Wed, Nov 13, 9:22 PM (237 days ago)
American Oncology Network, Inc. (AON) reported significant financial developments in its quarterly report for the period ending September 30, 2024. Total revenue surged to $470,279,000, a 39.8% increase from $336,305,000 in the same period last year, primarily driven by a 25.2% rise in patient encounters. Patient service revenue reached $465,474,000, up 40.1%. Operating expenses increased by 29.9% to $468,678,000, with cost of revenue rising due to higher drug and medical supply costs. The net loss for the quarter was $1,069,000, compared to a loss of $1,792,000 in Q3 2023. Adjusted EBITDA improved to $9,257,000, indicating a positive trend in operational performance. Cash flow from operations showed a negative $16,869,000, reflecting ongoing investments in growth. Future uncertainties include the impact of Hurricanes Helene and Milton, which disrupted operations at multiple locations. The company is actively assessing these impacts but does not anticipate material long-term effects. Additionally, AON secured $51 million in equity financing to support its growth strategy, indicating a strong liquidity position despite operational challenges.