The Oncology Institute, Inc.

Good afternoon and welcome to the Oncology Institute's fourth quarter and year-end 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 Huppelhauser, General Counsel at TOI. Thank you. You may begin.

The press release announcing the Oncology Institute's results for the fourth quarter and year end 2022 are available at the investor 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. 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, 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 us today. I'll start with a review of our 2022 performance, and then Mihir will provide more detail around our 2022 financial results. We'll then touch on 2023. 2022 was our first full year as a public company. I'm pleased with the progress we made driving our growth strategy with contributions from both organic and acquired growth. Despite facing certain headwinds during the year, including Medi-Cal preventing us from dispensing oral prescriptions to a portion of our California patients, a tight labor market, and delays in acquired revenue, we surpassed the top end of our revised 2022 guidance for revenue, gross profit, and adjusted EBITDA, and achieved our revised guidance for covered lives. We also achieved our original guidance for gross profit, adjusted EBITDA, and covered lives. We ended the year strong, achieving record revenue in the fourth quarter, adding two new clinics, including the ACWA hire of a clinic in Chino, California, and a de novo opening in South Florida. This growth expands TLI's network of 101 specialty trained physicians and advanced practice providers to 62 clinics across five states. And annually, this growth represents a 17% increase in the number of clinics and providers. As mentioned on our third quarter call, we recently opened our 15th market with our expansion into South Florida through the acquisition of two practices, Broward Oncology Associates and Hematology Oncology Associates of Miami. We also announced a new de novo clinic in Plantation, Florida, which opened in December. Finally, we are pleased to announce the addition of ChenMed to our GainShare partners in Florida. Our partnership with these groups helps to advance our goal of bringing value-based oncology care to Florida. I'll now provide some additional highlights from 2022. We completed a $110 million strategic investment from Deerfield Management Company through secured senior convertible notes on August 9, 2022. We ended 2022 with $132 million in cash, cash equivalents, and investments. We increased our market count to 15 at year end from 10 the prior year, including new markets in California, Florida, and Texas. We remediated two of the previously disclosed material weaknesses surrounding controls over review of revenue and segregation of duties within the financial closing reporting process. For the remaining one material weakness, management has developed and continues to execute a remediation plan to address the previously disclosed material weakness around treatment of complex accounting transactions. We earned the AHRQ, the Agency for Healthcare Research and Quality certification as an accredited patient safety organization. We generated over 1.7 million in savings to patients through our dispensary copay assistance program. We added three new gainshare contracts in Florida. We grew capitated membership by over 100,000 lives, and we completed six practice acquisitions. Now I'll turn the call over to Mahir to provide additional detail on our fourth quarter and full year financial results.