Lambert Communications, formerly called Healthcare Satellite Broadcasting Co., has filed a registration statement with the Securities and Exchange Commission to raise $21 million in an initial public offering.
The Brookfield, Conn.-based company wants to sell 2.4 million shares at an expected price of $10 per share. The stock would be traded over the counter.
Lambert has three programming channels for hospitals. They are Physicians News Network, a 24-hour medical news channel; Patient Movie Network for patients; and the Leadership Channel for hospital managers, nurses and allied healthcare professionals.
The company said it has about 560 hospital subscribers. Its main competition is Westcott Communications, Carrollton, Texas, which owns Health and Sciences Television Network with about 1,000 hospital subscribers.
Since it began programming, Lambert hasn't reported a profit. For the nine months ended Sept. 30, the company lost $6.4 million on revenues of $1.9 million. Most of the company's revenues were generated from pharmaceutical advertisers on its Physicians News Network, the company said.