Cloud-based EHR platform Practice Fusion has reportedly hired JPMorgan Chase to explore an initial public offering (IPO) in 2017, according to a recent New York Times story. The San-Francisco-based EHR provider for doctors could attract between $1.1B to $1.5B valuation based on the company’s potential revenue projections next year.
“An I.P.O. could potentially be an outcome for Practice Fusion, but currently we continue our focus on commercializing our products, growing the business and serving our physician community,” a Practice Fusion spokeswoman wrote in an email to the Times, declining to comment further. JPMorgan declined to comment.
Last November, the company appointed Tom Langan, the former chief commercial officer at Symphony Health Solutions as its permanent CEO after serving as the interim, replacing Ryan Howard who assumed the position of Chairman of the Board.
Practice Fusion’s reported revenue was $26.9 million in 2014 and was expected to reach $46.1M in 2015. The company added over 5,000 new active medical practices and dozens of life science partners last year, while realizing accelerated year-over-year revenue growth of more than 70%. 2016 revenue is expected to reach $70 million in 2016. To date, the Practice Fusion has raised $149 million funding at a $635M valuation.