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CORRECTION -- The Oncology Institute Reports Updated Fourth Quarter and Full Year 2022 Financial Results and Guidance for 2023
CERRITOS, Calif., March 16, 2023 (GLOBE NEWSWIRE) -- The Company recorded adjustments to its “goodwill impairment charges” and “income tax benefit” line items
About this update from The Oncology Institute, Inc.
[{"type":"text","content":"CERRITOS, Calif., March 16, 2023 (GLOBE NEWSWIRE) -- The Company recorded adjustments to its “goodwill impairment charges” and “income tax benefit” line items on the “Consolidated Statements of Operations” for the fourth quarter and year ended December 31, 2022 resulting from the simultaneous equation from tax deductible goodwill, resulting in a $1.5 million increase to the Company’s net loss for the fourth quarter ended December 31, 2022 and a $1.5 million decrease to the Company’s net income for the year ended December 31, 2022. The Company also adjusted the balances of “other receivables,” “goodwill,” “income taxes payable” \"accrued expenses and other current liabilities\", “deferred income taxes liability”, and \"accumulated deficit\" on the “Consolidated Balance Sheets” as of December 31, 2022 as well as the related reconciling items in the Company’s “Consolidated Statements of Cash Flows” for the fourth quarter and year ended December 31, 2022. The updated release reads: The Oncology Institute Reports Updated Fourth Quarter and Full Year 2022 Financial Results and Guidance for 2023 The Oncology Institute, Inc. (NASDAQ: TOI) (“TOI” or the “Company”), one of the largest value-based community oncology groups in the United States, today reported an update to the financial results for its fourth quarter and year ended December 31, 2022 originally reported on March 9, 2023. Recent Operational Highlights Completed a $110 million strategic investment from Deerfield Management Company, L.P. through secured senior convertible notes on August 9, 2022Ended the fiscal year 2022 with $132 million in cash, cash equivalents, and investmentsIncreased market count to 15 at year-end from 10 in the prior year, including new markets in California, Florida and TexasRemediated two of the previously disclosed material weaknesses surrounding controls over review of revenue and segregation of duties within the financial close and reporting process. For the remaining one, Management has developed and continues to execute a remediation plan to address the previously disclosed material weakness around treatment of complex accounting transactionsReceived Agency for Healthcare Research and Quality's (AHRQ) certification as an accredited Patient Safety OrganizationGenerated over $1.7 million in savings to patients through the Company's dispensary co-pay...