HealthPort postpones initial public offering

AP News
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Posted: Nov 19, 2009 4:18 PM

HealthPort Inc., a health care information technology company, said Thursday it is postponing its planned initial public offering due to market conditions.

The Alpharetta, Ga.-based company did not elaborate further on what triggered the move, nor how long the postponement might last.

HealthPort disclosed details of the IPO plans in an Oct. 21 regulatory filing. On Monday the company said it planned to complete the IPO this week, selling as many as 6.9 million shares for $14 to $16 each.

The latest filing said funds from the offering would be used to redeem senior preferred stock and repay debt. After the IPO is complete, 56 percent of HealthPort shares would be owned by Abry Partners LLC, a private equity firm.

HealthPort handles requests for and delivery of patient information to attorneys, insurance companies and government agencies. It says its services can save time and money for physician practices and hospitals and let them reduce staffing.

The company does business with about 1,900 hospitals and health systems and 8,000 physician clinics.

Last year, the company reported a loss of $49.8 million on revenue of $188.2 million.