The Oncology Institute - Earnings Call - Q3 2025

Executive Summary

• Q3 revenue accelerated to $136.6M (+36.7% y/y, +14.0% q/q), driven by 57% y/y growth in Pharmacy and 13% y/y Fee-for-Service; gross profit rose 31.7% to $18.9M though gross margin ticked down 50 bps y/y to 13.9% due to a one-time $1.8M FFS bad-debt reserve recorded in the quarter.
• Adjusted EBITDA improved to $(3.5)M from $(8.2)M y/y and from $(4.1)M in Q2; management achieved the first adjusted EBITDA-positive month in September and reiterated Q4 adjusted EBITDA of ~$0 to $2M.
• FY25 guidance raised on revenue (to $495–$505M) and tightened for adjusted EBITDA (to $(11)–$(13)M); gross profit and FCF guidance maintained; company also expects Q4 free cash flow to be positive (not yet at run-rate).
• Execution catalysts: Florida delegated capitation expansion (Elevance MA lives >2x in <1 year), MSO network >200 providers, Florida pharmacy opening, and AI-enabled prior auth automation (>80% time reduction; potential ~$2M OpEx savings in 2026).

What Went Well and What Went Wrong

• What Went Well

  • Pharmacy momentum: $75.9M revenue (+57% y/y) and $12.8M gross profit, with gross margin ~16.9% stable; record fill volumes and improved script attachment.
  • Value-based care scaling: Strong MLR performance in Florida delegated model, additional MA lives coming in Q4 (more than doubling Elevance lives y/y), MSO network >200 providers.
  • AI enablement: Prior authorization submission time cut from ~18 minutes to ~5 seconds; potential to save >80% per auth and up to ~$2M OpEx in 2026; first deployment live in 8 weeks with Ascertain.
  • Quote: “We achieved adjusted EBITDA profitability for our first month… in September… which allowed us to increase our outlook for 2025.” – CEO.

• What Went Wrong

  • Margin headwind: Reported gross margin 13.9% (vs 14.4% y/y; 14.6% in Q2) impacted by a one-time $1.8M FFS bad-debt reserve; normalized gross profit would have been $20.7M (15.2% margin).
  • Non-cash drag from derivatives: Large q/q increase in conversion option derivative fair value (+$6.0M in Q3, +$13.3M YTD) weighed on GAAP net loss.
  • Cyber vendor incident: Temporary billing disruption at a third-party vendor affects timing of FFS collections into late Q4/early Q1, though patient volumes remained intact.

Transcript

Operator (participant)

Greetings and welcome to The Oncology Institute third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Mark Hueppelsheuser. Thank you. You may begin.

Mark Hueppelsheuser (General Counsel)

The press release announcing The Oncology Institute's results for the third quarter of 2025 are available at the investor section of the company's website, theoncologyinstitute.com. A replay of this call will also be available at the company's website after the conclusion of this call. Before we get started, I would like to remind you of the company's safe harbor language included within the company's press release for the third quarter of 2025. Management may make forward-looking statements, including guidance and underlying assumptions. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. For further discussion of risks related to our business, share filings with the SEC. This call will also discuss non-GAAP financial measures such as adjusted EBITDA and free cash flow.

Reconciliation of these non-GAAP measures to the most comparable GAAP measures is included in the earnings release furnished to the SEC and available on our website. Joining me on the call today are our CEO, Dan Virnich, and our CFO, Rob Carter. Following our prepared remarks, we'll open the call for your questions. With that, I'll turn the call over to Dan.

Dan Virnich (CEO)

Thank you, Mark. Good afternoon, everyone, and thank you for joining our third quarter 2025 earnings call. During the third quarter, we were able to build on momentum from the first half of this year, delivering strong results across all areas of the business, including proving out MLR performance on our expanding delegated capitation model in Florida, in addition to other significant pipeline wins, continuing to set records in our Pharmacy business, and hitting a big milestone as we achieved adjusted EBITDA profitability for our first month as a public company in September. The combination of these factors provides us with the confidence required to increase our outlook for 2025. Our third quarter revenue of $137 million increased 23% compared to a year ago and was driven by 42% growth in our Pharmacy business, as well as 13% year-over-year growth in our fee-for-service business, which outperformed expectations.

