2. Forward-Looking Information
This presentation contains forward-looking information (within the meaning of applicable securities laws)
relating to the business of Nobilis Health Corp. (the "Company") and the environment in which it
operates. Forward-looking information may include statements regarding the objectives, business
strategies to achieve those objectives, expected financial results, economic or market conditions,
industry specific information, and the outlook of or involving the Company and its business. Such forward
looking information or statements are typically identified by words such as "believe", "anticipate",
"expect", "intend", "plan", "will", "may" and other similar expressions.
Forward-looking information, including any financial outlooks, is provided for the purpose of providing
information about management's expectations and plans about the future and may not be appropriate for
other purposes. Forward-looking information herein is based on various assumptions and expectations
that the Company believes are reasonable in the circumstances. No assurance can be given that these
assumptions and expectations will prove to be correct and the forward-looking information, including the
financial outlooks included in this Presentation, should not be unduly relied upon. Those assumptions
and expectations are based on information currently available to the Company, including the historic
performance of the Company's business. Such assumptions include anticipated financial performance,
current business, industry and economic trends, and business prospects and are subject to the risks and
uncertainties which are discussed in the Company's regulatory filings available on the Company's web
site at www.NobilisHealth.com, www.sec.gov, or at www.sedar.com. Any forward-looking statements that
we make are based on assumptions as of today, and we undertake no obligation to update them.
The Company’s management has approved the financial outlooks contained in this presentation.
2
3. Nobilis at a Glance
3
o Based in Houston, TX, Nobilis is an owner, operator, and manager
of Surgical Hospitals, ASCs and Clinics
• Founded in 2007 and now operates in 10 markets across 5
states totaling 24 facilities
o Facilities - 4 surgical hospitals, 10 ASCs, 10 clinics, and 35 partner
facilities
o Core strategy - optimized case mix across the portfolio
• Higher acuity procedures, higher levels of reimbursement
• Focus on minimally invasive procedures
o Unique direct-to-patient marketing model
• Brand procedures and drive additional surgical volume to
portfolio of facilities
• Consumerism - capitalizes on this growing trend in healthcare
• Drives organic growth
o Strong, scalable platform to expand to nationwide player
o Compelling value proposition for physicians, patients, and payors
Company Overview Geographic Locations
Markets with Nobilis
owned facilities
Markets with Nobilis
partner facilities
Established reputation
for high quality patient
care, utilizing state-of-
the-art technology
Strong management team
with proven track record of
successfully integrating
newly acquired businesses
Unique direct-to-patient
marketing model that drives
additional surgical volume
to Nobilis facilities
$321 million in Revenue
and $37 million in Adjusted
EBITDA for LTM June 2017
with low capex requirements
Key Company Highlights
4. Nobilis Business Overview
4
Case Mix
Case Volume
Payor Mix
Note: Unless otherwise dated, figures are based on the LTM period ended 6/30/2017, pro forma for the full year impact of the AZ Vein acquisition.
Note 2: Case mix based on number of cases; payor mix based on revenue.
