Company Announcement - American Oncology Network (AON) has changed the release date of its first quarter 2024 financial results to May 20, 2024, prior to market open [1] - AON will host a conference call and live webcast for the investment community on May 21, 2024, at 8:30 a.m. Eastern Time [1] Financial Reporting - AON intends to file a Form 12b-25 with the Securities and Exchange Commission to request an automatic extension for filing its quarterly report on Form 10-Q [2] Company Overview - AON is an alliance of physicians and healthcare leaders focused on the long-term success of community oncology, founded in 2018 [3] - The network includes over 240 providers across 21 states, promoting innovative healthcare solutions through a physician-led model [3] - AON aims to improve patient outcomes while reducing costs and expanding access to quality care, with a commitment to health equity in cancer care [3]

Company Leadership Change - American Oncology Network (AON) announced that Dave Gould will step down as Chief Financial Officer effective May 17, 2024, to pursue other opportunities [1] - David Afshar has been appointed as the interim Chief Financial Officer effective May 20, 2024, and AON is in the process of finding a new CFO [1] Executive Experience - David Afshar brings over 25 years of experience in healthcare services, having served as CFO for companies with revenues ranging from $300 million to over $1.8 billion [2] - Afshar has experience in both private equity-backed and public company environments, with a strong understanding of stakeholder needs [2] Company Mission and Growth - AON's focus remains on providing best-in-class cancer care to patients in local communities, with confidence in its strategic plans and growth opportunities [3] - AON is committed to promoting health equity and addressing disparities in cancer care, ensuring all patients have access to necessary care [4] Company Overview - Founded in 2018, AON represents more than 240 providers across 21 states, pioneering innovative healthcare solutions through a physician-led model [4] - The company aims to improve patient outcomes while reducing costs and expanding access to quality care, equipping physicians with necessary tools and support [4]

Company Overview - American Oncology Network (AON) is a rapidly growing community-based oncology practice founded in 2018, representing over 240 providers across 21 states [3] - The company focuses on innovative healthcare solutions through a physician-led model, promoting value-based care to improve patient outcomes while reducing costs [3] - AON is committed to health equity, addressing disparities in cancer care, and ensuring all patients have access to necessary care for optimal health outcomes [3] Upcoming Financial Results - AON will release its first quarter 2024 financial results on May 15, 2024, prior to market open [1] - A conference call and live webcast for the investment community will take place at 8:30 a.m. Eastern Time on the same day [1] - The financial results and webcast will be accessible through the Investor Relations section of the company's website [2]

FORT MYERS, Fla., April 25, 2024 (GLOBE NEWSWIRE) -- American Oncology Network (AON) (NASDAQ:AONC), one of the nation's fastest-growing community oncology networks, today launched its American Oncology Cares Foundation through its partner practices Hematology Oncology of Indiana in Indianapolis and Hope Cancer Care of Nevada in Las Vegas.  Non-medical expenses such as rent or mortgage, utilities, transportation costs and food qualify under the Foundation's essential living expenses requirement. Grant recipi ...

Core Insights - Central Georgia Cancer Care has partnered with the American Oncology Network (AON) to enhance patient care and services by leveraging AON's resources and expertise [1][2][3] - The partnership aims to provide additional essential patient services, including in-house pathology services and enhanced specialty pharmacy for oral oncolytic medication [2][3] - AON supports independent medical practices like Central Georgia Cancer Care to ensure they can continue delivering critical cancer care locally and affordably [3][4] Company Overview - Central Georgia Cancer Care has been providing high-quality, compassionate care to cancer and blood disorder patients since 1977, with a focus on innovative and effective treatment options [5] - The practice is recognized for its commitment to clinical trial participation and has received multiple certifications for high-quality cancer care, including QOPI® Certification and ASCO's Patient-Centered Cancer Care Certification [5] - AON, founded in 2018, represents over 240 providers across 21 states and focuses on value-based care to improve patient outcomes while reducing costs [4][5]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-04321 American Oncology Network, Inc. (Exact name of registrant as specified in its charter) Delaware 85-3984427 (State or other jurisdiction of incorporation o ...

American Oncology Network, Inc. (OTCQX:AONC) Q4 2023 Earnings Conference Call March 28, 2024 8:30 AM ET Company Participants Dave Gould - Chief Financial Officer Todd Schonherz - Chief Executive Officer Conference Call Participants Bill Sutherland - Benchmark Company Operator Good morning, and welcome to American Oncology Network's Fourth Quarter and Full Year 2023 Earnings Conference Call. Today's call is being recorded and we have allocated one hour for prepared remarks and Q&A. At this time, I would like ...

