Seale & Associates - CLINICAL LABORATORIES IN MEXICO 2021 - Seale & Associates
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Seale & Associates
Creative Solutions. Trusted Advice.
CLINICAL
LABORATORIES
IN MEXICO
2021
GLOBAL INDUSTRY OUTLOOK
The International Monetary Fund (IMF) estimated that the
global GDP contracted 3.3% during 2020, and is anticipating
a 6.0% growth for 2021
The unprecedented public health emergency has put
pathologists and laboratory professionals at the front lines of
the pandemic, allowing patients to receive a proper diagnosis
and treatment in an efficient manner
Global health expenditure reached US$8.3 trillion in 2020,
and it is expected to grow 5.8% in 2021, to US$8.8 trillion, by
the end of the year
According to the World Health Organization (WHO), around
5.0% of patients face diagnostic errors every year,
emphasizing the need for technological implementations in
laboratories in order to reduce error margins
Clinical Laboratories Sources: American Society for Clinical Pathology, Seale & Associates
2021 IHS Markit, IMF, WHO Creative Solutions. Trusted Advice.
HIGHLIGHTS & TRENDS
• The global clinical laboratories industry registered a value of US$96.8
billion in 2020, and is expected to reach US$135.5 billion by 2027, having
a 4.9% CAGR
• The rise in the geriatric population, the high prevalence of cardiovascular,
neurological and chronic diseases, and the increasing demand for early
diagnoses, are among the main drivers for the industry’s growth in the
upcoming years
• Further technological advances are expected in clinical pathology,
anatomic pathology, clinical microbiology and hematology
• Implementing point of care (POC) testing for infections, for example, will
continue to reduce unnecessary clinic visits, prescription costs, and support
further patient engagement
• Larger databases will help better diagnose patients, by being able to use
the patient’s clinical history
• The Covid-19 pandemic has forced clinical laboratories to increase their
testing capacity, reminding us that data is the most accurate way to
understand the pandemic’s development
Clinical Laboratories Sources: Allied Market Research, Clinical Lab Seale & Associates
2021 Manager, IndustryARC, ReportLinkers Creative Solutions. Trusted Advice.
INDUSTRY SEGMENTATION BY TEST TYPE
Clinical Chemical Testing: Measures concentrations or
activities of substances in body fluids
Microbiology Testing: Detects and identifies the
presence of microorganisms
Hematology Testing: Evaluates the conditions of blood,
blood proteins, and blood-producing organs
Immunology Testing: Employs antigens and antibodies to
detect abnormalities in the immune system
Cytology Testing: Examines specific body cells using
special equipment, like microscopes
Genetic Testing: Identifies changes in DNA sequence or
chromosome structures
Drug Abuse Testing: Looks for the presence of illegal or
prescribed substances in body fluids
Clinical Laboratories Sources: IndustryARC, Johns Hopkins Seale & Associates
2021 Medicine, National Institutes of Health Creative Solutions. Trusted Advice.COVID-19
Antigen tests: Detect a protein that is part of the coronavirus.
