Salt Lake City-based Health Catalyst Inc. has begun the process of launching an initial public stock offering by submitting its draft registration statement, Form S-1, with the U.S. Securities and Exchange Commission, according to an April 12 report in the Deseret News.
The 11-year-old company has raised more than $370 million in total, and the Deseret News said it has reportedly hired investment firms Goldman Sachs and JP Morgan to lead its IPO process.
In February analytics company announced the closing of a Series F equity and debt funding that would provide it up to $100 million in capital. The funding round was led by OrbiMed, a healthcare public and private market investment firm. Several existing investors including Sequoia Capital, Norwest Venture Partners, Sands Capital Ventures, UPMC Enterprises and Kaiser Permanente Ventures also contributed to the financing, which lifted Health Catalyst’s value above $1 billion, according to company officials.
In 2018, Health Catalyst experienced over 65 percent growth in its annual recurring revenue, over 50 percent growth in revenue, and over 80 percent growth in its gross profits. The company also added 16 new health system customers in 2018, more than in any previous year in its history. It has more than 750 employees throughout the U.S.
Also in 2018, Health Catalyst acquired Medicity, a Salt Lake City-based developer of health information exchange (HIE) technology.
On April 16, Health Catalyst announced it has ventured into the Asia-Pacific region with a partnership with Singapore-based Fullerton Healthcare Corp. The two organizations said they would co-create a healthcare analytics approach specific to Asian healthcare systems.