Adjusted EBITDA loss of $3.5 million in Q3 represents a $4.7 million improvement compared to the same quarter last year. We are reinforcing our expectation to achieve profitability in the fourth quarter and become free cash flow positive in 2026. Turning to our operations, during the quarter, we saw material progress on integration of care and MLR performance in the initial 40,000 delegated capitated lives with our partnership in Florida with Elevance Health. We are expanding this relationship with Elevance in Q4 through additional Medicare Advantage lives in Central Florida, which more than doubles our relationship with this payer in less than a year, as measured by MA lives under capitation to TOI.

Other key milestones achieved in Q3 were expansion of our MSO network in Florida to over 200 providers and growing, as well as the official opening of our TOI Florida pharmacy location, which will serve network providers requiring delivery of Part B drugs, as well as a fast and convenient option for Part B specialty medications for patients and providers alike. We view the Florida pharmacy as incremental growth to our core Part D dispensing strategy, as well as meaningful to our capitated MLR, where we can provide Part B drugs to practices that deliver at our cost. On a full-year basis, the new capitation contracts that we have signed across markets over the course of 2025 will contribute an estimated $19 million of full-year revenue, a 29% increase to capitated revenue versus full-year 2024.

We expect margins on these contracts to continue to mature to target over the next few quarters as we see these new patients transition their care and pharmacy needs to our in-network providers, and as we focus on adherence to our care pathways and increased script attachment. Last quarter, I mentioned that we were launching three AI enablement efforts in the coming months to make meaningful changes in performance and costs, specifically in revenue cycle management, prior authorization services, and our patient call center. As an example of how this is now benefiting patients and delivering OpEx efficiencies, we expect our offices at authorizations to be fully transitioned to our agentic AI model in Q4, which will take submission time from 18 minutes to approximately 5 seconds and deliver savings per auth of over 80%.

This will expand to other authorization functions in 2026, and our early estimate of savings from authorization efficiencies alone could yield up to $2 million of operating expense efficiencies. This frees up hundreds of hours a week for our staff, which can be directed to patient care and yield a more efficient operating model for our organization. I also want to address an 8-K that we filed last week related to a cybersecurity incident at one of our key vendors that we utilize for billing and practice management. Due to the incident, we experienced a period where we were unable to bill for fee-for-service claims while we transitioned to a new platform. Thanks to the quick response of our team, we were able to pivot and manage schedules through our EHR and develop an interim billing process, minimizing the impact on our day-to-day operations.

Importantly, despite this incident, our patient treatment plans remain intact, and we've seen no significant disruption to volume. From a timing perspective, this event will influence collections in late Q4 and early Q1 as we catch up on submitted claims, but we project ample cash on our balance sheet to manage through this and meet our operating goals for Q4 and 2026. Heading into the last few months of 2025, I'm excited about the momentum we have built over the last year. We continue to prove that our model is profitable across markets and have proven our ability to manage full delegation with health plan partners, which opens a massive new TAM of value-based contract growth in upcoming years. Now, I'll turn the call over to Rob to review the financials. Rob?

Rob Carter (CFO)

Thanks, Dan, and good afternoon, everyone. I want to echo Dan's comments on what was another strong quarter for TOI. In the third quarter, we continued to build momentum across our fee-for-service and capitation businesses, as well as dispensing while moving toward achieving adjusted EBITDA profitability. On the call today, I'll provide an overview of our different value-based care contract methodologies, review our third-quarter results, touch on our balance sheet and liquidity, and conclude by reviewing our increased outlook for 2025. Regarding our primary value-based care contracting methods, I want to take a step back to provide an overview of each and describe some of the nuances to give you a better understanding of how they all flow through our P&L.

Let me start with our narrow network capitation contracts, which represent approximately $50 million of revenue for us this year, where we act as the exclusive oncology provider for a risk-bearing organization, typically a risk-bearing primary care group or IPA that takes global risk for health plan partners. This is a product that we have used in California since 2007. In these arrangements, we are required to build clinics to achieve network adequacy, but due to their exclusivity, we can optimize utilization, experience very low leakage, and drive high Part D script attachments. From a financial standpoint, these narrow network capitation contracts typically produce medical loss ratios in the mid-60%. More recently, we've been focused on growing our delegated model, first in Florida, although we believe this will eventually become our most prominent model across all markets.