They are popular for their low costs and quick results, but tend
to be less accurate
Molecular tests (Polymerase Chain Reaction): Detect
genetic material of the coronavirus. PCR tests have
become the most popular and accurate option,
although they remain perfectible
Antibody tests: Use blood samples to look for antibodies
produced by a person’s immune system. These can only
detect if someone had a past COVID-19 infection
COVID-19 TEST TRACKER
April 9th, 2021
Daily tests per Total tests per
Country 1,000 people 1,000 people
7-day rolling average
United Kingdom 11.89 1,912.01
Italy 4.39 862.0
Hong Kong 3.36 1,439.09
Chile 2.96 610.68
USA 2.75 1,163.33
India 0.84 184.09
Japan 0.41 76.80
Mexico 0.07 44.79
Clinical Laboratories Sources: American Society for Clinical Pathology, Seale & Associates
2021 Our World in Data, UC Davis Health Creative Solutions. Trusted Advice.KEY INDUSTRY INSIGHTS: MEXICO
There are a total of 7,624 clinical laboratories in Mexico, 456
more establishments than in 2019
Clinical laboratories in Mexico registered an estimated
US$3.2 billion in sales during 2020
The clinical laboratories industry in Mexico currently employs
87,981 people, 6.4% more than in 2019
Clinical Laboratory Industry Sales in Mexico (US$ million)
$3,529.0
$3,500
$3,184.0
$3,000 $2,860.0
$2,582.0
$2,500 $2,333.0
$2,000
$1,500
$1,000
$500
$0
2017 2018 2019 2020 2021
Clinical Laboratories Sources: Barnes Reports Seale & Associates
2021 Creative Solutions. Trusted Advice.GLOBAL INDUSTRY – COMPARABLE PUBLIC COMPANIES
Annual Average Last Update
Market Enterprise
Revenue EBITDA EV/EBITDA Apr. 8, 2021
Company Country Cap. Value
US$MM Margin EV/ EV/
US$MM US$MM 2019 2020
EBITDA Revenue
Akumin Inc. USA $232 $737 $246 18.8% 11.3x 8.8x 10.2x 3.0x
BML, Inc. JPN $1,350 $884 $1,222 14.6% 5.5x 5.4x 5.3x 0.8x
Capitol Health Limited AUS $294 $343 $122 20.2% 8.7x 8.6x 11.0x 2.8x
Centro de Imagem
BRA $195 $342 $179 5.2% 11.8x 13.6x NR 2.1x
Diagnósticos S.A.
DaVita Inc. USA $11,690 $24,053 $11,551 20.3% 8.2x 7.1x 7.9x 2.1x
Eurofins Scientific SE LUX $19,338 $22,038 $6,653 23.4% 13.4x 14.8x 13.2x 3.4x
Falco Holdings Co., Ltd. JPN $158 $109 $410 6.5% 5.3x 7.4x 4.4x 0.3x
Fleury S.A. BRA $1,516 $1,798 $572 24.5% 10.5x 13.6x 11.8x 3.4x
H.U. Group Holdings, Inc. JPN $1,811 $2,055 $2,015 15.1% 8.1x 10.2x 7.8x 1.1x
Healius Limited AUS $1,947 $3,021 $1,338 12.5% 14.4x 11.4x 9.9x 2.3x
Instituto Hermes Pardini S.A. BRA $472 $548 $288 17.1% 12.2x 12.9x 10.3x 2.1x
Integral Diagnostics Limited AUS $727 $911 $243 22.3% 13.3x 15.5x 14.6x 3.8x
Laboratory Corporation of
USA $24,607 $30,064 $13,979 25.7% 9.8x 9.0x 7.8x 2.2x
America Holdings
Med Life S.A. ROM $340 $491 $273 17.0% 10.2x 8.5x 9.1x 1.9x
Medicover AB (publ) SWE $3,475 $3,846 $1,221 11.5% 18.0x 16.1x NR 3.3x
Quest Diagnostics
USA $16,903 $20,685 $9,437 26.2% 10.4x 10.0x 7.3x 2.2x
Incorporated
RadNet, Inc. USA $1,109 $2,284 $1,098 12.0% 9.0x 8.3x 9.2x 2.1x
Sonic Healthcare Limited AUS $13,109 $15,456 $6,113 21.0% 15.8x 14.0x 10.3x 2.6x
Terveystalo Oyj FIN $1,864 $2,449 $1,207 11.7% 12.4x 11.5x 13.1x 2.1x
Voxel S.A. POL $120 $154 $88 19.5% 7.5x 9.3x 7.9x 1.8x
NR: Not Relevant Mean 10.8x 10.8x 9.5x 2.2x
Median 10.5x 10.2x 9.5x 2.2x
Clinical Laboratories Sources: Capital IQ, S&P Market Intelligence Seale & Associates
2021 Creative Solutions. Trusted Advice.REPRESENTATIVE GLOBAL INDUSTRY TRANSACTIONS
Size EV/ EV/
Date Target Country Description Buyer Stake %
US$MM EBITDA Revenue
Provides point-of-care diagnostic
Jan-21* LifeAssays AB (publ) SWE AegirBio AB (publ) 100.0% $18.1 NR NR
testing services
Nov-20 Direct Radiology Pty Ltd AUS Offers diagnostic imaging services Capitol Health Limited 100.0% $10.5 10.2x 2.4x
Global Diagnostics (Ireland) Provides diagnostic imaging services to
Nov-20 IRL Medica Group Plc 100.0% $23.4 18.2x 2.7x
