Business
The Oncology Institute Reports Second Quarter 2022 Financial Results and Reaffirms Full Year 2022 Guidance
CERRITOS, Calif., Aug. 09, 2022 (GLOBE NEWSWIRE) -- The Oncology Institute, Inc. (NASDAQ: TOI), one of the largest value-based community oncology groups in
About this update from The Oncology Institute, Inc.
[{"type":"text","content":"CERRITOS, Calif., Aug. 09, 2022 (GLOBE NEWSWIRE) -- The Oncology Institute, Inc. (NASDAQ: TOI), one of the largest value-based community oncology groups in the United States, today reported financial results for its second quarter ended June 30, 2022. Recent Operational Highlights Completed a $110 million strategic investment from Deerfield Management Company, L.P. through secured senior convertible notes on August 9, 2022Increased our market count to 13 as of the end of Q2 2022, including an acquisition of a significant practice in Fresno, California and opening a de novo clinic in Austin, TexasHired nine new clinicians, ending the second quarter of 2022 with 93 clinicians, representing a 33% growth compared to Q2 2021 Second Quarter 2022 Financial Highlights Consolidated revenue of $61 million, up 22.2% from $50 million for the prior year quarterGross profit of $11 million, an increase of 2.3% compared to the prior year quarterNet loss of $5 million compared to net income of $3 million for the prior year quarterBasic and diluted earnings per share of $(0.06) per share compared to $0.05 per share for the prior year quarterAdjusted EBITDA of $(7) million compared to $0.3 million for the prior year quarterCash and cash equivalents of $64 million as of June 30, 2022 Management Commentary Brad Hively, CEO of TOI commented, “We had a strong second quarter, driven by continued growth in our legacy markets as well as expansion into new markets. In the second quarter of 2022, we increased our revenue 22.2% over the prior year, and 10.4% sequentially compared to Q1 2022. We continue to see significant interest from providers to join TOI’s value-based oncology care model which reinforces our confidence in our growth trajectory. In May, we successfully completed the acquisition of Women's Cancer Care which expanded our footprint north into Fresno, California. We also expanded into our 13th market with a de novo clinic in Austin, Texas.\" \"I am also excited to announce that we completed a $110 million strategic investment from Deerfield Management Company, L.P. through secured senior convertible notes. The convertible notes bear interest at 4% per annum and mature on August 9, 2027 and are convertible into shares of the Company’s common stock. The notes have an initial conversion price of $8.567 representing an approximate premium of 30% ...