An arrhythmia is the result of an abnormal heart rhythm, which is caused by problems with electrical signals. In the U.S., roughly 4 million people who have the ailment. And it results in more than 780,000 hospitalizations as well as 480,000 deaths per year.

Fortunately, CardioNet has a solution. And, this week the company has filed to go public.

Basically, CardioNet has an ambulatory, real-time outpatient system that monitors clinical data. In fact, CardioNet has spent roughly $200 million in R&D to build the system. The capabilities include: a wireless data network, complex software, and a 24/7 service center. There is also a lightweight sensor for patients.

A recent clinical study shows that the CardioNet system detected clinically significant arrhythmias close to three times as often as traditional approaches.

CardioNet launched its system in early 2003. So far, there are more than 80,000 patients enrolled. What's more, last year the revenues were $54.7 million and there was a net loss of $5.9 million.

The lead underwriter on the IPO is Citigroup (NYSE: C) and the proposed ticker is "BEAT." The prospectus is located on the SEC website.

To check out more IPO filings, click here.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.