Novahill Advisors HIT Sector Reports

	2022 Q1 HIT Sector Report M&A deal count up, Private Placement activity remains robust but stock performances down.
	2021 Full Year & Q4 HIT Sector Report 2021: A banner year for Digital Health M&A and Private Placement activity, but NHA’s publicly traded HIT stock index badly underperformed the S&P Index.
	2021 Q3 HIT Sector Report Robust M&A and Private Placement activity in Digital Health, but the HIT stock index underperformed the S&P Index in recent memory.
	2021 Q2 HIT Sector Report High valuations for Digital Health companies persist, but a strong bifurcation is emerging in certain subsectors. M&A and PP activity remain at record breaking levels.
	2021 Q1 HIT Sector Report Q1 2021 sets another record for Digital Health M&A and Private Placement activity. In addition, SPACs are becoming a popular option for VCs’ to gain liquidity.
	2020 Full Year & Q4 HIT Sector Report In 2020 the Digital Health sector had a record year in M&A deal count as well as the dollar volume of Private Placements
	2020 Q3 HIT Sector Report Both M&A and Private Placement deal activity bounced back from the depressed Q2 COVID infected levels to bring YTD 2020 to equivalent or slightly better levels than 2019.
	2020 Q2 HIT Sector Report Digital Health M&A deals was at a 5 year low for any previous quarter but Private Placement activity was at new highs
	2020 Q1 HIT Sector Report M&A deal count up, Private Placements deal count down but $ volume up. Digital Health stocks falls by 40% before recovering half of the losses by 31 March 2020
	2019 Year End & Q4 HIT Sector Report Deal counts for both M&A and Private Placement declined significantly compared to 2018 as well as a reduction in Digital Health stock EBITDA valuation multiples.
	2019 Q3 HIT Sector Report M&A Digital Health deal count down on a QoQ and YoY basis. Q3 2019 was the most active IPO market in years.
	2019 Q2 HIT Sector Report While the number of M&A and Private Placement deals were down in Q2 2019, valuations remained strong and announced dollar volume was up.
	2019 Q1 HIT Sector Report Productivity Solutions had the highest M&A deal count, up 144% over 4Q 2018.
	Year End & Q4 2018 HIT Sector Report M&A deal activity was nominally up for all of 2018 but Q4 experienced a sharp decline. Private Placements saw a Q4 decline while all of 2018 was up.
	2018 Q3 HIT Sector Report Private Placements catapulted to an all time record number in Q3 2018, and is poised to set another record in Q4.
	2018 Q2 HIT Sector Report Patient Engagement / Monitoring doubled in the number of Private Placements since 4Q 2017.
	2018 Q1 HIT Sector Report Digital Health Q1 2018 sector report reveals M&A activity flat vs. 2017 levels but Private Placement deal count grew at 16% in Q1 2018 vs. Q4 2017 and ↑43% YoY. In addition, Digital Health private placement investments were ↑60% in dollar volume QoQ to ~$1.9 billion, led by the Patient Engagement/Monitoring sub-sector which had 2x as many deals as the second most attractive sector, Clinical Data / Pop Analytics.
	2017 Year-End and 4Q HIT Sector Report Summary of M&A and Private Placement activity in the HIT Industry for Q4 2017 and the full year. Includes yearly & quarterly M&A and Private Placement statistics by sub-sectors, key buyers/investors, activity summary and commentary on current HIT sector trends.
	Q3 2017 HIT Sector Report Summary of M&A and Private Placement activity in the HIT Industry for Q3 2017. Includes quarterly M&A and Private Placement statistics by sub-sectors, key buyers/investors, activity summary and commentary on current HIT sector trends.
	Q2 2017 HIT Sector Report Summary of M&A and Private Placement activity in the HIT Industry for Q2 2017. Includes quarterly M&A and Private Placement statistics by sub-sectors, key buyers/investors, activity summary and commentary on current HIT sector trends.
	Q1 2017 HIT Sector Report Summary of M&A and Private Placement activity in the HIT Industry for Q1 2017. Includes quarterly M&A and Private Placement statistics by sub-sectors, key buyers/investors, activity summary and commentary on current HIT sector trends.

