Apria preps for IPO
By HME News Staff
Updated 11:20 AM CST, Mon January 18, 2021
LAKE FOREST, Calif. – Apria on Jan. 15 filed a Form S-1 with the Securities and Exchange Commission, a step it must take before filling an initial public offering.
Apria says it intends to list its shares of common stock on the Nasdaq Global Select Market under the symbol “APR.” After completing its offering, Blackstone Group will continue to own a majority of the voting power of shares, according to the form.
Apria discloses that it served nearly 2 million patients, made nearly 2.4 million deliveries and conducted more than 744,000 clinician interactions with patients in 2019. It generated $1.1 billion in net revenues, $15.6 million in net income, $174 million in adjusted EBITDA and $80.5 million of adjusted EBITDA less patient equipment capex. The company says that home respiratory and sleep therapy represent 80% of its 2019 revenue.
“Through various strategic and operational initiatives, we have improved profitability despite reimbursement rate pressure, improving our adjusted EBITDA margin by 110 basis points from 2017-19 on a basis that excludes the impact of new accounting policies adopted in 2018 and 2019,” the company states in the form.
Apria was a public company before, prior to 2008, when Blackstone Group bought the company for $1.6 billion.
In 2014, it was rumored Blackstone Group was in discussions to sell Apria.
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