Ardent Health Partners (2024 New Filing) (ARDT) Plans to Raise $300 Million in July 18th IPO

Ardent Health Partners (2024 New Filing) (ARDT) expects to raise $300 million in an IPO on Thursday, July 18th, IPO Scoop reports. The company will issue 14,300,000 shares at $20.00-$22.00 per share.

In the last twelve months, Ardent Health Partners (2024 New Filing) generated $5.5 billion in revenue and $151.1 million in net income. Ardent Health Partners (2024 New Filing) has a market cap of $3 billion.

J.P. Morgan, BofA Securities, Morgan Stanley, Stephens Inc., Citigroup, Leerink Partners, RBC Capital Markets, Truist Securities and Mizuho acted as the underwriters for the IPO and Capital One Securities and Loop Capital Markets were co-managers.

Ardent Health Partners (2024 New Filing) provided the following description of their company for its IPO: “We are the fourth-largest privately held for-profit operator of hospitals and a leading provider of healthcare services in the United States.  (Incorporated in Delaware) We currently operate in eight growing mid-sized urban markets across six states: Texas, Oklahoma, New Mexico, New Jersey, Idaho, and Kansas. We deliver care through a system of 30 acute care hospitals, more than 200 sites of care, and over 1,700 providers that are either employed by or affiliated with us,2 as of March 31, 2024. We hold a leading position in a majority of our markets, and we believe we are one of the leading healthcare systems based on market share and our integrated network of hospitals, ambulatory facilities, and physician practices.3 See “Business—Our platform.” We operate either independently or in partnership with premier academic medical centers, large not-for-profit hospital systems, community physicians, and a community foundation through our well-established and differentiated JV model. Collectively, we operate as a unified organization with a consumer-centric approach to caring for our patients and our communities. Our healthcare delivery model is built around the consumer and seeks to optimize access for patients and continuity of care. We have built a comprehensive healthcare ecosystem that serves the unique needs of each patient over the course of his or her healthcare journey while our local physicians and providers deliver care based on the standard for their own market. We focus on establishing long-term relationships to engage with patients over their lifetime and seek to deliver superior, cost-effective health outcomes. On average, we care for more than 15,000 people every day across our healthcare ecosystem and during 2023, we served approximately 1.2 million unique patients who had approximately 5.7 million visits with our healthcare providers. We provide both general and specialty services, including internal medicine, general surgery, cardiology, oncology, orthopedics, women’s services, neurology, urology, and emergency services, within inpatient and ambulatory care settings. In addition to our 30 acute care hospitals, we operate a broad network of ambulatory facilities and telehealth services, including 146 primary care and specialty care clinics, three ambulatory surgery centers (“ASCs”), 22 urgent care centers, two free-standing emergency departments, and ten diagnostic imaging centers. Bolstered by our provider network,4 which consists of more than 380 primary care providers and over 1,340 specialists, our network allows us to provide accessible and convenient healthcare to our patients in the optimal location, whether that be in a hospital, ambulatory care or virtual care setting. Our provider network enables us to participate in multiple collaborative accountable care organizations (“ACOs”), which are groups of hospitals, doctors, and other providers coming together to give coordinated quality care to patients. We believe this positions us favorably in the evolving healthcare reimbursement landscape. As part of our growth strategy, we are accelerating our ambulatory and physician alignment initiatives to expand both physical and virtual consumer access points. We expect that this approach will grow our market share and drive performance in connection with our value-based care initiatives, which are designed to deliver high-quality care that exceeds CMS benchmarks to patients in a cost-effective manner for payors.   We leverage an advanced technology platform to drive enhanced care coordination and system productivity, which we believe leads to improved outcomes based on our safety of care, readmission, and mortality rates measured against applicable CMS benchmarks. This technology platform incorporates a variety of tools across our hospitals, clinics, and virtual care platforms and includes a consumer experience platform that drives our overall strategy to increase patient acquisition, engagement, and retention. We believe these technologies make it easier for caregivers to focus on delivering care, and for patients to access and receive care across all settings while also improving outcomes, such as safety of care, readmission, and mortality rates. Our well-established JV model differentiates us by enabling us to enhance our scale and provide unique opportunities to establish new