Primary healthcare platform One Medical is one of the most funded on-demand healthcare companies. On January 31, it went public on Nasdaq under the ticker ONEM and has recently reported quarterly results for the first time since going public.

One Medical’s Offerings

San Francisco-based One Medical or 1Life Healthcare was founded in 2007 by Tom Lee. It is a membership-based and technology-powered primary care platform. Its members can access comprehensive care at 70+ offices in nine major U.S. markets, as well as 24/7 access to virtual care via its mobile app and website through video and voice encounters, chat and messaging.

One Medical works with nearly 6,000 companies to provide health benefits to their employees. Its annual consumer membership fee is $199. Enterprise clients typically pay a discounted fee collected in advance, based on a rate per employee per month. Google is its largest enterprise client that accounts for 10% of its revenue.

Early this month, One Medical announced the expansion of its virtual care offerings. Remote Visits allows members to schedule video appointments with a primary care provider. Mindset by One Medical is a suite of services designed to address behavioral health needs.

It also has designated offices in each city as respiratory care facilities, further separating patients who are symptomatic of upper respiratory infections (URI) from those who are seeking care for non-URI concerns. Along with other office-based and virtual care offerings, these designated respiratory care clinics prevent unnecessary trips to emergency rooms and hospitals, supporting the broader healthcare ecosystem.

One Medical is also leveraging the One Medical mobile app for remote COVID-19 screening and assessment, scheduling appropriate members for either in-office or drive-through testing services, and secure communication of testing results and follow-up plans.

One Medical’s Financials

For the fourth quarter, One Medical reported revenue of $77.4 million, up 33%. Net Loss was up 5% to $19.5 million. Net patient service revenue accounted for 54% of its Q4 revenue, partnership revenue 28%, and membership revenue accounted for 18% of its total revenue.

Membership count was up 22% to 422,000. Cash and Short-term Marketable

For the year 2019, revenue was up 30% to $276.3 million. Net Loss was up 18% to $53.7 million. Adjusted EBITDA was a loss of $25.0 million compared to a loss of $13.9 million, a 79% increase.

For the first quarter of 2020, the One Medical expects membership count between 443,000 to 447,000. Revenue is expected between $74 million and $77 million. Adjusted EBITDA is expected to be between a loss of $18 million and a loss of $15 million.

For the full year of 2020, Membership count is expected between 495,000 and 510,000. Securities at the year-end were $146.5 million excluding the $263.4 million in net proceeds generated from its IPO on 31 January.

One Medical competes in a highly fragmented primary care market. Its competitors include concierge medicine competitors like Iora Health, Forward, Pager, Heal and telemedicine providers TeleDoc and American Well.

Before going public, One Medical had raised $532.1 million in funding from investors including The Carlyle Group, Maverick Ventures, Redmile Group, Lifeforce Capital, GV, Oak Investment Partners, Benchmark, J.P. Morgan Asset Management, and Shares Post Investment Management. Its last funding round for $350 million in 2018 valued it at $1.5 billion.

Its stock is trading at $18.59 with a market cap of $2.34 billion. Its list price was $14 and it had soared to $22 by market close. It hit a high of $28.58 in February but its stock has decreased 27% in March after the pandemic intensified in the US.