[Executive Summary and Business Overview](index=1&type=section&id=Executive_Summary_Business_Overview) [Fiscal Year 2023 Highlights](index=1&type=section&id=Fiscal_Year_2023_Highlights) AON achieved significant FY2023 revenue growth from increased patient encounters, went public, and strategically invested in its operating platform Fiscal Year 2023 Financial Highlights | Metric | Value (2023) | Change vs 2022 | | :----- | :----------- | :------------- | | Revenue | $1,279.2 million | +11.3% | | Patient Encounters | | +7.9% | - The company successfully went public during the year and made significant investments in its industry-leading service platform, including transitioning to a new enterprise revenue cycle platform in Q4 2023[2](index=2&type=chunk) - The new revenue cycle platform enabled AON to successfully navigate the recent Change Healthcare disruption that impacted many other healthcare providers[2](index=2&type=chunk) [Fourth Quarter 2023 Highlights](index=1&type=section&id=Fourth_Quarter_2023_Highlights) Q4 2023 revenue grew from patient encounters, but net loss widened due to a non-recurring reserve, and Adjusted EBITDA declined from rising drug costs Fourth Quarter 2023 Financial Highlights | Metric | Value (Q4 2023) | Change vs Q4 2022 | | :----- | :-------------- | :---------------- | | Revenue | $324.2 million | +7.9% | | Patient Encounters | | +9.5% | | Net Loss before NCI | $(22.4) million | vs $1.4 million Net Income | | Adjusted EBITDA | $5.0 million | -$3.0 million (-37.5%) | - Revenue per patient decreased by **1.8%** in Q4 2023, primarily due to a **$20.7 million** non-recurring incremental accounts receivable reserve related to the transition from the old to the new billing system[3](index=3&type=chunk) - The decline in Q4 Adjusted EBITDA was primarily attributable to increased drug costs[4](index=4&type=chunk) [CEO Commentary](index=1&type=section&id=CEO_Commentary) CEO Todd Schonherz highlighted 2023's growth, including revenue and patient encounter increases, public listing, and strategic platform investments, emphasizing AON's national oncology platform status - The CEO highlighted significant growth across all aspects of the company's business, including **11.3% revenue growth** and **7.9% patient encounter growth**[2](index=2&type=chunk) - Strategic investment in the new enterprise revenue cycle platform in Q4 2023 not only prepared AON for the future but also enabled it to successfully navigate the Change Healthcare disruption[2](index=2&type=chunk) - AON believes it will be the preferred destination for community oncology practices seeking to grow their businesses as the only truly national oncology platform[2](index=2&type=chunk) [Detailed Financial Performance](index=1&type=section&id=Detailed_Financial_Performance) [Three-Month Periods Ended December 31 (Fourth Quarter)](index=1&type=section&id=Three_Month_Periods_Ended_December_31_Q4) AON's Q4 2023 revenue grew 7.9% from patient encounters, but a $20.7 million non-recurring reserve led to a $22.4 million net loss and decreased revenue per patient Q4 Revenue Performance | Metric | Q4 2023 (in thousands) | Q4 2022 (in thousands) | Change (in thousands) | % Change | | :---------------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Total Revenue | $324,182 | $300,398 | $23,784 | 7.9% | | Patient Service Revenue, net | $320,038 | $297,425 | $22,613 | 7.6% | | Other Revenue | $4,144 | $2,973 | $1,171 | 39.4% | - Q4 2023 revenue growth was primarily attributable to a **9.5%** increase in patient encounters, contributing **$28.4 million** in revenue growth, partially offset by a **$5.8 million** decrease in revenue per patient, stemming from a **1.8%** reduction in revenue per patient[3](index=3&type=chunk) - The decrease in revenue per patient was due to a **$20.7 million** non-recurring incremental accounts receivable reserve related to the transition from the old to the new billing system in Q4 2023[3](index=3&type=chunk) [Q4 Profitability Analysis](index=1&type=section&id=Q4_Profitability_Analysis) Q4 Profitability Metrics | Metric | Q4 2023 (in thousands) | Q4 2022 (in thousands) | Change (in thousands) | % Change | | :----------------------------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Net Income (Loss) before NCI | $(22,353) | $1,363 | $(23,716) | * | | Adjusted EBITDA | $5,013 | $8,038 | $(3,025) | (37.6%) | | Loss per share of Class A Common Stock (Basic) | $(0.76) | $0.00 | | | - The primary reason for the net loss in Q4 2023 was a **$20.7 million** incremental accounts receivable reserve related to accounts receivable from the old billing system[4](index=4&type=chunk) - The decline in Adjusted EBITDA was primarily due to increased drug costs[4](index=4&type=chunk) [Fiscal Years Ended December 31 (Full Year)](index=1&type=section&id=Fiscal_Years_Ended_December_31_Full_Year) AON's FY2023 revenue grew 11.3% to $1.2792 billion from patient encounters, but a $63.2 million net loss resulted from increased transaction expenses, non-recurring reserves, and non-cash adjustments Full Year Revenue