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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.
Revenue by Segment
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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