The Oncology Institute, Inc. (TOI) Q3 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 13 2025
0mins
Should l Buy TOI?
Source: SeekingAlpha
Revenue Third quarter revenue of $137 million increased 23% compared to a year ago, driven by 42% growth in the Pharmacy business and 13% year-over-year growth in the fee-for-service business.
Adjusted EBITDA Adjusted EBITDA loss of $3.5 million in Q3 represents a $4.7 million improvement compared to the same quarter last year.
Capitated Revenue Capitated revenue increased 38.9% year-over-year, contributing to patient services revenue growth.
Pharmacy Revenue Pharmacy revenue was $75.9 million, representing 55.6% of total revenue and increased 57.4% year-over-year due to higher prescription volumes and greater pharmacy attachment within the network.
Gross Profit Gross profit was $18.9 million for the quarter compared to $14.4 million in the third quarter of 2024. Normalized for a $1.8 million reserve adjustment, gross profit would have been $20.7 million.
SG&A Expenses SG&A expenses (excluding depreciation and amortization) were $25.3 million or 18.5% of revenue, down from 26.7% of revenue a year ago, reflecting cost discipline and technology efficiencies.
Cash Flow from Operations Cash flow from operations was negative $27.8 million, improving 9.5% from the prior year, reflecting investments in drug inventory and working capital to support scaling dispensing activity.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy TOI?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on TOI
Wall Street analysts forecast TOI stock price to rise
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 2.960
Low
5.00
Averages
6.67
High
8.00
Current: 2.960
Low
5.00
Averages
6.67
High
8.00
About TOI
The Oncology Institute, Inc. is a value-based oncology company. The Company manages community-based oncology practices which serve patients at approximately 86 clinic locations across 16 markets and five states throughout the United States. The Company's segment includes patient services, dispensary, and clinical trials & other. Its managed clinics provide a range of medical oncology services, including physician services, in-house infusion, radiation, and programs like outpatient blood product transfusions, along with 24/7 patient support. The Company, through TOI Clinical Research, LLC (TCR), provides and manages clinical trial services and research for the benefit of cancer patients. The Company also provides management services to over 14 clinic locations owned by independent oncology practices. The Company and its affiliated providers have contractual relationships with payors serving a variety of patients, including Medicare Advantage (MA), Medicaid, and commercial patients.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Oncology Institute Reports First Profitable Quarter and Strong Growth in 2025
- First Profitability Milestone: The Oncology Institute (TOI) achieved positive adjusted EBITDA in Q4 2025, marking its first profitable quarter as a public company, with expectations to maintain positive EBITDA in 2026, showcasing the sustainability and profitability of its business model.
- Significant Revenue Growth: In 2025, TOI's total revenue increased approximately 28% year-over-year, surpassing $500 million for the first time, primarily driven by the initiation of nine new capitated contracts, adding 260,000 patients and further solidifying its market position.
- Strong Pharmacy Performance: TOI's pharmacy revenue grew by 49.6% in 2025, reaching $269 million, contributing nearly $50 million in gross profit, reflecting its importance in the integrated care model and the rising market demand.
- Strategic Expansion and Leadership Enhancement: TOI strengthened its leadership team in 2025 with the addition of a Chief Clinical Officer and Chief Administrative Officer, expected to drive further market expansion and growth strategy, particularly in the capitated model in Florida for greater success.
See More
The Oncology Institute Reports Significant Revenue Growth in 2025 Financial Results
- Significant Revenue Growth: In Q4 2025, The Oncology Institute reported revenue of $142 million, a 41.6% increase from $100.3 million in Q4 2024, indicating strong market demand for its healthcare services and enhancing financial stability.
- Gross Profit Improvement: The company's gross profit rose 55.2% to $22.7 million in Q4, compared to $15 million a year earlier, reflecting improved operational efficiency and cost control capabilities.
- Narrowed Net Loss: The net loss for Q4 2025 was reduced to $7.5 million, or $0.06 per share, down from $13.2 million and $0.14 per share in the prior year, demonstrating positive progress in profitability.
- Optimistic Future Outlook: The Oncology Institute expects 2026 revenue between $630 million and $650 million, with gross profit projected between $97 million and $107 million, as management reaffirms its goal of achieving positive full-year Adjusted EBITDA in 2026, indicating substantial growth potential ahead.
