- 1Life Healthcare, the company known for running the One Medical brand, has filed an S-1 with the SEC for an IPO
1Life Healthcare, the company known for running the One Medical brand, has filed an S-1 registration document with the SEC for an IPO. The company’s stock will be listed on the Nasdaq with the symbol “ONEM.” J.P. Morgan and Morgan Stanley will be the lead underwriters for the IPO. According to Crunchbase, One Medical raised $532.1 million in total funding since it was launched.
Originally, One Medical was founded in 2007. The last time that One Medical raised funding was back in August — which was a $220 million private equity round led by the Carlyle Group. Some of One Medical’s investors include GV (formerly Google Ventures), J.P. Morgan Asset Management, DAG Ventures, Pinnacle Ventures, Maverick Ventures, Lifeforce Capital, Redmile Group, Oak Investment Partners, and Benchmark.
What does One Medical do? One Medical offers a membership plan for patients to access care virtually and through One Medical’s physical locations.
One Medical has nearly 400,000 members in 9 markets in the U.S. as of September 30, 2019. Plus the company also has 6,000 enterprise clients. The membership plans cost about $200 per year. And the company bills insurers and offers cash-only alternatives for patients who do not have insurance.
One Medical is based in San Francisco and has about 77 offices across locations in major cities and located on-site at several companies. While Google is an investor in One Medical, it is also one of the company’s largest customers. One Medical makes about 10% of its revenue from Google. Google sponsors memberships for its employees and One Medical set up on-site clinics and health services at multiple Google offices.
In terms of revenue, One Medical hit about $198.9 million in the first 9 months of 2019. This is a 29% increase during the same period a year ago. The jump is due to an increase in the numbers for the first 9 months of 2018 and the first 9 months of 2019. And One Medical added 74,000 people between those periods.
Plus One Medical also doubled spending on sales and marketing for the first 3 quarters of the year by going from $14.4 million in 2018 to $28.8 million in 2019. However, net losses also increased from $26.9 million to $34.2 million for those same periods. And the net loss for all of 2018 was $45.5 million — which is up 44% from $31.7 million in 2017.
One Medical chair, CEO, and President Amir Dan Rubin serves as the head of the company. Prior to Rubin becoming the head of the company in 2017, Tom X Lee was CEO of the company. Now Lee runs a digital-first medical company called Galileo.
