Business
The Oncology Institute Reports Second Quarter 2024 Financial Results and Updates Full Year 2024 Guidance
CERRITOS, Calif., Aug. 13, 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., Aug. 13, 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 and six months ended June 30, 2024 and updated its full year 2024 guidance. Recent Operational Highlights Include 76% increase in Dispensary segment revenue compared to prior year quarter3 new capitation contracts signed across 2 states including both medical and radiation oncology services, which brings our new 2024 newly signed capitation contracts to 10Exploring strategic alternatives to maximize shareholder value Second Quarter 2024 Financial Highlights Consolidated revenue of $99 million, an increase of 22.9% from $80 million compared to the prior year quarterGross profit of $13 million, a decrease of 13.9% compared to the prior year quarter, and gross margin of 13.2%, a decrease from 18.8% in the prior year quarterNet loss of $15.5 million compared to net loss of $16.9 million for the prior year quarterBasic and diluted (loss) earnings per share of $(0.17) and $(0.17), respectively, compared to $(0.19) and $(0.19), respectively, for the prior year quarterAdjusted EBITDA of $(8.7) million compared to $(6.9) million for the prior year quarterCash, cash equivalents, and marketable securities of $46.4 million as of June 30, 2024 Management Commentary Daniel Virnich, CEO of TOI, commented, \"I am very pleased with our performance in the second quarter of 2024, as we delivered strong growth in revenue, while further reducing SG&A. Our Oral drug revenue has seen tremendous growth as we continue to break monthly fill records. While we are disappointed by the recent pressured performance, we feel the worst is behind us. Looking forward to the remainder of the year, 2023 DIR run-out is substantially complete, IV margins in Q3 are improving and with most of the capitated contracts signed in the first half of the year going live in Q3, we expect significant improvement in our net loss and in our adjusted EBITDA in the second half of the year.\" 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 p...