HealthPort Inc., a vendor of outsourced release of information services and revenue cycle management software and services, has postponed its planned initial public offering of stock.
The Alpharetta, Ga.-based company cited current market conditions for the decision. HealthPort in August filed documents for an IPO with the Securities and Exchange Commission. The vendor hoped to raise $100 million by becoming a publicly traded company.
The IPO filing came one week after claims clearinghouse/revenue cycle management software vendor Emdeon Inc. conducted an IPO.
Counting for the full year the operations of ChartOne Inc., acquired in September, 2008, HealthPort had revenue in 2008 of $242.1 million, but lost $59.4 million. For the first half of 2009, the company had a net loss of $6.9 million on revenue of $126.8 million. As of June 30, the company had cash and cash equivalents of $637,000. It had total assets of $330.1 million and total debt of $245.8 million.
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