Oak Street Health Reports First Quarter 2021 Financial Results

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 47%. Our execution was further highlighted by the opening of seven new centers, including four new markets, during the quarter. As of March 31, we operated 86 clinics across 20 markets in 13 states. Our patient growth in the first quarter demonstrated the continued demand for Oak Street Health’s innovative model in all our markets. We are encouraged by our early traction with the CMS Direct Contracting program as we enrolled approximately 6,500 participants for the April 1^st launch and are optimistic about the opportunity this program represents over the coming years. We remain committed to our mission and are excited about our growth opportunities.”

First Quarter 2021 Financial Highlights

• Total revenue was $296.7 million, up 47% year over year
• Capitated revenue totaled $291.2 million, up 48% 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, up 43% 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

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(1)		Includes stock based and unit-based compensation of $42.3 million and $1.8 million as of the first quarter of 2021 and 2020, respectively. The majority of the increase is due to the modification of vesting terms related to the equity converted as part of the IPO and not incremental grants of equity.
(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	Oak Street Health Inc NYSE:OSH OSH Rankings N/A Ranked by Market Cap N/A Ranked by Dividends OSH Latest News Mar 30, 2023 Oak Street Health Announces Cancellation of its 2023 Annual Meeting of Stockholders Mar 22, 2023 OakWell Launches to Provide High-Quality Primary Care Directly to Kidney Patients in Dialysis Centers Feb 28, 2023 Oak Street Health Reports Full Year 2022 Results Feb 8, 2023 CVS Health to Acquire Oak Street Health Feb 7, 2023 Oak Street Health States that Its Policy is Not to Comment on Unusual Market Activity OSH Stock Data Float 162.38M Industry Dental Laboratories Sector Manufacturing Website Link Country United States City Chicago Explore About Rhea-AI Sitemap Legal Terms of Use Cookie Notice Privacy Policy Links RSS feed Discord Server Facebook Reddit © 2020-2025 StockTitan.net Login Please enter your login and password Email address Password Forgot password? LOGIN Close Don't have an account? Sign Up! Forgot Password Please enter your email address Email address RECOVER Close Sign Up To create a free account, please fill out the form below. Username Email address Password I accept the user agreement Sign me up for the newsletter CREATE ACCOUNT Close Already have an account? Login