GCG’s Q2 2026 Healthcare Industry Update provides an overview of the latest trends in the sector, including recent performance, valuation multiples, and the state of the middle-market M&A environment.

Key findings include the following:

• Healthcare M&A carried its momentum through Q2 2026 as buyers narrowed in on de-risked drug discovery assets, AI’s role deepened into core operating infrastructure rather than a standalone bet, and steady-revenue clinics and outpatient providers continued to draw sustained interest amid broader SaaS and AI volatility.
• Q2 2026 recorded 836 completed transactions, extending the recovery from Q4 2025’s tariff-driven pullback, with strategic buyers representing 62% of total volume; average deal value cooled to $215M as sellers brought more non-core and smaller assets to market while holding onto top-performing platforms.
• Assisted Living / Long-Term Care and Medical / Surgical Supplies again led sector performance but fell below the S&P 500, while Staffing & Services remained the weakest 3-year performer even as it turned upward on a trailing 12-month basis; public comps traded at approximately 2.9x Revenue and 15.7x EBITDA.

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