Business
The Oncology Institute Reports Fourth Quarter and Full Year 2022 Financial Results and Guidance for 2023
CERRITOS, Calif., March 09, 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., March 09, 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 fourth quarter and year ended December 31, 2022. 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 assist programAdded 3 new gain share contracts in FloridaGrew Capitated Membership by over 100 thousand livesCompleted 6 practice acquisitions Fourth Quarter 2022 Financial Highlights Consolidated revenue of $71 million, an increase of 36.6% from $52 million compared to the prior year quarterGross profit of $16 million, an increase of 87.6% compared to the prior year quarterNet loss of $9.5 million compared to net loss of $10.2 million for the prior year quarterBasic and diluted earnings per share of $(0.11) and $(0.15), respectively, compared to $(0.13) for the prior year quarterAdjusted EBITDA of $(4.6) million compared to $(5.6) million for the prior year quarterCash, cash equivalents, and investments of $132 million as of December 31, 2022 Full Year 2022 Results Management Commentary Brad Hively, CEO of TOI, commented, \"2022 was our first full year as a public company. I am pleased with the progress we made driving our growth strategy, with contributions from both organic and acquired growth. Despite facing certain headwinds during the year, including Medi-Cal preventing us from dispe...