Oak Street Health, Inc. (OSH) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Exhibit 99.1

Oak Street Health Reports Full Year 2021 results

February 28, 2022 at 4:05 Eastern Time

CHICAGO, IL – 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 fiscal year ended December 31, 2021.

“We reported a strong quarter with results favorable to the high end of guidance across metrics. These results were thanks to the hard work and dedication of our team allowing Oak Street to navigate through a challenging operating environment, including the Omicron Covid surge and the historically tight labor market” said Mike Pykosz, Chief Executive Officer of Oak Street Health.  “The quarter caps a year in which we advanced significantly on our journey to transform healthcare for older adults. We opened up 50 centers across 8 new states in 2021 and generated over $1.43 billion of revenue in 2021, driving year over year growth of 62%. We continued to build on our core platform, adding new care model capabilities including our acquisition of RubiconMD, which will allow us to integrate a comprehensive virtual specialty network into our care model. We were thrilled to be selected by the AARP as their exclusive primary care provider to carry the AARP name. Looking ahead, we remain steadfast in our mission to rebuild healthcare as it should be and to provide high quality value-based care to the Medicare-eligible population. I want to thank all Oakies for their hard work and dedication, and I am excited for what we can accomplish in 2022.”

Tim Cook, Chief Financial Officer, added, "We remain enthusiastic about the combination of our growth prospects and the expected 2022 unit-level economics we shared in January, which remain the basis for our 2022 guidance.  We are modifying our pace of new centers in 2022 to maintain a steady pace of center openings financed internally.  We expect to open 40 new centers in 2022 and 30 to 40 new centers in 2023 and 2024.  This pace will drive the business to profitability by 2025, sustain a compounded revenue rate in excess of 40% over the next several years, and importantly, allow Oak Street Health to grow strategically despite the current uncertainty in the equity markets."

Full Year 2022 Financial Highlights

Outlook for Fiscal Year 2022

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