Healthcare IPOs of 2024: A Transformative Year for the Industry

The healthcare industry has witnessed a surge of initial public offerings (IPOs) in 2024, signaling a dynamic shift toward innovation and expansion. These healthcare IPOs are reshaping the market landscape, bringing fresh capital and new solutions to the forefront.

This year has been particularly notable for the range and impact of companies going public, from technology-driven startups to established service providers. Let’s delve into the most significant healthcare IPOs of 2024 and explore how each company contributes to the industry.

1. BrightSpring Health Services, Inc.

Founded in 1974 and headquartered in Louisville, Kentucky, BrightSpring Health Services went public in January 2024. The company offers a wide array of home and community-based health services. Its comprehensive care solutions include home health, hospice, neurorehabilitation and behavioral health services. BrightSpring aims to improve patient outcomes through personalized care plans and innovative service delivery models.

2. American Healthcare REIT, Inc.

Based in Irvine, California, and founded in 2016, American Healthcare REIT completed its IPO in February 2024. The company invests in a diverse portfolio of healthcare properties, including hospitals, medical office buildings and senior living facilities. Its strategic investments support the infrastructure of healthcare delivery, providing essential facilities for patient care across the US.

3. Auna S.A.

Founded in 2013 and headquartered in Lima, Peru, Auna S.A. went public in March 2024. Auna offers integrated healthcare services, including hospitals, clinics and insurance. It focuses on providing comprehensive care in Latin America, aiming to improve access to quality healthcare. Auna’s IPO supports its expansion plans and enhances their ability to serve a growing patient population.

4. Mobile-health Network Solutions

Based in San Francisco, California, and founded in 2018, Mobile-health Network Solutions closed its IPO in April 2024. The company develops mobile technology platforms to streamline healthcare delivery. Its solutions enhance patient engagement, improve care coordination and facilitate telehealth services. By going public, the company aims to expand its technological capabilities and reach more healthcare providers and patients.

5. PACS Group, Inc.

Founded in 2005 and headquartered in New York, New York, PACS Group went public in April 2024. PACS Group specializes in healthcare information systems, providing solutions for medical imaging and patient data management. Its innovative software improves diagnostic accuracy and workflow efficiency in medical facilities. The IPO allows PACS to invest in R&D and expand its product offerings.

6. KindlyMD, Inc.

Based in Seattle, Washington, and founded in 2017, KindlyMD completed its IPO at the end of May 2024. KindlyMD provides telemedicine services and digital health solutions. Its platform connects patients with healthcare providers, offering convenient and accessible medical consultations. The funds raised from the company’s IPO will help KindlyMD scale its operations and enhance its technological infrastructure.

7. Waystar Holding Corp.

Founded in 2017 and headquartered in Louisville, Kentucky, Waystar Holding Corp. went public in June 2024. Waystar develops technology solutions for healthcare payments, helping providers streamline billing and reimbursement processes. Its innovative platform reduces administrative burdens and improves financial outcomes for healthcare organizations. The IPO supports Waystar’s growth and development of new payment technologies.

8. Perceptive Capital Solutions Corp

Founded in 2019, Perceptive Capital Solutions is headquartered in Boston, Massachusetts, and completed its IPO in June 2024. The company provides financial solutions and investments in the healthcare sector. It focuses on supporting innovative healthcare companies with capital and strategic guidance. Perceptive Capital Solutions’ IPO enables it to increase its investment portfolio and support more groundbreaking healthcare initiatives.

9. Tempus AI, Inc.

Founded in 2015 and based in Chicago, Illinois, Temus AI went public in June 2024. Tempus AI leverages artificial intelligence (AI) to enhance precision medicine and data analytics. Its technology aids in diagnosing and treating diseases, improving patient outcomes through data-driven insights. The IPO funds will help Tempus AI further develop its AI capabilities and expand its market reach.

10. Ardent Health Partners, Inc.

Founded in 2001 and headquartered in Brentwood, Tennessee, Ardent Health Partners, Inc. completed its IPO in July 2024. Prior to its IPO, Ardent Health Partners was the fourth largest private, for-profit hospital operator in the US. Its network includes 30 acute care hospitals, over 200 care sites and more than 1,700 affiliated or employed providers. The company plans to use the net proceeds for working capital, acquiring complementary businesses, products, services and more.

