The Oncology Institute, Inc. (TOI) reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $99.9 million for the three months ended September 30, 2024, marking a 21.8% increase from $82.0 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $293.1 million, up 22.9% from $238.5 million year-over-year. This growth was primarily driven by a substantial increase in dispensary revenue, which rose 79.9% to $48.2 million for the quarter, compared to $26.8 million in 2023. However, patient services revenue decreased by 7.0% to $49.8 million, attributed to fluctuations in membership and contract losses.
Operating expenses for the third quarter totaled $113.8 million, an increase of 18.5% from $96.0 million in the prior year. Despite this rise, the operating loss slightly improved to $(13.9) million from $(13.9) million in 2023. The net loss for the quarter was $(16.1) million, a 7.5% improvement from $(17.4) million in the same period last year. For the nine-month period, the net loss decreased to $(51.5) million from $(64.3) million in 2023.
As of September 30, 2024, TOI reported cash and cash equivalents of $47.4 million, up from $27.5 million a year earlier. The company’s total assets decreased to $179.2 million from $209.2 million at the end of 2023, while total liabilities increased to $163.7 million from $152.2 million. The accumulated deficit also widened to $(197.6) million from $(146.2) million.
Strategically, TOI has signed 13 new capitation contracts year-to-date, including new agreements in Florida and Oregon, which are expected to enhance revenue stability. The company is also preparing to launch a new therapeutic service by December 2024, aiming to expand its service offerings. Additionally, TOI has achieved certification to begin radio-pharmaceutical therapy in California, which is anticipated to drive growth in its radiation oncology segment.
The company continues to face challenges, including compliance with Nasdaq listing standards, as its stock has traded below the required minimum bid price. TOI has until December 17, 2024, to regain compliance, with the potential for a reverse stock split if necessary. Overall, TOI's financial performance reflects a mix of growth in certain areas and ongoing operational challenges.
About Oncology Institute, Inc.
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