Business
The Oncology Institute Reports Fourth Quarter and Full Year 2023 Financial Results and Guidance for 2024
CERRITOS, Calif., March 27, 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., March 27, 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 fourth quarter and year ended December 31, 2023. Recent Operational Highlights Remediated material weakness in Internal Controls over review of Complex Accounting Transactions.Signed full-risk capitated contract in South Florida, effective January 1, 2024 and have now successfully onboarded the membership and the IPA providers.Acquired and launched our California-based pharmacy in December and have already completed over 1,300 specialty medication fills.Jeremy Castle enjoyed his first full quarter as our new Chief Operating Officer.Hired 7 new providers in the quarter and ended the year with 69 clinics and 119 employed providers. Fourth Quarter 2023 Financial Highlights Consolidated revenue of $86 million, an increase of 20.1% compared to the prior year quarterGross profit of $14 million, a decrease of 8.0% compared to the prior year quarterNet loss of $18.8 million compared to net loss of $11.0 million for the prior year quarterBasic and diluted loss per share of $(0.21) and $(0.21), respectively, compared to $(0.12) and $(0.16) for the prior year quarterAdjusted EBITDA of $(6.3) million compared to $(4.6) million for the prior year quarterCash, cash equivalents, and investments of $83 million as of December 31, 2023 Management Commentary Daniel Virnich, CEO of TOI, commented, \"I am very pleased with our performance in the fourth quarter of 2023, as we delivered strong growth, expanded our gross margin and reduced 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 topline while improving margins lays the groundwork for continued success in 2024 and beyond.\" Outlook for Fiscal Year 2024 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 efforts exception provided under Regulation S-K, TOI is not reasonably able to provide a quantitative reconciliation for forward-looking information of Adjust...