SALT LAKE CITY – Utah's latest technical unicorn, Health Catalyst, became public Thursday after raising $ 182 million on the sale of 7 million shares at $ 26 per share.
In corporate culture, "unicorns" are what technicians and investors have begun to call private start-ups worth $ 1 billion or more. Salt Lake-based Health Catalyst achieved this distinction in early February following a $ 100 million funding round.
Just a few months later, however, Health Catalyst made a first public offer and lost its "unicorn" status as soon as it officially became public Thursday morning. The company has done particularly well in early trading, with the original shares of $ 26 and the current shares now trading at nearly $ 38 from Thursday morning.
Health Catalyst trades under the symbol HAT on the NASDAQ stock exchange. The company's valuation is about $ 1
Health Catalyst is the third technology company in Utah that became public in just over a year. Technical companies Pluralsight and Domo became public in May and June, leaving InsideSales.com Utah's lone official unicorn after Qualtrics was acquired by SAP for a record $ 8 billion.
The 11-year-old company was founded by two Intermountain Medical Information Technology employees in 2008, but really took off in 2011. Health Catalyst's software basically allows healthcare professionals to collect and analyze data to better understand patients and their health.
Healthcare has recently started through a digital revolution, Health Catalyst CEO Dan Burton told KSL.com in February. Until a few years ago, most patient data was all on paper. It's much harder to analyze data when they are on paper, he said.
With digitized data, a doctor can have a better idea of the patient's medical history and see trends or patterns they might not have been able to before.
"I think the next 10 or 15 years will be about exploiting valuable data to find thousands of opportunities for clinical, economic, and operational improvement," Burton said in February. "We have a mission that is broad and will take decades to fulfill … and goodness, we just barely scratch the surface."
This article will be updated.