The Oncology Institute(TOI) - 2024 Q4 - Annual Results

Financial Performance - Consolidated revenue for Q4 2024 was $100 million, an increase of 16.9% compared to Q4 2023[8] - Consolidated revenue for the year ended December 31, 2024 was $393 million, an increase of 21.3% compared to the prior year[13] - Total operating revenue for Q4 2024 was $100,267,000, an increase of 16.8% compared to $85,788,000 in Q4 2023[43] - Total operating revenue for the year ended December 31, 2024 was $393,412,000, a 21.4% increase from $324,239,000 in 2023[43] - For the fiscal year 2025, the company expects revenue between $460 million and $480 million[7] Cash Flow and Assets - Cash flow from operations in Q4 2024 was approximately $4.2 million, driven by disciplined working capital management[5] - Cash and cash equivalents increased to $49,669 in 2024 from $33,488 in 2023, marking a growth of 48.4%[42] - Cash and cash equivalents at the end of Q4 2024 were $49,669,000, compared to $33,488,000 at the end of Q4 2023, reflecting an increase of 48.3%[44] - The company reported a net cash provided by operating activities of $4,186,000 in Q4 2024, compared to cash used of $3,882,000 in Q4 2023[44] Expenses and Losses - Selling, general, and administrative expenses decreased 12% in Q4 2024 compared to the prior year period, totaling $25 million[5] - Adjusted EBITDA for Q4 2024 was $(7.8) million, a decrease of $1.6 million compared to Q4 2023[12] - Net loss for Q4 2024 was $13.2 million, a decrease of $5.6 million compared to Q4 2023[12] - Net loss for the three months ended December 31, 2024, was $13,182, a decrease of 29.7% from a net loss of $18,754 in 2023[29] - Adjusted EBITDA for the year ended December 31, 2024, was $(35,688), representing a decline of 38.3% compared to $(25,805) in 2023[35] - Operating expenses totaled $112,196,000 in Q4 2024, up from $101,076,000 in Q4 2023, an increase of 11.1%[43] Revenue Sources - Dispensary revenue increased 72.4% compared to Q4 2023, attributed to an increase in filled prescriptions and average revenue per prescription[9] - Dispensary revenue increased significantly to $47,587,000 in Q4 2024 from $27,607,000 in Q4 2023, representing a growth of 72.2%[43] - Patient services revenue decreased to $50,217,000 in Q4 2024 from $56,171,000 in Q4 2023, a decline of 10.4%[43] Assets and Liabilities - Total current assets decreased to $112,418 as of December 31, 2024, down from $143,493 in 2023, reflecting a reduction of 21.6%[42] - The total liabilities increased to $169,128 in 2024 from $152,215 in 2023, an increase of 11.1%[42] - The accumulated deficit grew to $(210,813) in 2024 from $(146,150) in 2023, indicating a deterioration of 44.2%[42] Operational Growth - The number of clinics increased to 86 in 2024 from 83 in 2023, indicating a growth of 3.6%[41] - Lives under value-based contracts rose to 1.9 million in 2024, up from 1.8 million in 2023, representing a growth of 5.6%[41] - The company launched six new contracts in Q3 and Q4 2024, covering over 250,000 lives, with value-based patient services increasing sequentially by over 15%[5] Shareholder Information - The weighted-average number of shares outstanding increased to 75,655,231 in Q4 2024 from 73,469,101 in Q4 2023[43] - Share-based compensation decreased by 36.4% to $11,152 in 2024 from $17,548 in 2023[35] Impairment Charges - The company incurred goodwill impairment charges of $16,867,000 in 2023, which were not present in 2024[43]