Aurora Diagnostics Cancels Plans for an IPO

Aurora Diagnostics (Palm Beach Gardens, FL, USA), a specialized diagnostics company focusing on the anatomic pathology market, canceled its long-delayed plans for an initial public offering (IPO) on June 6, 2012. The company asked the US Securities and Exchange Commission (SEC) to withdraw its registration statement because it had decided not to pursue an initial public offering (IPO) or stock market launch.

In April 2010, Aurora Diagnostics was seeking to raise up to USD 150 million. Although it never set a date or price for that offering, the company updated its financial results every quarter to keep its eligibility for the offering current. It even held several conference calls for prospective investors. Aurora Diagnostics raised USD 200 million in December 2010 through a private bond placement.

Aurora Diagnostics lost USD 32.9 million in 2011 on revenue of USD 277.5 million, compared with a USD 3.7 million loss on revenue of USD 212.8 million the year before. It followed that up in the first quarter with a USD 2.1 million loss on revenue of USD 72.1 million, compared with a USD 2 million loss on revenue of USD 62.6 million in the same period a year ago.

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