The Oncology Institute Reports Third Quarter 2025 Financial Results and Increases Full Year 2025 Guidance
The Oncology Institute (NASDAQ: TOI) reported Q3 2025 results and raised full‑year guidance on Nov 13, 2025. Consolidated revenue was $136.6M, up 36.7% year‑over‑year; gross profit was $18.9M, up 31.7%. Retail pharmacy set fill records, contributing $75.9M revenue and $12.8M gross profit in Q3. Net loss was $16.5M and basic/diluted loss per share was $0.14. Adjusted EBITDA improved to $(3.5)M in Q3; cash and cash equivalents were $27.7M at quarter end.
TOI updated 2025 guidance: revenue to $495–505M (from $460–480M) and Adjusted EBITDA to $(11)–$(13)M (from $(8)–$(17)M); Q4 Adjusted EBITDA is expected around $0–$2M. The company noted continued organic growth in Florida and Oregon and a new CAO hire for operations and AI enablement. A conference call and webcast were scheduled for Nov 13, 2025 at 5:00 p.m. ET.
Institute Oncologico (NASDAQ: TOI) ha riportato i risultati del terzo trimestre 2025 e ha alzato la guidance per l'intero anno il 13 novembre 2025. Entrate consolidate erano 136,6 milioni di dollari, in aumento del 36,7% anno su anno; utile lordo era di 18,9 milioni di dollari, in aumento del 31,7%. La farmacia al dettaglio ha registrato record di riempimenti, contribuendo 75,9 milioni di dollari di entrate e 12,8 milioni di utile lordo nel terzo trimestre. La perdita netta è stata di 16,5 milioni di dollari e la perdita base/diluente per azione è stata di 0,14 dollari. L'EBITDA rettificato è migliorato a (3,5) milioni nel terzo trimestre; le disponibilità liquide ammontavano a 27,7 milioni di dollari al termine del trimestre.
TOI ha aggiornato le previsioni per il 2025: ricavi a 495–505 milioni di dollari (da 460–480 milioni) e EBITDA rettificato a (11)–(13) milioni (da (8)–(17) milioni); si prevede un EBITDA rettificato nel quarto trimestre intorno a 0–2 milioni di dollari. L'azienda ha segnalato una crescita organica continua in Florida e Oregon e una nuova assunzione di CAO per le operazioni e l'abilitazione dell'AI. È in programma una conference call e webcast per il 13 novembre 2025 alle 17:00 ora locale ET.
Instituto Oncológico (NASDAQ: TOI) informó resultados del tercer trimestre de 2025 y elevó la guía para todo el año el 13 de noviembre de 2025. Ingresos consolidados fueron 136,6 millones de dólares, con un aumento del 36,7% interanual; beneficio bruto fue de 18,9 millones de dólares, un aumento del 31,7%. La cadena de farmacias minoristas registró récords de rellenado de pedidos, contribuyendo 75,9 millones de dólares de ingresos y 12,8 millones de beneficio bruto en el tercer trimestre. La pérdida neta fue de 16,5 millones y la pérdida por acción básica/diluida fue de 0,14 dólares. El EBITDA ajustado mejoró a (3,5) millones en el tercer trimestre; la caja y equivalentes de caja eran de 27,7 millones de dólares al cierre del trimestre.
TOI actualizó la guía para 2025: ingresos a 495–505 millones de dólares (frente a 460–480 millones) y EBITDA ajustado a (11)–(13) millones (frente a (8)–(17) millones); se espera que el EBITDA ajustado del cuarto trimestre esté alrededor de 0–2 millones de dólares. La empresa señaló crecimiento orgánico continuo en Florida y Oregon y una nueva contratación de un CAO para las operaciones y la habilitación de IA. Una conferencia telefónica y un webcast estaban previstos para el 13 de noviembre de 2025 a las 5:00 p.m. ET.
