The Oncology Institute, Inc.

Good afternoon, and welcome to the Oncology Institute's third 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 Mark Hoppelhauser, General Counsel at TOI. Thank you. You may begin.

Before we get started, I would like to remind you of the company's Safe Harbor language. 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 and 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, Brad Hively, 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 Brad.

Thanks, Mark, and thank you to everyone joining the call today where we'll discuss our third quarter results. We're pleased with our overall results in Q3. As we continue to execute our growth strategy, we added five new clinics in the quarter, including the acquisition of Dr. Parikh's two Las Vegas clinics, the acquisition of the Fort Lauderdale, Florida practice of Broward Oncology Associates, and de novo openings in California and Texas. This growth expands TOI's network of over 100 specialty-trained physicians and advanced practice partners to 60 clinics across five states. Our unique model for oncology care is gaining traction in our expansion markets, signaling an increased need and desire for a more cost-effective solution like ours. We continue to experience a steady increase in referral volume from our gain share contracts in Florida and interest in expansion from current payer partners in California and in new markets. As mentioned, we recently opened our 14th market with our expansion into South Florida with the acquisition of Broward Oncology Associates and the announcement of a new de novo clinic and plantation opening in December. These two practices play a critical role in our strategy in Florida and will serve as the cornerstone of growth in this critical expansion market. In the coming months, we plan to expand in Broward and Dade counties with four additional clinics, all in advanced stages of planning. Our business development team has a robust pipeline of payer partners to accelerate growth in this market. The clinics in South Florida will offer comprehensive medical oncology services designed to expand access to state-of-the-art oncology care for area patients. I'll now provide some additional highlights on our progress this past quarter. First, TOI received a $110 million strategic investment from Deerfield Management on August 9, 2022, in the form of convertible notes. This investment enhances our ability to continue our aggressive growth trajectory. Second, TOI received the Agency for Healthcare Research and Quality Certification as an accredited patient safety organization. We're very proud of this certification as one of our key company tenants is creating a culture of safety where our teammates feel empowered to provide input to continue to elevate patient quality and care. Third, we're making good progress working through remediation of issues related to SOX compliance as we continue to strengthen our public company infrastructure and procedures. And fourth, we welcome several new leaders to TOI, including Christina Green as Vice President of Clinical Research and Philip Rager in the newly created Chief Information Officer role. Both Christina and Philip will play critical roles in our growth strategy as they lead our clinical trials business and IT strategy, respectively. Overall, we're pleased with the progress we've made over this past quarter, and we continue to be optimistic about the expansion opportunities for our unique model of care. While we're making important strides as we continue to expand, we have experienced slower than expected revenue growth, primarily related to delays and closing acquisitions. We are being disciplined about our M&A activity, and certain deals we had projected to close early in the third quarter did not close. As a result, we are updating our full year 2022 guidance, which Mihir will outline in more detail. To ensure that our cost structure remains aligned with our revenue growth, we are taking a multi-pronged approach to controlling costs, including reduction of vendor and contract spend and a difficult but necessary workforce reduction. These steps will allow TOI to remain a highly competitive industry leader as we will continue to invest in growth. We expect to become even stronger over time and capitalize on new opportunities to innovate for our patients in the overall U.S. healthcare system. Now I'll turn the call over to Mahir to provide additional detail on our third quarter financial results.