Waystar Technologies, a leading healthcare payments startup, officially filed for an initial public offering (IPO) on the US stock market, unveiling an increase in its quarterly sales. In August, Reuters reported that Waystar was considering an IPO, potentially valuing the company at up to $8 billion. After confidentially filing for the IPO later that month, the company now joins a surge of new listings following a period of subdued IPO activity marked by high interest rates and recession fears.
While recent IPOs have witnessed fluctuations in share prices, Waystar remains optimistic about its market debut. The healthcare software provider, known for its solutions that assist hospitals and clinics in managing their financial operations, has expressed its intention to list its common stock on the Nasdaq, utilizing the symbol “WAY.” Specific details regarding the IPO pricing and the number of shares offered have not yet been disclosed.
Waystar reported a notable rise in its total sales for the three months ending June 30, amounting to $196 million compared to $173.4 million during the same period the previous year. The company also reported a slight narrowing of its net loss, with figures showing $10.8 million for the recent quarter, compared to $10.9 million in the corresponding period last year.
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Waystar Technologies emerged in 2017 as a result of the merger between two healthcare technology companies, Navicure and ZirMed.
