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One Medical Net Revenue Increases 18%, Company Announces Plan to Enter NC, Wisconsin

By Jack O'Brien  
   August 12, 2020

As part of its entrance into the Raleigh/Durham metropolitan market, One Medical will be partnering with Duke Health.

One Medical, the San Francisco-based primary care startup, saw its net revenue increase 18% year-over-year in Q2, according to the company's latest earnings report released Wednesday afternoon.

Despite the coronavirus disease 2019 (COVID-19) outbreak during Q2, One Medical's membership count rose 25% compared to this time last year, while the company's cash and short-term marketable securities topped $660 million.

Forward looking, One Medical provided a guidance for Q3, which includes a membership count between 486,000 to 496,000 and total net revenue in the range of $84 million to $89 million. 

The direct primary care provider debuted on the Nasdaq at the end of January, offering 17.5 million shares of stock in its initial public offering.

C-suite perspective:

"Our human-centered and technology-powered model is delivering longitudinal care across digital and in-person settings, delighting members with better health and better care while reducing costs," Amir Dan Rubin, CEO of One Medical, said in a statement. "We continued to show the power of our model in Q2, delivering record membership additions, supporting employers through digital health combined with in-person care and testing, expanding into new markets, and growing our partnerships with leading health networks."

In addition to releasing its latest earnings, the company also announced plans to enter the North Carolina and Wisconsin markets.

As part of its entrance into the Raleigh/Durham metropolitan market, One Medical will be partnering with Duke Health.

"We’re proud to partner with One Medical to provide greater access to high quality care in the greater Raleigh / Durham area of North Carolina," William J. Fulkerson, Jr., MD, executive vice president of Duke University Health System, said in a statement. "Our clinical integration ensures that all our providers can act as one team to support a patient’s health and well-being."

For complete financial information, review One Medical's filing with the Securities and Exchange Commission.

Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.

Photo credit: Photo courtesy of Nasdaq

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