OneMedical, a chain of primary-care clinics that has been valued at more than $1 billion by backers including Alphabet Inc. , filed for an initial public offering Friday. The company, which is officially incorporated as 1Life Healthcare Inc. , stated a goal of raising $100 million in a filing with the Securities and Exchange Commission, though that is typically a placeholder amount that is updated in latter filings. One Medical primary-care clinics are operating in nine markets and three more markets are expected to open in 2020, according to the SEC filing, with the most mature market in the San Francisco Bay Area. The company recorded a net loss of $45.5 million on revenue of $212.7 million in 2018, according to the filing, and lost $34.2 million on revenue of $198.9 million in the first nine months of 2019. Venture investors with large stakes include The Carlyle Group, which owns more than a quarter of the company, and Alphabet's GV, which holds 5.9%. Google is also an enterprise client of One Medical, sending employees to their clinics and accounting for 10% of the company's revenue, according to the prospectus. One Medical was valued at about $1.5 billion in its most recent funding round, according to CNBC. The company expects to go public on the Nasdaq exchange under the ticker symbol ONEM, with J.P. Morgan and Morgan Stanley listed as lead underwriters. Read More...
OneMedical, a chain of primary-care clinics that has been valued at more than $1 billion by backers including Alphabet Inc. , filed for an initial public offering Friday. The company, which is officially incorporated as 1Life Healthcare Inc. , stated a goal of raising $100 million in a filing with the Securities and Exchange Commission, though that is typically a placeholder amount that is updated in latter filings. One Medical primary-care clinics are operating in nine markets and three more markets are expected to open in 2020, according to the SEC filing, with the most mature market in the San Francisco Bay Area. The company recorded a net loss of $45.5 million on revenue of $212.7 million in 2018, according to the filing, and lost $34.2 million on revenue of $198.9 million in the first nine months of 2019. Venture investors with large stakes include The Carlyle Group, which owns more than a quarter of the company, and Alphabet’s GV, which holds 5.9%. Google is also an enterprise client of One Medical, sending employees to their clinics and accounting for 10% of the company’s revenue, according to the prospectus. One Medical was valued at about $1.5 billion in its most recent funding round, according to CNBC. The company expects to go public on the Nasdaq exchange under the ticker symbol ONEM, with J.P. Morgan and Morgan Stanley listed as lead underwriters.
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