Industry News

One Medical posts revenue, membership gains as it preps for Amazon acquisition

One Medical announced is 2nd quarter financial results this week, showing growth in both net revenue and membership.

Year-over-year, compared to the three months ending June 30, 2021, the technology-enabled primary care provider posted the following numbers:

  • Net revenue was $255.8 million YOY, compared to $120.4 million in 2021 – a 112% increase

  • Total membership was 790,000 as of June 30, compared to 621,000 in 2021 – a 27% increase

  • Loss from operations was $97.4 million – 38% of net revenue

  • Net loss was $93.8 million – 37% of net revenue

  • Medical claims expense ratio was 85%

  • Care margin was $40.0 million – or 16% of net revenue.

  • Adjusted EBITDA was a loss of $38.5 million, or 15% of net revenue.

One medical also noted that it had $347.6 million of cash and marketable securities on hand, as of June 30, 2022.

Less than a month later, of course, on July 21, 2022, the company announced its definitive merger agreement with Amazon, which agreed to acquire One Medical for $18 per share in a $3.9 billion all-cash transaction.

Due to that pending transaction, subject to a number of closing conditions, One Medical said it will not be providing guidance for the Q3 and is suspending its financial guidance for the full fiscal year 2022.

“At One Medical during the second quarter we continued to advance our mission to transform healthcare through our human-centered and technology-powered model,” said One Medical CEO Amir Dan Rubin in a statement. “We believe that at One Medical we have an exciting opportunity to deliver better health outcomes, better care experiences, and lower costs, within a better team environment.”

Mike Miliard is executive editor of Healthcare IT News.Twitter: @MikeMiliardHITNEmail: mmiliard@himss.orgHealthcare IT News is a HIMSS publication.

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