eMed Technologies postpones IPO plans

eMed Technologies postpones IPO plans

Teleradiology and miniPACS provider eMed Technologies (formerly Access Radiology) surprised industry insiders by deciding to pull its initial public offering just as the IPO was preparing to issue (

PNN

9/99). Citing a volatile market and Wall Street’s recent apprehension about Internet stocks and the healthcare information systems sector in particular, the Lexington, MA-based company opted to delay the offering until the climate improves, according to John Strauss, vice president of marketing.

“This is a postponement,” Strauss said. “We will continue to look at the marketplace, and when the healthcare segment is valued differently, we will consider doing this again.”

eMed had hoped to raise more than $57 million through the IPO by selling 3.1 million stocks at $12 to $14/share. Combined with existing private shareholder equity, this would have placed the company’s market capitalization at $177 million.

eMed’s plans to move in a more Internet-based direction remain unchanged, according to Strauss. The company introduced a Web-based teleradiology and image distribution application earlier this year and plans to debut a new Web-based service for radiologists at the upcoming RSNA meeting.

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