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Mar 31, 2023
Oncology Institute Q1 2023 Earnings Report
Reported financial results with revenue increase and net loss.
Key Takeaways
The Oncology Institute (TOI) reported a strong start to 2023 with a 38.1% increase in consolidated revenue, reaching $76 million. However, the company experienced a net loss of $30.0 million, a significant decrease compared to the prior year's net income of $19.3 million, primarily due to a decrease in the change in fair value of earnout liabilities and a goodwill impairment charge.
Consolidated revenue increased by 38.1% to $76 million compared to Q1 2022.
Gross profit increased by 14.4% to $14 million, with a gross margin of 18.5%.
Net loss was $30.0 million, compared to a net income of $19.3 million in the prior year quarter.
Patient visits increased by 17% and oral drugs dispensed increased by 34% compared to Q1 2022.
Oncology Institute
Oncology Institute
Oncology Institute Revenue by Segment
Revenue by Segment
Patient Services Revenue
CapyFin.comDispensary Revenue
CapyFin.com Forward Guidance
TOI provided its outlook for fiscal year 2023, including revenue between $290 to $320 million, gross profit between $60 to $70 million, and Adjusted EBITDA between $(25) to $(28) million.
Positive Outlook
- Revenue between $290 to $320 million, representing approximately 15% to 27% growth over 2022 revenue
- Gross Profit $60 to $70 million
- Value-based lives 1.75 million to 2.0 million lives
- Signed a new value-based contract in California
- Signed our first value-based contract with total cost of care alignment with a primary care partner in Texas
Challenges Ahead
- Adjusted EBITDA $(25) to $(28) million
- Net loss for Q1 2023 was $30.0 million, a decrease of $49 million in income compared to Q1 2022
- Gross margin of 18.5%, a decrease from 22.3% the prior year quarter
- Adjusted EBITDA of $(7.9) million compared to $(5.2) million for the prior year quarter
- Basic and diluted (loss) earnings per share of $(0.33) and $(0.33), respectively, compared to $0.22 and $0.21, respectively, for the prior year quarter
Revenue & Expenses
Visualization of income flow from segment revenue to net income