종양학 연구소(나스닥: TOI)는 2025년 3분기 실적을 발표하고 2025년 연간 가이던스를 2025년 11월 13일 상향-adjust했습니다. 통합 매출은 1억 3,660만 달러로 전년 대비 36.7% 증가; 총이익은 1,890만 달러로 31.7% 증가했습니다. 소매 약국은 기록적인 충전 건수를 기록했고 3분기에 7,590만 달러의 매출과 1,280만 달러의 총이익에 기여했습니다. 순손실은 1,650만 달러였고 기본/희석 주당손실은 0.14달러였습니다. 조정된 EBITDA는 3분기에 (350만 달러)로 개선되었고 분기 말 현금 및 현금성자산은 2770만 달러였습니다.
TOI는 2025년 가이던스를 업데이트했습니다: 매출 4.95–5.05억 달러(이전 4.60–4.80억 달러) 및 조정 EBITDA를 −11–−13 백만 달러로 상향 조정했습니다(이전 −8~−17백만 달러). 4분기 조정 EBITDA는 대략 0–2백만 달러로 예상됩니다. 회사는 플로리다와 오리건에서 지속적인 유기적 성장과 운영 및 AI 활성화를 위한 새로운 CAO 채용을 지적했습니다. 2025년 11월 13일 오후 5시 ET에 컨퍼런스 콜과 webcast가 예정되어 있습니다.
Institut d’Oncologie (NASDAQ: TOI) a annoncé les résultats du T3 2025 et a relevé les prévisions annuelles le 13 novembre 2025. Chiffre d’affaires consolidé de 136,6 M$, en hausse de 36,7% sur un an; bénéfice brut de 18,9 M$, en hausse de 31,7%. La pharmacie de détail a enregistré des records de remplissage, contribuant 75,9 M$ de chiffre d’affaires et 12,8 M$ de bénéfice brut au T3. La perte nette était de 16,5 M$ et la perte par action de base/diluée était de 0,14 $. L’EBITDA ajusté s’est amélioré à (3,5) M$ au T3; les liquidités et équivalents s’élevaient à 27,7 M$ à la fin du trimestre.
TOI a mis à jour ses prévisions 2025: chiffre d’affaires à 495–505 M$ (contre 460–480 M$) et EBITDA ajusté à −11–−13 M$ (contre −8 à −17 M$); le T4 EBITDA ajusté est attendu autour de 0–2 M$. L’entreprise a indiqué une croissance organique continue en Floride et en Oregon et une nouvelle embauche de CAO pour les opérations et la mise en œuvre de l’IA. Une conférence téléphonique et un webcast étaient prévus le 13 novembre 2025 à 17h00 CET.
Onkologie-Institut (NASDAQ: TOI) berichtete die Ergebnisse des dritten Quartals 2025 und hob die Jahresprognose am 13. November 2025 an. Konsolidierter Umsatz betrug 136,6 Mio. USD, eine Steigerung von 36,7% gegenüber dem Vorjahr; Bruttogewinn betrug 18,9 Mio. USD, eine Steigerung von 31,7%. Die Einzelhandelsapotheke verzeichnete Rekordzahlen bei Füllungen und trug im dritten Quartal 75,9 Mio. USD Umsatz und 12,8 Mio. USD Bruttogewinn bei. Der Nettogewinn betrug −16,5 Mio. USD und der einfache/verwässerte Gewinn pro Aktie betrug −0,14 USD. Der bereinigte EBITDA verbesserte sich im dritten Quartal auf −3,5 Mio. USD; Bargeld und Zahlungsmittel beliefen sich zum Quartalsende auf 27,7 Mio. USD.
TOI passte die Guidance für 2025 an: Umsatz auf 495–505 Mio. USD (von 460–480 Mio. USD) und bereinigtes EBITDA auf −11–−13 Mio. USD (von −8 bis −17 Mio. USD); für Q4 wird ein bereinigtes EBITDA von rund 0–2 Mio. USD erwartet. Das Unternehmen verzeichnet weiterhin organisches Wachstum in Florida und Oregon sowie eine neue CAO-Einstellung für Betrieb und KI-Umsetzung. Eine Telefonkonferenz und ein Webcast waren für den 13. November 2025 um 17:00 Uhr MEZ geplant.
