Membership-based primary care company files for IPO
A membership-based primary care services company backed by private equity groups, One Medical Group, has filed for an initial public offering with the Securities and Exchange Commission. The company, based in San Francisco, stakes its unique offerings on a human-centered and technology-powered primary care model to meet healthcare needs.
One Medical is backed by several high profile investors, including The Carlyle Group, which closed on a $350 million investment raise in 2018. The company was valued around $1 billion at the time of that investment round. Other notable investors include GV––formerly known was Google Ventures––and J.P. Morgan, according to TechCrunch. J.P Morgan an Morgan Stanley are acting as lead bookrunning managers for the proposed offering.
The company will trade under the ticker “ONEM” on the Nasdaq. The number of shared to be offered and the price range has yet to be publicized.
One Medical launched in 2007 as a concierge medical provider, giving services to its members across 72 health clinics in nine major U.S. cities. It has 77 physical offices as of Sept. 30, 2019, including some employer on-site clinics. Membership costs $200 per year. As of Sept. 30, 2019, the company had roughly 397,000 members in its markets, according to its January 2020 filing. It also touted 6,000 enterprise clients and heath network partnerships that covered 86% of coordinated care services for members.
For the nine months ending September 2019, $198.9 million of net revenue was reported, as was $35.2 million in loss from operations during the same time period. Net loss for the nine months ended Sept. 30, 2019 was $34.2 million.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."