The Oncology Institute, Inc. (NASDAQ:TOI) Q3 2023 Earnings Conference Call November 8, 2023 5:00 PM ET
Company Participants
Mark Hueppelsheuser - General Counsel
Dan Virnich - Chief Executive Officer
Mihir Shah - Chief Financial Officer
Conference Call Participants
Jack Slevin - Jefferies
Operator
Good afternoon, and welcome to The Oncology Institute Third Quarter 2023 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 would 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 third quarter 2023 are available at the investors section of the company's website, theoncologyinstitute.com. A replay of this call will also be available on 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. 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, Dan Virnich; 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 Dan.
Dan Virnich
Thank you, Mark. Good afternoon everyone and thank you for joining our third quarter call. I'm excited by the progress made this quarter and want to begin again by thanking our clinical staff and teammates for their remarkable contributions to furthering community-based oncology care for our patients every day and driving efficiency and innovation in our clinical model. Their collective performance has resulted in another impressive quarter of financial growth.
Starting with the top line, I'm very pleased to report that in the quarter, we achieved 26% revenue growth compared to Q3 of 2022, supported by strong demand for our services. Importantly, our organic growth rate was 20% and our same-store sales growth was 17%.
Our performance in the quarter demonstrates our ability to execute our strategy as we significantly grew the top line while improving profitability. Gross profit has improved sequentially since we announced the headwind around IV drug margins in Q1 2023. Adjusted EBITDA improved $1.4 million compared to Q3 2022.