Performance | Metric | FY 2023 (in thousands) | FY 2022 (in thousands) | Change (in thousands) | % Change | | :---------------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Total Revenue | $1,279,185 | $1,149,670 | $129,515 | 11.3% | | Patient Service Revenue, net | $1,265,719 | $1,137,932 | $127,787 | 11.2% | | Other Revenue | $13,466 | $11,738 | $1,728 | 14.7% | - Overall revenue growth was primarily attributable to a **7.9%** increase in patient encounters, contributing **$148.5 million** in revenue growth, partially offset by a decrease in revenue per patient, which stemmed from a **$20.7 million** incremental accounts receivable reserve[5](index=5&type=chunk) [Full Year Profitability Analysis](index=1&type=section&id=Full_Year_Profitability_Analysis) Full Year Profitability Metrics | Metric | FY 2023 (in thousands) | FY 2022 (in thousands) | Change (in thousands) | % Change | | :----------------------------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Net Income (Loss) before NCI | $(63,150) | $2,589 | $(65,739) | * | | Income (Loss) from Operations | $(49,154) | $5,566 | $(54,720) | * | | Adjusted EBITDA | $18,087 | $18,133 | $(46) | (0.3%) | | Loss per share of Class A Common Stock (Basic) | $(1.36) | $0.00 | | | - The year-over-year decrease in net income was primarily attributable to a **$27.9 million** increase in transaction expenses related to the company's business combination, a **$20.7 million** non-recurring incremental accounts receivable reserve related to old billing system receivables, a **$9.3 million** increase in non-cash valuation adjustments related to equity instruments classified as liabilities, and a **$4.9 million** increase in non-cash stock-based compensation expense[6](index=6&type=chunk)[7](index=7&type=chunk) [Liquidity, Cash Flow, and Debt](index=2&type=section&id=Liquidity_Cash_Flow_and_Debt) AON's total liquidity was $105.3 million as of December 31, 2023; FY2023 net cash used in operations was $18.1 million, including $31.2 million in transaction expenses Liquidity and Debt (as of December 31, 2023) | Metric | Value (in millions) | | :-------------------------------- | :------------------ | | Total Liquidity | $105.3 | | Cash and Cash Equivalents | $28.5 | | Short-term Marketable Securities | $35.4 | | Incremental Borrowing Capacity (PNC Loan) | $40.4 | | Incremental Borrowing Capacity (PNC Line of Credit) | $1.0 | | Outstanding under PNC Loan Facility | $81.3 | | PNC Line of Credit | Undrawn | - Net cash used in operating activities for fiscal year 2023 was **$18.1 million**, which included **$31.2 million** in transaction expenses related to the business combination[7](index=7&type=chunk) [Non-GAAP Financial Measures](index=2&type=section&id=Non_GAAP_Financial_Measures) [Definition and Rationale of Adjusted EBITDA](index=2&type=section&id=Definition_and_Rationale_of_Adjusted_EBITDA) Adjusted EBITDA, a non-GAAP measure, offers a clearer view of AONC's operating performance by excluding capital, financing, non-cash, and non-recurring expenses, supplementing GAAP results - Adjusted EBITDA is defined as net income before interest income, interest expense, income taxes, depreciation, and amortization, further adjusted for certain other non-cash expenses that may be recorded annually (such as stock-based compensation expense and non-cash valuation adjustments) and non-recurring expenses (such as revenue cycle transformation costs and business combination-related transaction costs)[9](index=9&type=chunk) - Management uses this metric to evaluate operating results, assess factors and trends affecting the business, and plan and budget for future periods, believing it provides a more comprehensive understanding of AONC's operating results when used in conjunction with GAAP results[8](index=8&type=chunk)[10](index=10&type=chunk) - Non-GAAP financial measures should be considered supplementary to, not a substitute for or superior to, GAAP results, with disclosures and reconciliations provided for investors' independent analysis[10](index=10&type=chunk) [Reconciliation of Net Income (Loss) to Adjusted EBITDA (Full Year)](index=6&type=section&id=Reconciliation_of_Net_Income_%28Loss%29_to_Adjusted_EBITDA_%28Full_Year%29) Full-year reconciliation shows Adjusted EBITDA stability despite a net income to net loss shift, highlighting non-cash and non-recurring item impacts Full Year Adjusted EBITDA Reconciliation (Selected Items) | Item | FY 2023 (in thousands) | FY 2022 (in thousands) | Change (in thousands) | | :----------------------------- | :--------------------- | :--------------------- | :-------------------- | | Net Income (Loss) | $(63,150) | $2,589 | $(65,739) | | Revenue cycle transformation (a) | $21,589 (approx) | $1,726 | $19,863 (approx) | | Non-cash valuation adjustments (b) | $9,249 | $0 | $9,249 | | Transaction expenses (c) | $27,959 | $3,277 | $24,682 | | Adjusted EBITDA | $18,087 | $18,133 | $(46) | - Revenue cycle transformation costs for fiscal year 2023 included approximately **$20.7 million** in incremental implied price concessions