معهد الأورنيوجي؟ المعهد التكنولوجي للأورام (NASDAQ: TOI) أبلغ عن نتائج الربع الثالث من 2025 ورفع التوجيه للسنة الكاملة في 13 نوفمبر 2025. الإيرادات المجمّعة بلغت 136.6 مليون دولار، بارتفاع 36.7% على أساس سنوي; هامش الربح الإجمالي بلغ 18.9 مليون دولار، بارتفاع 31.7%. سجلت صيدلية التجزئة أرقاماً قياسية في التعبئة، مساهمة بـ75.9 مليون دولار من الإيرادات و12.8 مليون دولار من الربح الإجمالي في الربع الثالث. صافي الخسارة كان 16.5 مليون دولار وكان الربح/الخسارة للسهم الأساسي/المُخفف 0.14 دولار. تحسن EBITDA المعدل إلى (3.5) مليون في الربع الثالث؛ بلغت النقدية والنقدية المعادلة 27.7 مليون دولار بنهاية الربع.
حدث TOI التوجيه لعام 2025: الإيرادات إلى 495–505 مليون دولار (مقابل 460–480 مليون دولار) وEBITDA المعدل إلى (11)–(13) مليون دولار (مقابل (8)–(17) مليون دولار)؛ من المتوقع أن يكون EBITDA المعدل للربع الرابع حوالي 0–2 مليون دولار. أشارت الشركة إلى نمو عضوي مستمر في فلوريدا وأوريغون وتعيين رئيس تنفيذي لشؤون العمليات وتفعيل الذكاء الاصطناعي. كانت هناك مكالمة مؤتمرات وبث ويب مقررين في 13 نوفمبر 2025 الساعة 5:00 مساءً بتوقيت شرق الولايات المتحدة.
- Consolidated revenue +36.7% to $136.6M in Q3 2025
- Gross profit +31.7% to $18.9M in Q3 2025
- Retail pharmacy: $75.9M revenue and $12.8M gross profit in Q3
- Adjusted EBITDA improved to $(3.5)M in Q3 2025
- Updated FY2025 revenue guidance to $495–$505M (raised)
- Net loss of $16.5M in Q3 2025
- Full‑year Adjusted EBITDA still negative at $(11)–$(13)M
- Projected Free Cash Flow negative range unchanged at $(12)–$(21)M
Insights
Q3 showed strong top-line growth and raised full-year revenue guidance; profitability trends improved but GAAP losses persist.
The Oncology Institute grew consolidated revenue to
Key dependencies and risks include the continued conversion of new delegated lives in Florida, sustained retail pharmacy volumes, and the items excluded from non-GAAP reconciliations (taxes, capital expenditures, acquisition-related costs, goodwill impairment, fair-value adjustments and other non-cash items). These exclusions create uncertainty about GAAP outcomes despite improved Adjusted EBITDA; note the company still reported a GAAP net loss of
Watch upcoming milestones: the company expects Q4 Adjusted EBITDA of approximately
CERRITOS, Calif., Nov. 13, 2025 (GLOBE NEWSWIRE) -- The Oncology Institute, Inc. (NASDAQ: TOI) (“TOI” or the “Company”), one of the largest value-based community oncology groups in the United States, today reported financial results for its three months ended September 30, 2025 and updated its full year 2025 guidance.
Recent Operational Highlights
- Fee-for-service revenue growth of
13% over Q3 2024, driven by continued organic growth performance in Florida and Oregon. - Retail Pharmacy and Dispensary set fill records, contributing
$75.9 million in revenue and$12.8 million in gross profit in Q3. - Signed several new in-network MSO providers in the Florida market and opened our new TOI pharmacy location in Florida.
