Healthcare startup One Medical filed its S-1 registration document with the U.S. Securities and Exchange Commission on Friday, one of a handful of companies to kick off the year’s initial public offering cycle.
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The company, which has a membership model for patients to access care virtually or at One Medical Clinics, is aiming to raise $100 million through its IPO, according to the filing. One Medical applied to list its stock on the Nasdaq under the ticker “ONEM,” and J.P. Morgan and Morgan Stanley are acting as the lead underwriters for the IPO.
As a private company, One Medical raised $532.1 million in total funding, according to Crunchbase. The company, which was founded in 2007, last raised money in August 2018, when it raised $220 million in a private equity round led by the Carlyle Group. One Medical’s other investors also include GV and Benchmark.
One Medical had 397,000 members in nine markets in the U.S. as of September 30, 2019, according to the filing. It also had about 6,000 enterprise clients.
While the company, which is legally named 1Life Healthcare, is based in San Francisco, it has a physical presence in Boston, New York, Chicago, Los Angeles, Phoenix, San Diego, Seattle, Washington, D.C. and the greater Bay Area. One Medical has 77 offices, including employer on-site clinics.
The company reported net revenue of nearly $198.9 million for the first nine months of 2019. That represents a 29 percent increase from the same period last year, when net revenue was $154.6 million.
One Medical attributed the bump to a 23 percent increase in members between the first nine months of 2018 and the first nine months of 2019 (membership increased by 74,000 people from 323,000 people to 397,000 people). The company also doubled its spending on sales and marketing during the first three quarters of the year, going from $14.4 million in 2018 to $28.8 million in 2019.
Between the first three quarters of 2018 and 2019, the company’s net losses increased from about $26.9 million in 2018 to $34.2 million in 2019. Its net losses for the entirety of 2018 was $45.5 million, up nearly 44 percent from $31.7 million in 2017.
Illustration Credit: Li-Anne Dias