The Oncology Institute, Inc. (NASDAQ:TOI) Q4 2022 Earnings Conference Call March 9, 2023 5:00 PM ET

Company Participants

Mark Hueppelsheuser - General Counsel

Brad Hively - Chief Executive Officer

Mihir Shah - Chief Financial Officer

Conference Call Participants

Brian Tanquilut - Jefferies

Sandy Draper - Guggenheim

Gary Taylor - Cowen & Company

Operator

Good afternoon, and welcome to The Oncology Institute's Fourth Quarter and Year-End 2022 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'd like to turn the conference over to Mark Hueppelsheuser, General Counsel at TOI. Thank you. You may begin.

Mark Hueppelsheuser

The press release announcing The Oncology Institute's results for the fourth quarter and year-end 2022 are available at the Investors section of the company's website, theoncologyinstitute.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. 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 materially. For a further discussion of risks related to our business, see our filings with the SEC.

This call will also discuss non-GAAP financial measures, such as adjusted EBITDA. A reconciliation of these non-GAAP measures to the most comparable GAAP measures are included in the earnings release furnished to the SEC and available on our website.

Joining me on the call today is our CEO, Brad Hively; and our CFO, Mihir Shah. Following our prepared remarks, we'll open the call for your questions.

With that, I'll turn the call over to Brad.

Brad Hively

Thanks, Mark and thank you to everyone, joining us today. I'll start with a review of our 2022 performance and then Mihir will provide more detail around our 2022 financial results. We'll then touch on 2023.

2022 was our first full year as a public company. I'm pleased with the progress we made driving our growth strategy, with contributions from both organic and acquired growth. Despite facing certain headwinds during the year, including Medi-Cal preventing us from dispensing oral prescriptions to a portion of our California patients, a tight labor market and delays in acquired revenue, we surpassed the top end of our revised 2022 guidance for revenue, gross profit, and adjusted EBITDA, and achieved our revised guidance for covered lives. We also achieved our original guidance for gross profit, adjusted EBITDA, and covered lives.