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Online Health Giant Everyday Health Files For $100 Million IPO

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Everyday Health, which owns a portfolio of 25 online health sites, including its flagship,, dieting site and, has filed to raise $100 million in an IPO, according to an SEC filing. The company was known until this month as Waterfront Media — and the filing comes just over a year after Waterfront merged with Steve Case’s Revolution Health Network. At the time, CEO Ben Wolin told us that the company was in no rush for an exit.

If Everyday Health goes through with its plans to go public, it will be the second big publicly-traded online health content company. Rival WebMD (NSDQ: WBMD) raised $90 million in an IPO of its own in September 2005.

Some highlights from the filing:

Finances: Everyday Health’s revenue was $69 million in 2008, up 45 percent from $47 million in 2007 (The 2009 numbers look even better, considering that revenue through October was $46 million. That, however, doesn’t seem to be on track to reach the “well north of $100 million” Wolin had said at one point he expected in 2009).

The company also hasn’t been profitable. It lost $13.2 million in 2008, $10 million in 2007, and had lost $7.8 million during the first nine months of last year.

Acquisitions: The merger with Revolution Health valued that company at $71.3 million (Revolution Health shareholders received 8.9 million shares of preferred stock in the combined company, which is equivalent to a 29.5 percent stake). And Waterfront bought online search marketing firm Nurture Media for $1.7 million, in addition $3.8 million in milestone payments.

Shareholders: The filing lists WF Holding Company, which received its shares as part of the Revolution Health merger, as the primary shareholder, with 29.5 percent of stock, followed by Rho Ventures (24.6 percent), Scale Venture Partners (7.5 percent), Foundation Capital (6.1 percent) and Neocarta Ventures (6 percent). Everyday Health had raised about $57 million in venture capital financing over five rounds.

Employees: Although Waterfront laid off 20 employees in February 2009, its workforce has only grown since. At the time of the layoffs, Waterfront had 250 employees. The filing says the company now has 325 employees.

Proceeds: Money raised from the offering will be used for “working capital” and “general corporate purposes.” The company says that can include acquisitions or the pay off of debt.

Stock: The company wants to trade under the symbol EVDY on the Nasdaq stock market. Underwriters include Goldman Sachs, JP Morgan, Jefferies & Co. and Needham & Co.

2 Responses to “Online Health Giant Everyday Health Files For $100 Million IPO”

  1. I have used the diet journal for 3 months. This site can be very helpful but also very exasperating. If you are in a very fast broadband wireless network, you will not have a lot of trouble. But if you are on the road with a slow network and try to use the diet journal, you will have endless problems. This site is so loaded with ads and other links, that it will take forever to load before allowing you to update your journal.