1Life Healthcare (ONEM) Tops Q3 EPS by 6c, Revenues Beat; Offers 4Q & FY20 Revenue Guidance Above Consensus

1Life Healthcare (NASDAQ: ONEM) reported Q3 EPS of ($0.13), $0.06 better than the analyst estimate of ($0.19). Revenue for the quarter came in at $101.7 million versus the consensus estimate of $86.18 million.

Financial Highlights for the Third Quarter 2020

All comparisons, unless otherwise noted, are to the three months ended September 30, 2019.

• Membership count as of quarter-end was 511,000 compared to 397,000, a 29% increase.
• Net Revenue was $101.7 million compared to $69.6 million, a 46% increase.
• Care Margin was $42.9 million, or 42% of total net revenue; Loss from Operations was $10.8 million, or 11% of total net revenue.
• Adjusted EBITDA was positive $3.5 million, or 3% of total net revenue; Net Loss was $16.4 million, or 16% of total net revenue.
• Cash and Short-term Marketable Securities as of quarter-end were $682.3 million.

“We are pleased to have reached new heights in performance this quarter--with our membership surpassing half of a million members and quarterly total net revenue exceeding $100 million for the first time,” said Amir Dan Rubin, Chair & CEO of One Medical. “We are further seeing how One Medical’s human-centered and technology-powered model is delivering impacts for multiple key stakeholders, advancing our efforts to transform healthcare at scale.”

GUIDANCE:

1Life Healthcare sees Q4 2020 revenue of $104-109 million, versus the consensus of $90.9 million.

1Life Healthcare sees FY2020 revenue of $362-367 million, versus the consensus of $333.88 million.

One Medical provides forward-looking guidance on membership count, total net revenue, care margin, and adjusted EBITDA. Care margin and adjusted EBITDA are non-GAAP measures.

For the fourth quarter of 2020, we expect:

• Ending Membership count in the range of 530,000 to 540,000;
• Total Net Revenue in the range of $104 million to $109 million;
• Care Margin in the range of $37 million to $42 million; and
• Adjusted EBITDA in the range of a loss of $4 million to positive $1 million.

For the full year of 2020, we expect:

• Total Net Revenue in the range of $362 million to $367 million;
• Care Margin in the range of $132 million to $137 million; and
• Adjusted EBITDA in the range of a loss of $29 million to a loss of $24 million.

For earnings history and earnings-related data on 1Life Healthcare (ONEM) click here.

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