Vanguard Health Systems (NYSE:VHS) is a regionally focuses healthcare provider composed of 26 hospital and several outpatient facilities in Arizona, Illinois, Massachusetts, Michigan, and Texas. The hospital network provides a range of medical services such as emergency care, general surgery, internal medicine, cardiology, obstetrics, orthopedics and neurology. Certain facilities also offer more intensive procedures including open-heart surgery and level II and III neonatal intensive care.
For the fiscal year 2010 ending on June 30th, Vanguard Health Systmes reported a total revenue of $3.38B and $46.3M in net loss. This was 6% decrease in revenue from the previous year.
The company's initial public offering of stock on the NYSE occurred on June 21, 2011. The company offered 25M shares each for $18 well below the initial price range of $21-$23. The offering raised a total of $450M. The lead managers of the IPO were Bank Of America (MXK:BAC), Barclays (BCS), and Citigroup (C).
Future growth is driven from internal market expansion and industry consolidation trends leading to acquisitions. The recent Health Reform Law 2010  is written in such a way to drive certain industry changes towards a more patient value-based approach through a series of state grants and tax incentives. These incentives are targeted to shift the dollars spent on late-stage illness treatment to early-stage preventative care through health & wellness programs. .