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1Life Healthcare Inc (NASDAQ:ONEM) shares are ripping higher Wednesday following reports the Federal Trade Commission won't challenge Amazon.com Inc's (NASDAQ:AMZN) takeover bid. The company also released fourth-quarter results late Tuesday.
What Happened: According to a Bloomberg report, the FTC doesn't plan to challenge Amazon's $3.49-billion acquisition of 1Life Healthcare, the parent company of One Medical.
The FTC will, however, issue a so-called "pre-consummation warning letter" to both companies to inform them that the agency's investigation isn't closed, despite the antitrust review deadline being reached.
"The commission will continue to look at possible harms to competition created by this merger as well as possible harms to consumers that may result from Amazon’s control and use of sensitive consumer health information held by One Medical," an FTC spokesperson reportedly said.
As a result of the FTC decision, the deal is now expected to close this week, despite the ongoing fair competition review.
What Else: 1Life Healthcare also reported earnings shortly after the Amazon reports surfaced. The company said fourth-quarter revenue increased 19% year-over-year to $274.2 million, which missed average analyst estimates of $275.15 million, according to Benzinga Pro.
1Life Healthcare reported a quarterly net loss of 49 cents per share, which beat estimates for a loss of 53 cents per share.
"This past year at One Medical we extended the impact of our human-centered and technology-powered model, expanding to serve 836,000 total members, including 796,000 Consumer and Enterprise and 40,000 At-Risk members," said Amir Dan Rubin, Chair and CEO of One Medical.
See Also: Why Sorrento Therapeutics Stock Is Soaring Today
ONEM Price Action: 1Life Healthcare shares were up 8.5% at $17.87 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Amazon.
