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- Oak Street Health Inc OSH shares are trading higher as CVS Health Corp CVS is reportedly exploring an acquisition of primary care center operator.
- Bloomberg News reported on Monday, citing people familiar with the matter.
- The report added that no final decision has been made, and discussions could fall through.
- Oak Street operated 169 centers across the U.S., providing care for more than 159,000 patients at the end of last year.
- Private equity firms General Atlantic and Newlight Partners collectively own roughly 39% of the company, data compiled by Bloomberg shows.
- CVS had also expressed interest in expanding into the primary care space and was reportedly among the bidders to acquire primary care provider Cano Health Inc CANO before backing out.
- In September, CVS agreed to acquire Signify Health for $30.50 per share in cash, representing a total transaction value of approximately $8 billion.
- At JP Morgan Healthcare Conference, Oak Street Health released preliminary 2023 guidance.
- The management expects 2023 revenue of $3-$3.15 billion (compared to the $3.05 billion consensus estimate).
- The forecasts adjusted EBITDA loss of $265 million to $225 million.
- In addition, management expects to end 2023 with 204 centers and at-risk members between 205,000-210,000.
- The management also narrowed its 2022 guidance, with revenue to come in north of $2.155 billion, with adjusted EBITDA loss to be greater than $287.5 million (down from the previous guidance of $(292.5)-$(287.5) million).
- Price Action: OSH shares are up 36.90% at $30.90 during the premarket session on the last check Tuesday.
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CVSCVS Health Corp
$63.52-0.44%
Edge Rankings
Momentum
72.73
Growth
56.46
Quality
25.78
Value
43.35
Price Trend
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