markets and access points. In all of our eight regional markets, we have entered into JVs with premier academic medical centers, large not-for-profit hospital systems, community physicians, and a community foundation. Our strategic JV partners offer us significant advantages, including expanded access points, clinical talent availability, local brand recognition, and scale that enable us to accelerate market penetration. We help our partners enhance their network and regional presence through our operational acumen. We strengthen clinical services, drive operating improvements, and centrally manage operations to optimize hospital performance and enhance patient care. In each of these partnerships, we are the majority owner and serve as the day-to-day operator. We believe we are the JV partner-of-choice for academic medical centers and not-for-profit health systems in new and existing markets. Our hospital portfolio consists of 30 acute care hospitals, 18 of which are operated by JVs. Of those 18 hospitals, nine are owned and operated through limited liability companies (“LLCs”) that qualify as variable interest entities (“VIEs”). Through our wholly-owned subsidiaries, we own majority interests in each LLC that owns and operates our hospitals. While we hold majority interests in the LLCs that own and operate these hospitals, there are also significant minority interests held by not-for-profit medical systems, universities, academic medical centers, foundations or a combination thereof. The nine hospitals associated with the UT Health East Texas JV are wholly-owned by the JV’s members and, as such, do not represent hospitals owned and operated as VIEs. Instead, the UT Health East Texas facilities contribute earnings to the JV to be recognized by the members on a pro rata basis according to their ownership interests. For the year ended December 31, 2023, $1.6 billion of our revenue and $213.7 million of our net income was attributable to our JVs and VIEs, respectively. For the three months ended March 31, 2024, $415.9 million of our revenue and $51.4 million of our net income was attributable to our JVs and VIEs, respectively. Consequently, a significant portion of our revenue and net income is attributable to JVs and VIEs. While we believe that our relationships with our JV partners are strong, any changes in these relationships could disrupt ongoing business, negatively affect our cash flows and distract management and other key personnel from our core business operations. Additionally, the interests of our JV partners may differ from the interests of our Company as a whole, which could limit our ability to effectively operate the related JVs and maximize the economic benefits of our JV model. For more information, see “Risk factors—Risks related to our business and industry—We conduct a significant portion of our operations through JVs, which may expose us to certain risks and uncertainties, including risks as a result of our lack of sole decision-making authority. In addition, we may be required under certain circumstances to purchase our JV partners’ equity interests, which could adversely affect our liquidity and financial condition.” Since our inception in 2001, we have demonstrated an ability to consistently innovate and sustain organic growth during varied economic and regulatory climates. Additionally, our growth through acquisitions and JV partnerships has allowed us to enter new attractive markets. Between January 1, 2017 and March 1, 2018, we more than doubled the number of markets we serve and the number of hospitals we operate. While our business is rooted in acute care and other related services for surgery, complex medical conditions, or injuries, we have increased our ambulatory and physician footprint by adding more than 95 ambulatory facilities and 850 providers from 2017 to 2023 to create a comprehensive platform that supports the full continuum of patient care and participation in value-based care programs. Our significant investments and operational discipline have led to a more centralized and standardized organization, positioning us for continued growth and performance improvement in both new and existing areas. Note: Net income and revenue figures are for the 12 months that ended March 31, 2024. (Note: Ardent Health Partners disclosed the terms for its IPO in an S-1/A dated July 8, 2024: The company is offering 14.3 million shares at a price range of $20.00 to $22.00 to raise $300.1 million. Background: Ardent Health Partners filed its S-1 on June 21, 2024, for its IPO, without disclosing terms. The IPO’s estimated proceeds are $500 million.) (History: This filing represents Ardent Health Partners’ second attempt to go public. Ardent Health withdrew its previous IPO plans in a letter to the SEC in early January 2020. Ardent Health Partners had initially filed its IPO plans in an S-1 in 2018.)     “.

Ardent Health Partners (2024 New Filing) was founded in 2001 and has 24200 employees. The company is located at 340 Seven Springs Way, Suite 100 Brentwood, Tennessee 37027 and can be reached via phone at (615) 296-3000 or on the web at http://www.ardenthealth.com/.

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