portion of its contents without the publisher’s permission. Media quotations with source attribution are encouraged.
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