The Oncology Institute, Inc. (NASDAQ:TOI) Q2 2024 Earnings Conference Call August 13, 2024 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 Second 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 Mark Hueppelsheuser, General Counsel at TOI. Thank you and you may begin.
Mark Hueppelsheuser
The press release announcing The Oncology Institute’s results for the second quarter of 2024 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 included within the company’s press release for the second 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 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 second quarter call. I want to start, as always, by thanking TOI’s 126 providers and many teammates across our 73 clinics and corporate locations for another quarter of outstanding growth. The year is proving to be the most exciting in terms of growth in our history. Our services remain in high demand as payers struggle to maintain their margins in light of Medicare’s B-28 and increasing utilization trends.
As mentioned in last quarter’s call, we signed a record number of new capitation contracts in Q1, and that pace continues with an additional three capitated contracts signed in Q2, covering two states and including both medical and radiation oncology services. One of the new capitated contracts is in our Nevada market, and marks our second direct to health plan capitation deal, a significant milestone for us that sets the stage for additional expansion in this important state in 2025.