11. Concentra Group Holdings Parent, Inc.

Founded in 1979 and based in Mechanicsburg, Pennsylvania, Concentra went public in July, 2024. Operating as a subsidiary of Select Medical Corporation, Concentra offers a range of occupational and consumer health services in the US, including workers’ compensation injury care, urgent care, clinical testing, preventative care and employer services through health centers and onsite clinics. According to the filings, the proceeds from the IPO will be used to repay Select Medical’s debt and will not be allocated for business operations or development.

12. Pheton Holdings Ltd.

Pheton Holdings Ltd., headquartered in Beijing, China, is a key player in radiation therapy technologies, focusing on brachytherapy solutions. Its flagship product, the Feitian Treatment Planning Software (FTTPS), improves radiation precision and safety, determining target volumes and doses while protecting organs at risk. Pheton also offers auxiliary supplies, such as 3D-printed molds and seed implant needles, sourced from third-party suppliers. Pheton recently closed its IPO in September 2024, raising 9 million from 2.25 million shares, with proceeds aimed at R&D, market expansion and technology upgrades.

13. Guardian Pharmacy Services, Inc.

Guardian Pharmacy Services, Inc. priced its upsized IPO on October 3, 2024, at $14.00 per share for 8,000,000 shares, with underwriters given a 30-day option to purchase an additional 1,200,000 shares. The company, now trading under “GRDN” on the New York Stock Exchange (NYSE), focuses on providing an extensive suite of pharmacy services primarily to residents of assisted living facilities (ALFs) and behavioral health facilities (BHFs), making up over two-thirds of its annual revenue. As of June 2024, Guardian’s 50 pharmacies serve around 174,000 residents across 6,700 long-term care facilities (LTCFs) in 36 states.

Guardian addresses the challenges faced by ALFs and BHFs, including managing various pharmacy benefit plans and coordinating care with off-site physicians. The company’s services include optimizing pharmacy benefit coverage, managing drug interactions, robotic dispensing and integrating drug regimens with LTCFs’ electronic medication records. These efforts help reduce healthcare costs and support better clinical outcomes.

Since its inception, Guardian has seen steady growth, with revenues increasing from $908.9 million in 2022 to $1.046 billion in 2023. Its strategy combines centralized support with local, customer-focused operations, using data analytics and technology to streamline processes. The GuardianShield platform provides real-time operational insights to enhance pharmacy efficiencies.

Guardian holds around 12.2 percent of the national ALF/Memory Care market share. The company plans to keep acquiring pharmacies and build a larger network to serve more residents. Guardian also seeks to explore new markets, including hospice care and the Program of All-Inclusive Care for the Elderly (PACE). These efforts are supported by ongoing investments in technology and human capital, aiming to enhance service quality across its pharmacy network.

14. CeriBell, Inc.

CeriBell, Inc. recently closed its upsized IPO, raising approximately 207.3 million dollars through the sale of 12,196,969 shares at 17 dollars per share.

The company is advancing neurological care with its innovative Ceribell System, an AI-powered, point-of-care electroencephalography (EEG) platform. This system addresses the unmet needs of patients in acute care settings by offering rapid diagnosis and continuous brain monitoring for conditions like non-convulsive seizures and status epilepticus — a life-threatening, prolonged seizure that lasts over five minutes and requires urgent medical intervention to prevent permanent brain damage.

The Ceribell System’s AI algorithm, Clarity, was the first to receive the US Food and Drug Administration (FDA) 510(k) clearance for diagnosing electrographic status epilepticus, a critical step in managing seizure emergencies. The system’s clinical impact was brought to light at the 2024 Neurocritical Care Society (NCS) Annual Meeting. These included findings from the SAFER-EEG trial, which demonstrated that patients monitored with Ceribell experienced a 33 percent reduction in significant functional disability and shorter hospital stays compared to those using conventional EEG.

Further clinical evaluations revealed that the Ceribell System provided reliable signal quality for up to 24 hours of continuous monitoring, demonstrating its capability for long-term use in critical care settings. In another analysis, Clarity’s latest version showed improved detection of status epilepticus and seizure-related patterns.

CeriBell’s pipeline aims to expand Ceribell System’s application beyond seizure detection, with ongoing validation for additional indications such as delirium, which received FDA Breakthrough Device designation in 2022.

As of September 2024, the Ceribell System has been adopted by over 500 active accounts and has been used to care for more than 100,000 patients, poised to make a significant impact on neurological care in hospitals.

These 2024 healthcare IPOs reflect a robust and evolving industry driven by innovation and strategic growth. Each company brings unique solutions and expertise to the healthcare field, enhancing patient care and operational efficiency. As they navigate the public markets, these companies are poised to make significant contributions to the future of healthcare.