The Oncology Institute, Inc. (NASDAQ:TOI) Q1 2024 Earnings Conference Call May 14, 2024 5:00 PM ET
Company Participants
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's First Quarter 2024 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 Mihir Shah, Chief Financial Officer at TOI. Thank you. You may begin.
Mihir Shah
The press release announcing The Oncology Institute's results for the first quarter of 2024 are available at the Investors section of 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 included within Company's press release for the first quarter 2024. 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 further discussions of risks related to our business, see our filings with SEC. This call will also discuss non-GAAP financial measures, such as adjusted EBITDA. A reconciliation of this 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. Following our prepared remarks, we will open the call for your questions. With that, I will turn the call over to Dan.
Dan Virnich
Thank you Mihir. Good afternoon everyone and thank you for joining our first quarter call. In Q1 2024, our revenue grew 24% compared to Q1 2023, driven by an astounding 64% increase in oral drug revenue in the same period. The first quarter of 2024 saw TOI hit some significant milestones related to growth with seven new capitation and value-based contracts signed across three states, our highest number ever in a quarter.
Full-year capitation revenue related to our seven contracts signed in Q1, is estimated to be in the range of $16 million and includes expansion of our risk business in both medical and radiation oncology. We’re expecting termination of one legacy capitation contract in California in Q3 which we believe will be offset by better than expected, new capitation contract starts and continued growth in our oral drug business.