The Oncology Institute, Inc.

Good afternoon and welcome to the Oncology Institute's first quarter 2022 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 Mahir Shah, Chief Financial Officer at TOI. Thank you. You may begin.

Good afternoon, everyone, and thanks for joining us to discuss TOI's first quarter 2022 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 are subject to various risks, uncertainties, and assumptions that could cause our actual results to differ materially from these statements. This risk, uncertainties, and assumptions are detailed in this afternoon's press release, as well as our filings with SEC, including our registration statement on Form S-1 that was filed with SEC and the Form 10-Q, all of which can be found on our website at investors.theoncologyinstitute.com. We undertake no obligations 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. 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 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 of using each measures can be found in this afternoon's press release and our SEC filing. Joining me on the call today is our CEO, Brad Hively. Following our prepared remarks, we will open the call for your questions. With that, I will turn the call over to Brad.

Thanks, Mihir, and welcome to the team. Mihir joined TOI on April 1st and brings more than 18 years of healthcare experience from both the payer and the provider side. To support our growth and expansion, We continue to enhance our leadership team in the first quarter. In March, we announced two promotions, Dr. Daniel Burnick to the president role and Dr. Matt Miller to the chief operating officer role. We also hired our senior vice president of compliance, Karim Shah. During the past quarter, TOI has made significant progress in addressing the rapidly rising cost of oncology care by executing on our growth strategy. To that end, we recently announced results from our participation in CMS's Oncology Care Model Program, or OCM. Since the start of that program in 2016, TOI has driven savings for Medicare of $9.5 million, exceeding our target savings by $5.3 million. In the most recent OCM performance period, TOI saw savings of close to $4,000 per patient episode. In addition to meaningful cost savings, TOI demonstrated above-average quality performance based on its aggregate score. I'm very proud of our results in this program as it speaks directly to TOI's track record of achieving better outcomes for patients at lower costs. TOI continues to support the advancement of oncology payment design and care delivery, and we believe we're leading the way for the adoption of value-based models of oncology care nationally. Our success in building a new model for oncology care is also gaining traction in our expansion markets. We recently announced an exciting new partnership with MaxHealth in Tampa Bay, Florida. Starting March 1st, we entered into a value-based contract with MaxHealth to provide medical oncology care to patients in Pinellas and Hillsborough counties. This contract will be our third gainshare relationship in Florida. And in this contract, TOI and MaxHealth will share in the savings generated for patients we treat. MaxHealth is a leader in primary care delivery with a strong reputation for providing outstanding care coordination and services for the patients in the counties they serve. We believe our oncology model aligns exceptionally well with their approach to patient care, and we're excited to grow this relationship into new markets over time. Another exciting development we wanted to highlight was our expansion into the Fresno market in Central California. TOI recently acquired Women's Cancer Care in Fresno, a highly regarded breast and gynecological cancer practice founded by Dr. Christopher Perkins more than 20 years ago. Fresno marks our 12th market and offers continued opportunity to expand our care delivery model into new communities. Some other highlights on our progress this past quarter include that we opened our sixth Florida clinic in Lakeland, Florida. We opened a de novo clinic in Culver City, California, our 22nd clinic in the Los Angeles market, and our first in West Los Angeles, allowing us to expand our model further into this important region. We also consolidated and renovated our Riverside location, adding more exam rooms and infusion space. After acquiring the radiation oncology practice of Dr. Dave in the fourth quarter, we've been working to expand that location, allowing us to serve more patients in the Long Beach area. We also added a new radiation oncology medical director, demonstrating our investment in this new service line. Finally, we continue to grow our clinical team, adding five new clinicians in the first quarter of 2022. Overall, we're pleased with the progress we've made over this past quarter, and we continue to be optimistic about the expansion of 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 back over to Mahir to provide additional detail on our first quarter financial results.