Limited public and private hospitals
Oct-20 AZ-Tech Radiology, LLC USA Provides digital imaging services RadNet, Inc. 100.0% $5.5 - -
Offers radiology, interventional Infratil Limited; HRL Morrison & Co
Oct-20* Qscan Services Pty Ltd AUS radiology, and other patient care Limited; Morrison & Co Growth 100.0% $523.6 - -
services Infrastructure Fund
Provides radiological diagnostic
Jul-20 X-Ray One Srl ITA imaging services and outpatient Garofalo Health Care S.p.A. 100.0% $15.3 7.6x 1.8x
services
Jun-20 Ascot Radiology Limited NZL Provides radiology services Integral Diagnostics Limited 100.0% $35.5 - -
Mar-20 Genelex Corporation USA Operates as a DNA testing laboratory Invitae Corporation 100.0% $12.0 - -
Provides diagnostics and biomarker
Feb-20 Paradigm Diagnostics, Inc. USA driven clinical trial services for cancer Exact Sciences Corporation 100.0% $40.4 - -
patients
Jan-20 Blueprint Genetics Oy FIN Provides clinical genetics testing Quest Diagnostics Incorporated 100.0% $111.0 - -
Centro De Analise E Tipagem Operates a genetics and molecular
Nov-19 BRA Eurofins Scientific SE 100.0% $10.8 - 1.2x
De Genomas Ltda. biology laboratory
Five Diagnostic Centers of Comprises outpatient diagnostic
Aug-19 USA Akumin Inc. 100.0% $11.0 - 0.8x
Southwest X-Ray, LP imaging centers
Apr-19 TIC Acquisition Holdings, LLC USA Owns and operates imaging centers Akumin Corp. 100.0% $47.1 - -
Provides biochemical and molecular Laboratory Corporation of America
Mar-19 Medical Neurogenetics, LLC USA 100.0% - - -
testing services Holdings
Provides diagnostic, prognostic, and
Dec-18 Aurora Diagnostics, LLC USA Sonic Healthcare Limited 100.0% $540.0 - -
therapeutic information and services
Laboratory Services Business
Nov-18 of Boyce & Bynum Pathology USA Comprises laboratory services Quest Diagnostics Incorporated 100.0% $80.0 - -
Laboratories, P.C.
Four Freestanding, Outpatient
Nov-18 Diagnostic Imaging Centers in USA Comprises diagnostic imaging centers Akumin Inc. 100.0% $12.1 - -
Broward County
The Tohkai Cytopathology Offers inspection and diagnosis for
Oct-18 JPN BML, Inc. 100.0% - - -
Institute cancer treatments
Provides specialized oncology
Oct-18 Genoptix, Inc. USA NeoGenomics Laboratories, Inc. 100.0% $138.7 - -
diagnostics services
U.S. Laboratory Services Comprises clinical laboratory testing
Sep-18 Business of Oxford Immunotec USA services for tuberculosis and tick-borne Quest Diagnostics Incorporated 100.0% $170.0 - -
Global PLC diseases
Operates as a reference laboratory for
Sep-18 ReproSource, Inc. USA Quest Diagnostics Incorporated 100.0% $35.0 - -
infertility diagnostics
11 diagnostic centers from Rose Comprises health care and diagnostic
Aug-18 USA Akumin Inc. 100.0% $25.0 - -
Radiology Centers, Inc. centers
NR: Not Relevant
*Announced
Clinical Laboratories Sources: Capital IQ, S&P Market Intelligence Seale & Associates
2021 Creative Solutions. Trusted Advice.REPRESENTATIVE GLOBAL INDUSTRY TRANSACTIONS
Size EV/ EV/
Date Target Country Description Buyer Stake %
US$MM EBITDA Revenue
Five Imaging Centers In Fresno,
Apr-18 USA Comprises imaging centers RadNet, Inc. 100.0% $8.3 - -
California
Operates a network of medical imaging
Jan-18 I-MED Holdings Pty Limited AUS Permira Advisers Ltd. 100.0% $1,012.7 - 1.8x
clinics
Operates as a mobile health screening
Jan-18 HealthFair USA, Inc. USA Community Care Health Network, Inc. 100.0% $160.0 - 3.6x
company
Specialist Radiology Group/
May-18 Trinity MRI/ Cavendish NZL Operates as a radiology clinic Integral Diagnostics Limited 100.0% $74.9 - -
Radiology
Operates as a clinical laboratory and
Oct-17 Cleveland HeartLab, Inc. USA cardiovascular disease management Quest Diagnostics Incorporated 100.0% $94.0 - -
company
Operates anatomic pathology
Miraca Life Sciences, Inc.