ENT 4% General
Surgery 4%
Ortho 7%
Pain 27%
Spine 18%
Bariatrics 21%
Plastic
Surgery 10%
GYN 3%
Other 7%
AETNA 20%
BCBS 17%
CIGNA
9%
UHC 34%
Other
Commercial 12%
Self Pay 5% WC 3% Medicare 1%
8,740
17,814
20,459
25,190
-
5,000
10,000
15,000
20,000
25,000
30,000
2014 2015 2016 2017 E
5. 5
Historical Performance
Total Revenue Adj. EBITDA
$31
$84
$229
$286
$0
$50
$100
$150
$200
$250
$300
2013 2014 2015 2016
Revenue (Millions)
$3
$10
$40
$34
$0
$10
$20
$30
$40
$50
2013 2014 2015 2016
Adj. EBITDA (Millions)
Strong Track Record of Revenue and Adj. EBITDA Growth
2016 - Year of Investment
6. Management Team
o Joined Nobilis in 2010
o Previously served as CFO, President and Executive Chairman of Nobilis
o Earned an MBA from Boston College, a J.D. from the University of Houston, and a B.A. from the
University of St. Thomas
6
Harry Fleming
Chief Executive Officer
Kenneth Efird
President
David Young
Chief Financial Officer
Patrick Yoder
Chief Revenue Officer
Marissa Arreola
Chief Strategy Officer &
President of Concertis
o Joined Nobilis in 2010
o Previously served as Chief Operating Officer & Chief Business Development Officer at Nobilis
o Founder & CEO of Diagnostic and Interventional Spine Centers
o Doctorate from Texas Chiropractic College
o Joined Nobilis in 2017
o Previously served as Divisional CFO for St. Jude Medical’s America division
o Licensed CPA
o Earned an MBA from the University of Texas at Austin
o Joined Nobilis in 2014
o 15 years of healthcare sales and business development
o Previously held successful sales leadership positions at Intuitive Surgical, Medtronic, and Pfizer
o Earned a B.A. from Rhodes College
o Joined Nobilis in 2016
o Partner at Baker Donelson, specializing in health law and served as a Director at Houston Methodist
Hospital System
o Earned a J.D. from the University of Houston and B.A. from Rice University
7. Management Team (Cont’d)
o Joined Nobilis in 2015
o Previously served as CFO at Northstar Healthcare LLC and Nobilis
o 20 years of financial and accounting reporting in the healthcare industry
o Earned an M.B.A. from Texas Woman’s University and a B.S. from Sacred Heart University
7
Kenneth Klein
CFO of Operations
Phil Ayres
VP of Marketing
o Joined Nobilis in 2017
o Previously served as Director of Marketing for Travelocity and Director of Online Marketing at
Hotels.com
o Earned a J.D. from University of Tennessee College of Law and a B.S. from Vanderbilt University
Marc Celia
EVP of Operations
o Joined Nobilis in 2017
o 20 years of operational and managerial experience in the healthcare industry
o VP of Continuous Improvement for United Surgical Partners International/ Tenet Healthcare
(“USPI”) and CEO of Memorial Hermann Surgical Hospital Kingwood, in Houston, Texas
o Earned a B.S. from Boston University and a M.S. from University of Maryland
Marcos Rodriguez
Chief Accounting Officer
o Joined Nobilis in 2016
o Began his career at Deloitte & Touche LLP and served five years as Director at Opportune LLP
o 19 years of financial and accounting reporting, external and internal audits, and SEC regulations
o Earned a B.S. from Louisiana State University and is a licensed CPA
Brandon Moreno
VP of Finance
o Joined Nobilis in 2014
o 10 years of finance and accounting experience in the healthcare industry,
including HCA and Tenet
o Earned an M.B.A. from University of Texas – San Antonio and a B.S. from New
York University
8. Key Investment Considerations
o 66% of all surgeries are outpatient with >50% performed in ASCs vs. 32% in 2005
o Lower cost, high quality outpatient setting; trend toward increased consumerism in healthcare
o Abundance of desirable acquisition opportunities due to fragmented market
8
Attractive Industry
Fundamentals
Unique Marketing Model
Favorable Payor and
Procedure Mix
Patient-Centric Value
Proposition
Attractive Financial Profile
Experienced Management
Team
o Multiple marketing channels drive volume growth
o Proprietary technology platform targets prospective patients
o Strong value proposition: Superior patient experience that expands physicians’ practices
o Marketing segment targets higher acuity cases resulting in a highly attractive case mix
o Procedure diversification increases the stability of the revenue base
o Unique marketing model increases case volumes and provides superior patient experience
o Offer optimal surgical environments that result in better overall quality of care
o Offer ancillary and complementary services that lead to better efficiency and better outcomes
o Low leverage
o Low capital expenditure requirements
o Strong management team with M&A and healthcare experience
o Seasoned Ops team leads to financial and operation efficiencies
o Strong in-house and outside legal team to safely navigate complex healthcare space
10. Surgical Setting Background
Traditional Hospitals
o Full-service hospital
o Inpatient and outpatient
o > 5,700 hospitals
o 60%+ not-for-profit
Specialty Surgical
Hospitals (SSHs)
o Typically specialize in
orthopedics, spine, ENT
o Inpatient and outpatient
o ~ 300 SSHs
Ambulatory Surgical
Centers (ASCs)
o Outpatient only
o > 5,500 ASCs
o 70%+ owned by
independents
10
Source: Becker’s.