In these arrangements, our partner is the health plan, and we manage the entire oncology benefit from designing the provider network to managing claims and pre-authorizations, allowing real-time views into utilization trends and the ability to include non-employed providers in care. The provider network is a combination of our employed oncologists in clinics and our affiliated with contracted or MSO oncologists in the health plan partners network. Leveraging the health plan partners network allows us to more quickly scale and address the TAM in a more capitated effective manner. We can also steer complex patients to our clinics to more closely monitor their treatment. There are also ancillary opportunities to drive revenue and margin through engagement with our MSO partners in our Pharmacy business, decentralized clinical trials, and other long-term value creation initiatives.

Our mature MLR in the delegated model is typically in the mid-80s, although it yields a higher gross profit dollar compared to our legacy network model because we're addressing a larger TAM and typically driving savings against higher benchmark utilization. Our results highlight the strength of our diversified capitation portfolio. Turning to financial performance, total revenue for the third quarter was $136.6 million compared to $99.9 million in the prior year period, representing 36.7% year-over-year growth. Patient services revenue, which includes both capitation and fee-for-service arrangements, totaled $60.2 million, or 44.1% of total revenue, and increased 21% year-over-year. Within this segment, fee-for-service contributed roughly 66% of total revenue, and capitation accounted for 34%, reflecting our strong mix of recurring revenue and steady patient volumes. Patient service growth was driven by our capitated revenue, which increased 38.9% year-over-year.

Pharmacy revenue was $75.9 million, representing 55.6% of total revenue, and increased 57.4% year-over-year, driven by higher prescription volumes and greater pharmacy attachment within our network, which is a key operational focus for us. Turning to gross profit, we reported $18.9 million for the quarter compared to $14.4 million in the third quarter of 2024. Gross margin was 13.9% versus 14.4% in the prior period. With our fee-for-service revenue exceeding expectations and following input from our new Chief Administrative Officer, we've elected, out of an abundance of caution, to begin reserving for potential future bad debt as fee-for-service revenue is recognized. As a one-time catch-up adjustment, we recorded a $1.8 million reserve against fee-for-service revenue in the third quarter. Normalized for this reserve, gross profit for the quarter would have been $20.7 million, with a gross margin of 15.2%.

Looking ahead, we do not expect any material impact to fee-for-service revenue recognition on a go-forward basis. Patient services gross profit was $5.6 million, up from $4.6 million a year ago, representing a 21% year-over-year increase with a gross margin of 9.3%, consistent with the prior year period. Within patient services, capitation margin declined modestly year-over-year due to the ramp of new delegated contracts with typical MLRs beginning at low margins. In contrast, fee-for-service margin improved, driven by higher provider utilization and continued improvement in Part D purchasing as we scale. Pharmacy gross profit totaled $12.8 million compared to $8.1 million in the third quarter of 2024, a 58% year-over-year increase driven by higher dispensing volumes. The gross margin of 16.9% remained essentially flat compared to prior year.

Turning to SG&A, excluding depreciation and amortization, it was $25.3 million, or 18.5% of revenue, compared to 26.7% of revenue, a reduction of approximately 820 basis points versus a year ago. The decrease reflects continued cost discipline, operating leverage inherent in our model, and technology efficiencies realized across our administrative and support functions. Adjusted EBITDA was -$3.5 million, improving from -$8.2 million in the third quarter of 2024. This is in the range of our prior guidance for Q3, and we remain on track to achieve adjusted EBITDA positivity in the fourth quarter, a key milestone as we exit 2025. As mentioned earlier, we saw our first adjusted EBITDA positive month in September. Turning to the balance sheet and cash flow, we ended the quarter with $27.7 million in cash and cash equivalents and $86 million of convertible debt outstanding, maturing in 2027.

Cash flow from operations was -$27.8 million, improving 9.5% from prior year, reflecting investments in drug inventory and working capital to support our scaling dispensing activity. I want to remind you that operating cash flow will fluctuate as we scale and become more active in drug buy-ins with our partners at the end of periods. During the quarter and immediately subsequent, we efficiently utilized our at-the-market equity program to generate growth capital consisting of $14.4 million of gross proceeds and $4.1 million of common shares. The transaction provided additional operational flexibility and allowed us to participate in end-of-quarter drug buy-ins, which contributed roughly $3 million to incremental profitability year-to-date. Finally, turning to guidance, we are raising our guidance ranges for the full year 2025 because of the strength of our year-to-date financials and providing our initial outlook for the fourth quarter.

