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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.
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.
American Oncology Network (AON) (Nasdaq: AONC) has appointed David Afshar as Chief Financial and Operating Officer. Afshar brings over 25 years of experience in healthcare services, focusing on high-growth environments. His expertise spans M&A, capital markets, and IPOs. CEO Todd Schonherz and CMO Stephen 'Fred' Divers welcomed Afshar, highlighting his potential to drive AON's financial and operational strategies. Afshar aims to enhance accessibility and affordability in cancer care, leveraging his collaborative approach. Previously, Afshar served as CFO for U.S. Heart and Vascular, Aveanna Healthcare, and ApolloMD.
American Oncology Network (AON) announced its decision to delist its Class A common stock and warrants from Nasdaq, effective around June 7, 2024. This decision, recommended by a Special Committee of independent directors, aims to address issues such as the lack of research coverage, an inactive trading market, and high regulatory costs associated with Nasdaq listing. AON will file Form 25 with the SEC on or about May 31, 2024. The company plans to transition its securities to trading on the OTC Markets Group. CEO Todd Schonherz highlighted AON's financial health, boasting over $100 million in cash and a 42% revenue CAGR over the past five years.
American Oncology Network (NASDAQ: AONC) reported a 20% revenue increase in Q1 2024, reaching $364.3 million, driven by a 7.1% rise in patient encounters. They added 17 new providers and expanded into Texas and Maryland.
The company faced a net loss of $24.9 million, up from $1.5 million in Q1 2023, due to increased costs, including $13.3 million in equity-based compensation.
Adjusted EBITDA decreased to $2.0 million from $4.1 million year-over-year. Liquidity stood at $132.7 million, aided by a $48.3 million deferral in drug payments.
American Oncology Network (Nasdaq: AONC) announced a change in the release date for its first quarter 2024 financial results, now set for May 20, 2024, before the market opens. A conference call and live webcast will follow on May 21, 2024, at 8:30 a.m. ET. To join the call, dial 1-877-704-4453 (U.S.) or 1-201-389-0920 (international), with passcode 13746298. A replay will be available until May 28, 2024, by dialing 1-844-512-2921 (U.S.) or 1-412-317-6671 (international), using Access ID 13746298. Additionally, AONC plans to file a Form 12b-25 for an automatic extension on its Form 10-Q quarterly report filing.
American Oncology Network (AONC) announced that Dave Gould will step down as Chief Financial Officer, with David Afshar appointed as interim CFO. Afshar brings over 25 years of healthcare finance experience to the role, having worked in both private equity-backed and public company environments. AONC expressed gratitude to Gould for his contributions and emphasized their commitment to providing top-notch cancer care.
American Oncology Network (AONC) will release its first quarter 2024 financial results on May 15, 2024, followed by a conference call and webcast at 8:30 a.m. Eastern Time. Investors can access the call through specific phone numbers and a passcode, with a replay available later. The financial results and webcast will be accessible on the Investor Relations section of the Company's website.
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