Amazon Bets Almost $4B On Primary Health Care Provider To Deepen Its Presence In Healthcare

  • Inc AMZN will acquire 1life Healthcare Inc (One Medical) ONEM for $18 a share in an all-cash deal valuing the primary health care provider at roughly $3.9 billion.
  • Neil Lindsay, SVP of Amazon Health Services, said that with the One Medical acquisition, Amazon hopes to reinvent the “healthcare experience,” from how people book appointments to the experience of being seen by a physician.
  • “We see lots of opportunity to improve the quality of the experience and give people back valuable time in their days,” Lindsay said. “We love inventing to make what should be easy easier, and we want to be one of the companies that helps dramatically improve the healthcare experience over the next several years.”
  • Amir Dan Rubin, One Medical’s CEO, said there is an “immense opportunity to make the health care experience more accessible, affordable and even enjoyable for patients, providers, and payers.”
  • One Medical went public in 2020 and operated a network of primary care practices. 
  • According to its latest quarterly results, it has grown to 188 medical offices in 25 markets and counts 767,000 members. 
  • One Medical reported a net loss of $90.9 million on revenue of $254.1 million in Q1.
  • Price Action: ONEM shares skyrocketed 68.30% to $17.13 during the market session on the last check Thursday.
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