On July 24, 2019, Livongo announced their pricing of initial public offering (IPO); the announcement comes as part of a recent wave of IPOs related to digital health. Livongo announced its shares at $28 per share for an approximate total of $355 million; the IPO values the company at approximately $2.5 billion. The organization is based in Mountain View, California and leverages technology to enhance care for consumers with chronic health conditions. Additionally, Health Catalyst, a health care software company based in Utah, also announced their IPO pricing at $26 per share in June 2019. However, the stock increased 51% and closed at $39.17 per share, valuing the company at $1.4 billion and totaled $182 million in the offering.
Health Catalyst and Livongo are among a number of other companies who are entering the public market in 2019. Other companies include Phreesia, a health care software company which raised $167 million in its IPO, as well as Change Healthcare, a revenue cycle management software company that traded at approximately $14 per share as of July 2019. Additionally, two other digital health companies, Ancestry and SmileDirectClub, announced their intent to prepare for IPOs in 2019.
Before these recent announcements, the last digital health IPO was announced in 2016 by iRhythm Technologies, Inc., a digital health company that combines wearable biosensing technology with cloud-based data analytics and machine-learning for cardiac monitoring. The more recent IPOs are critical for the digital health care market. Between 2017 and 2018, health-tech startups seeking to apply technology to the health care industry raised about $14 billion between the two years from investors, with similar numbers anticipated for 2019.
Livongo offers a whole person platform that empowers people with chronic conditions to live better and healthier lives. Livongo’s team of data scientists aggregate and interpret substantial amounts of health data and information to create actionable, personalized, and timely health signals. The Livongo approach seeks to deliver better clinical and financial outcomes while creating a different and better experience for people with chronic conditions.
Health Catalyst is dedicated to enabling health care organizations to fundamentally improve care by building the most comprehensive and fully integrated suite of health care data warehousing and process improvement solutions available. Health Catalyst was formed by a group of health care veterans with vast data warehousing and quality improvement experience.
This was reported by Business Insider on July 25, 2019.
Contact information: Livongo, 150 West Evelyn Avenue, Suite 150, Mountain View, California, 94041; 866-435-5643; Website: www.livongo.com
Contact information: Health Catalyst, 3165 Millrock Drive, Suite 400, Salt Lake City, Utah 84121; 855-309-6800; Website: www.healthcatalyst.com