More than a year after One Medical started trading, another direct primary care startup is lining up to go public.
Everside Health Group in Denver Recently submitted a prospectus With the Securities and Exchange Commission. The company has not priced its shares, but plans to trade on the New York Stock Exchange under the symbol “EVSD”. “
This primary care chain operates more than 340 clinics in 33 states and charges a monthly fee per member for its services. Formerly Paladina Health, it was established as a subsidiary of DaVita in 2010 and sold to New Enterprise Associates (NEA) eight years later.After raising $165 million in funding from NEA, it acquired Activate Healthcare, and Healthstat recently acquired, The provider of employer-sponsored health centers.
Everside has more than 300 customers, including self-insurance companies and labor unions. It is one of the larger direct primary care providers, although it is still smaller than One Medical.
Last year, it brought in revenue of US$113.38 million, an increase of 40% over 2019. It also reported a net loss of US$2.9 million in 2020, an improvement from the previous year’s net loss of US$19.6 million. As of March 31, the company has accumulated liabilities of USD 40.2 million.
In contrast, One Medical The report says total revenue in 2019 was $227.4 millionOne year before listing, it had a net loss of US$52.45 million.
Everside plans to achieve growth by opening more medical centers and establishing partnerships with the hospital system.the company Last year began to cooperate with the non-profit hospital giant CommonSpirit Health Allow employers to visit on-site or virtual clinics.
Morgan Stanley, JPMorgan Chase, Goldman Sachs, Bank of America Securities and William Blair will serve as bookrunners for the IPO.
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