- Welcomed Kristin England as our new Chief Administrative Officer overseeing our Enterprise Central Business Operations, Technology Strategy and AI Enablement.
Third Quarter 2025 Financial Highlights
All comparisons are to the quarter ended September 30, 2024 unless otherwise noted
- Consolidated revenue of
$136.6 million increased36.7% from$99.9 million - Gross profit of
$18.9 million , increased31.7% - Net loss of
$16.5 million compared to net loss of$16.1 million - Basic and diluted (loss) earnings per share of
$(0.14) compared to$(0.18) - Adjusted EBITDA of
$(3.5) million compared to$(8.2) million - Cash and cash equivalents of
$27.7 million as of September 30, 2025
Outlook for Fiscal Year 2025
TOI uses Adjusted EBITDA and Free Cash flow, each a non-GAAP metric, as an additional tool to assess its operational and financial performance. See "Financial Information: Non-GAAP Financial Measures" below. In reliance on the unreasonable efforts exception provided under Regulation S-K, TOI is not reasonably able to provide a quantitative reconciliation for forward-looking information of Adjusted EBITDA and Free Cash Flow to net (loss) income and net cash provided by operations, respectively, the most directly comparable GAAP financial measures, without unreasonable efforts due to uncertainties regarding taxes, capital expenditures, operating activities, share-based compensation, goodwill impairment charges, change in fair value of liabilities, unrealized (gains) losses on investments, practice acquisition-related costs, consulting and legal fees, transaction costs and other non-cash items. The variability of these items could have an unpredictable, and potentially significant, impact on TOI’s future GAAP financial results. The Company, given the revenue and profitability growth in the first three quarters, is updating its full year revenue and Adjusted EBITDA guidance as follows:
| 2025 Guidance - Previous | 2025 Guidance - Updated | |
| Revenue | ||
| Gross Profit | ||
| Adjusted EBITDA | ||
| Free Cash Flow |
Additionally, the Company expects Adjusted EBITDA of approximately
Management Commentary
Daniel Virnich, CEO of TOI, commented, "We had a solid third quarter across all lines of our business. Our Pharmacy business continues to set records, and our new delegated lives in Florida are ramping nicely with strong MLR performance. During the quarter, we made meaningful progress in leveraging AI to drive efficiencies in our operations and improve the patient experience. These were just some of the factors that allowed us to increase our full-year guidance and reaffirm our positive outlook for Q4 adjusted EBITDA. As a leader in oncology value-based care, it is important for us to not only raise the quality of care but also lower that cost of care. We believe we are well-positioned to achieve this goal, while simultaneously driving durable and sustainable growth."
Webcast and Conference Call
TOI will host a conference call on Thursday, November 13, 2025 at 5:00 p.m. (Eastern Time) to discuss third quarter results and management’s outlook for future financial and operational performance.
The conference call can be accessed live over the phone by dialing 1-877-407-0789, or for international callers, 1-201-689-8562. A replay will be available two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the live call and the replay is 13756737. The replay will be available until Thursday, November 20, 2025.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of TOI's website at https://investors.theoncologyinstitute.com.
About The Oncology Institute, Inc.
Founded in 2007, The Oncology Institute, Inc. (NASDAQ: TOI) is advancing oncology by delivering highly specialized, value-based cancer care in the community setting. TOI offers cutting-edge, evidence-based cancer care to a population of approximately 1.9 million patients including clinical trials, transfusions, and other care delivery models traditionally associated with the most advanced care delivery organizations. With over 180 employed and affiliate clinicians and over 100 clinics and affiliate locations of care across five states and growing, TOI is changing oncology for the better. For more information visit www.theoncologyinstitute.com.
Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “preliminary,” “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “predict,” “potential,” “guidance,” “approximately,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, anticipated financial results, estimates and forecasts of revenue and other financial and performance metrics and projections of market opportunity and expectations. These statements are based on various assumptions and on the current expectations of TOI and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by anyone as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of TOI. These forward-looking statements are subject to a number of risks and uncertainties, including the accuracy of the assumptions underlying the 2025 full fiscal year outlook and the Q4 2025 outlook with respect to Adjusted EBITDA discussed herein, the outcome of judicial and administrative proceedings to which TOI may become a party or investigations to which TOI may become or is subject that could interrupt or limit TOI’s operations, result in adverse judgments, settlements or fines and create negative publicity; changes in TOI’s patient or payors' preferences, prospects and the competitive conditions prevailing in the healthcare sector; failure to continue to meet stock exchange listing standards; the impact of a cybersecurity incident affecting a software provider on TOI’s business; those factors discussed in the documents of TOI filed, or to be filed, with the SEC, including the Item 1A. "Risk Factors" section of TOI's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 26, 2025 and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that TOI currently is evaluating or does not presently know or that TOI currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect TOI’s plans or forecasts of future events and views as of the date of this press release. TOI anticipates that subsequent events and developments will cause TOI’s assessments to change. TOI does not undertake any obligation to update any of these forward-looking statements. These forward-looking statements should not be relied upon as representing TOI’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Financial Information; Non-GAAP Financial Measures
Some of the financial information and data contained in this press release, such as Adjusted EBITDA and Free Cash Flow, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). TOI’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP financial measures, you should consider the non-GAAP financial measures presented in this press release in conjunction with TOI’s financial statements and the related notes thereto.
TOI believes that the use of Free Cash Flow provides an additional tool to assess the Company's financial performance, evaluate its ability to generate cash from operations, and plan for future investments and obligations. Free Cash Flow is useful in understanding the cash available for strategic initiatives. It also helps in comparing TOI's financial performance with other similar companies, many of which use similar non-GAAP financial measures to provide insights into their cash generation capabilities. However, the principal limitation of Free Cash Flow is that it does not account for certain cash outflows or inflows that are required by GAAP to be recorded in TOI's financial statements. TOI defines Free Cash Flow as net cash flow provided by (used in) operations plus cash paid for interest, less capital expenditures.
TOI believes that the use of Adjusted EBITDA provides an additional tool to assess our operations and results of our performance, to plan and forecast future periods, and factors and trends in, and in comparing our financial measures with, other similar companies, many of which present similar non-GAAP financial measures to investors. The principal limitation of Adjusted EBITDA is that it excludes significant expenses and income that are required by GAAP to be recorded in TOI's financial statements.
TOI defines Adjusted EBITDA as net (loss) income plus depreciation, amortization, interest, taxes, non-cash items, share-based compensation, goodwill impairment charges, change in fair value of liabilities, unrealized gains or losses on investments and other adjustments to add-back the following: consulting and legal fees related to acquisitions, one-time consulting and legal fees related to certain advisory projects, software implementations and debt or equity financings, severance expense and temporary labor and recruiting charges to build out our corporate infrastructure.
