The following is a summary of the The Oncology Institute, Inc. (TOI) Q4 2023 Earnings Call Transcript:
Financial Performance:
The Oncology Institute reported a year-over-year revenue growth of 20% for Q4 2023, and annual revenue growth of 28% for the entirety of 2023.
The annual revenue of $324 million for 2023 exceeded the company's guidance range by over $4 million.
The company reported Q4 2023 revenue of $85.8 million, which is a 20% increase compared to Q4 2022.
However, the Gross profit in Q4 2023 was $14.4 million, 8% lower than Q4 2022 due to increased fees.
Projections for 2024 indicate a predicted revenue growth between 23% and 28% over 2023, aiming for a range of $400 million to $415 million.
Business Progress:
The company partnered with MaxHealth in Florida to handle the cost of care risk and successfully began a capitation contract.
Three independent practices were signed under their MSO model, expanding their service offerings for value-based oncology services.
Expansion efforts saw the inclusion of a specialty pharmacy in California and a partnership with Carrum Health to create a prospective bundled payment model for breast cancer patients.
Six new full-risk contracts were signed in Q1 2024, and the company continues to explore new avenues to broaden their business and dominate the value-based oncology market.
More details: The Oncology Institute IR
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