Oak Street Health Reports First Quarter 2021 Financial Results
Oak Street Health, Inc. (NYSE: OSH) reported impressive financial results for Q1 2021, with total revenue reaching $296.7 million, reflecting a 47% year-over-year growth. The company’s capitated revenue was $291.2 million, up 48% compared to the previous year. Despite the growth, net losses increased to ($64.0) million from ($15.4) million in Q1 2020, alongside a loss from operations of ($63.8) million. The company opened seven new centers and enrolled approximately 6,500 participants in the CMS Direct Contracting program.
- Total revenue increased by 47% year-over-year to $296.7 million.
- Capitated revenue rose by 48% year-over-year to $291.2 million.
- Opened seven new centers, expanding its market presence.
- Cared for approximately 75,500 risk-based patients, representing 69% of total patients.
- Net loss increased to ($64.0) million from ($15.4) million in Q1 2020.
- Loss from operations was ($63.8) million compared to ($13.0) million in Q1 2020.
- Adjusted EBITDA was ($17.4) million, worsening from ($8.7) million in Q1 2020.
Oak Street Health, Inc. (NYSE: OSH, or the “Company”), a network of value-based primary care centers for adults on Medicare, today reported financial results for its quarter ended March 31, 2021.
“We were pleased with another strong quarter of results. Most importantly, we are proud of the impact we made on our patients and our communities, including continuing to provide them with outstanding care while also administering over 150,000 vaccine doses, predominantly to older adults from underserved communities,” said Mike Pykosz, Chief Executive Officer of Oak Street Health. “In the first quarter we generated revenue growth of
First Quarter 2021 Financial Highlights
-
Total revenue was
$296.7 million , up47% year over year -
Capitated revenue totaled
$291.2 million , up48% year over year -
The Company cared for approximately 75,500 risk-based patients, representing
69% of its total patients -
Loss from operations1 was (
$63.8) million , compared to ($13.0) million in the first quarter of 2020 -
Platform contribution2 was
$36.7 million , up43% year over year -
Net loss was (
$64.0) 1 million, compared to ($15.4) million in the first quarter of 2020 -
Adjusted EBITDA3 was (
$17.4) million , compared to ($8.7) million in the first quarter of 2020 - As of March 31, 2021, the Company operated 86 centers, compared to 54 centers as of March 31, 2020
__________________
| (1) |
Includes stock based and unit-based compensation of |
|
| (2) | Platform contribution is a non-GAAP financial measure that is presented as supplemental disclosure, defined as total revenues less the sum of (i) medical claims expense and (ii) cost of care, excluding depreciation and amortization. This measure is reconciled to loss from operations as the most directly comparable GAAP measure as set forth in the accompanying “Platform Contribution Reconciliation” section. |
|
| (3) | Adjusted EBITDA is a non-GAAP financial measure that is presented as supplemental disclosure and is reconciled to net loss as the most directly comparable GAAP measure as set forth in the accompanying “Adjusted EBITDA Reconciliation” section. We define adjusted EBITDA as net loss, excluding other income (expense), taxes, depreciation and amortization, stock-based and unit-based compensation and transaction/ offering related costs. |
|
Outlook for Second Quarter and Fiscal Year 2021
Three Months Ending |
|
Twelve Months Ending |
|||||
June 30, 2021 |
|
December 31, 2021 |
|||||
Low |
|
High |
|
Low |
|
High |
|
(dollars in millions) |
|||||||
Centers |
93 |
|
94 |
|
117 |
|
121 |
At risk patients |
86,000 |
|
87,500 |
|
107,000 |
|
112,000 |
Revenue |
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FAQ
What were Oak Street Health's revenue figures for Q1 2021?
Oak Street Health reported total revenue of $296.7 million for Q1 2021, reflecting a 47% year-over-year increase.
How many new centers did Oak Street Health open in Q1 2021?
Oak Street Health opened seven new centers during Q1 2021.
What was the net loss for Oak Street Health in Q1 2021?
The net loss for Oak Street Health in Q1 2021 was ($64.0) million.
How many risk-based patients did Oak Street Health care for in Q1 2021?
In Q1 2021, Oak Street Health cared for approximately 75,500 risk-based patients.
What is the expected outlook for Oak Street Health in 2021?
Oak Street Health is optimistic about its growth, expecting to reach 93 centers by June 30, 2021.
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