On Friday, the company filed paperwork with the US Securities and Exchange Commission to go public, and plans to trade under the ticker “ONEM.” The filing says that One Medical plans to raise $100 million, which is a placeholder amount and can change. It doesn’t yet say at what price the company will sell shares.
When One Medical opened for business in San Francisco in 2007, its goal was to upend the way people got medical care by making it easy and convenient to see a doctor. The company charges a $200 annual fee and bills your insurance. One Medical had 397,000 members and operated in 77 locations as of September 30, the filing says.
The company’s net losses deepened as membership climbed, the filing shows. From 2017 to 2018, losses widened from $31.7 million to $44.4 million. For the first nine months of 2019, One Medical’s net loss was $34.2 million.
One Medical was founded by Tom Lee, who served as the company’s CEO until 2017. Current CEO Amir Rubin joined One Medical in 2017 after working as an executive at UnitedHealth Group’s Optum division. Before that, he was the CEO of Stanford Health Care.
Lee, for his part, has founded a new healthcare startup called Galileo, which offers a mix of online and in-person care. The aim is to do a better job of taking care of sicker people in the government-funded healthcare programs Medicare and Medicaid.
After a big infusion of capital in 2018, One Medical is expecting to double the number of medical clinics it operates over the next two years.
The company raised $220 million in funding in a 2018 round led by The Carlyle Group. In total, the company’s raised $408 million and has a private valuation of $1.5 billion, according to PitchBook.
According to the company’s IPO filing, One Medical’s top investors going into the IPO include The Carlyle Group, which owns 26.8%, Benchmark Capital, which owns 13%, Oak Investment Partners, Lee, DAG Ventures, GV, JPMorgan, and Maverick Fund.
JPMorgan Chase and Morgan Stanley are leading the IPO.
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