- One Medical, a chain of 70 primary care offices in nine markets throughout the U.S., filed to go public on the Nasdaq, according to its initial public offering filed with the Securities and Exchange Commission on Friday. It's looking to raise $100 million.
- The San Francisco-based company sells annual memberships to clients promising a better, more tech-savvy experience for consumers and seeks to make access to care "frictionless," as its website says.
- The company also contracts with employers to provide care to employees. Its largest contract is with Google, which represents 10% of One Medical's revenue, according to the IPO.
The IPO offered a glimpse into the financial performance and operations of the buzzed about primary care practice. The filing follows a few other healthcare IPOs in the past year, including chronic disease management startup Livongo, data analytics platform Health Catalyst and patient software maker Phreesia.
One Medical has reported significant losses since its inception, according to the filing. The company reported net losses of $31.7 million and $45.5 million for the years ended 2017 and 2018. It reported a net loss of $34.2 million for the first nine months of 2019.
As of Sept. 30, 2019, the company has a deficit of nearly $262 million.
One Medical, founded in 2007, increased revenue 29% to $155 million for the first nine months of 2019 compared with the same time frame the year prior. At the same time, membership grew about 23% to 397,000 people.
One Medical's footprint spans nine markets, including Boston, Chicago and New York.
The Carlyle Group, a private equity firm, owns roughly 27% of the company followed by venture capital firm Benchmark Capital Partners, and Oak Investment Partners, another private equity firm. Google parent Alphabet owns about a 6% stake in the firm.
The company will use the proceeds from the IPO for general corporate purposes, including research and development, sales and marketing and capital expenditures. It may also use the proceeds to invest in complementary businesses, according to the IPO.