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American Oncology Network Inc. (AONC+3.00%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $1.76 billion for the year, a 37.5% increase from the previous year's $1.28 billion. This growth was primarily driven by a 21.4% increase in patient encounters and a 13.5% rise in revenue per encounter.
Cost of revenue for the year was $1.64 billion, representing 93.3% of total revenue, compared to 93.5% in the previous year. The increase in cost was largely due to higher drug costs and increased patient encounters.
General and administrative expenses rose to $133.9 million, a 33.0% increase from the prior year, as the company expanded its operations.
Transaction expenses decreased significantly to $1.3 million from $31.2 million, reflecting reduced costs associated with the Business Combination completed in 2023.
The company reported a net loss of $27.0 million for the year, compared to a net loss of $63.2 million in the previous year. The decrease in net loss was attributed to increased revenue and reduced transaction expenses.
Interest expense for the year was $7.1 million, a 10.0% increase from the previous year, due to higher debt balances.
Cash and cash equivalents at the end of the year were $62.8 million, with $9.8 million in short-term marketable securities. The company also reported $19.7 million available under its PNC Loan Facility.
The company completed acquisitions of oncology practices in Georgia and Hawaii, expanding its network to 37 practices across 20 states and the District of Columbia.
American Oncology Network Inc. continues to focus on expanding its physician-led, community-based oncology management model to improve patient care and operational efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Oncology Network Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.