Business
The Oncology Institute Reports Third Quarter 2023 Financial Results and Reaffirms Full Year 2023 Guidance
CERRITOS, Calif., Nov. 08, 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., Nov. 08, 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 three and nine months ended September 30, 2023 and reaffirmed its full year 2023 guidance. Recent Operational Highlights: Opened our 70th clinic and added 5 physicians bringing our total provider count to 112We are live on Ambience, a tool that utilizes AI technology to further maximize productivity, drive optimal charge capture, and allow for more capacityWelcomed Jeremy Castle as our new Chief Operating OfficerSigned full-risk capitated contract in South Florida, effective January 1, 2024 Third Quarter 2023 Financial Highlights Consolidated revenue of $82 million, an increase of 26% compared to the prior year quarterGross profit of $16 million, an increase of 23% compared to the prior year quarter, and gross margin of 19.5%, a decrease from 20.0% the prior year quarterNet loss of $17.4 million compared to net loss of $2.7 million for the prior year quarterBasic and diluted (loss) earnings per share of $(0.19) and $(0.19), respectively, compared to $(0.03) and $(0.17), respectively, for the prior year quarterAdjusted EBITDA of $(5.3) million compared to $(6.7) million for the prior year quarterCash, cash equivalents, and investments of $87.4 million as of September 30, 2023 Management Commentary Daniel Virnich, CEO of TOI, commented, \"I am very pleased with our performance in the third 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.\" Reaffirmed Outlook for Fiscal Year 2023 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 for forward-looking information provided under Regulation S-K, TOI is not reasonably able to provide a quantitative reconciliation of Adjusted EBITDA to net (loss) income, the...