The prospectus for Orion Health's up to $166 million float does not contain any forecasts of its future profitability or sales, unlike most prospectuses.
The prospectus shows the company, founded in 1993, made a $14.8 million net loss in the six months ended September after making a $1.1 million loss in the 12 months ended March.
The Securities Regulations 2009 do require prospective financial statements in prospectuses.
However, the regulations also say that companies can decide not to include such statements if directors decide they would be likely to deceive or mislead investors, as long as directors explain the basis for that view.
Orion founder and chief executive Ian McCrae said the board decided not to include forecasts because the company had some large binary transactions, which can make a big difference to the financial year decisions.
"If the project shifts by even a few weeks from one quarter to another quarter it can really distort your numbers."
