The American Oncology Network, Inc. (AONC) - a network focused on providing local access to cancer care through numerous community oncology practices - announced a growth in its fourth-quarter revenue this past Thursday. This rise was attributed to a surge of 9.5 percent in patient encounters, culminating in a revenue increase of $28.4 million.
During the last quarter, the company tallied a net loss of $3.749 million, equivalent to $0.76 per share, specifically for class A shareholders. There were no profits or losses recorded during the same timeframe last year by the network.
The total comprehensive loss reported for class A shareholders was around $3.688 million. The net loss, before any non-controlling interest was taken into account, was estimated at $22.353 million. This is a stark difference from the profit of $1.363 million posted the previous year.
The network recorded an operating loss of $20.612 million, contrasting with a profit of $3.258 million in 2022. Eliminating certain factors, the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $5 million - a decline from the previous year's $8 million, largely resulting from escalated drug costs.
The company's overall costs and expenses saw a spike, increasing from last year's $297.140 million to $344.794 million. Meanwhile, revenue elevated to $324.182 million from $300.398 million last year.
Patient service revenue also saw a commendable uptick, improving from the prior year's $297.425 million to $320.038 million.
