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Alphabet-backed One Medical files for IPO as money-losing tech companies struggle on public market

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Backed by some top venture investors, One Medical is trying to convince Wall Street that it has elements of a tech company.

The company has a chain of tech-friendly primary care clinics in nine states and charges members $200 a year.Amir Rubin, new CEO of One MedicalOne Medical, a chain of primary care clinics that touts a "technology-powered model" and has raised money fromFounded in 2007, One Medical provides care at facilities in nine metropolitan markets throughout the country, with three more on the way, according to its website.

released on Friday. But the company recorded a net loss of $33.1 million through September, up from $26 million a year earlier, as 60% of its revenue is spent on the cost of care, reflecting the high costs of hiring and retaining doctors and other medical professionals. One Medical is aiming to hit the public markets at a challenging time for capital-intensive tech companies and health-tech businesses.

 

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Buzzy primary care startup One Medical just filed to go public - Business InsiderOne Medical was founded on the idea of making it easier to get medical care. The startup last had a private valuation of $1.5 billion.
Source: BusinessInsider - 🏆 729. / 51 Read more »