For the full-year revenue, we are raising outlook from $460 million-$480 million to a range of $495 million-$505 million. For adjusted EBITDA, we are raising the lower end of our range from our previous guidance of a loss of -$17 million to -$8 million to a range of a loss of -$13 million to -$11 million. This implies adjusted EBITDA between break-even and +$2 million for the fourth quarter. We remain focused on executing against our strategic plan and delivering continued progress towards sustained profitability. The third quarter reflected clear momentum in the business. Notably, September marked the first month of profitability in our business and demonstrated the inherent leverage in our model. With that, I'll turn the call over to Dan for closing remarks.

Dan Virnich (CEO)

Thanks, Rob. In closing, in the third quarter, we saw very strong top-line growth in all lines of our business and have now shown two full quarters of strong MLR performance on our delegated model, which we believe will give confidence to investors in our ability to manage risk and lead the world in oncology value-based care. We also continue to set records in our Pharmacy business and look forward to the next wave of growth as we expand our use cases over our rapidly growing network of non-employed providers. Finally, we saw some amazing results from integration of agentic AI into our central business office functions and are in a position to fully scale these efforts through the course of 2026 as we grow. I'm excited that we can increase our guidance on 2025 full-year revenue and reaffirm Q4 adjusted EBITDA positivity.

We look forward to continuing to update you in future earnings calls. Operator, at this point, let's open the call to questions.

Operator (participant)

Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. The confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. First question comes from David Larsen with BTIG. Please go ahead.

David Larsen (Analyst and Managing Director)

Hi. Congratulations on the very good quarter. Rob, you mentioned an impact to the cost of goods, I think, for a reserve. Can you just describe what that was again, please? What was the amount? Was that unfavorable impact included in your reported adjusted EBITDA for the quarter?

Rob Carter (CFO)

Hi, Dave. Yes. It was a $1.8 million reserve to fee-for-service revenue, right? That flows directly to adjusted EBITDA and was included in the adjusted EBITDA figures that we gave. We normalized for that in the script to show what sort of the normalized performance was, which was obviously significantly better than what we reported.

David Larsen (Analyst and Managing Director)

It would have been obviously not a $3.5 million loss. It would have been closer to.

Rob Carter (CFO)

Yes, $1.7 million.

David Larsen (Analyst and Managing Director)

Okay. Great. I think you said that you had your first month of profitability in September. I guess, how sustainable do you think that is? Was there anything unusual in September? It sounds like you're on track for at least break-even EBITDA in the fourth quarter.

Rob Carter (CFO)

Yeah. That's exactly right. We are fully expecting break-even for the quarter. Obviously, we have not put out full-year guidance for next year yet, but as we have talked about before, we are expecting full-year positive adjusted EBITDA in 2026.

David Larsen (Analyst and Managing Director)

Will you have a positive free cash flow in Q4 of 2025 as well?

Rob Carter (CFO)

In Q4, we will. Yes. Yes. In terms of free cash flow, it will be positive in Q4, not from a run rate basis. We expect free cash flow positivity mid-2026.

David Larsen (Analyst and Managing Director)

Okay. Great. Can you talk a little bit about the delegated contract? I think you mentioned a very good MLR, actually. Just any more color there? What was that MLR? I think I heard mid-60%. Is that correct? Just any more thoughts there would be very helpful.

Rob Carter (CFO)

Yeah. So thanks, Dave. We will be filing an updated investor deck after hours today, which will kind of go into great detail on the MLRs between different contract types. The rough way to think about it is kind of an overall MLR for TOI across all markets and contract types in the high 60s, with the delegated model being slightly higher. Typically, we would be kind of mid-70s and then the narrow network model being slightly better. That is due to the differences in engaging with non-employed providers in the delegated model, but a much greater TAM in that model. We expect long-term both the growth rate and total gross profit contribution to that model to be much greater.

