$TOI reports impressive FY2022 results, forecasts growth in 2023
Mar 9th 2023, 9:22 pm
Analyst Summary: The Oncology Institute reported strong financial results for Q4 and full year 2022, surpassing the top end of its revised 2022 guidance for Revenue, Gross Profit, and Adjusted EBITDA, and achieving its original guidance for Gross Profit, Adjusted EBITDA, and covered lives. Despite facing headwinds during the year, including certain Medi-Cal restrictions, and delays in acquired revenue, the company showcased impressive growth in patient services revenue and dispensary revenue. The company is optimistic about its outlook for FY2023, which assumes a largely reopened global market, while acknowledging potential unforeseen developments that may impact the business. TOI is changing the oncology landscape, by delivering advanced, highly specialized, value-based cancer care, and offers a population of approximately 1.7 million patients cutting-edge cancer care services. The company believes that Adjusted EBITDA provides an additional tool to assess operational performance and trends and plans to continue using it as a non-GAAP metric to enhance its financial performance assessments. The Oncology Institute expects to continue delivering highly specialized, value-based cancer care in the community setting with further expansion into new markets in 2023.