Business
The Oncology Institute Reports Third Quarter 2022 Financial Results and Updates Full Year 2022 Guidance
CERRITOS, Calif., Nov. 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., Nov. 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 third quarter ended September 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 market count to 14 during the third quarter, including three acquisitions across California, Nevada and Florida and two de novo clinics in California and TexasEnded the third quarter with 100 clinicians, representing 27% growth compared to the third quarter of 2021Received AHRQ (Agency for Healthcare Research and Quality's) certification as an accredited Patient Safety OrganizationExpanded leadership team with appointments of Philip Reger in newly created Chief Information Officer role and Cristina Green as Vice President of Clinical Research Third Quarter 2022 Financial Highlights Consolidated revenue of $65 million, an increase of 24.3% from $52 million for the prior year quarterGross profit of $13 million, an increase of 13.8% compared to the prior year quarterNet loss of $2.7 million compared to net loss of $3.0 million for the prior year quarterBasic and diluted earnings per share of $(0.03) and $(0.17) compared to $(0.05) and $(0.05) for the prior year quarterAdjusted EBITDA of $(7) million compared to $0.1 million for the prior year quarterCash and cash equivalents of $61 million as of September 30, 2022 Management Commentary Brad Hively, CEO of TOI, commented, “We delivered another quarter of strong double-digit growth as demand for our services remained robust. We continued our expansion into new markets through a combination of acquisitions and de novo clinics in California, Florida, Texas and Nevada. As our organization expands, we continue to strengthen our leadership team. In the third quarter, we added two seasoned executives overseeing our enterprise-wide technology and data initiatives as well as our clinical research strategy. We are also pleased to have recently completed an important $110 million strategic investment from Deerfield to continue executing our growth strategy. We remain confident in our ability to continue to expand our value-based care model and deliver affordable...