If you’re looking to invest in a stable social distancing stock, look no further than 1Life Healthcare, Inc. (NASDAQ:ONEM). The company, better known as One Medical, is a primary care provider that gives patients access to both digital health services and in-office care. It’s the best of both worlds, and it even caters to those patients who don’t have a healthcare plan. For an annual fee of $199, it can become key for people who have lost their jobs and no longer have healthcare coverage through their employers.
One Medical released its first-quarter results on May 13. The company recorded year-over-year revenue growth of 25%. Its membership saw similar growth, reaching around 455,000 members. For the second quarter, One Medical expects more members to sign up and is forecasting a its member count by the end of Q2 to fall between 465,000 and 475,000.
But it wouldn’t be surprising for the company to do better than expected given the need for social distancing and healthcare services. One Medical offers convenient options for its patients and can be a cheap way to access healthcare while still getting quality care.
The San Francisco-based company went public earlier this year and the stock reached a new high for the year on Friday — $32.42. One Medical still has some challenges as in Q1 it recorded a net loss of $34.6 million on revenue of $78.8 million. But given the opportunity for the company to sign up more patients than expected this year, there’s plenty of reason to be bullish on the stock.