Sep-17 USA laboratories that provide diagnostic Avista Capital Holdings, L.P. 100.0% $175.6 - -
(nka:Inform Diagnostics, Inc.)
services
Diagnostic Imaging Associates,
Aug-17 USA Owns and operates imaging centers RadNet, Inc. 100.0% $14.5 - -
P.A.
Provides genetic screening of inherited
Jul-17 Good Start Genetics, Inc. USA Invitae Corporation 100.0% $40.0 - 1.8x
diseases
Innovation Network Corporation of Japan
Provides clinical diagnostics testing
Jul-17 Ambry Genetics Corporation USA (nka:Japan Investment Corporation); 100.0% $1,000.0 - -
services for genetic diseases
Konica Minolta Healthcare Americas, Inc.
Capitol Health Limited, New
Jun-17 AUS Comprises a radiology facility I-MED Holdings Pty Limited 100.0% $61.2 - -
South Wales Radiology Assets
Cedic – Centro de Diagnósticos por
Mar-17 Radiologistas Associados Ltda. BRA Provides radiology services Imagem de Cuiabá Ltda.; Centro de 100.0% $29.3 6.9x -
Imagem Diagnósticos S.A.
West Pacific Medical Provides clinical, pathology, and
Feb-17 USA Sonic Healthcare Limited 100.0% - - -
Laboratory, LLC molecular testing services
Mean 10.7x 2.0x
Median 8.9x 1.8x
Clinical Laboratories Sources: Capital IQ, S&P Market Intelligence Seale & Associates
2021 Creative Solutions. Trusted Advice.REPRESENTATIVE GLOBAL ENGAGEMENTS
has sold has sold
to has acquired has acquired has acquired has been acquired by
to
GE Power and
Systems JBI Holding SAS
Grupo Educativo
IEJV
has partnered with has acquired
has acquired has acquired
The Zinc Recycling
has been acquired by
Business
of
a subsidiary of has been acquired by
a subsidiary of
has sold the North has sold
American
has been guarding business of has been acquired by and
has sold recapitalized by has acquired
to
A division of Carrier Commercial Refrigeration, Inc.
to
to
and
intelectiva ®
has acquired
has sold has acquired Holding company of
Cosmocel Química
has sold its concrete
to
pumping business to
has been acquired by has acquired a majority
KFC Costa Rica dealerships from stake in
a business unit of from
has sold
Its sanitaryware
has acquired businesses
has merged its
Grupo Galaz, S.A de C.V. has been acquired by beverage division
has been acquired by Workshop and store in
with and
has been acquired by Mexico City from
to
Washington, D.C. | Miami | Mexico City | MonterreyContact Information
Seale & Associates James A. Seale
President
jseale@sealeassociates.com
Creative Solutions. Trusted Advice.
Brett M. Carmel
Since 1999, Seale & Associates has been the trusted advisor Senior Managing Director
bcarmel@sealeassociates.com
to respected public and private companies from around the
Felipe Bueno Viesca
world. Seale is a global investment bank with extensive Senior Director
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experience in mergers and acquisitions (M&A), corporate
Sergio Garcia del Bosque
finance advisory, and enterprise level strategy consulting with Managing Director
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a track record of success in a diverse range of industries. Our
Carlos Hernandez
experienced team of professionals are committed to serving Managing Director
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clients with excellence and integrity, while offering innovative
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ideas and solutions to address complex transactions. Vice President
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ADVISOR TO LEADING COMPANIES WORLDWIDE Associate
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Analyst
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Business Development
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Please contact us if you would like further information about M&A trends and/or
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