See More
The Oncology Institute Reports Strong Q4 Results, Shares Surge
- Earnings Beat: The Oncology Institute reported a Q4 loss of 6 cents per share, outperforming the analyst consensus estimate of a 9-cent loss, indicating improvements in cost management and operational efficiency, which boosts market confidence in its future profitability.
- Sales Growth: The company achieved quarterly sales of $141.957 million, exceeding the analyst consensus of $139.775 million, reflecting positive progress in market demand and product promotion, thereby strengthening its market position in oncology treatment.
- Stock Surge: Shares of The Oncology Institute jumped 14.7% to $3.01 in pre-market trading, demonstrating a positive investor reaction to the financial results, which may attract more investor interest in its future developments.
- Increased Market Confidence: The better-than-expected performance not only enhances investor confidence but may also prompt analysts to reassess the company's long-term growth potential, potentially influencing future stock price movements and market performance.
See More
The Oncology Institute Reports First Profitable Quarter in Q4 2025
- Profitability Milestone: The Oncology Institute (TOI) achieved its first profitable quarter from adjusted EBITDA in Q4 2025, marking a significant financial turnaround as a public company, with expectations for positive adjusted EBITDA throughout 2026 indicating improved financial health.
- Patient Management Expansion: TOI signed nine new capitated contracts in 2025, adding approximately 260,000 patient lives under management across California, Florida, and Nevada, which is expected to drive future revenue growth and strengthen its market position.
- Strong Revenue Growth: Total revenue for Q4 reached $142 million, a 41.6% year-over-year increase, with pharmacy revenue soaring by 71.1% to $81.4 million, reflecting robust performance in patient services and pharmacy operations, enhancing competitive advantage in the market.
- Strategic Investment and Innovation: TOI plans to launch a proprietary network portal in Q2 2026 to improve patient engagement and pharmacy adoption, while ramping up its partnership with Elevance, anticipating over 80% growth in capitated revenue for 2026, laying a foundation for sustainable future growth.
See More
Oncology Institute Reports Narrowed Q4 Loss
- Financial Overview: The Oncology Institute (TOI) reported a Q4 loss of $0.06 per diluted share late Thursday, indicating a narrowing of losses compared to previous quarters, which suggests some progress in cost control and operational efficiency.
- Market Reaction: Despite the reduced losses, market reactions may remain cautious as investors will focus on the company's future profitability and growth potential, particularly in the highly competitive oncology treatment sector.
- Strategic Adjustments: The company may need to further optimize its R&D spending and market strategies to address industry challenges and enhance its market share, especially in new drug development and clinical trials.
- Future Outlook: With increasing demand for innovative therapies in the industry, the Oncology Institute must establish a clear growth strategy to attract investors and achieve sustainable development.
See More
The Oncology Institute to Release 2025 Financial Results
- Earnings Release Date: The Oncology Institute will announce its fourth quarter and full year 2025 financial results on March 12, 2026, reflecting the company's ongoing commitment to value-based community oncology care.
- Conference Call Details: Following the earnings release, a conference call will be held at 5:00 p.m. Eastern Time, allowing investors to dial in at 1-877-407-0789, thereby enhancing communication between the company and its investors.
- Replay Availability: A replay of the conference call will be accessible two hours after its conclusion by dialing 1-844-512-2921, ensuring that investors who cannot attend live can still receive critical information.
- Webcast Option: Investors can also listen to a simultaneous webcast of the conference call via the Investor Relations section of the company's website, further improving information transparency and investor engagement.
See More
Oncology Institute Reports First Profitable Quarter and Strong Growth in 2025
- First Profitability Milestone: The Oncology Institute (TOI) achieved positive adjusted EBITDA in Q4 2025, marking its first profitable quarter as a public company, with expectations to maintain positive EBITDA in 2026, showcasing the sustainability and profitability of its business model.
- Significant Revenue Growth: In 2025, TOI's total revenue increased approximately 28% year-over-year, surpassing $500 million for the first time, primarily driven by the initiation of nine new capitated contracts, adding 260,000 patients and further solidifying its market position.
- Strong Pharmacy Performance: TOI's pharmacy revenue grew by 49.6% in 2025, reaching $269 million, contributing nearly $50 million in gross profit, reflecting its importance in the integrated care model and the rising market demand.
- Strategic Expansion and Leadership Enhancement: TOI strengthened its leadership team in 2025 with the addition of a Chief Clinical Officer and Chief Administrative Officer, expected to drive further market expansion and growth strategy, particularly in the capitated model in Florida for greater success.
