Q1 2024 Oncology Institute Inc Earnings Call Transcript
Key Points
- Revenue grew 24% compared to Q1 2023, with a significant 64% increase in oral drug revenue.
- Signed seven new capitation and value-based contracts across three states, the highest number in a quarter, potentially adding $16 million in full-year capitation revenue.
- Record prescription sales and revenues through medically integrated dispensaries and pharmacy, with over 4,500 sales generating over $39 million in revenue in Q1.
- Successful expansion with the opening of two new clinics in South Florida and entry into the Oregon market planned for Q4.
- Strong leadership additions, including a new Chief Development Officer with a robust track record in value-based care.
- Experienced margin compression on both Part B and D drugs due to changes in direct and indirect remuneration fees.
- Operating losses were above expectation for Q1 due to drug margin compression.
- Gross profit decreased by 16.8% compared to Q4 2023, attributed to lower IV and oral drug reimbursement.
- Net loss for Q1 2024 was $19.9 million, although it was an improvement from Q1 2023.
- Cash and cash equivalents decreased by $17 million from Q4 2023 due to operating losses and challenges in collections.
Good afternoon, and welcome to the oncology Institute's First Quarter 2024 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 to turn the conference over to Mihir Shaw, Chief Financial Officer at Tiwai. Thank you.
You may begin the press release announcing the oncology institute results for the first quarter of 2024 are available at the Investors section of company's website, the oncology institute.com. A replay of this call will also be available at the company's website after the conclusion of this call.
Before we get started, I would like to remind you of the Company's Safe Harbor language included within the Company's press release for the first quarter 2020 call management may make forward-looking statements, including guidance and underlying assumptions. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ
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