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Medical Device CDMO EBITDA Multiples: Intricon Acquired by Altaris (~17x EBITDA)

On February 28, 2022, Altaris Capital Partners, a private equity firm focused on the healthcare industry, announced the acquisition of Intricon Corporation, a leading medical device CDMO, for $24.25 per share, implying an equity value of $241 million, or $235.7m net of acquired cash. Intricon designs, develops, manufactures, and packages miniature interventional, implantable, and body-worn medical devices. The company has a broad range of capabilities, including precision molding, micro-electronics, micro-coils, ultra-low power digital signal processing, and complex extrusion. Intricon serves a variety of customers in the medical device industry, including original equipment manufacturers (OEMs), startups, and research institutions.

Medical Device OEM / CDMO EBITDA Multiples

According to the fairness opinion prepared in support of the transaction, Intricon was projected to generate ~$14 million of estimated 2022 adjusted EBITDA, implying a multiple of 16.8x EBITDA. This is on the high end of historical medical device CDMO and OEM multiples, likely due to the firm's strong position in a niche market, its high near-term growth rate, and a long runway for future growth.

Medical Device CDMO EBITDA Mutiples
Medical Device CDMO EBITDA Mutiples

Intricon Financial Projections

Intricon's management projections at the time of the deal are presented below.

Intricon Financial Projections
Intricon Financial Projections

About Scope Research

The Scope Research Healthcare M&A Valuation Database currently has financial details for 258 medical device deals going back to 2010, 132 of which include reported EBITDA multiples. The medical device M&A deals can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.

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