Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On January 2, 2025, the Company completed the acquisition of certain non-clinical and clinical assets of Fort Wayne Medical and Oncology and Hematology, Inc. from the Shareholders to expand its domestic reach related to its comprehensive oncology and practice management services. In conjunction with the acquisition, the Company entered into Physician Employment Agreements with the Shareholders. The purchase price for the transaction is $35.9 million, subject to customary closing adjustments. The purchase will be settled in $21.0 million of cash, a note to the seller with a principal amount of $7.2 million, and $7.7 million in restricted stock units expected to vest over three years. The acquisition is expected to be accounted for as a business combination using the acquisition method, and the results of the acquired business will be included in the Company’s results of operations from the acquisition date. Due to the proximity of the closing date to the filing of this report, the Company has not completed its valuation analysis and related calculations in sufficient detail necessary to arrive at the fair values of the net assets acquired, along with the determination of any goodwill to be recognized on the transaction.

On January 31, 2025, the Company entered into Fourth Amendment to Loan Agreement which extended the maturity date from June 30, 2026 to January 31, 2028. In addition to maturity extension, this amendment revised interest rate calculation to be based off of Secured Overnight Financing Rate “SOFR”. In connection with this amendment, Company paid additional debt issuance costs of $0.4 million which will be amortized over the revised remaining life of the Loan Facility. In addition, this amendment revised certain definitions such as EBITDA, Fixed Charges, Fixed Charge Coverage Ratio, and Maintenance Capital Expenditures.