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M&A Valuation Support: Medical Device Company

Venture-backed Medical Device Company Needs to Assess Value From Different Perspectives


A company with a portfolio of medical device products in development for treating cardiac conditions was fielding investor interest in a potential acquisition.

The company wanted to weigh the relative merits of raising private financing versus exploring multiple M&A offers, but felt that initial discussions indicated a price range that did not fully reflect the value.


Created a valuation framework to evaluate the potential value as a standalone company versus as a target for a mid-to-large size strategic acquirer.

Developed a comprehensive forecast model that covered all of the planned products & indications and incorporated benchmark transactions for comparable assets in the same indications.

Quantified all of the work that had been done to de-risk the assets.


We demonstrated that an appropriate valuation should reflect the company’s experienced leadership team with a track record of taking products to market.

The company used our findings  to reframe the valuation discussions with its investors, thereby bringing their perspectives more closely in alignment.

Our analysis enabled the company to complete a successful $400M acquisition that reflected a valuation greater than simply as a sum of its parts.

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