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American Oncology Network, Inc. (NASDAQ: AONC) is a pioneering oncology platform that offers a physician-led, community-based oncology management service. Founded in 2018, AONC's mission is to preserve and enhance community oncology by providing physicians with the tools and support needed to navigate the complex healthcare landscape, ultimately improving the quality of patient care. As of December 31, 2023, the network includes more than 240 providers operating across 21 states.
In the fiscal year 2023, AONC reported a staggering revenue of $1,279.2 million, marking an 11.3% increase compared to the previous year. This growth was primarily driven by a 7.9% increase in patient encounters, emphasizing the network's expanding reach and impact. The fourth quarter of 2023 alone saw revenues of $324.2 million, a 7.9% year-over-year growth, largely due to a 9.5% rise in patient encounters.
AONC has made significant investments aimed at future-proofing its services. In the fourth quarter of 2023, the company transitioned to a new enterprise revenue cycle platform, mitigating disruptions caused by the Change Healthcare outage, which affected many healthcare providers. This strategic move underscores AONC’s commitment to maintaining operational robustness and offering reliable services to its clients.
One of the company's notable recent achievements is the launch of Meaningful Insights Biotech Analytics (MiBA), a healthcare technology startup that uses data analytics to improve cancer care. This venture, in collaboration with Ascend Technologies Group, exemplifies AONC’s dedication to leveraging technology for better patient outcomes.
Additionally, AONC has been actively expanding its network. In 2024, the company welcomed Hawaii Cancer Care and Central Georgia Cancer Care to its alliance, further broadening its geographical footprint and enhancing access to community-based oncology care.
Financially, AONC remains strong with total liquidity of $105.3 million as of December 31, 2023. This includes cash and cash equivalents of $28.5 million and short-term marketable securities of $35.4 million, which equips the company to continue its growth trajectory and investments in innovative healthcare solutions.
Despite some challenges, including a net loss of $63.2 million for fiscal year 2023 due to non-recurring charges and transaction expenses, AONC is well-positioned for future growth. The company's leadership expresses confidence in overcoming these hurdles, focusing on delivering value to shareholders and improving patient care.
For more information, investors can access the company's detailed financial results and live webcasts through AONC’s Investor Relations section on their website.
Florida Oncology and Hematology (FOH), a partner practice of American Oncology Network (AON), has announced the addition of Dr. Michele Ramirez to their physician team. Dr. Ramirez, a Board-certified medical oncologist and hematologist with over 20 years of experience, will be accepting patients at Naples Community Hospital Baker Hospital Downtown and Naples Community Hospital North Naples Hospital.
Dr. Ramirez earned her medical degree from Cornell University Medical College and completed her residency and fellowship at Case Western Reserve University. She joins FOH's team of eight medical oncologists and 10 advanced practice providers across five Florida locations. The practice offers comprehensive cancer care services including diagnosis, treatment, clinical trials, survivorship, and patient support, all conveniently located close to patients' homes.
MidAmerica Cancer Care (MACC) has joined American Oncology Network (AON), marking a significant expansion in community-based oncology services. MACC, established in 2019, serves the Kansas City metropolitan area and western Missouri with six Board-certified medical oncologists and 16 advanced practitioners.
The partnership aims to enhance MACC's service offerings, including expanded clinical trials and new market opportunities, while maintaining their patient-centered approach. MACC provides comprehensive cancer care services, including diagnostics, treatment, clinical trials, and survivorship programs, featuring private exam rooms and on-site infusion suites.
This collaboration aligns with AON's mission to expand access to high-quality cancer care in local communities and demonstrates their ability to work with both physician groups and hospital systems. The partnership will enable MACC to leverage AON's resources while continuing to deliver personalized cancer care in a community setting.
Florida Oncology and Hematology, a partner practice of American Oncology Network (AON), has relocated its Fort Myers clinic to 14551 Hope Center Loop. The new state-of-the-art facility features 12 exam rooms, nearly 30 infusion chairs, and an onsite lab.
The expanded clinic provides enhanced services including private exam rooms for patient-physician consultations, infusion services, in-house lab and pathology services, and an onsite specialty pharmacy for oral oncolytics. Board-certified medical oncologists Dr. Magali Van den Bergh, Dr. Venkata Parsa, and Dr. Shivtaj Mann are accepting patients at the new location.
The practice serves patients in Cape Coral, Clearwater, Fort Myers, Naples, and surrounding areas across five clinic locations, offering community-based, affordable cancer care in a comfortable environment with state-of-the-art treatments.
American Oncology Network (AON) has appointed Charlie Goddard as General Counsel. Goddard brings over 15 years of legal experience in healthcare law, corporate governance, and compliance, with expertise in fraud and abuse prevention, data privacy, cyber security, dispute resolution, and high-stakes commercial transactions.