A reconciliation of net cash flow used in operations to Free Cash Flow and net loss to Adjusted EBITDA, the most comparable GAAP metrics, is set forth below:
| Free Cash Flow Reconciliation | ||||||||||||||
| Nine Months Ended September 30, | Change | |||||||||||||
| (dollars in thousands) | 2025 | 2024 | $ | % | ||||||||||
| Net cash and cash equivalents used in operating activities | $ | (27,820) | $ | (30,724) | $ | 2,904 | 9.5 | % | ||||||
| Cash paid for interest | 3,036 | 3,337 | (301) | 9.0 | % | |||||||||
| Purchases of property and equipment | (2,140) | (2,034) | (106) | (5.2) | % | |||||||||
| Free Cash Flow | $ | (26,924) | $ | (29,421) | $ | 2,497 | 8.5 | % | ||||||
| Adjusted EBITDA Reconciliation | ||||||||||||||||||||||
| Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||
| (dollars in thousands) | 2025 | 2024 | $ | % | 2025 | 2024 | $ | % | ||||||||||||||
| Net loss | $ | (16,504) | $ | (16,113) | $ | (391) | $ | (53,098) | $ | (51,481) | $ | (1,617) | ||||||||||
| Depreciation and amortization | 1,723 | 1,573 | 150 | 5,312 | 4,580 | 732 | ||||||||||||||||
| Interest expense, net | 1,920 | 2,225 | (305) | (13.7)% | 9,360 | 6,328 | 3,032 | |||||||||||||||
| Income tax and other taxes | (10) | — | (10) | —% | (24) | — | (24) | — % | ||||||||||||||
| Non-cash addbacks | 164 | (102) | 266 | (260.8)% | 2,223 | (210) | 2,433 | (1,158.6)% | ||||||||||||||
| Share-based compensation | 1,024 | 2,389 | (1,365) | (57.1)% | 3,234 | 9,862 | (6,628) | (67.2)% | ||||||||||||||
| Changes in fair value of liabilities | 6,127 | (20) | 6,147 | (30,735.0)% | 13,519 | (3,140) | 16,659 | (530.5)% | ||||||||||||||
| Unrealized (gains) losses on investments | — | (18) | 18 | (100.0)% | 6 | (134) | 140 | (104.5)% | ||||||||||||||
| Post-combination compensation expense | 13 | 45 | (32) | (71.1)% | 39 | 361 | (322) | (89.2)% | ||||||||||||||
| Consulting fees | 782 | 352 | 430 | 1,621 | 772 | 849 | ||||||||||||||||
| Infrastructure and workforce costs | 1,302 | 1,473 | (171) | (11.6)% | 5,252 | 5,197 | 55 | |||||||||||||||
| Transaction costs | — | — | — | —% | 1 | 18 | (17) | (94.4)% | ||||||||||||||
| Adjusted EBITDA | $ | (3,459) | $ | (8,196) | $ | 4,737 | (57.8)% | $ | (12,555) | $ | (27,847) | $ | 15,291 | (54.9)% | ||||||||
| Key Business Metrics | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| (dollars in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Clinics(1) | 80 | 86 | 80 | 86 | |||||||||||
| Markets | 22 | 14 | 22 | 14 | |||||||||||
| Lives under value-based contracts (millions) | 1.9 | 1.9 | 1.9 | 1.9 | |||||||||||
| Net loss | $ | (16,504 | ) | $ | (16,113 | ) | $ | (53,098 | ) | $ | (51,481 | ) | |||
| Adjusted EBITDA (in thousands) | $ | (3,459 | ) | $ | (8,196 | ) | $ | (12,555 | ) | $ | (27,847 | ) | |||
(1) Includes independent oncology practices to which we provide limited management services, but do not bear the operating costs.
| Consolidated Balance Sheets (Unaudited) (in thousands except share data) | |||||||
| September 30, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 27,658 | $ | 49,669 | |||
| Accounts receivable, net | 59,639 | 48,335 | |||||
| Other receivables | 339 | 346 | |||||
| Inventories | 18,882 | 10,039 | |||||
| Prepaid expenses and other current assets | 3,574 | 4,029 | |||||
| Total current assets | 110,092 | 112,418 | |||||
| Property and equipment, net | 10,714 | 11,888 | |||||
| Operating right of use assets | 23,265 | 25,782 | |||||
| Intangible assets, net | 11,732 | 14,810 | |||||
| Goodwill | 7,230 | 7,230 | |||||
| Other assets | 586 | 589 | |||||
| Total assets | $ | 163,619 | $ | 172,717 | |||
