Business
The Oncology Institute Reports Fourth Quarter and Full Year 2021 Financial Results and Provides Strong Growth Outlook for 2022
CERRITOS, Calif., March 10, 2022 (GLOBE NEWSWIRE) -- The Oncology Institute (NASDAQ: TOI), one of the largest value-based community oncology groups in the
About this update from The Oncology Institute, Inc.
[{"type":"text","content":"CERRITOS, Calif., March 10, 2022 (GLOBE NEWSWIRE) -- The Oncology Institute (NASDAQ: TOI), one of the largest value-based community oncology groups in the United States, today reported financial results for its fourth quarter and full year ended December 31, 2021 and provided an update on its business including guidance for the year ending December 31, 2022. \"We are very proud of the excellent care TOI delivered to our patients and communities in 2021, and we are excited to grow our business and help make a profound difference in the lives of our patients in 2022,” said Brad Hively, CEO of The Oncology Institute. “In 2021, we achieved record revenue of $203 million and we finished the year at approximately 1.6 million lives managed under value-based contracts. Notably, after the completion of our business combination transaction in November, we ended 2021 with over $115 million of cash on our balance sheet and no debt. With this infusion of capital, we closed four acquisitions in the final six weeks of the year, welcoming these highly-regarded practices to the TOI family. With this strong momentum and increased financial flexibility, we believe we are well positioned to execute our growth strategy by entering additional new markets in Florida and Texas in 2022 and accelerating our pace of adding new providers and opening new clinics.\" 2021 and Recent Operational Highlights Ended 2021 with approximately 1.6 million lives under value-based contractsCared for over 51,000 unique patients in 2021 and had over 230,000 patient visits at owned clinicsCommenced four new capitated payor contracts in California since mid-2021Acqui-hired three medical oncology practices in the Los Angeles market in the fourth quarterHired twelve new providers in the fourth quarter, representing 18% growth over the prior year periodAcquired first radiation oncology practice, based in Los Angeles, Calif. in the fourth quarterOpened 54th clinic site in February 2022 in Lakeland, Fla., an increase of 14 clinics from year end 2020 Fourth Quarter 2021 Results Consolidated revenue for the quarter was $52 million, a 6.8% increase over the fourth quarter of 2020. Revenue for the Patient Services segment was $32 million, up 6.3% year-over-year. Growth in Patient Services was driven by an increase in capitated contracts. The increase was offset by declines in FFS re...