One Medical stock drops after medical provider posts larger first-quarter loss

Shares of 1Life Healthcare Inc. ONEM,
fell more than 7% in the extended session on Wednesday after the primary care provider doing business as One Medical reported a larger-than-expected quarterly loss and better-than-expected sales on Wall Street. One Medical said it lost $ 33.9 million, or 40 cents per share, in the first quarter, compared to a loss of $ 6.7 million, or 37 cents per share, a year ago. Sales rose 25% to $ 78.8 million, the company said. Analysts polled by FactSet had expected One Medical to post a loss of 17 cents a share on sales of $ 75 million. The company said it ended the quarter with approximately $ 375.4 million in cash and cash equivalents, and approximately $ 2.2 million in debt. Its physicians have “digitally engaged with hundreds of thousands of members, organized COVID-19 testing services, donned PPE to provide care, conducted video chats and remote visits, and followed patients on test results. testing and aftercare needs, ”he said. . One Medical ended the quarter with around 455,000 members, a 25% year-over-year increase, he said. The company provided guidance for the second quarter, saying it expects to end the current period with between 465,000 members and 475,000 members and sales between $ 56 million and $ 66 million. He said he expected to end 2020 with between 500,000 members and 515,000 members, against a previous forecast of 495,000 members to 510,000 members. No further guidance for 2020 has been provided “due to uncertainties regarding the duration and extent of the continuing COVID-19 pandemic,” One Medical said. The action ended the trading day down 2.6%. One Medical, which charges members an annual fee in exchange for same-day appointments and other benefits, went public in January.

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