1Life Healthcare Inc. , which operates the One Medical direct primary care business, on Wednesday told investors that it started seeing a “meaningful drop” in COVID-19 testing in April as a greater number of Americans were vaccinated against the virus and the number of coronavirus cases in the U.S. continued to decline. 1Life CFO Bjorn Thaler cited a “faster-than-anticipated education in COVID-19 testing volumes,” according to a FactSet transcript of the company’s first-quarter earnings call. “As we look at the rest of the year, certainly we don’t expect those numbers to come back,” Thaler added. 1Life’s stock is down 12.2% for the year, while the broader S&P 500 is up 8.1%.

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