Fourth Quarter 2024 Financial Highlights
Consolidated revenue of $100 million, an increase of 16.9% compared to the prior year quarter
Gross profit of $15 million, an increase of 1.8% compared to the prior year quarter
Net loss of $13.2 million compared to net loss of $18.8 million for the prior year quarter
Basic and diluted loss per share of $(0.14) and $(0.14), respectively, compared to $(0.21) and $(0.21) for the prior year quarter
Adjusted EBITDA of $(7.8) million compared to $(6.3) million for the prior year quarter
Cash, cash equivalents, and investments of $50 million as of December 31, 2024
(“TOI” or the “Company”), one of the largest value-based community oncology groups in the United States, today reported financial results for its fourth quarter and year ended December 31, 2024.
Recent Operational Highlights
Cash flow from operations in Q4 2024 was approximately $4.2 million, due to disciplined working capital management that saw improvements across receivables, inventory, and payables.
Selling, general, and administrative expenses decreased 12% in Q4 2024 as compared to the prior year period, as a result of our ongoing efforts to streamline operations, improve efficiency, and optimize our overhead resourcing.
Entered into a new agreement with our primary drug supplier, improving discounts across the board, including volume based discounts, which optimize our cost positioning as we work towards our revenue growth targets.
Launched six new contracts across the third and fourth quarter totaling over 250,000 lives. Value-based patient services increased sequentially by over 15% from Q3 2024, with further revenue upside anticipated as these contracts mature.
Achieved a record quarter of revenue for the pharmaceutical dispensary revenue, which has continued to see increased attachment to clinic visits overall, including from our retail pharmacy in California, which has now lapped a full year of operation after its introduction in the fourth quarter of 2023. The maturation of this pharmacy will lead to a more normalized level of growth in the dispensary business going forward, which we expect to continue to be a key contributor to TOI's future growth.
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