The following is a summary of the American Oncology Network, Inc. (AONC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• American Oncology Network reported Q1 2024 revenue of $364.3 million, up by 20% from $303.7 million for the last year's same period.

• Revenue increase was largely due to a 12.8% rise in revenue per encounter and a 6.2% increase in patient encounters.

• The company, however, witnessed a net loss before non-controlling interest of $24.9 million for Q1 2024 compared to $1.5 million for Q1 2023.

• Adjusted EBITDA for Q1 2024 came down by $2 million from the same period last year to reach $2 million.

• The company retained total liquidity of $132.7 million by the end of Q1 2024.

Business Progress:

• AON continued to execute growth plans and strategic priorities including two practice acquisitions in Q1 2024 and announcement of two more early Q2 2024.

• The company welcomed 17 new providers to the AON platform, making the total 40 year to date.

• AON expanded its presence in Texas and Maryland, and made strategic expansions in Hawaii and Georgia in April.

• In April, AON launched MiBA, a healthcare technology firm to service the pharmaceutical industry and optimize healthcare treatments.

• AON achieved best-in-class net promoter scores with 75% or more from physicians and team members and over 90% from patients.

• As of Q1 2024, AON partnered with over 240 providers spanning 21 states plus the District of Columbia.

• AON acknowledged the contributions of outgoing CFO David Gould and announced Dave Afshar as the Interim CFO.

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