AUSTIN, Texas--(BUSINESS WIRE)--WhiteGlove Health, Inc. (www.whiteglove.com), announced today that due to unfavorable market conditions, it is withdrawing its IPO registration.
“Under more favorable market conditions, Wall Street has rewarded other disruptive innovators for their ability to change industries and positively impact the economy,” stated WhiteGlove President and CEO Bob Fabbio. “Our innovation is similarly disruptive. WhiteGlove’s unique healthcare model is addressing one of the biggest economic problems of our time – healthcare. Right now, we are breaking the healthcare cost trend for employers throughout our service areas, while improving their employees’ healthcare experience. Unfortunately, the timing of the market downturn, in the middle of our roadshow, was out of our control.”
WhiteGlove began to pursue its initial public offering in late July, when the IPO window was open, but found itself, amongst others, trying to complete its road show while the market began a free fall. And while it was believed that after Labor Day the market would support IPOs again, it continues to be tentative.
“We remain very focused on breaking the employer's healthcare cost trend and giving their employees and dependents an exceptional healthcare experience, responding to employer interest and executing on our expansion plans,” said Fabbio.
WhiteGlove offers Mobile Primary Care and Mobile Chronic Care memberships to employers throughout its service areas. WhiteGlove’s innovative “membership” model benefits employers by capping their healthcare costs and ultimately breaking their healthcare cost trend. WhiteGlove does not file claims against the employer’s health plan for its medical services or the generic Rx medications prescribed. And because WhiteGlove comes to its members’ homes or places of work, they receive a high-quality healthcare experience while improving their productivity and lowering their out-of-pocket costs.
“Like other disruptive innovators who traded profitability for growth, we too are expanding rapidly and are executing against our growth plan, irrespective of the IPO,” added Fabbio. “Currently, we are pursuing employers in ten markets across the country.”
WhiteGlove has experienced near triple digit growth year-over-year and continues to garner an excellent satisfaction rating from 97% of its members’ visits.
About WhiteGlove
As a leading Service-Driven Healthcare Organization, WhiteGlove Health, Inc. (www.whiteglove.com) is focused on changing healthcare in America by lowering the cost and improving the consumer’s healthcare experience. WhiteGlove’s innovative healthcare delivery system is breaking the healthcare cost trend for employers while providing a high-quality healthcare experience that employees and dependents love.
WhiteGlove members have access to affordable, high-quality medical care at home or work, 365 days a year, from 8 a.m. to 8 p.m.