Business
The Oncology Institute Reports First Quarter 2024 Financial Results and Reaffirms Full Year 2024 Guidance
CERRITOS, Calif., May 14, 2024 (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 14, 2024 (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, 2024. Recent Operational Highlights Include: Successfully completed integration of first capitated risk contract direct to a health plan, and launched MSO model to enhance employed clinic locations, in the Florida market, effective January 1, 2024Partnered with MaxHealth to expand value-based care and assume clinical and financial responsibility to patients in five Florida counties7 new capitation and value-based contracts signed across 3 states, our highest number ever in a quarterIncrease of 70% in scripts dispensed compared to prior year quarterWelcomed Jordan McInerney as new Chief Development OfficerHired 7 new providers in the quarter and ended the quarter with 73 clinics and 126 employed providers First Quarter 2024 Financial Highlights Consolidated revenue of $95 million, an increase of 24.2% from $76 million compared to the prior year quarterGross profit of $12 million, a decrease of 15.1% compared to the prior year quarter, and gross margin of 12.6%, a decrease from 18.5% the prior year quarterNet loss of $19.9 million compared to net loss of $30.0 million for the prior year quarterBasic and diluted (loss) earnings per share of $(0.22) and $(0.22), respectively, compared to $(0.33) and $(0.33), respectively, for the prior year quarterAdjusted EBITDA of $(10.9) million compared to $(7.4) million for the prior year quarterCash, cash equivalents, and short-term investments of $66 million as of March 31, 2024 First Quarter 2024 Results Management Commentary Daniel Virnich, CEO of TOI, commented, \"I am very pleased with our performance in the first quarter of 2024, as we delivered strong growth in revenue, while further reducing SG&A. Our full-risk capitated contract in South Florida is a significant milestone for TOI and we are excited to prove our model through this partnership. Our demonstrated ability to concurrently grow top line through both new value-based partnerships and expansion of our oral specialty drug business lays the groundwork for continued success in 2024 and beyond.\" Outlook for Fiscal Year 2024 TOI uses Adjusted EBITDA, a non-GAAP metric...