Epic reported $4.9 billion revenue last year while expanding its market share, growing the Cosmos database and adding artificial intelligence-driven capabilities, according to CNBC.
The company would have around $45 billion valuation based on S&P 500's sub-index of software and services companies, but CEO Judy Faulkner is sticking to Epic's first two commandments: "do not go public" and "do not be acquired."
Epic would be an attractive target. The company, which has a 14,000-person workforce, added 153 acute care hospital clients last year, according to KLAS Research, nearly 100 more than its closest competitor, Oracle Health. Cosmos, Epic's deidentified patient data trove, now has 270 million patients' data and 1,568 hospital members. Epic's revenue has grown 53% over the last five years, and 6% from 2022 to 2023.
Epic doesn't have a "preordained budget," according to the report, and 8% of expenses are attributable to the upkeep of its 1,670-acre fantasy-themed headquarters.
Despite Epic's successes, Oracle Health generated more revenue from the legacy Cerner business last year, at $5.9 billion.