Primary-care startup One Medical just filed for an initial public offering.
On Friday, the company filed paperwork with the US Securities and Exchange Commission to go public, trading 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.
One Medical's last private valuation was $1.5 billion, accordng to PitchBook.
The IPO filing shows that the company's net losses deepened as membership climbed. 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.
The company had about 397,000 members as of Sept. 30, up from 346,000 at the end of 2018.
In its filing, One Medical listed the top shareholders in the company and their stakes.
These are One Medical's top investors:
- The Carlyle Group, a private equity firm that in 2018 led a $220 million private financing round for One Medical, taking on a massive stake in the company. Ahead of the IPO, Carlyle Group owns 28.2 million shares, or 26.8% of One Medical.
- Benchmark Capital, a Silicon Valley venture firm that was an early investor in One Medical, owns 13.6 million shares of One Medical ahead of the IPO. The firm has a 13% stake in the company.
- Oak Investment Partners, another early investor in One Medical, owns 12 million shares ahead of the IPO, or 11.4%.
- Tom Lee, the founder of One Medical who served as its CEO until 2017, owns 8.2 million shares of One Medical ahead of the IPO, or 7.7%. According to the filing, Lee resigned from One Medical's board of directors effective August 2019. A doctor and entrepreneur, Lee has since gone on to found a new healthcare startup called Galileo, which offers a mix of online and in-person care.
- DAG Ventures, another early investor in One Medical, owns 8 million shares, or 7.6%.
- GV, which led One Medical's $30 million series F round in 2013, owns 6.2 million shares of One Medical, or 5.9% going into the IPO.
- JPMorgan, which led One Medical's $65 million financing round in 2015, owns 5.7 million shares, or 5.4%.
- Maverick, another early investor in One Medical, owns 5.5 million shares, or 5.2% of the company ahead of its IPO.
- Amir Dan Rubin, 50, is the president, CEO, and chair of the board at One Medical. Rubin joined One Medical in August 2017 after working as an executive at UnitedHealth Group's Optum division. Before that, he was the CEO of Stanford Health Care. He owns 5.3 million shares of One Medical ahead of its IPO, a 4.8% stake in the company.
- Andrew Diamond, 49, is the chief medical officer of One Medical, overseeing the doctors that practice at One Medical's clinics, and is a member of the company's board of directors. He's served as the company's CMO since September 2019, and prior to that was the company's National Medical Director. Diamond's been practicing with One Medical since 2007, according to his LinkedIn profile. He owns 304,309 shares in One Medical.
- Kimber Lockhart, 33, is One Medical's chief technology officer and a member of the board of directors. She joined the company in 2014 and became CTO in 2015. Prior to One Medical, she worked at cloud-storage company Box. Lockhart owns 620,390 shares in One Medical ahead of its IPO.
- Kalen Holmes, 53, is a member of One Medical's board, which she joined in January 2017. A former Starbucks executive, Holmes also sits on the board of Red Robin and Zumiez. She owns 31,915 shares of One Medical ahead of the IPO.
- David Kennedy, 49, a partner at Serent Capital, has been on the board of One Medical since 2007. He owns 381,341 shares going into the IPO.