| Liabilities and stockholders’ equity (deficit) | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 35,634 | $ | 24,324 | |||
| Current portion of operating lease liabilities | 7,161 | 6,798 | |||||
| Accrued expenses and other current liabilities | 22,785 | 21,093 | |||||
| Total current liabilities | 65,580 | 52,215 | |||||
| Operating lease liabilities | 20,195 | 23,223 | |||||
| Derivative warrant liabilities | 262 | 17 | |||||
| Conversion option derivative liabilities | 13,658 | 385 | |||||
| Long-term debt, net of unamortized debt issuance costs | 76,195 | 93,131 | |||||
| Other non-current liabilities | 3 | 125 | |||||
| Deferred income taxes liability | — | 32 | |||||
| Total liabilities | 175,893 | 169,128 | |||||
| Stockholders’ equity (deficit): | |||||||
| Common Stock, 0.0001 par value, authorized 500,000,000 shares; 99,303,511 and 97,569,737 shares issued and outstanding at September 30, 2025 and 77,470,886 shares issued and 75,737,112 shares outstanding at December 31, 2024 | 10 | 8 | |||||
| Series A Convertible Preferred Stock, 0.0001 par value, authorized 10,000,000 shares; 193,507 shares issued and outstanding at September 30, 2025 and 165,045 shares issued and outstanding at December 31, 2024 | — | — | |||||
| Additional paid-in capital | 252,646 | 215,413 | |||||
| Treasury Stock at cost, 1,733,774 shares at September 30, 2025 and December 31, 2024 | (1,019 | ) | (1,019 | ) | |||
| Accumulated deficit | (263,911 | ) | (210,813 | ) | |||
| Total stockholders’ equity (deficit) | (12,274 | ) | 3,589 | ||||
| Total liabilities and stockholders’ equity (deficit) | $ | 163,619 | $ | 172,717 | |||
| Consolidated Statements of Operations (Unaudited) (in thousands except share data) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | |||||||||||||||
| Patient services | $ | 60,195 | $ | 49,752 | $ | 169,154 | $ | 154,666 | |||||||
| Dispensary | 75,895 | 48,210 | 187,761 | 132,329 | |||||||||||
| Clinical trials & other | 474 | 1,939 | 3,857 | 6,150 | |||||||||||
| Total operating revenue | 136,564 | 99,901 | 360,772 | 293,145 | |||||||||||
| Operating expenses | |||||||||||||||
| Direct costs – patient services | 54,572 | 45,118 | 152,802 | 141,137 | |||||||||||
| Direct costs – dispensary | 63,072 | 40,091 | 154,021 | 111,701 | |||||||||||
| Direct costs – clinical trials & other | — | 326 | 279 | 946 | |||||||||||
| Selling, general and administrative expense | 25,251 | 26,646 | 77,534 | 82,970 | |||||||||||
| Depreciation and amortization | 1,723 | 1,573 | 5,312 | 4,580 | |||||||||||
| Total operating expenses | 144,618 | 113,754 | 389,948 | 341,334 | |||||||||||
| Loss from operations | (8,054 | ) | (13,853 | ) | (29,176 | ) | (48,189 | ) | |||||||
| Other non-operating expense (income) | |||||||||||||||
| Interest expense, net | 1,920 | 2,225 | 9,360 | 6,328 | |||||||||||
| Change in fair value of derivative warrant liabilities | 150 | (20 | ) | 246 | (572 | ) | |||||||||
| Change in fair value of conversion option derivative liabilities | 5,977 | — | 13,273 | (2,568 | ) | ||||||||||
| Other, net | 403 | 55 | 1,174 | 104 | |||||||||||
| Total other non-operating loss | 8,450 | 2,260 | 24,053 | 3,292 | |||||||||||
| Loss before provision for income taxes | (16,504 | ) | (16,113 | ) | (53,229 | ) | (51,481 | ) | |||||||
| Income tax expense | — | — | 131 | — | |||||||||||
| Net loss | $ | (16,504 | ) | $ | (16,113 | ) | $ | (53,098 | ) | $ | (51,481 | ) | |||
| Net loss attributable to common stockholders, basic and diluted | $ | (13,770 | ) | $ | (13,223 | ) | $ | (43,878 | ) | $ | (42,179 | ) | |||
| Net loss per share attributable to common stockholders: | |||||||||||||||
