American Oncology Network Q4 Revenue Improves On Growth In Patient Encounters

(RTTNews) - American Oncology Network, Inc. (AONC), a network of community oncology practices to provide local access to cancer care, on Thursday reported a rise in revenue for the fourth-quarter, supported by increased patient encounters of 9.5 percent, driving a $28.4 million revenue improvement.

For three-month period, the company registered net loss attributable to class A shareholders of $3.749 million or $0.76 per share. The network hadn't recorded any profit or loss for the same period last year.

Total comprehensive loss attributable to class A shareholders stood at $3.688 million.

Net loss before non-controlling interest was $22.353 million, compared with profit of $1.363 million last year.

Loss before income taxes, equity loss in affiliate, and non-controlling interest stood at $22.275 million, versus a profit of $1.363 million.

The network recorded loss from operations of $20.612 million as against a profit of $3.258 million in 2022.

Excluding items, EBITDA was $5 million, lesser than last year's $8 million, primarily due to higher drug costs.

Total costs and expenses jumped to $344.794 million from $297.140 million a year ago.

Revenue was $324.182 million, up from last year's $300.398 million.

Patient service revenue improved to $320.038 million, from $297.425 million in the previous year.