Revenue Up 31% for Newly Public Agiliti
Bloomington-based Agiliti Inc., which just completed an IPO in late April, announced its first financial results as a public company on Tuesday.
For the first quarter, its sales were up a robust 31.2 percent compared to 2020. The company also posted net earnings of $9.6 million, compared to a loss of $12.6 million for the first quarter of 2020. Agiliti also provided guidance that it expects its full-year revenue to be in the range of $950-$975 million.
According to its first quarter filing with the U.S. Securities and Exchange Commission, Agiliti netted approximately $397.4 million through the IPO after deducting underwriting discounts and commissions as well as offering expenses.
Agiliti manages medical equipment for a wide range of hospitals and other health care providers. The company started operating in 1939 as the ABC Oxygen Tent Rental Co. Long known as Universal Hospital Services Inc., the company changed its name to Agiliti in 2018.
“Our strong first quarter results reflect the continued execution of our growth strategy and the extraordinary work of our entire team at Agiliti,” said Tom Leonard, Agiliti’s CEO, in a statement. “The challenges of the past year helped raise awareness of the unique and essential nature of what we do, while also demonstrating the stable and predictable nature of our business model. Agiliti is a critical part of our national healthcare infrastructure, and as the events of 2020 highlight, the services we provide are always necessary and in high demand. This long-term consistency gives us confidence in our 2021 outlook and beyond.”
The stock market has so much money flowing through it these days that it’s been prime time for IPOs. With three IPOs completed in the first four months of the year, it’s already been a busier-than-normal year for Minnesota companies going public.
There is likely more to come. Minneapolis-based Sezzle, a payments platform company already public in Australia, has said it is looking to a U.S. IPO. There have been reports but no confirmation that Minneapolis-based Bright Health, a startup health insurer, is also eyeing a potential IPO this year.