related to exiting the old billing system and approximately **$0.9 million** in duplicate billing system costs during the old system's decommissioning period[24](index=24&type=chunk) - Non-cash valuation adjustments primarily represent valuation adjustments related to equity instruments classified as liabilities[24](index=24&type=chunk) - Transaction expenses are costs associated with the business combination[24](index=24&type=chunk) [Reconciliation of Net Income (Loss) to Adjusted EBITDA (Fourth Quarter)](index=6&type=section&id=Reconciliation_of_Net_Income_%28Loss%29_to_Adjusted_EBITDA_%28Fourth_Quarter%29) Q4 reconciliation shows operational transformation costs, including non-recurring reserves, significantly impacted the shift from net income to a net loss; Adjusted EBITDA declined from increased drug costs Q4 Adjusted EBITDA Reconciliation (Selected Items) | Item | Q4 2023 (in thousands) | Q4 2022 (in thousands) | Change (in thousands) | | :----------------------------- | :--------------------- | :--------------------- | :-------------------- | | Net Income (Loss) | $(22,354) | $1,364 | $(23,718) | | Operational transformation | $21,589 | $317 | $21,272 | | Transaction expenses | $1,351 | $3,126 | $(1,775) | | Adjusted EBITDA | $5,013 | $8,038 | $(3,025) | - Operational transformation costs in Q4 2023 were **$21.6 million**, significantly higher than Q4 2022, reflecting the impact of the billing system transition[25](index=25&type=chunk) [Company Information](index=3&type=section&id=Company_Information) [Conference Call Details](index=3&type=section&id=Conference_Call_Details) American Oncology Network, Inc. held a conference call on March 28, 2024, to discuss Q4 2023 financial results, with live access, replay, and webcast details - The conference call was held on Thursday, March 28, 2024, at 8:30 AM Eastern Time[13](index=13&type=chunk) - A replay of the call is available via telephone and a live webcast on the investor relations website, investors.aconology.com[13](index=13&type=chunk) [About American Oncology Network, Inc.](index=3&type=section&id=About_American_Oncology_Network%2C%20Inc.) Founded in 2018, AONC is a physician-led, community-based oncology management platform supporting physicians and enhancing patient care; its network spans 86 locations in 19 states and D.C. with over 200 providers as of December 31, 2023 - Since its inception in 2018, AONC has offered an innovative physician-led, community-based oncology management model[14](index=14&type=chunk) - The company's purpose is to preserve and enhance community oncology by helping physicians navigate complex healthcare environments, providing them with an efficient platform to operate and grow independently, and most importantly, improving the quality of patient care delivered[14](index=14&type=chunk) AONC Network Statistics (as of December 31, 2023) | Metric | Value | | :---------------- | :---- | | Providers | >200 | | Locations | 86 | | States + D.C. | 19 | [Forward-Looking Statements](index=3&type=section&id=Forward_Looking_Statements) [Forward-Looking Statements Disclaimer](index=3&type=section&id=Forward_Looking_Statements_Disclaimer) This section contains standard forward-looking statements and disclaimers under the Private Securities Litigation Reform Act of 1995, cautioning readers about inherent risks and uncertainties, with no update obligation unless legally required - This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding American Oncology Network, Inc.'s financial condition, results of operations, profitability prospects, and outlook[15](index=15&type=chunk) - Forward-looking statements are based on current expectations and projections about future events and various assumptions, involving risks, uncertainties (many of which are beyond AON's control), or other assumptions that could cause actual results or performance to differ materially from those expressed or implied by these statements[15](index=15&type=chunk)[16](index=16&type=chunk) - AON cannot guarantee that it will actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements, and readers should not place undue reliance on AON's forward-looking statements, with AON undertaking no obligation to publicly update or revise any forward-looking statements unless required by law[15](index=15&type=chunk)[17](index=17&type=chunk)

FLORHAM PARK, N.J., Jan. 11, 2024 (GLOBE NEWSWIRE) -- Cellectar Biosciences, Inc. (NASDAQ:CLRB), a late-stage clinical biopharmaceutical company focused on the discovery, development and commercialization of targeted drugs for the treatment of cancer, announced today a partnership to advance the treatment of Waldenstrom's macroglobulinemia (WM) in the community setting with American Oncology Network (AON), a leading oncology platform with an innovative model of physician-led, community-based oncology manage ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-04321 American Oncology Network, Inc. (Exact name of registrant as specified in its charter) Delaware 85-3984427 (State or other jurisdiction of incorp ...