Tue, May 14, 8:23 PM (73 days ago)
The Oncology Institute, Inc. (TOI) reported financial results for the quarter ended March 31, 2024. The company experienced a 24.2% increase in total operating revenue, rising to $94.7 million from $76.2 million in the same period in 2023. This growth was driven by a significant 63.7% increase in dispensary revenue and a 50.9% increase in clinical trials and other revenue, while patient services revenue grew modestly by 4.3%. Operating expenses also rose, primarily due to higher direct costs for patient services and dispensary operations, which increased by 15.6% and 71.4%, respectively. The company did not record any goodwill impairment charges this quarter, unlike the $16.9 million charge in Q1 2023. Despite these improvements, TOI reported a net loss of $19.9 million, a reduction from the $30.0 million net loss in the prior year, attributed to higher interest expenses and changes in fair value of liabilities. Adjusted EBITDA showed a decline, recording a loss of $10.9 million compared to a loss of $7.4 million in Q1 2023. The company’s cash and cash equivalents stood at $36.1 million, with an additional $29.8 million in marketable securities. TOI expects to continue incurring operating losses in the near term as it invests in business expansion and public company costs.