11. Growth of the ASC Industry
o Estimated at $32 billion, the ASC industry is expected to continue
robust growth due to efficient cost structures and increased
government focus on healthcare
• Industry revenues to expected grow 7.5% as the population ages
and the newly insured access care, reaching $40 billion annually
o Despite recent consolidation activity, the ASC industry remains highly
fragmented
• Independent operators, hospitals and small chains comprise 78%
of the 5,500 ASCs in the U.S., while the eight largest ASC
owner/operators comprise ~22% of the overall market
o Economies of scale drive partnership decision for physician-owned
practices
• Major operators can provide ancillary and complementary
services, normally outsourced to third-party providers, leading to
greater efficiency and better outcomes, while controlling costs
and diversifying service offerings
Source: CSM, Equity Research, IBIS healthcare expenditures estimates, Becker’s.
Projected ASC Industry Revenue
Outpatient Surgeries Moving to ASCs: 1981 to 2016
($ in billions)
11
Factors Influencing ASC/SSH Demand
Steady reimbursement
rates from government
payors support a stable
operating environment at
ASCs & SSHs
Increased ASC/SSH Abilities
Government Funding
Advances in surgical
techniques & technology
have increased the number
& types of outpatient
procedures driving higher
patient volumes
As the economy improves,
greater disposable income
will enable patients to
better afford out-of-pocket
expenses at ASCs &
SSHs
Disposable Income
Growing Insured Population
The insured population
is expected to grow 2%
annually through 2017
$16 $17
$19 $20 $21 $22 $23
$25
$27
$30
$32
$34 $36
$38
$40
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015E
2016E
2017E
2018E
2019E
2020E
ASCs, 6%
Hospital
Outpatient,
84%
ASCs, 50%
Hospital
Outpatient,
50%
12. 27%
17% 17%
13%
10% 9%
4% 3% 2% 1%
0%
5%
10%
15%
20%
25%
30%
GI
Ortho.
Optha.
Pain
Other
ENT
Plastic
Podi.
Urol.
Neuro.
Dynamics Driving Industry Growth
o Case volume at ASCs is projected to increase by 9 - 12%
through 2025
o There are 5,500 ASCs across the U.S., and 90% have some
degree of physician ownership
o Many ASCs focus on elective procedures which are common
in affluent urban and suburban areas with large proportions of
commercially insured patients
o Nobilis’ focus is on the 40% of the market with higher
reimbursement
Specialty Procedures
Orthopedics
Knee arthroscopy, carpal tunnel, rotator cuff
repair, incise finger tendon sheath and wrist
endoscopy
Pain
Management
Injection lumbar / sacral, injection cervical,
thoracic and destruction neurolytic agent
Bariatrics
Gastric bypass, sleeve gastrectomy,
adjustable gastric band, biliopancreatic
diversion with duodenal switch
Source: Wall Street Research, Becker’s.
12
Average ASC Industry Payor Mix
Industry Dynamics ASC Industry Specialty Mix
Top Procedures
Nobilis Key
Procedures
67%
18%
11%
4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Commercial Medicare FFS Worker's Comp
/ Other
Medicaid
13. Advanced Imaging 13%
Arthrocentesis / Injections
5%
Rehab & Chiropractic
14%
Standard Imaging
13%
E&MVisits
17%
Fusion Surgery
Spinal Decom. / Laminec.
Vertebral Augmentation
23%
27%
25%17%
-9%
-5%
-2%
2%
Less Complex Procedures Shift to Outpatient
o Less complex spine procedures shifting from inpatient to outpatient with significant estimated growth potential
o Key spine procedures have stronger tailwinds due to demographics and improvements in technology
o ~31 million Americans experience back pain at any given time
o ~600,000 Americans undergo spine surgery every year
Lumbar / Thoracic Fusion
Cervical Fusion
No Procedure and
Diagnostics
Spinal Decompression/
Laminectomy
Vertebral Augmentation
Procedures
Revision Spinal Procedure
Note: Growth rate data reflects U.S. market. 13
Source: Wall Street Research.
