One Medical reported its second-quarter financial results this week, showing growth in both net revenue and membership.
For the three months ended June 30, 2021, compared to the same period last year, this tech-enabled primary care provider released the following numbers:
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Net income was $255.8 million, an increase of 112% compared to $120.4 million in 2021.
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As of June 30, the total number of members was 790,000, compared to 2021 to 621,000, an increase of 27%.
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Operating loss was $97.4 million, or 38% of net income.
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Net loss was $93.8 million, or 37% of net income.
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The medical claim rate is 85%.
Nursing profit of $40 million or 16% of net income %.
Adjusted EBITDA loss of $38.5 million of net income 15%.
One Medical also noted that it has $347.6 million in cash and Marketable Securities, as of June 30, 2022.
Less than a month later, on July 21, 2022, of course, the company announced a definitive merger agreement with Amazon, which agreed to acquire One for an all-cash deal worth $3.9 billion In the transaction, medical expenses of $18 per share.
Due to this pending transaction, subject to a number of closing conditions, One Medical said it will not provide guidance for the third quarter and is suspending its financial guidance for the full fiscal year 2022.
“In the second quarter, One Medical continued to advance our mission to transform healthcare through a people-centred and technology-driven model,” One Medical CEO Amir Dan Rubin said in a statement. said in the statement. “We believe that at One Medical, we have an exciting opportunity to deliver better health outcomes, a better care experience and lower costs in a better team environment.”
Mike Miliard is Executive Editor of Healthcare IT News. Twitter: @MikeMiliardHITN
Email: [email protected]
Healthcare IT News is a HIMSS publication.
