Business
The Oncology Institute Reports Third Quarter 2024 Financial Results
CERRITOS, Calif., Nov. 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., Nov. 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 nine months ended September 30, 2024. Recent Operational Highlights Include 79.9% increase in Dispensary segment revenue compared to prior year quarterWelcomed Rob Carter, as our new Chief Financial Officer3 new capitation contracts signed across 2 states including both medical and radiation oncology services, which brings to 13 our 2024 newly signed capitation contractsStarted second capitation contract in Florida directly with a health plan partner, bringing total estimated Medicare Advantage lives to 27,000 in this stateAchieved certification to start radiopharmaceutical therapy in California, one of the few community-based centers to offer this outside of the hospital settingOpened first two clinics in Oregon, in Portland and Salem, aligned to first capitation contract start in this state6% reduction in SG&A expenses and revenue increase of 21.8% compared to prior year quarter Third Quarter 2024 Financial Highlights Consolidated revenue of $99.9 million, an increase of 21.8% from $82.0 million in the prior year quarterGross profit of $14.4 million, a decrease of 10.1% compared to the prior year quarter, and gross margin of 14.4%, a decrease from 19.5% in the prior year quarterNet loss of $16.1 million compared to net loss of $17.4 million for the prior year quarterBasic and diluted (loss) earnings per share of $(0.18) compared to $(0.19) for the prior year quarterAdjusted EBITDA of $(8.2) million compared to $(5.3) million for the prior year quarterCash and cash equivalents of $47.4 million as of September 30, 2024 Management Commentary Daniel Virnich, CEO of TOI, commented, \"We are pleased to report strong results for the third quarter of 2024, which reflect our continued focus on growth, operational efficiency, and delivering value to our customers and shareholders. During this period, we continued to break monthly fill records for our oral drug revenue. We recorded a revenue increase of 21.8% compared to prior year quarter, while further reducing SG&A. Our performance underscores the effectiveness of our strategy and the commitment of our team, particularly as we navigate a ...