The Oncology Institute, Inc. (NASDAQ:TOI) Q3 2022 Earnings Conference Call November 9, 2022 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

Operator

Good afternoon, and welcome to The Oncology Institute's Third Quarter 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

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 the call today, where we'll discuss our third quarter results. We're pleased with our overall results in Q3 as we continue to execute our growth strategy. We added five new clinics in the quarter, including the acquisition of Dr. Parikh's two Las Vegas clinics, the acquisition of the Fort Lauderdale, Florida practice, Broward Oncology Associates and de novo openings in California and Texas. This growth expands TOI's network of over 100 specialty trained physicians, advanced practice partners to 60 clinics across 5 states.

Our unique model for oncology care is gaining traction in our expansion markets, signaling an increased need and desire for a more cost-effective solution like ours. We continue to experience a steady increase in referral volume from our gain share contracts in Florida and interest and expansion from current payer partners in California and in new markets.

As mentioned, we recently opened our 14th market with our expansion into South Florida, with the acquisition of Broward Oncology Associates and the announcement of a new de novo clinic in Plantation opening in December. These two practices play a critical role in our strategy in Florida and will serve as the cornerstone of growth in this critical expansion market. In the coming months, we plan to expand in Broward and Dade counties with four additional clinics, all in advanced stages of planning.