Inovalon (INOV) Files $500M IPO

Inovalon (NASDAQ: INOV) filed with the U.S. SEC for an IPO of its common stock. The proposed maximum offering price is $500 million. The company has applied to list its shares on NASDAQ Global Market under the symbol "INOV"

Goldman, Sachs & Co., Morgan Stanley and Citigroup are the book-running managers. BofA Merrill Lynch and UBS Investment Bank are co-managers.

About: Inovalon is a leading technology company that combines advanced cloud-based data analytics and data-driven intervention platforms to achieve meaningful insight and improvement in clinical and quality outcomes, utilization, and financial performance across the healthcare landscape. Our powerful platforms drive high-value impact, improving quality and economics for health plans, hospitals, physicians, patients, pharmaceutical companies, and researchers. The value we deliver to our clients is achieved by turning data into insights and those insights into action. Through our large proprietary datasets, advanced data integration technologies, sophisticated predictive analytics, and deep subject matter expertise, we deliver seamless, end-to-end platforms that bring the benefits of big data and large-scale analytics to the point of care. Our analytics identify gaps in care, quality, data integrity, and financial performance, while our data-driven intervention platforms provide clients with differentiated capabilities to resolve these gaps. During 2014, we provided these services to nearly 100 clients representing approximately 200 patient populations, providing analytics informed by our data and insight on more than 744,000 physicians, 244,000 clinical facilities, 118 million unique patients (covering approximately 98.2% of all U.S. counties), and 9.1 billion discrete entries relating to patient interactions, medical procedures or changes in patients' medical conditions, which we refer to as medical events, a number that has been increasing at a rate of approximately 3.0% compounding monthly, or 43.3% annually, since 2000.

Financial Summary: Our ability to deliver value to our clients through our advanced analytics and intervention platforms has allowed us to achieve significant growth since the company's organization. Over the last three years, our revenue has increased at a compounded annual growth rate of 19%, Adjusted EBITDA at a compounded annual growth rate of 20%, and net income at a compounded annual growth rate of 33% despite a 1% revenue decrease during the year ended December 31, 2013 as compared to the year ended December 31, 2012. For the nine months ended September 30, 2014, our revenue was $271.6 million, representing 17% growth over the same period of the prior year. In this same period, we generated Adjusted EBITDA of $103.1 million, representing 38% of revenue and 77% growth over the same period in the prior year. Net income for the nine months ended September 30, 2014 was $51.9 million, representing 19% of revenue and a 92% increase over the same period in 2013. Adjusted EBITDA is a non-GAAP measure.

Link to S-1

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