-11%
Inpatient Spine Discharges 2014 – 2019 Outpatient Spine Volumes 2014 – 2019
Nobilis Key
Procedures
17. Unique Patient Acquisition Strategy
17
Nobilis Brands
Lead Generation Concierge Service
§ Inside sales team and IT platform
to maximize patient experience
§ 9 brands marketed directly to
patients via omni-channel
marketing strategy
Patient Tracking Conversion to Surgical Patient
§ Patient education, medical
review, insurance verification,
and surgical scheduling
§ Patient follow-up, experience
surveys, and referrals
o Marketing and technology platform that targets prospective patients
o Unique value proposition to physicians; superior patient experience
o Generates higher acuity cases vs. traditional referral model
o Scalable revenue driver
o Portfolio effect: direct cases to specific facilities on a procedure-by-
procedure basis for best return
o In-house marketing team works one-on-one with physicians to
develop and distribute customized marketing plans
o Build and execute marketing plans on behalf of physicians
o Helps to expand physicians’ practices, while also driving
additional volume to facilities
o High average ROI
Direct-to-Consumer Marketing Physician Sales
High-Touch Marketing Model
18. Ancillary Services
Nobilis began providing ancillary services in 2015 and has continued expanding its ancillary service
offerings with the addition of clinical lab testing services in 2016 and physical therapy in 2017
o Nobilis began offering lab
services for patients
through Hermann Drive
Surgical Hospital (HDSH)
in September 2016
o Set up to process
~4,000 tests on a
monthly basis
First Assist (Staffing)
o Cover 100% of
outpatient spine cases
through qualifying DTC
o Specialties: Spine,
Bariatrics, ENT,
Orthopedic, Plastic,
General
o Focused on spine procedures
o 100% of DTC cases
o 7 States
o 44 Different Facilities (Both
Nobilis and non-Nobilis
Facilities)
o Specialties: Spine, Neuro,
Ortho, CV, ENT
o Covers most NHC
facilities
o Helps recruit partner
physicians
o Specialties: Spine,
Bariatrics, ENT,
Orthopedic, Plastic,
General
o Nobilis launched Physical
Therapy Services in April
2017 as a Hospital
Outpatient Department of
Plano Surgical Hospital
o Provides patients and
physicians with a partner
in the continuum of care
18
Laboratory Neuromonitoring Anesthesia Physical Therapy
o Nobilis is actively seeking potential M&A
targets in the ancillary services space
o Typically focus on acquisitions with
revenue potential system wide
o Increased capabilities position Nobilis to
execute alternative payment
methodologies for payors
o 2016 revenue of $20.4 million
o 2015 revenue of $2.3 million
o Maximizes revenue by capturing
additional revenue streams per patient
o Continuity of care for patients
o Helps recruit top physicians
o Increased patient & physician
satisfaction
o Improve patient outcomes
o Accretive earnings
Benefits Financial Contribution Development
19. Growth Strategy
19
1 Marketing Expertise Drives Organic Growth 2
3 4
o Continue utilizing multiple marketing channels to drive volume
growth at hospitals, ASCs, ancillary services, and physician
owned practices
o Strengthen bundled payment capabilities through efforts at
Concertis, LLC
o Strategically adding new marketing brands to portfolio
o 360 Concierge
o The market is highly fragmented with many ideal acquisition
targets for Nobilis
o Strong focus on potential targets that allow Nobilis to cross-
sell service lines
o Focused on pursuing regional in-network targets with strong
clinical and management capabilities that are sensitive to
Nobilis’ marketing platform and allow the Company to
leverage existing facilities
o Continue optimizing case mix to maximize revenue potential
o Increase the volume of high acuity procedures that benefit
from higher levels of reimbursement
o Identify and develop additional service lines appropriate for
outpatient environment
