Baltimore-based eICU specialist VISICU filed registration papers for an initial public offering late yesterday. According to the filing, the company hopes to sell up to $65 million in common stock. VISICU markets a system which allows remote monitoring of ICU units using Internet-based monitoring and video feeds. The concept, which is intended to complement rather than replace bed-side care, has been praised by some as an effective strategy for upgrading care quality. VISICU was founded in 1998 by Dr. Brian Rosenfeld and Dr. Michael Breslow of Johns Hopkins. Its revenue and income are growing rapidly. In 2004 VISICU lost $4.1 million on $5.5 million in sales, but in the first nine months of 2005 it earned an amazing $10.4 million on revenue of $12.6 million.
Earlier this year, CEO Frank Sample predicted the company would do well if it goes public. "Lives are being saved and we're taking costs out of the system--what's not to like?"
- read this article [1] from the Baltimore Business Journal
Links:
[1] http://baltimore.bizjournals.com/baltimore/stories/2005/11/28/daily22.html