Digital health startup Livongo Health is putting together an initial public offering worth up to $1 billion, The Wall Street Journal reports.
The company is preparing to go public by the third quarter of this year, according to the report. Livongo Health hired JPMorgan Chase & Co., Morgan Stanley and Goldman Sachs Group as underwriters to help with the IPO.
Livongo Health has privately raised about $240 million. The company is expected to bring in more than $100 million from more than 120,000 patients this year, according to the report. By 2020, it anticipates more than doubling its revenue, sources familiar with the company told The Wall Street Journal.
Livongo Health, which offers services such as cloud-based glucose-monitoring to patients with diabetes and other chronic conditions, works with more than 600 employer health insurers and plans.
Livongo Health CEO Zane Burke told Becker's Hospital Review that he planned to take the company's business to "the next level," in 2019.
"We are going to continue to expand and invest in our offerings," Mr. Burke said. "We started strong by acquiring myStrength [a behavioral health solutions provider] and adding behavioral health to our platform. We will be laser-focused on the experience and value we provide to clients and our members. We will scale the organization to account for our growth and make decisions that are based on the best long-term outcomes."