o Focus on driving cost reductions throughout system and in
recently acquired facilities
o Identify and achieve greater economies of scale as Nobilis
continues acquiring new businesses and expanding its
platform
Acquisition Opportunities
Service Lines and Specialties Operational Leverage
23. 23
Driving Efficiencies
o Reduction in force (RIF)
• Completed April 2017
• System-wide
o Payroll system/productivity tools
• Redesign/restructure of payroll
system
• Enhanced reporting
‒ Implemented daily productivity
KPI’s at each facility
‒ Controls in place to manage
hiring process
Nobilis is focused on reducing operational expenses at its facilities to further drive profitability
= Estimated $10 to $13 million in annualized cost savings à $8 million expected in 2017
Salaries and Benefits Medical Supplies SG&A
o GPO and local agreements
executed
o Custom packs/reprocessing
o Utilization
o Inventory consignment
o Physician co-marketing and direct-
to-consumer marketing
o Purchased services
o Utility contracts
$6 to $7
million
$2 to $3
million
$2 to $3
million
24. 24
Comparable Companies
Company Ticker Share Price Market Cap (mm) Forward P/E EV/EBITDA Total Debt/ Equity
Nobilis Health Corp. HLTH $1.55 $120.6 8.9 3.9 0.6
Tenet Healthcare Corp. THC $13.03 $1,310.0 13.4 8.3 40.6
CRH Medical Corp. CRHM $2.45 $185.0 18.1 8.4 0.7
Surgery Partners Inc. SGRY $10.60 $522.4 17.1 12.8 291.9
Universal Health Services Inc. UHS $107.69 $1,056.0 12.9 9.1 0.9
Envision Healthcare Corp. EVHC $51.32 $5,961.0 15.2 17.6 1.0
As of 08/14/2017
27. Nobilis Facilities
27
Facility Market Equity
Hospitals
First Nobilis Hospital Houston, TX 51%
Hermann Drive Surgical Hospital Houston, TX 54.75%
Plano Surgical Hospital Dallas, TX 100%
Scottsdale Liberty Hospital Scottsdale, AZ 75%
ASCs
First Nobilis Surgical Center (HOPD) Houston, TX 51%
Kirby Surgical Center Houston, TX 25%
Medical Park Drive Surgical Center (HOPD) Houston, TX 100%
Dallas Metro Dallas, TX 35%
Northstar Healthcare Surgery Center - Houston Houston, TX 100%
Northstar Healthcare Surgery Center - Scottsdale Scottsdale, AZ 100%
Chandler Surgery Center Phoenix, AZ 100%
Oracle Surgery Center Tucson, AZ 100%
Phoenix Surgery Center Phoenix, AZ 100%
Surprise Surgery Center Phoenix, AZ 100%
Clinics
Chandler Clinic Phoenix, AZ 100%
Oracle Clinic Tucson, AZ 100%
Phoenix Clinic Phoenix, AZ 100%
Surprise Clinic Phoenix, AZ 100%
Sugar Land Clinic Houston, TX 100%
Woodlands Clinic Houston, TX 100%
Clear Lake Clinic Houston, TX 100%
Katy Clinic Houston, TX 100%
Stone Oak Clinic San Antonio, TX 100%
Round Rock Clinic Round Rock, TX 100%
28. Facility Specialties Facility
Plano Surgical Hospital • Bariatrics • 26 Inpatient beds
• Spine • 6 OR’s
• Plastics • 2 Procedure Rooms
• Orthopedics
• General Surgery
• Pain management
Kirby Surgical Center • Orthopedics
• General surgery
• Pain
• ENT
• 4 OR’s
• 1 Procedure Room
Hermann Drive Surgical • Bariatrics • 22 Beds
Hospital • Spine • 18 Private rooms
• Plastics • 6 OR’s
• Orthopedics • 2 Procedure Rooms
• General Surgery
First Surgical Hospital • Bariatrics Hospital • 4OR’s
• 1 Procedure
Room
First Street Surgery Center • Spine
(HOPD) • Plastics
• Orthopedics
• General Surgery
ASC • 4OR’s
• Painmanagement
Northstar Healthcare Surgery • Spine • 3 ORs
Center - Houston • Bariatrics • 2 Treatment rooms
• General Surgery
• Pain
• Podiatry
• Plastics
• GI
Nobilis Facilities
28
29. Facility Specialties Facility
Northstar Healthcare Surgery • Plastics/Reconstructive • 4 OR’s
Center - Scottsdale • Orthopedics • 1 Procedure Room
• General surgery
• Pain
• Bariatrics
• Podiatry
Scottsdale Liberty Hospital • Spine • 2 OR’s
• Orthopedic surgery • 1 Procedure Room
• General surgery • 12 Inpatient beds
• Podiatry
• Bariatrics
• Migraine
• Vascular
Arizona Vein & Vascular Center • Vein • 4 Clinics
• 4 ASCs
• 15 OR’s
Hamilton Vein Center • Vein • 6 Clinics
• 20 RFAs
Nobilis Facilities
29