Prior to joining AON, Goddard worked at an AmLaw 100 firm and served as general counsel for a leading orthopedic surgery group. He is a graduate of Florida State University College of Law and is licensed to practice in Florida state courts and the U.S. District Court for the Middle District of Florida.
AON's CEO Todd Schonherz and Chief Medical Officer Dr. Stephen Divers expressed confidence that Goddard's healthcare expertise will help navigate complexities while advancing strategic initiatives as the company continues its growth as one of the nation's fastest-growing community oncology networks.
Fort Wayne Medical Oncology and Hematology (FWMOH), established in 1977, has joined the American Oncology Network (AON), a rapidly growing network of community-based oncology practices.
This partnership will enable FWMOH to expand its patient-focused services and continue providing high-quality, compassionate care. Dr. Praveen Kollipara, president of FWMOH, highlighted that this collaboration comes at an exciting time as FWMOH has recently added leading gynecologic oncologists and expanded its presence in Peru and Warsaw.
FWMOH operates nine locations across northeastern Indiana with 16 Board-certified medical oncologists and two Board-certified gynecologic oncologists, Dr. Iwona Podzielinski and Dr. Scott Goodrich. Dr. Podzielinski emphasized that this partnership will strengthen their ability to offer cutting-edge treatments while maintaining a patient-centered approach.
FWMOH provides comprehensive cancer care services, including laboratory services, PET/CT imaging, oral and IV infusion treatments, clinical trials, survivorship programs, and patient support. The clinics feature private exam rooms and on-site infusion suites for patient comfort.
AON’s CEO, Todd Schonherz, and CMO, Stephen Fred Divers, MD, expressed their excitement about the partnership, noting the alignment with AON’s mission to expand access to high-quality, patient-first cancer care nationwide.
Cancer and Blood Specialists of Arizona (CBSA), a partner practice of American Oncology Network (AONC), announces the addition of Dr. Ronak Rakesh Shah to its physician care team at the Casa Grande clinic. Dr. Shah, a Board-certified medical oncologist and hematologist, brings expertise from his education at Michigan State University and fellowship training at Larkin Community Hospital.
CBSA's team now comprises two medical oncologists, a radiation oncologist, a general surgeon, and three advanced practice providers across two Arizona locations. The practice offers comprehensive cancer care services including diagnosis, treatment, clinical trials, survivorship, and patient support, all accessible locally to minimize patient travel.
American Oncology Network (AON) has partnered with Vantage Health Technologies to enhance cancer care delivery through an AI-enabled value-based care platform. The collaboration will initially implement Vantage's SocialHealth360 solution to improve patient navigation and address Social Determinants of Health (SDoH). The platform is expected to save healthcare professionals 5-8 hours weekly on administrative tasks, reduce provider burnout, and improve patient outcomes while lowering care costs. Future phases will focus on implementing AI solutions for value-based care use-cases.
Florida Oncology and Hematology, a partner practice of American Oncology Network (AON) (OTCQX: AONC), has opened a new location in Cape Coral, Florida. The clinic, located at 326 Del Prado Blvd, Suite 301, welcomes three board-certified medical oncologists: Dr. Magali Van den Bergh (Medical Director), Dr. Venkata Parsa, and Dr. Shivtaj Mann.
The new facility offers comprehensive cancer care services, including an on-site infusion room, in-house lab and pathology services, access to an in-house specialty pharmacy, and support with care coordination and financial counseling. This expansion marks Florida Oncology and Hematology's fifth location in Florida since August 2024, demonstrating the practice's commitment to providing community-based, patient-centered oncology care.
American Oncology Network (OTCQX: AONC), a rapidly expanding community-based oncology practice, has announced its plans to release second quarter 2024 financial results on Wednesday, August 14, 2024, before the market opens. The company will host a conference call and live webcast for investors at 8:30 a.m. Eastern Time on the same day.
To join the call, participants can dial 1-877-704-4453 (US) or 1-201-389-0920 (international) using the passcode 13748211. A replay will be available for one week, accessible by dialing 1-844-512-2921 (US) or 1-412-317-6671 (international) with the Access ID 13748211. The financial results and live webcast will also be available on the company's Investor Relations website at investors.aoncology.com.
American Oncology Network (AON) announced its transition from NASDAQ to the OTCQX Best Market, trading under the symbol AONC. The move aims to enhance transparency and convenience for U.S. investors, brokers, and institutions. CEO Todd Schonherz highlighted the benefits of OTCQX, including adherence to high financial standards and improved trading experiences. Shares and warrants began trading on June 10, 2024, with warrants being listed on OTCQB as AONCW. The company aims to expand its network of oncology practices, offering affordable cancer care nationwide. Financial disclosures and real-time quotes are available on otcmarkets.com.
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