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Oak Street Health (NYSE: OSH) has initiated an underwritten public offering of 10,000,000 shares of common stock by certain selling stockholders, who may grant underwriters a 30-day option to purchase an additional 1,500,000 shares. Oak Street will not receive proceeds from this sale. The offering is managed by J.P. Morgan, Goldman Sachs, Morgan Stanley, and William Blair. A registration statement has been filed with the SEC but remains ineffective. This press release does not constitute an offer to sell or solicit securities.
Oak Street Health (NYSE: OSH) announced its expansion into Oklahoma, Missouri, and New Mexico, marking a significant growth in its value-based primary care model for older adults. With plans to open centers in Oklahoma City, Tulsa, St. Louis, and Albuquerque this fall, the company will increase its operational states to 19. Following new centers in Georgia, Alabama, Kentucky, Louisiana, and South Carolina, Oak Street aims to establish 38-42 centers by late 2021, potentially benefiting up to 147,000 additional patients.
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.
Oak Street Health (NYSE: OSH) will announce its fiscal Q1 2021 financial results on May 10, 2021, after market close. A conference call is scheduled for May 11, 2021, at 8:00 AM ET to discuss these results. Participants can join via phone or webcast. Oak Street Health operates over 80 value-based primary care centers focused on Medicare patients, emphasizing quality care and financial risk management.
Oak Street Health (NYSE: OSH) has administered over 150,000 COVID-19 vaccine doses across 12 states, prioritizing senior patients and at-risk community members. The company collaborates with local governments and organizations to enhance outreach and education on vaccine safety and efficacy. Their initiative included a targeted program in Chicago's high-need areas, vaccinating over 9,600 residents in eight weeks. The company operates more than 80 primary care centers, emphasizing quality care through a value-based model.
Oak Street Health (NYSE: OSH) is expanding its network of primary care centers into Alabama and Kentucky, opening locations in Birmingham, Mobile, and Louisville this summer and fall. This expansion increases their reach to 16 states, following new center openings in Louisiana and South Carolina. Oak Street aims to open a total of 38-42 new centers by the end of 2021. The company reports significant reductions in patient hospital admissions and maintains a Net Promoter Score of 90.
Oak Street Health (NYSE: OSH) announced an $800 million offering of Convertible Senior Notes due 2026, aiming to raise approximately $780.5 million in net proceeds. The notes will be unsecured, lack regular interest, and mature on March 15, 2026. Investors can convert notes at an initial rate of 12.6328 shares per $1,000 principal amount. The company plans to use proceeds for capped call transactions and general corporate purposes. Additionally, Oak Street has entered into capped call transactions to mitigate potential dilution upon conversion of the notes.
Oak Street Health (NYSE: OSH) announced a proposed private placement of $750 million in Convertible Senior Notes due 2026, with an option for initial purchasers to acquire an additional $112.5 million. The notes will be senior unsecured obligations, convertible into cash or common stock, with interest payable semiannually. The company plans to employ a portion of the proceeds for capped call transactions, general corporate purposes, and potential acquisitions. The offering is targeted at qualified institutional buyers and will not be registered under the Securities Act.
Oak Street Health (NYSE: OSH) reported robust fourth-quarter financial results for 2020. The company achieved record revenue of $883 million, a 59% increase year-over-year, despite pandemic challenges. In Q4 alone, revenue reached $248.7 million, up 43% from the previous year. Oak Street opened 28 new centers in 2020, with plans to launch 38-42 additional centers in 2021. However, they faced a net loss of $(90.7 million) and an adjusted EBITDA of $(43.5 million).
The company expects significant patient growth as community outreach re-energizes post-pandemic.
