The following is a summary of the American Oncology Network, Inc. (AONC) Q4 2023 Earnings Call Transcript:
Financial Performance:
American Oncology Network reported Q4 revenue increase of 7.9% to $324.2 million, primarily due to a 9.5% increase in patient encounters.
There was, however, a decrease in revenue per encounter of 1.8%, causing a $5.6 million decrease in patient revenues.
Cost of revenue also increased by $42 million to $315.6 million due to increased drug and supply costs.
Adjusted EBITDA declined by 38% from $8 million to $5 million due to higher drug costs.
The company saw the year out with a liquidity standing at $105.3 million.
Business Progress:
AON expanded its presence in markets such as Georgia and Arkansas and ventured into new strategic markets like Texas and Florida.
Fourteen new providers joined the AON platform, raising the number to 20 for the full year.
Implementation has begun on a new clinical trial management system and a new enterprise revenue cycle platform.
The company reported top-line revenues of $1.3 billion, representing a 13% increase and a 7.9% increase in patient visits year-on-year.
AON commemorated its fifth anniversary in September and is poised for a promising 2024.
More details: American Oncology Network IR
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