Reports

Novahill Advisors HIT Sector Reports

2022 Q1 HIT Sector Report

M&A deal count up, Private Placement activity remains robust but stock performances down.

2021 Full Year & Q4 HIT Sector Report

2021: A banner year for Digital Health M&A and Private Placement activity, but NHA’s publicly traded HIT stock index badly underperformed the S&P Index.

2021 Q3 HIT Sector Report

Robust M&A and Private Placement activity in Digital Health, but the HIT stock index underperformed the S&P Index in recent memory.

2021 Q2 HIT Sector Report

High valuations for Digital Health companies persist, but a strong bifurcation is emerging in certain subsectors. M&A and PP activity remain at record breaking levels.

2021 Q1 HIT Sector Report

Q1 2021 sets another record for Digital Health M&A and Private Placement activity. In addition, SPACs are becoming a popular option for VCs’ to gain liquidity.

2020 Full Year & Q4 HIT Sector Report

In 2020 the Digital Health sector had a record year in M&A deal count as well as the dollar volume of Private Placements

2020 Q3 HIT Sector Report

Both M&A and Private Placement deal activity bounced back from the depressed Q2 COVID infected levels to bring YTD 2020 to equivalent or slightly better levels than 2019.

2020 Q2 HIT Sector Report

Digital Health M&A deals was at a 5 year low for any previous quarter but Private Placement activity was at new highs

2020 Q1 HIT Sector Report

M&A deal count up, Private Placements deal count down but $ volume up. Digital Health stocks falls by 40% before recovering half of the losses by 31 March 2020

2019 Year End & Q4 HIT Sector Report

Deal counts for both M&A and Private Placement declined significantly compared to 2018 as well as a reduction in Digital Health stock EBITDA valuation multiples.

2019 Q3 HIT Sector Report

M&A Digital Health deal count down on a QoQ and YoY basis. Q3 2019 was the most active IPO market in years.

2019 Q2 HIT Sector Report

While the number of M&A and Private Placement deals were down in Q2 2019, valuations remained strong and announced dollar volume was up.

2019 Q1 HIT Sector Report

Productivity Solutions had the highest M&A deal count, up 144% over 4Q 2018.

Year End & Q4 2018 HIT Sector Report

M&A deal activity was nominally up for all of 2018 but Q4 experienced a sharp decline. Private Placements saw a Q4 decline while all of 2018 was up.

2018 Q3 HIT Sector Report

Private Placements catapulted to an all time record number in Q3 2018, and is poised to set another record in Q4.

2018 Q2 HIT Sector Report

Patient Engagement / Monitoring doubled in the number of Private Placements since 4Q 2017.

2018 Q1 HIT Sector Report

2017 Year-End and 4Q HIT Sector Report

Summary of M&A and Private Placement activity in the HIT Industry for Q4 2017 and the full year. Includes yearly & quarterly M&A and Private Placement statistics by sub-sectors, key buyers/investors, activity summary and commentary on current HIT sector trends.

Q3 2017 HIT Sector Report

Summary of M&A and Private Placement activity in the HIT Industry for Q3 2017. Includes quarterly M&A and Private Placement statistics by sub-sectors, key buyers/investors, activity summary and commentary on current HIT sector trends.

Q2 2017 HIT Sector Report

Summary of M&A and Private Placement activity in the HIT Industry for Q2 2017. Includes quarterly M&A and Private Placement statistics by sub-sectors, key buyers/investors, activity summary and commentary on current HIT sector trends.

Q1 2017 HIT Sector Report

Summary of M&A and Private Placement activity in the HIT Industry for Q1 2017. Includes quarterly M&A and Private Placement statistics by sub-sectors, key buyers/investors, activity summary and commentary on current HIT sector trends.