The Oncology Institute, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 08, 2023 at 04:44 pm EST
Share
The Oncology Institute, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 82.04 million compared to USD 64.98 million a year ago. Net loss was USD 17.42 million compared to USD 2.67 million a year ago. Basic loss per share from continuing operations was USD 0.19 compared to USD 0.03 a year ago. Diluted loss per share from continuing operations was USD 0.19 compared to USD 0.17 a year ago.
For the nine months, revenue was USD 238.45 million compared to USD 181.06 million a year ago. Net loss was USD 64.31 million compared to net income of USD 11.16 million a year ago. Basic loss per share from continuing operations was USD 0.71 compared to basic earnings per share from continuing operations of USD 0.12 a year ago. Diluted loss per share from continuing operations was USD 0.71 compared to USD 0.03 a year ago.
The Oncology Institute, Inc. is a value-based oncology company. The Company manages community-based oncology practices which serve patients at 83 clinic locations across 15 markets and five states throughout the United States. The Company's segment includes patient services, dispensary, and clinical trials & other. Its managed clinics provide a range of medical oncology services, including physician services, in-house infusion and dispensary, radiation, programs like outpatient blood product transfusions, along with 24/7 patient support. The Company, through TOI Clinical Research, LLC (TCR), provides and manages clinical trial services and research for the benefit of cancer patients. It also provides management services to 14 clinic locations owned by independent oncology practices. The Company and its affiliated providers have contractual relationships with payors serving a variety of patients, including Medicare Advantage (MA), Medicaid, and commercial patients.