San Francisco-based primary-care provider One Medical on Friday filed a proposed initial public offering of its common stock with the U.S. Securities and Exchange Commission.
The company, which operates primary-care clinics under a membership model and bills patients' health insurance for services provided, plans to trade under the symbol ONEM.
One Medical is applying to list its common stock on the Nasdaq Global Select Market. The company, which declined to comment beyond a news release, says it is an "emerging growth company" under U.S. securities law, and, as such, is subject to lower public reporting requirements.
The filing says One Medical currently operates in nine markets, including Boston, Chicago, Los Angeles, New York, Phoenix, San Diego, the San Francisco Bay Area and Washington, D.C. It primarily serves a working-age, commercially insured population, charging them a $199 annual fee.
As of Sept. 30, 2019, One Medical had 77 offices, including some employer-based clinics, and 6,000 enterprise clients of various sizes across industries. The company said its retention rate is 97% across enterprise clients and 89% across consumer members. One Medical grew its membership 324% from Dec. 31, 2014, through Sept. 30, 2019, and currently has 397,000 members. One Medical bills itself as a faster, easier alternative to traditional primary care.
The company has struggled financially in recent years. One Medical reported a $44.4 million net loss in 2018 on $212.7 million in net revenue, compared with a $30.8 million net loss on $176.8 million in net revenue in 2017.
J.P. Morgan and Morgan Stanley are acting as the bookrunning managers.
Founded in 2007, One Medical's CEO is Amir Dan Rubin. Prior to joining the company, he was executive vice president at UnitedHealth Group and before that, CEO of Stanford Health Care.
According to One Medical's filing, its largest investor is the Carlyle Group, which owns 26.8% of the company's common stock pre-offering, followed by Benchmark Capital Partners, which owns 13%. Oak Investment Partners owns 11.4%.
