Livongo Health CEO Glen Tullman. Photo: Kimberly White/Getty Images for TechCrunch
Livongo, a health tech startup that provides diabetes coaching, filed papers for its initial public offering on Friday, a move that's seen as a test for how well such startups may do in public markets, Stat reports.
Between the lines: This new generation of buzzy, venture capital-backed health care companies hasn't produced an IPO since 2016. A second digital health company, Health Catalyst, filed to go public on Thursday.
- Business Insider reported that the company could be valued at up to $2.5 billion.
- But while it brought in $68 million in revenue last year, it posted a net loss of $33 million.
Backdrop: Livongo's main source of revenue is self-insured employers, which hire it to monitor and coach employees with chronic diseases — especially diabetes.
- It said in an SEC filing that its services save over $1,900 a year in gross medical expenses for diabetes patients.