American Oncology Network, Inc.

Good morning and welcome to the American Oncology Network'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'd like to turn the conference over to Dave Gold, Chief Financial Officer at AON. Thank you. You may begin.

Good morning, everyone, and thank you for joining us to discuss American Oncology Network's first quarter of 2024 results. Before we begin, we would like to remind you that this conference call may include forward-looking statements. These statements, which are subject to various risks, uncertainties, and assumptions, could cause our actual results to differ materially from these statements. These risks, uncertainties, and assumptions are detailed in yesterday's press release, as well as our filings with the SEC, which can be found on our website at investors.aoncology.com. We undertake no obligation to revise or update any forward-looking statements or or information, except as required by law. During our call today, we will also reference certain non-GAAP financial information, such as adjusted EBITDA, which is derived from the closest GAAP measure net income. We use these non-GAAP measures as we believe it supplements nearest GAAP measure, and we believe it is useful for our investors. This presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with GAAP. Reconciliations of GAAP to non-GAAP measures can be found in yesterday's press release and in our SEC filings. Joining me on the call today is our CEO, Todd Schoeners. Following our prepared remarks, we'll open the call for your questions.

Thank you, Dave. Good morning, everyone. Thank you for joining us on our first quarter 2024 earnings call. I'm pleased with our financial and operational performance as a momentum from the prior year has carried over into 2024. Diving in, we continue to make great progress executing our growth plan and strategic priorities with the completion of two practice acquisitions during the first quarter and the announcement of two additional practice acquisitions so far in the second quarter. In the first quarter, we added 17 new providers to the AM platform and a total of 40 year-to-date. Aon has a differentiated offering to physicians, providing operational autonomy, purchasing scale, integrated pharmacy and lab, centralized back office, robust tech platform, and aligned economic incentives. It is designed so that our practices and markets with a significant number of oncologists remain competitive, and our practices and markets with limited capacity can operate like larger practices and gain the benefit of scale. Consistent with our growth strategy, we expanded our presence during the quarter in our existing markets of Texas with the addition of Woodlands Cancer Institute and Maryland with the onboarding of Bay Hematology Oncology. In addition, in early April, we announced network growth with strategic expansions in Hawaii and Georgia. The practices that we acquired in the quarter have been able to immediately benefit from our integrated care platform that provides numerous novel advantages to patients and providers. Our key differentiators include our integrated in-house clinical services like specialty pharmacy and lab, as well as our centralized operations and technology platform, which drive better practice economics, reduce administrative burden, and allow physicians to focus on what is most important, delivering high-quality patient care. This straightforward but differentiated value proposition helps to fuel our M&A pipeline and support our longer-term growth strategy. Notably, on April 1st, we announced another key enhancement to our service offering with the launch of Meaningful Insights Biotech Analytics, or MEBA, an innovative healthcare technology company servicing the pharmaceutical industry and our network by optimizing and personalizing healthcare treatments. MEBA curates and applies advanced artificial intelligence technologies to extract meaningful insights, accelerating advances in cancer care and patient outcomes. I'm very excited about the opportunity and impact this platform will have in the oncology and broader healthcare space. And we see it as a way to further support and improve the utilization of our ancillary services and the expansion of our clinical platform. Lastly, I'd like to highlight our strong engagement scores across all of our stakeholders. As an organization, we demonstrated best-in-class net promoter scores of 75% or greater from our physicians, team members, and most impressively, over 90% from our patients. I'm extremely grateful to our team and all the great work they do to create the best outcomes for our patients every day. Since our founding, we've been disrupting the existing community oncology landscape in a cost-effective and scalable way by growing our integrated care platform. We demonstrated our highly successful strategy by growing the business from our inception in 2018 to almost $1.3 billion in 2023. Today, we partner with over 240 providers spanning 21 states plus the District of Columbia to ensure the delivery of high-quality, cutting-edge cancer care to patients across the United States. We are excited to continue our momentum in 2024, maximizing our growth, improving efficiencies, and continue to execute our robust pipeline of opportunities. Finally, I'd like to thank Dave for his contributions to Aon over the last several years. Dave has been instrumental in helping to set up strong finance functions and help us become a public company. As recently announced, Dave will step down from Aon this month with Dave Asher becoming our interim CFO. And with that, I'll turn the call over to Dave Gould to provide more financial detail on our first quarter results.