Legacy Education Inc. (LGCY) to raise $12 million in IPO

Legacy Education Inc. (LGCY) plans to raise $12 million in an initial public offering (IPO) on Friday, September 27, IPO Scoop reports. The company will issue 2,000,000 shares at $5.00-$7.00 per share.

Over the past twelve months, Legacy Education Inc. generated $42.8 million in revenue and $5 million in net income. Legacy Education Inc. has a market cap of $69.6 million.

Legacy Education Inc. provided the following description of their company for the IPO: “The company owns and operates the following career institutions that focus on real-life training through the use of educational practices in various labor markets: High Desert Medical College (“HDMC†ť), Central Coast College (“CCC”) and Integrity College of Health (“Integrity”). (Incorporated in Nevada) Note: As of June 30, 2024, we have enrolled 2,187 students. Revenue for the year ended June 30, 2024 is expected to range from approximately $45.7 million to $46.5 million, compared to $35.5 million for the year ended June 30, 2023. Operating income for the year ended June 30, 2024 is expected to range from approximately $7.3 million to $8.2 million, compared to $3.6 million for the year ended June 30, 2023. High Desert Medical College (HDMC) has three campuses located in Lancaster, California; Bakersfield, California, and Temecula, California. HDMC offers the following certificate or degree programs: Ultrasound Technician (“UT”), Vocational Nurse (“VN”), VN Associate of Applied Science, Associate Degree of Nursing, Medical Assistant, Magnetic Resonance Imaging ( “MRI) €ť) Associate of Applied Science, Cardiac Sonography, Pharmacy Technician, Dental Assisting, Clinical Nursing, and Medical Administrative Assistance Programs (including Medical Billing and Coding Programs), Veterinary Assistant, UT Associate of Applied Science , phlebotomy technician and nurse practitioner courses and a number of continuing education programs. HDMC also plans to offer an Emergency Medical Technician (EMT) program beginning in October 2024 and is in the process of obtaining program approvals (for which HDMC does not plan to seek ED approval to make Program funds available Title IV for students enrolling in the program). We acquired HDMC in July 2010. HDMC is institutionally accredited by the Accreditation Council for Continuing Education and Training (“ACCET”). In addition, the licensed VN program at HDMC is approved by the California State Board of Psychiatric Nurse Practitioners (“BVNPT”). The California Board of Registered Nursing, the California Department of Public Health, and the Dental Board of California approve one or more of HDMC’s programs. Central Coast College (CCC) has a campus located in Salinas, California. CCC offers the following certificate or degree programs: Business Administrative Specialist, Computer Specialist: Accounting, Nursing Administrative Assistant, Nursing Assistant, Nursing Assistant, UT, UT Associate of Applied Science, Veterinary Assistant, Veterinary Technology Associate of Applied Science, and VN. CCC also offers a professional phlebotomy technician program. We acquired CCC in January 2019. CCC is institutionally accredited by ACCET. In addition, CCC’s veterinary technology program is an Associate of Applied Science degree offering and has received initial accreditation by the Council on Veterinary Technical Education and Activities of the American Veterinary Medical Association (“AVMA CVTEA”). These agencies approve one or more of the CCC programs from BVNPT and the California Department of Public Health. CCC has also obtained approval from ACCET to offer the following programs and plans to begin doing so in October 2024, pending additional approvals: Surgical Technology (Associate of Applied Science), Dental Assisting, and Sterile Processing Technician. CCC is also in the process of seeking approvals for a pharmacy technician program and an associate degree program in nursing that it plans to offer in the future. Integrity College of Health (Integrity) has a campus located in Pasadena, California. Integrity offers VN, VN Associate of Applied Science, Registered Nurse through Bachelor of Science in Nursing (“RN to BSN”) programs, nursing, medical billing and coding, veterinary assistant, and medical diagnostic sonography programs. Integrity also plans to offer an Emergency Medical Technician (EMT) program beginning in October 2024 and is in the process of obtaining approvals for the program (for which Integrity does not plan ED approval to make Title IV Program funds available for students enrolling in the program). The RN to BSN program holds pre-accreditation candidacy status from the Commission on Accreditation of Nursing Education. On December 31, 2019, we entered into a membership interest purchase agreement with the sole member of Integrity pursuant to which we purchased from the sole member of Integrity at that time 24.5% of its interest and obtained an exclusive option to -purchase the remaining membership quota. upon payment of $100, which was exercised on September 15, 2020. Integrity is institutionally accredited by the Accrediting Bureau of Health Education Schools (“ABHES”). In addition, Integrity’s licensed VN program is approved by BVNPT. Institutions offer programs in career paths such as nursing, veterinary medicine, health information technology, and business management. The company’s financial statements include accounts of Legacy Education, LLC d/b/a High Desert Medical College and its wholly owned subsidiary, Legacy. Education Monterey LLC (“Monterey”) d/b/a Central Coast College and its wholly owned subsidiary, Advanced Health Services, LLC d/b/a Integrity College of Health. We are a provider of post-secondary education services through our accredited academic institutions: HDMC, CCC and Integrity. HDMC was founded in California in 2002 and has three campuses in California: Lancaster, Bakersfield and Temecula. CCC was founded in 1983 and has a campus in Salinas, California. Integrity was founded in 2007 and has a campus in Pasadena, California. We believe that California’s community college system, where we currently operate, is not meeting current education and workforce needs. California’s community college system is currently plagued by poor completion rates, uncertain career paths, and corresponding job placement rates. Students who want in-demand skills are too often forced to choose between expensive four-year programs with course requirements unrelated to their interests and community colleges that lack a clear mission and the ability to provide employment. We buck these industry trends with our focused, high-quality programs on strategically located campuses. Our campuses are located near hospitals and clinics to allow easy access for externships and full-time employment opportunities. Our target group is young people in their early to mid-20s with a desire to improve their economic situation by choosing a program with strong employment opportunities. We market to students within 100 miles of each campus. Our current geographic campus footprint is concentrated in southern and central California, home to approximately 24 million people, including an aging population that will likely increasingly depend on the skills of healthcare professionals. According to the Bureau of Labor Statistics, employment in the healthcare industry is expected to grow by 16% from 2020 to 2030, resulting in more than 2.6 million new jobs nationwide. Note: Net income and revenues are for the 12 months ended March 31, 2024. Note: Revenue for the year ended June 30, 2024 is expected to be between approximately $45.7 million and $46.5 million , compared to $35.5 million for the year ended June 30, 2023. Operating income for the year ended June 30, 2024 is expected to be between approximately $7.3 million and $8.2 million, compared to $3.6 million for the year ending June 30, 2023. (Note: Legacy Education filed S-1/A on September 11, 2024 and disclosed terms for the IPO: 2.0 million shares at a price range of $5.00 to at $7.00 to raise $12.0 million Background: Legacy Education filed its S-1 for IPO on August 16, 2024, without disclosing terms.) “.

Legacy Education Inc. was founded in 2009 and has 266 employees. The company is located at 701 W Avenue K, Suite 123, Lancaster, CA 93534 and can be reached by phone at (661) 940-9300 or on the web at http://www.legacyed.com/.

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