See More
The Oncology Institute Reports Significant Revenue Growth in 2025 Financial Results
- Significant Revenue Growth: In Q4 2025, The Oncology Institute reported revenue of $142 million, a 41.6% increase from $100.3 million in Q4 2024, indicating strong market demand for its healthcare services and enhancing financial stability.
- Gross Profit Improvement: The company's gross profit rose 55.2% to $22.7 million in Q4, compared to $15 million a year earlier, reflecting improved operational efficiency and cost control capabilities.
- Narrowed Net Loss: The net loss for Q4 2025 was reduced to $7.5 million, or $0.06 per share, down from $13.2 million and $0.14 per share in the prior year, demonstrating positive progress in profitability.
- Optimistic Future Outlook: The Oncology Institute expects 2026 revenue between $630 million and $650 million, with gross profit projected between $97 million and $107 million, as management reaffirms its goal of achieving positive full-year Adjusted EBITDA in 2026, indicating substantial growth potential ahead.
See More
The Oncology Institute Reports Strong Q4 Results, Shares Surge
- Earnings Beat: The Oncology Institute reported a Q4 loss of 6 cents per share, outperforming the analyst consensus estimate of a 9-cent loss, indicating improvements in cost management and operational efficiency, which boosts market confidence in its future profitability.
- Sales Growth: The company achieved quarterly sales of $141.957 million, exceeding the analyst consensus of $139.775 million, reflecting positive progress in market demand and product promotion, thereby strengthening its market position in oncology treatment.
- Stock Surge: Shares of The Oncology Institute jumped 14.7% to $3.01 in pre-market trading, demonstrating a positive investor reaction to the financial results, which may attract more investor interest in its future developments.
- Increased Market Confidence: The better-than-expected performance not only enhances investor confidence but may also prompt analysts to reassess the company's long-term growth potential, potentially influencing future stock price movements and market performance.
See More
The Oncology Institute Reports First Profitable Quarter in Q4 2025
- Profitability Milestone: The Oncology Institute (TOI) achieved its first profitable quarter from adjusted EBITDA in Q4 2025, marking a significant financial turnaround as a public company, with expectations for positive adjusted EBITDA throughout 2026 indicating improved financial health.
- Patient Management Expansion: TOI signed nine new capitated contracts in 2025, adding approximately 260,000 patient lives under management across California, Florida, and Nevada, which is expected to drive future revenue growth and strengthen its market position.
- Strong Revenue Growth: Total revenue for Q4 reached $142 million, a 41.6% year-over-year increase, with pharmacy revenue soaring by 71.1% to $81.4 million, reflecting robust performance in patient services and pharmacy operations, enhancing competitive advantage in the market.
- Strategic Investment and Innovation: TOI plans to launch a proprietary network portal in Q2 2026 to improve patient engagement and pharmacy adoption, while ramping up its partnership with Elevance, anticipating over 80% growth in capitated revenue for 2026, laying a foundation for sustainable future growth.
See More
Oncology Institute Reports Narrowed Q4 Loss
- Financial Overview: The Oncology Institute (TOI) reported a Q4 loss of $0.06 per diluted share late Thursday, indicating a narrowing of losses compared to previous quarters, which suggests some progress in cost control and operational efficiency.
- Market Reaction: Despite the reduced losses, market reactions may remain cautious as investors will focus on the company's future profitability and growth potential, particularly in the highly competitive oncology treatment sector.
- Strategic Adjustments: The company may need to further optimize its R&D spending and market strategies to address industry challenges and enhance its market share, especially in new drug development and clinical trials.
- Future Outlook: With increasing demand for innovative therapies in the industry, the Oncology Institute must establish a clear growth strategy to attract investors and achieve sustainable development.
See More
The Oncology Institute to Release 2025 Financial Results
- Earnings Release Date: The Oncology Institute will announce its fourth quarter and full year 2025 financial results on March 12, 2026, reflecting the company's ongoing commitment to value-based community oncology care.
- Conference Call Details: Following the earnings release, a conference call will be held at 5:00 p.m. Eastern Time, allowing investors to dial in at 1-877-407-0789, thereby enhancing communication between the company and its investors.
- Replay Availability: A replay of the conference call will be accessible two hours after its conclusion by dialing 1-844-512-2921, ensuring that investors who cannot attend live can still receive critical information.
- Webcast Option: Investors can also listen to a simultaneous webcast of the conference call via the Investor Relations section of the company's website, further improving information transparency and investor engagement.
See More
