Oncology Institute (TOI) Company Report

The Oncology Institute, Inc. (TOI) is on track to achieve EBITDA positive in Q4 2025 and projects over 20% revenue growth in 2025, with a mid-point guidance of $500 million.
For Q3 2025, TOI reported $75.9 million in revenue and an Adjusted EBITDA of ($3.5 million), having achieved Adjusted EBITDA profitability for the month of September.
In 2025, the company reduced long-term debt by $24 million and secured additional capital through a private placement ($16.5 million cash) and an ATM program ($14.4 million cash).

Nov 14, 2025, 11:18 AM

The Oncology Institute Reports Strong Q3 2025 Results and Raises Full-Year Guidance

TOI

Earnings

Guidance Update

Revenue Acceleration/Inflection

The Oncology Institute reported Q3 2025 revenue of $136.6 million, representing 36.7% year-over-year growth, driven by a 57.4% increase in pharmacy revenue and 21% growth in patient services revenue.
Adjusted EBITDA loss for Q3 2025 was $3.5 million, a $4.7 million improvement compared to the prior year, with September marking the first adjusted EBITDA positive month for the company.
The company raised its full-year 2025 revenue guidance to a range of $495 million to $505 million and expects to achieve adjusted EBITDA profitability in Q4 2025.
Operational highlights include the expansion of its delegated capitation model in Florida and the launch of AI initiatives expected to deliver significant operating expense efficiencies.
The company ended Q3 2025 with $27.7 million in cash and $86 million of convertible debt.

Nov 13, 2025, 10:00 PM

The Oncology Institute Reports Q3 2025 Financial Results and Raises Full Year 2025 Guidance

TOI

Earnings

Guidance Update

Revenue Acceleration/Inflection

The Oncology Institute reported consolidated revenue of $136.6 million for the third quarter of 2025, marking a 36.7% increase from $99.9 million in the same period last year.
Adjusted EBITDA improved to $(3.5) million in Q3 2025, compared to $(8.2) million in Q3 2024.
The company increased its full-year 2025 revenue guidance to $495 million to $505 million (up from $460 million to $480 million) and improved its Adjusted EBITDA guidance to $(11) million to $(13) million (from $(8) million to $(17) million).
For the fourth quarter of 2025, TOI anticipates Adjusted EBITDA of approximately $0 to $2 million.

Nov 13, 2025, 9:06 PM

The Oncology Institute Partners with Ascertain for AI Automation

TOI

New Projects/Investments

Guidance Update

The Oncology Institute (TOI) announced a co-development partnership with Ascertain to implement AI-powered automation for administrative workflows, utilizing Ascertain's Unified Payer Portal (UPP).
The system, which went live in September 2025, has already reduced TOI's office visit authorization submission time at pilot sites by over 80 percent, freeing hundreds of staff hours weekly.
This automation initiative is projected to generate up to an estimated $2 million in operating expense savings in 2026 for TOI.
The system now processes prior authorizations across TOI's 100+ clinics and affiliate locations.

Nov 13, 2025, 9:04 PM

The Oncology Institute Projects Q4 2025 Adjusted EBITDA Break-Even

TOI

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

The Oncology Institute (TOI) is the largest value-based oncology care provider in the U.S., operating in five states with 80 locations.
The company has achieved a 41% revenue CAGR over the past 18 years but became unprofitable after going public and expanding. It restructured, removing $11 million of SG&A from the business.
TOI projects to reach adjusted EBITDA break-even and profitability in Q4 of this year (2025). This is driven by $36 million in incremental revenue from new value-based contracts (annualized almost $50 million) , 70% year-over-year growth in its dispensary segment (now 52% of revenue mix with an 18% margin) , and improved clinical productivity.
The company is focused on filling capacity in its existing markets, particularly Florida and Nevada, where higher PMPM (per member per month) rates and benchmark utilization offer significant value. TOI has demonstrated the ability to lower the medical loss ratio (MLR) for new contracts from over 70% to around 50% within a year.