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Healthcare IPOs For The Week Ahead

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As another week comes to a close, it is time to take a look at the U.S. healthcare IPOs scheduled for the week ahead.

1. Castle Biosciences Inc.

Friendswood, Texas-based Castle Biosciences Inc.is a commercial-stage dermatological cancer company selling genetic tests to make more accurate treatment decisions.

Founded in 2007, the company is scheduled to list its IPO on the Nasdaq Global Market under the symbol "CSTL" on July 25, 2019.

Castle Biosciences has offered to sell 3.33 million shares of common stock in the offering, and the underwriters have an option for 30 days to purchase up to 500 thousand additional shares.

The initial public offering price is expected to be between $14.00 and $16.00 per share.

Underwriters of the IPO:

SVB Leerink LLC, Robert W. Baird & Co. Inc, BTIG, LLC, Canaccord Genuity LLC

Products & Pipeline:

The company's lead product, DecisionDx-Melanoma, a genetic test that predicts the risk of metastasis or recurrence for patients diagnosed with invasive cutaneous melanoma, a deadly skin cancer. The company also markets DecisionDx-UM, a proprietary genetic test that predicts the risk of metastasis for patients with uveal melanoma, a rare eye cancer.

The company also has two late-stage proprietary products - a genetic test to predict the risk of metastasis in patients diagnosed with cutaneous squamous cell carcinoma, and another genetic test designed to assist physicians in the diagnosis of suspicious pigmented lesions. Both these products are expected to be commercially launched in the second half of 2020.

Financial Numbers…

For the year ended December 31, 2018, the company's net loss narrowed to $10.2 million or $5.33 per share from a loss of $15.3 million or $8.08 per share in 2017. Annual revenue in 2018 increased to $22.8 million from $13.8 million in 2017.

2. Health Catalyst Inc.

Salt Lake City, Utah-based Health Catalyst is a provider of data and analytics services to healthcare organizations.

The company has offered to sell 6.0 million shares in the offering. The initial public offering price is expected to be between $20.00 and $23.00 per share.

Health Catalyst has granted the underwriters an option for 30 days to purchase up to 900 thousand additional shares.

Founded in 2008, the company is scheduled to list its common stock on The Nasdaq Global Market under the symbol "HCAT" on July 25, 2019.

Underwriters of the IPO:

Goldman Sachs, J.P. Morgan, William Blair, Piper Jaffray, Evercore ISI, SVB Leerink, and SunTrust Robinson Humphrey.

Financial Numbers…

Net loss in 2018 widened to $61.98 million from $47.03 million in 2017.

The company derives substantially all of its revenue through subscriptions for use of its technology and professional services on a recurring basis.

Revenue in 2018 was $57.22 million compared to $31.69 million in 2017.

3. Livongo Health Inc.

Mountain View, California-based Livongo Health offers a consumer-first, data-driven digital health platform that is designed to empower people with chronic conditions to live better and healthier lives.

Founded in 2009, the company is scheduled to list its common stock on The Nasdaq Global Market under the symbol "LVGO" on July 25, 2019.

Livongo Health has offered to sell 10.7 million shares in the offering. The initial public offering price is expected to be between $20.00 and $23.00 per share.

The company has granted the underwriters an option for 30 days to purchase up to 1.605 million additional shares.

Financial Numbers…

The annual net loss attributable to common stockholders in 2018 widened to $33.54 million or $2.02 per share from $17 million or $1.18 per share in 2017.

The company derives revenue from sales of its hypertension, prediabetes and weight management, and behavioral health solutions.

The annual revenue in 2018 jumped to $68.43 million from $30.85 million in 2017. For the six months ended June 30, 2019, revenue is anticipated to be between $71.5 million and $72.7 million compared to $28.4 million for the six months ended June 30, 2018.

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