David Larsen (Analyst and Managing Director)

Okay. There is a lot of, we'll call them, generalist healthcare investors watching the managed care plans just come under enormous pressure because of pressure on their MLRs. Can you maybe just remind us why you're able to manage trends so much better than some of these other MA plans and the value that you bring to them?

Rob Carter (CFO)

Yeah. Absolutely. I think really the core of our value proposition is the fact that we have a very unique care delivery model because we've got a backbone of employed clinics and providers with a wrap network of non-employed providers in select markets where we work with health plans, which just gives us a much greater degree of control over consistency of care and NCCN guideline adherence and prescribing patterns across all encounter types. That gives us a differential ability to drive better value for patients and payers.

David Larsen (Analyst and Managing Director)

Okay. Just one more, and I'll hop in the queue. The dispensing revenue was fantastic, up almost 60% year-over-year. Was there anything unusual driving that?

Rob Carter (CFO)

Not unusual. As we've talked about before, we've done quite a bit of work around minimizing leakage in our script attachment. And so I think that we've gotten that to a level that, quite frankly, we weren't expecting to get to. So it's been fantastic to see. I think there's a little bit of juice to be squeezed from here, but I wouldn't expect that level of growth, at least sequentially into Q4.

David Larsen (Analyst and Managing Director)

Okay. I'll hop back in the queue. Congrats on a great quarter.

Rob Carter (CFO)

Thank you. Thanks, Dave.

Operator (participant)

Next question, Yuan Zhi from B. Riley Securities. Please go ahead.

Yuan Zhi (Managing Director)

Congratulations on a strong top line, and thank you for taking our questions. Maybe just a follow-up there on the reserve for the receivables. What was the past performance of that reserve or receivables? Why suddenly we need to change the reserve for this revenue part or receivable part?

Rob Carter (CFO)

Thank you, Yuan. Thanks for the question. This is fairly standard across provider practices. We're at a point now with fee-for-service revenue being as substantial as it is that we thought it prudent. We don't think of this as something that's sort of out of the ordinary. We think of this as something that we should be doing proactively, and we're in a position to do so. We made that choice to take that reserve in Q3.

Yuan Zhi (Managing Director)

Got it. What will be the impact for Q4, and what if we can recover most of the receivables from this reserve?

Rob Carter (CFO)

Yeah. No impact to Q4 specifically. We want to keep it on the books, obviously out of conservatism. So no impact forecasted at this point.

Yuan Zhi (Managing Director)

Got it. The other question I have is on the payer part. Payers are changing their behavior. Signal is eliminating drug rebates, and then CMS is in the process of removing many or most prior authorizations. How will that impact your business? Great to see your AI initiative already in the prior authorization. I know this is a big question, so perhaps you can break it down into smaller pieces.

Rob Carter (CFO)

Yeah. I would say that at the highest level, I mean, the overall sort of macro landscape when it comes to drugs, which we're obviously firm believers in, is to lower the cost of drugs for patients and to simplify the drug reimbursement process. As it relates to specific changes that we see coming through the IRA and some of the other policies that are being enacted, those, as talked about on prior earnings calls, we believe are still net positive for The Oncology Institute because they're, again, overall lowering the unit cost of drugs for the most part and enhancing accessibility. The health plan-specific changes, like the Cigna prior auth change, again, that would not really impact us that much directly. If anything, we think it would help accelerate kind of the care delivery process.

At a very high level, we think the general trend towards lower-cost drugs and then also kind of easing the kind of reimbursement model is net favorable for TOI.

Yuan Zhi (Managing Director)

Got it. Now we have a very high medical utilization across the board in the industry, especially in oncology. Can you please comment on the current PM/PM trend on your new contract, and how does that compare to, let's say, one year ago? For your existing contract, are you able to get the same level of upward adjustment based on this current utilization trend?

Rob Carter (CFO)

Yeah. As we've talked about before, PM/PM is dependent on where the population is located and ultimately the benchmark spend of that market. If we're doing deals in markets like Florida, the MA PM/PM there is going to be significantly higher than it is in California. The majority of our contracts at this point have PM/PM escalators in them, and it's contractual. We'll take an increase every year going forward, contract by contract. Yeah. I would just also add to that, as we called out in our earnings call, we've had phenomenal success growing our capitated business. We expect that growth rate to continue, if not accelerate, as we go forward. The key question on many investors' minds is, as you're growing so quickly, how is the MLR trending?

