The Oncology Institute, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
March 26, 2024
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The Oncology Institute, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported revenue was USD 85.79 million compared to USD 71.42 million a year ago. Net loss was USD 18.75 million compared to USD 11.01 million a year ago. Basic loss per share from continuing operations was USD 0.21 compared to USD 0.12 a year ago. Diluted loss per share from continuing operations was USD 0.21 compared to USD 0.16 a year ago.
For the full year, revenue was USD 324.24 million compared to USD 252.48 million a year ago. Net loss was USD 83.07 million compared to net income of USD 0.152 million a year ago. Basic loss per share from continuing operations was USD 0.92. Diluted loss per share from continuing operations was USD 0.92 compared to USD 0.21 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.