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MCKESSON CORPORATION

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McKesson : Change Healthcare Files for IPO

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03/15/2019 | 05:52pm EDT

By Maria Armental

Change Healthcare Inc., a healthcare technology company indirectly controlled by McKesson Corp., has filed to go public.

Nashville-based Change Healthcare is a holding company for investments in a venture formed in 2017 by combining most of McKesson's technology segment with a company owned by Blackstone Group LP and Hellman & Friedman LLC. McKesson owns 70% of the venture.

McKesson valued its equity stake in Change Healthcare at about $3.57 billion as of Dec. 31.

The company seeks to trade on Nasdaq under the symbol CHNG, according to a securities filing.

Change Healthcare intends to use net proceeds from the IPO to buy newly issued units in the venture equal to the number of shares that will be sold in the offering. The venture, in turn, would use the money received to pay down debt, according to the filing.

The company indicated it could raise $100 million in the IPO, but that figure is used to calculate filing fees and often changed.

The documents, filed Friday with the Securities and Exchange Commission, don't offer much detail on the planned offering but give a glimpse at the company's finances.

For the year nine months through Dec. 31, the venture generated a profit of $139.1 million and revenue of $2.45 billion.

Change Healthcare's network, which includes physicians, pharmacies and hospitals, handles clinical-records transactions for more than 112 million patients, the company said.

Write to Maria Armental at maria.armental@wsj.com

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Financials ($)
Sales 2020 221 B
EBIT 2020 3 570 M
Net income 2020 1 668 M
Debt 2020 3 940 M
Yield 2020 1,26%
P/E ratio 2020 12,50
P/E ratio 2021 10,92
EV / Sales 2020 0,13x
EV / Sales 2021 0,12x
Capitalization 24 522 M
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 141 $
Spread / Average Target 9,3%
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Managers
NameTitle
John H. Hammergren Chairman, President & Chief Executive Officer
Brian Scott Tyler President & Chief Operating Officer
Britt Vitalone Chief Financial Officer & Executive Vice President
Kathleen D. McElligott Chief Technology & Information Officer, EVP
M. Christine Jacobs Independent Director
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