We have a pretty crisp update in our new investor deck, but it has been basically stable despite the rapid growth, which is what we want to see.

Yuan Zhi (Managing Director)

Yeah. Got it. Maybe my last question. Novartis reported strong adoption of Pluvicto in their community setting. I'm curious about your observation so far in California clinics and any plans for you to offer that in your Florida clinics.

Rob Carter (CFO)

Yeah. Absolutely. We achieved certification on Pluvicto a little bit after this time last year. We have seen increased requests from patients for the therapy and generally, I would say, strong adoption from a payer and risk-bearing medical group perspective, given the fact that we can do it in the community as opposed to an acute care setting. At this point, the use cases are still fairly limited, so it's not massive numbers when you look at our overall encounters versus the number of patients that have enrolled in Pluvicto, but we expect as the use cases expand over time, kind of the community-based ability to provide radiopharmaceuticals will be a distinct advantage for us.

Yuan Zhi (Managing Director)

Got it. I will hop back on the queue. Thank you.

Rob Carter (CFO)

Thanks, Yuan.

Operator (participant)

Next question, Robert LeBoyer with Noble Capital Markets. Please go ahead.

Robert LeBoyer (Senior Biotechnology Analyst)

Good afternoon and congratulations on a great quarter. You had mentioned that it's probably too early to give guidance for 2026. There were some things that you mentioned in terms of free cash flow, but in terms of what's in the pipeline for new contracts, new covered lives, margin goals, or ballpark figures for revenue or anything else, is there anything that you can tell us along those lines in addition to what's been mentioned already?

Rob Carter (CFO)

Yeah. Hey, Robert. Yeah. We are looking at top-line growth that mirrors what we've seen in the last couple of years, so 20%+, subtle improvement to gross margin, and an SG&A percent of revenue that stays relatively flat.

Robert LeBoyer (Senior Biotechnology Analyst)

Okay. Great. Anything in terms of pipeline prospects or additions to covered lives or territories?

Rob Carter (CFO)

Yeah. Hey, Robert. I would say at a very high level, again, we continue to see ramp in interest in our model. I think we're working with obviously very high-quality payers like Elevance, and we think that our relationships are going to continue to grow with plans across markets as we kind of prove our ability to provide great care and high-quality care in the community. No slowdown at this point in terms of what we're seeing in terms of opportunities to do value-based contracting across markets.

Robert LeBoyer (Senior Biotechnology Analyst)

Okay. Great. Thank you very much. That's helpful.

Operator (participant)

Next question, David Larsen with BTIG. Please go ahead.

David Larsen (Analyst and Managing Director)

Just a quick follow-up. In terms of the new contracts that you won that are being deployed in 2025, just any thoughts on how much of that has been recognized? I think the annualized value was like $50 million. And of that, how much has been deployed? Just any thoughts on what we could expect for 2026?

Rob Carter (CFO)

Yeah. Dan mentioned this in the script. Deals that have launched this year have generated about $19 million in revenue. That has got a good $10 million-$15 million left in it. That is, again, deals signed within the year, not contemplating deals that are in the pipeline that are going to be launching over the course of the next three months and into 2026.

David Larsen (Analyst and Managing Director)

Okay. Great. Thanks very much. Congrats on a good quarter.

Rob Carter (CFO)

Thanks so much, Dave.

Operator (participant)

Next question, Yuan Zhi with B. Riley Securities. Please go ahead.

Yuan Zhi (Managing Director)

Maybe a quick follow-up here. Now we have this ACA debate or the ACA exchange debate. We're not sure whether we will get credit for that. How will that impact your patient population or the broad business?

Rob Carter (CFO)

Sorry, Yuan. Can you clarify a bit more? What aspect is it, the ACA specifically?

Yuan Zhi (Managing Director)

For the ACA, if the patients cannot get their credit or cannot pay the insurance themselves, how will that impact your patient population?

Rob Carter (CFO)

Yeah. I don't think there would be much impact in our model, broadly speaking. I think most of the patients that would qualify under that new rule are already in capitated arrangements to us, so they would have access regardless. I don't really foresee it as a major shift in volume or sort of patient mix for TOI at this point.