One Medical (ONEM) Misses Q1 EPS by 23c, Revenues Beat; Offers 2Q Revenue Mid-Point Guidance Below Consensus

One Medical (NASDAQ: ONEM) reported Q1 EPS of ($0.40), $0.23 worse than the analyst estimate of ($0.17). Revenue for the quarter came in at $78.8 million versus the consensus estimate of $75 million.

• First Quarter 2020 Net Revenue of $78.8 Million, a 25% Increase Year-Over-Year
• First Quarter 2020 Ending Membership Count of Approximately 455,000, a 25% Increase Year-Over-Year
• Ending First Quarter 2020 Cash and Short-term Marketable Securities Balance of $375.4 million; $2.2 million in debt
• Provides Q2 2020 Guidance

“Our One Medical model has demonstrated that it performs in both ordinary and extraordinary times. We have extended our digital solutions, expanded in-person care and testing services, grown our geographic reach, added more members and enterprise relationships, advanced our health network partnerships, and launched our worksite re-entry program,” said Amir Dan Rubin, Chair & CEO & President of One Medical. “Our team has engaged with hundreds of thousands of members digitally, arranged for COVID-19 testing services, donned PPE to deliver care, conducted video chats and remote visits, and followed up with patients on test results and subsequent care needs.”

GUIDANCE:

One Medical sees Q2 2020 revenue of $56-66 million, versus the consensus of $64.31 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 second quarter of 2020, we expect:

• Ending Membership count between 465,000 to 475,000,
• Total Net Revenue between $56.0 million and $66.0 million,
• Care Margin between $1.0 million and $11.0 million, and,
• Adjusted EBITDA between a loss of $36.0 million and a loss of $26.0 million.

For the full year of 2020, we expect:

• Ending Membership count between 500,000 to 515,000, an increase to our previous guidance of 495,000 to 510,000 ending membership count.

For earnings history and earnings-related data on One Medical (ONEM) click here.

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