| Basic | $ | (0.14 | ) | $ | (0.18 | ) | $ | (0.49 | ) | $ | (0.56 | ) | |||
| Diluted | $ | (0.14 | ) | $ | (0.18 | ) | $ | (0.49 | ) | $ | (0.56 | ) | |||
| Weighted-average number of shares outstanding: | |||||||||||||||
| Basic | 97,474,797 | 75,524,823 | 89,333,733 | 74,838,340 | |||||||||||
| Diluted | 97,474,797 | 75,524,823 | 89,333,733 | 74,838,340 | |||||||||||
| Consolidated Statements of Cash Flows (Unaudited) (in thousands) | |||||||
| Nine Months Ended September 30, | |||||||
| 2025 | 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (53,098 | ) | $ | (51,481 | ) | |
| Adjustments to reconcile net loss to cash and cash equivalents used in operating activities: | |||||||
| Depreciation and amortization | 5,312 | 4,580 | |||||
| Amortization of debt issuance costs and debt discount | 7,175 | 4,711 | |||||
| Write-off of assets from clinical trials segment | 2,398 | — | |||||
| Share-based compensation | 3,234 | 9,863 | |||||
| Change in fair value of liability classified warrants | 246 | (572 | ) | ||||
| Change in fair value of liability classified conversion option derivatives | 13,273 | (2,568 | ) | ||||
| Unrealized (gain) loss on investments | — | (134 | ) | ||||
| Accretion of discount on investment securities | — | (499 | ) | ||||
| Deferred taxes | (32 | ) | — | ||||
| Loss on disposal of property and equipment | — | 51 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (12,949 | ) | (12,142 | ) | |||
| Other receivables | (291 | ) | 193 | ||||
| Inventories | (8,843 | ) | 3,572 | ||||
| Prepaid expenses | 1,803 | (8 | ) | ||||
| Other assets | 3 | (27 | ) | ||||
| Accounts payable | 11,929 | 8,476 | |||||
| Change in operating leases | (274 | ) | 650 | ||||
| Accrued expenses and other current liabilities | 2,389 | 4,815 | |||||
| Other non-current liabilities | (95 | ) | (204 | ) | |||
| Net cash and cash equivalents used in operating activities | (27,820 | ) | (30,724 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (2,140 | ) | (2,034 | ) | |||
| Proceeds from asset disposition | 126 | — | |||||
| Sales of marketable securities/investments | — | 50,000 | |||||
| Net cash and cash equivalents provided by (used in) provided by investing activities | (2,014 | ) | 47,966 | ||||
| Cash flows from financing activities: | |||||||
| Proceeds from private placement, net of offering costs | 15,359 | — | |||||
| Proceeds from at-the-market offering, net of offering costs | 9,952 | — | |||||
| Proceeds from employee stock purchase plan | 151 | — | |||||
| Payments made for financing of insurance payments | (691 | ) | (1,002 | ) | |||
| Payment of deferred consideration liability for acquisition | — | (2,372 | ) | ||||
| Principal payments on long-term debt | (20,000 | ) | — | ||||
| Principal payments on financing leases | (28 | ) | (29 | ) | |||
| Common stock issued for warrants exercised | 385 | — | |||||
| Common stock issued for options exercised | 2,695 | 75 | |||||
| Net cash and cash equivalents provided by (used in) financing activities | 7,823 | (3,328 | ) | ||||
| Net (decrease) increase in cash and cash equivalents | (22,011 | ) | 13,914 | ||||
| Cash and cash equivalents at beginning of period | 49,669 | 33,488 | |||||
| Cash and cash equivalents at end of period | $ | 27,658 | $ | 47,402 | |||
Contacts
Media
The Oncology Institute, Inc.
Daniel Virnich, MD
danielvirnich@theoncologyinstitute.com
(562) 735-3226 x 81125
Investors
ICR Strategic Communications
investors@icrinc.com
FAQ
What were TOI's reported Q3 2025 revenue and year‑over‑year change?
How much revenue did TOI's retail pharmacy generate in Q3 2025 (TOI)?
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