American Oncology Network Q1 revenue $364.3M (+20% YoY); net loss widens to $24.9M

Revenue was $364.3 million for the three-month period ended March 31, 2024, as compared to $303.7 million for the three-month period ended March 31, 2023, an increase of $60.6 million, or 20.0%. The overall increase was primarily attributable to increased patient encounters of 7.1% between the comparable periods, driving a $59.7 million increase in patient service revenue. This revenue growth was constrained in part by approximately $4.1 million of incremental implicit price concessions associated with accounts receivable in our legacy billing system as the Company transitioned its billing and collection efforts to a new billing system in the fourth quarter of 2023. For the three months ended March 31, 2024, cost of revenue increased $76.4 million, or 27.4%, which was primarily driven by higher drug and medical supply costs. Cost of revenue also includes equity-based compensation of $13.3 million for the quarter ended March 31, 2024, with no such costs incurred during the comparable ye