UPDATE 1-CardioNet files with US SEC for $150 million IPO
(Adds financials, use of proceeds)
WASHINGTON, Aug 17 (Reuters) - CardioNet Inc. filed with regulators on Friday to raise up to $150 million in an initial public offering of common stock.
The company, which provides systems to monitor clinical information about patients' health, said in a filing with the U.S. Securities and Exchange Commission that Citi, CIBC World Markets, and SunTrust Robinson Humphrey are underwriting the IPO.
CardioNet, which is based in San Diego, California, plans to list its shares on the Nasdaq under the symbol "BEAT" (BEAT.O).
The company's main product is CardioNet System, a patient monitoring platform that focuses on the diagnosis and monitoring of heart rhythm disorders.
For the six months ended June 30, the company reported a net loss of $3.62 million on $28.52 million of total revenues. For the year-earlier period, the company reported a net loss of $4.14 million on $16.15 million of total revenues.
The company plans to use the proceeds from the IPO to repay debt, for research and development, sales and marketing, additional personnel, and infrastructure investment, as well as other general corporate purposes. (Reporting by Karey Wutkowski)
