Healthcare payments startup, Waystar Technologies, took a significant step on Monday by revealing its intention to go public through a U.S. stock market initial public offering (IPO). The company also reported an increase in quarterly sales.
In August, Reuters hinted at Waystar’s plans for an IPO, which could potentially value the company at around $8 billion. Waystar took the initial step towards this IPO by confidentially filing later in August, joining a wave of new listings following a prolonged dry spell in the IPO market caused by high-interest rates and economic recession concerns.
However, there have been concerns regarding the performance of some recent high-profile IPO entrants, including chip designer Arm and grocery delivery firm Instacart, as their shares experienced fluctuations following their market debuts.
Waystar specializes in providing software solutions that assist hospitals and clinics in efficiently managing their financial operations. The company aims to list its common stock on the Nasdaq exchange under the symbol “WAY,” but it has yet to announce the pricing and the number of shares it plans to offer to the public.
For the three months ending on June 30, Waystar reported total sales of $196 million, marking a notable increase from the $173.4 million in sales recorded during the same period the previous year. Additionally, the company reported a slightly reduced net loss of $10.8 million, compared to $10.9 million in losses incurred the previous year.
Waystar’s history dates back to 2017 when it was established through the merger of healthcare technology companies Navicure and ZirMed. This move marks a significant development in the company’s journey and highlights its commitment to providing innovative solutions in the healthcare payment sector.
