One Medical (1Life Healthcare, Inc., Nasdaq: ONEM), a leading human-centered and technology-powered national primary care organization, today announced it has completed the acquisition of Iora Health, a human-centered, value-based primary care organization with built-for-purpose technology focused on serving Medicare populations.
“One Medical is now even better positioned to deliver better health, better care, and lower costs across every stage of life,” said Amir Dan Rubin, Chair & CEO of One Medical. “One Medical will extend its reach from children and adults to even more seniors, across 28 existing and announced combined geographies encompassing approximately 40% of the U.S. population, with a national potential addressable market of approximately $870 billion. One Medical’s demonstrated ability to delight and attract members, enable improved health outcomes, reduce the cost of care, and simultaneously deliver results for multiple key stakeholders will now be extended further in pursuit of our mission to transform healthcare.”
“One Medical and Iora have common mission-driven cultures, built-for-purpose technologies for our respective care models, and best-in-class teams, including salaried providers. In joining with One Medical, we can now deliver the best care and value to more people and in more geographies across the U.S.,” said Rushika Fernandopulle, Co-Founder of Iora Health and Chief Innovation Officer of One Medical.
As of July 31, 2021, Iora took care of approximately 39,000 total patients, including 31,000 At-Risk members, 3,000 Consumer and Enterprise members, and 5,000 Other Patients.
Transaction Details
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Pursuant to the merger agreement previously announced on June 7, 2021, One Medical issued or has reserved for issuance approximately 56 million shares in the transaction (including shares underlying options).
Financial Outlook
One Medical provides forward-looking guidance on membership count, revenue, care margin, and adjusted EBITDA. Care margin and adjusted EBITDA are non-GAAP measures. With the completion of the acquisition of Iora, One Medical is providing an update with regards to the third quarter 2021 and fiscal year 2021 outlook as set forth below. This update includes the contribution of Iora to One Medical’s financial results beginning September 1, 2021 to the third quarter 2021 and fiscal year 2021 outlook.
Source: Biospace
