Health Catalyst, a data, analytics and support company, plans to raise $150 million to $200 million in its initial public offering, The Wall Street Journal reports.
The health data company, which launched about 10 years ago, in April said it had filed paperwork for the IPO with the U.S. Securities and Exchange Commission, according to the report. Health Catalyst's value reached $1 billion in February following the close of its $100 million financing round.
More than 500 hospitals and an estimated 5,000 clinics use Health Catalyst software, which extracts data from patient medical and genetic records, lab results, billing systems and customer surveys for analysis, the WSJ reports. The company presents the health information in a user-friendly format, and Health Catalyst developers collect data from various hospitals to establish algorithms that can assist hospitals in identifying inefficiencies or enhance medical care.
Some of Health Catalyst's customers include Boston-based Partners HealthCare and OSF HealthCare in Peoria, Ill., according to the report. Additionally, the company has extended its business by offering de-identified data mining services for research and development to pharmaceutical, technology and other digital-health company clients, Health Catalyst said in February, the WSJ reports. Health Catalyst clients can choose whether to contribute data for analysis.