Shares of 1Life Healthcare (NASDAQ:ONEM) gained 8.6% in Wednesday’s pre-market trade despite reporting mixed results for the fourth quarter of 2022. The rally can be attributed to the Federal Trade Commission not raising objections to Amazon’s (AMZN) $3.49 billion planned acquisition of the company. This means both companies can move on with closing the deal.
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1Life Healthcare, Inc. engages in the provision of healthcare membership services.
ONEM’s Q4 Performance
Yesterday, 1Life Healthcare reported revenues of $274.2 million, up 19% year-over-year, but missed the analysts’ estimates of $275.1 million. Meanwhile, the company posted a net loss of $0.49 per share, narrower than the Street’s estimate of a loss of $0.54. Also, the reported figure compares favorably with a loss of $0.50 in the prior-year quarter.
The quarter also witnessed a 14% growth in total membership count to 836,000. Further, the medical expense ratio declined to 78% in the reported quarter from 94%. This ratio measures the relationship between medical claims expense and capitated revenue.
