The Oncology Institute, Inc.

Good afternoon and welcome to the Oncology Institute's fourth quarter and full year 2021 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 Scott Dalglish, Chief Financial Officer at the Oncology Institute. Thank you. You may begin your presentation.

Good afternoon, everyone, and thanks for joining us to discuss TOI's fourth quarter and full year 2021 results. Before we begin, we would like to remind you that this conference call will include forward-looking statements. These statements include our future expectations regarding financial results and guidance, market opportunities, and our growth. 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 this afternoon's press release, as well as our filings with the SEC. including our registration statement on Form S-1 that was filed with the SEC and the Form 10-K that will be filed, all of which can be found on our website at investors.theoncologyinstitute.com. We undertake no obligation to revise or update any forward-looking statements or information except as required by law. During our call today, we will also reference certain non-GAAP financial information, including adjusted EBITDA, free cash flow, and adjusted diluted EPS, or earnings per share. We use non-GAAP measures in some of our financial discussions as we believe they more accurately represent the true operational performance and underlying results of our business. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for or superior to the financial information prepared and presented in accordance with GAAP. Please note that our non-GAAP measures may be different from non-GAAP measures used by other companies. Reconciliations of GAAP to non-GAAP measures, as well as the description, limitations, and rationale for using each measure, can be found in this afternoon's press release and in our SEC filing. Joining me on the call today is our CEO, Brad Hively. Following our prepared remarks, we'll open up the call for your questions. With that, I'll turn the call over to Brad.

Thanks, Scott. Good afternoon, everyone, and thank you for joining us on our fourth quarter and full year 2021 earnings call, which marks our first earnings call as a public company. I am extremely proud of our team as we took the first step on this new and exciting journey in the public markets while continuing to deliver meaningful care to our patients and communities in 2021. We successfully completed our business combination with DFP Healthcare Acquisition Corporation in November. making us the first value-based specialty provider to go public. As a result of this transaction, $130 million were retained on TOI's balance sheet to fund growth initiatives, including de novo clinics and acquisitions, as we continue to expand our unique model of cancer care into new markets. Before I get into our growth strategy and our fourth quarter and full-year highlights, I want to take a moment to walk you through TOI's unique and disruptive value-based oncology care models. While a value-based approach to primary care is becoming more widely accepted, our healthcare system still struggles with how to manage the rising cost of specialty care. The $200 billion-plus oncology market, one of the most expensive and fastest-growing specialties, is a major contributor to the unsustainable cost of healthcare in this country. Misalignment between physicians and payers, complex and variable clinical pathways, and the high cost of cancer therapies are all notable industry challenges that TOI is reimagining and rebuilding. By replacing costly, inefficient fee-for-service cancer care models with a value-based care approach that aligns physicians and payers with incentives to simultaneously enhance quality and manage costs, TOI improves outcomes and patient satisfaction while reducing costs. DOI offers cutting-edge, evidence-based cancer care to a population of approximately 1.6 million patients, including clinical trials, stem cell transplants, transfusions, and other care delivery models traditionally associated with only the most advanced care delivery organizations. Since our founding in 2007, we have provided high-quality cancer care to more than 160,000 patients. now with more than 50 locations across California, Nevada, Arizona, and Florida, where we continue to have significant white space for growth. In the last year alone, we strategically grew in California and Florida, entering new markets in San Diego and Polk County, all of which we see as exciting markets for us to grow our model of cancer care. On a broader scale, we are also expanding into new geographies with plans to enter Texas in 2022. In conjunction with this growth, we have continued to build out the TOI team to lay the foundation for our continued success. As a public company, we look forward to bringing our proven model of individualized care plans, evidence-based medicine, and symptom management to more patients throughout the nation. Some highlights on our progress this past quarter and over the full year. We recently opened our 54th owned clinic in Lakeland, Florida. our sixth clinic in Florida, and 11th market for TOI. We acquired six oncology practices in 2021, closing four in the fourth quarter, including our first radiation oncology practice in Los Angeles, which is an exciting new service line for TOI. We achieved the 2021 year-end target of approximately 1.6 million lives under value-based contracts. Overall, we cared for 50,000 unique patients in 2021 and had over 230,000 patient visits at our own clinics. Overall, we are pleased with the progress we've made over the past year and are excited about our next phase of growth as a public company and our opportunity to serve more patients with our unique model of oncology care. We look forward to updating you on our progress on our next earnings call. Now, I'll turn the call over to Scott provide additional detail on our fourth quarter financial results.