SALT LAKE CITY — Hot on the heels of a $100 million funding round in February that pushed the company's valuation above the vaunted $1 billion, or "unicorn" benchmark, Utah health care analytics developer Health Catalyst is ready to jump into the public investment world.
Health Catalyst announced this week it had begun the process to launch an initial public stock offering by submitting its draft registration statement, Form S-1, with the U.S. Securities and Exchange Commission. The move is the required first step on the road to issuing publicly available stock. The confidential filing, according to a statement released Wednesday by the company, does not stipulate potential share pricing or number of shares it intends to issue.
The 11-year-old company emerged from work conducted by former Intermountain Healthcare employees aiming to collect, digitize and analyze health care-related data in a way that helps providers find efficiencies, optimize outcomes and reduce mistakes.
Company CEO Dan Burton told the Deseret News in a February interview that the company has found success by helping modernize an industry that has lagged behind many others in eliminating paper-based record keeping and other, outdated, analytics methods.
"Health care as an industry is undergoing a pretty significant transformation right now, and one of the real drivers of that transformation is that, up until a few years ago, the information about you as a patient was still a paper-based operation," Burton said. "There is not a lot of analysis you can apply to paper records and that’s just started to meaningfully transform to digital.
"That digital crossover opens up this new horizon of significant opportunities to start harvesting and analyzing that data to help guide good decisions."
The company has raised over $370 million to date and reportedly has hired investment giants Goldman Sachs and JP Morgan to lead its IPO process.2 comments on this story
Fraser Bullock, Health Catalyst board chairman and managing director of Lehi-based Sorenson Capital, told the Deseret News earlier this year that his company has invested some $15 million over the last five years in Health Catalyst and, even among Utah's roster of highly successful life science and technology companies, Health Catalyst is distinguishing itself.
"We could see early on that there was import in their vision," Bullock said. "What’s been accomplished is nothing short of astonishing. They focus on saving lives and helping people who are in a moment of medical care needs that can have a very significant impact on their lives.
"It’s all about helping people."