Business
The Oncology Institute Reports First Quarter 2023 Financial Results and Reaffirms Full Year 2023 Guidance
CERRITOS, Calif., May 10, 2023 (GLOBE NEWSWIRE) -- The Oncology Institute, Inc. (NASDAQ: TOI) (“TOI” or the “Company”), one of the largest value-based
About this update from The Oncology Institute, Inc.
[{"type":"text","content":"CERRITOS, Calif., May 10, 2023 (GLOBE NEWSWIRE) -- 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 financial results for its three months ended March 31, 2023. Recent Operational Highlights Include: Signed a new value-based contract in CaliforniaSigned our first value-based contract with total cost of care alignment with a primary care partner in TexasFirst gainshare reconciliation in Florida showed greater than 50% referral capture and greater than 30% cost savingsPatient visits up 17% compared to Q1 2022Oral drugs dispensed increased 34% compared to Q1 2022 First Quarter 2023 Financial Highlights Consolidated revenue of $76 million, an increase of 38.1% from $55 million compared to the prior year quarterGross profit of $14 million, an increase of 14.4% compared to the prior year quarter, and gross margin of 18.5%, a decrease from 22.3% for the prior year quarterNet loss of $30.0 million compared to net income of $19.3 million for the prior year quarterBasic and diluted (loss) earnings per share of $(0.33) and $(0.33), respectively, compared to $0.22 and $0.21, respectively, for the prior year quarterAdjusted EBITDA of $(7.9) million compared to $(5.2) million for the prior year quarterCash, cash equivalents, and investments of $114 million as of March 31, 2023 First Quarter 2023 Results Management Commentary Brad Hively, CEO of TOI, commented, \"We started the year off strong, with 38% topline growth during the quarter, continuing our positive momentum from the fourth quarter. It was a record setting quarter for Fee-For-Service revenue, Dispensary revenue, Oral drugs dispensed and organic growth, as we made meaningful progress towards refining and optimizing our model in expansion markets, most notably with our organic growth in Florida. Furthermore, the growth in our Dispensary business was driven by our existing dispensaries, supported by our scale in Florida. We are very proud of this growth as it demonstrates extremely strong demand of our model from both patients and payors.\" Outlook for Fiscal Year 2023 TOI uses Adjusted EBITDA, a non-GAAP metric, as an additional tool to assess its operational performance. See \"Financial Information: Non-GAAP Financial Measures\" below. In reliance on the unreasonable eff...