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Epocrates IPO nets $86 million

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Epocrates Inc. (NSDQ:EPOC) raised $86 million through an initial public offering today.

The San Mateo, Calif.-based company makes reference and interactive software designed for both healthcare providers and patients for mobile platforms such as Google’s (NSDQ:GOOG) Android or Apple’s (NSDQ:AAPL) iPhone.

The software maker offered 5.36 million shares of common stock at $16 per share; 3,574,285 of the shares were sold by the company while current stockholders are offering the remaining 1,785,715 shares. Epocrates also gave its underwriters, J.P. Morgan Securities LLC and Piper Jaffray & Co., a 30-day option to buy up to 804,000 more shares to cover over-allotments, according to the company.

The successful offering was Epocrates’ third attempt at an IPO. It filed for a $75 million offering in 2008 before pulling it back as the economy cratered, and scrapped another — also for $75 million — last July.

Epocrates reported a loss of $1.5 million, or 20 cents per diluted share on a pro forma basis, on revenues of $73.7 million during the nine months ended Sept. 30, 2010, according a federal Securities & Exchange Commission filing. That compares with profits of $702,000, or 7 cents per diluted share, on revenue of $66.2 million during the same period the previous year. The loss in the nine months ending Sept. 30 2010 are due largely to increased spending on sales and marketing and research and development, which saw increases of 35 and 37 percent, respectively. For the 12 months ending Dec. 31 2009, the company brought in about $93.7 million in revenues with net income of $1.9 million.

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