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The Oncology Institute, Inc., an oncology company, provides various oncology services in the United States. It operates through three segments: Specialty pharmacy, Patient Services, and Clinical Trials & Other. The company offers physician services, in-house infusion, in-house specialty pharmacy, clinical trials, radiation therapy, and outpatient blood product transfusion services, as well as educational seminars, support groups, counseling services, and 24/7 patient assistance and support services. It also manages clinical trials and palliative care programs; operates combined community clinics and infusion suites; and operates a specialty pharmacy that includes both in-office and mail-order dispensing for complementary oral and self-injectable medications taken by patients concurrent with their in-office cancer therapies. It serves adult and senior cancer patients. The Oncology Institute, Inc. was founded in 2007 and is headquartered in Cerritos, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $503M | $-43M | $-61M | $-28M | 385.5% | 27.8% | - |
| 2024 | $393M | $-51M | $-65M | $-30M | -1801.7% | 21.3% | - |
| 2023 | $324M | $-70M | $-83M | $-41M | -145.7% | 28.4% | -54750.0% |
| 2022 | $252M | $8M | $0M | $-67M | 0.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 252.48 | 324.24 | 393.41 | 502.73 |
| Cost Of Revenue | 200.39 | 264.67 | 339.42 | 426.29 |
| Gross Profit | 52.09 | 59.57 | 54 | 76.44 |
| Operating Expense | 124.10 | 119.72 | 114.11 | 112.52 |
| Operating Income | -72.01 | -60.15 | -60.12 | -36.08 |
| EBITDA | 8.40 | -70.45 | -50.88 | -42.52 |
| EBIT | 3.99 | -76.33 | -57.17 | -49.46 |
| Pretax Income | -0.09 | -83.10 | -64.66 | -60.74 |
| Tax Provision | -0.24 | -0.04 | 0 | -0.13 |
| Net Income | 0.15 | -83.07 | -64.66 | -60.61 |
| Net Income Common Stockholders | 0.07 | -67.88 | -53.01 | -50.30 |
| Total Expenses | 324.49 | 384.39 | 453.53 | 538.81 |
| Interest Expense | 4.08 | 6.78 | 7.50 | 11.28 |
| Selling General And Administration | 119.69 | 113.85 | 107.83 | 105.57 |
| Normalized EBITDA | -67.09 | -54.98 | -54.20 | -30.06 |
| Normalized Income | -59.49 | -67.60 | -67.98 | -48.18 |
| Basic EPS | 0.02 | -0.92 | -0.71 | 0 |
| Diluted EPS | -0.20 | -0.92 | -0.71 | 0 |
| Tax Effect Of Unusual Items | 15.85 | -0.01 | 0 | -0.03 |
| Tax Rate For Calcs | 0.21 | 0 | 0 | 0 |
| Total Unusual Items | 75.50 | -15.47 | 3.32 | -12.45 |
| Total Unusual Items Excluding Goodwill | 75.50 | -15.47 | 3.32 | -12.45 |
| Net Income From Continuing Operation Net Minority Interest | 0.15 | -83.07 | -64.66 | -60.61 |
| Reconciled Depreciation | 4.41 | 5.87 | 6.29 | 6.94 |
| Reconciled Cost Of Revenue | 200.39 | 264.67 | 339.42 | 426.29 |
| Net Interest Income | -4.08 | -6.78 | -7.50 | -11.28 |
| Net Income From Continuing And Discontinued Operation | 0.15 | -83.07 | -64.66 | -60.61 |
| Total Operating Income As Reported | -81.95 | -77.02 | -60.12 | -36.08 |
| Diluted Average Shares | 80.61 | 73.75 | 75.04 | 0 |
| Basic Average Shares | 72.79 | 73.75 | 75.04 | 0 |
| Diluted NI Availto Com Stockholders | -16.98 | -67.88 | -53.01 | -50.30 |
| Average Dilution Earnings | -17.05 | 0 | 0 | 0 |
| Otherunder Preferred Stock Dividend | 0.08 | -15.19 | -11.66 | -10.30 |
| Net Income Including Noncontrolling Interests | 0.15 | -83.07 | -64.66 | -60.61 |
| Net Income Continuous Operations | 0.15 | -83.07 | -64.66 | -60.61 |
| Other Income Expense | 76 | -16.18 | 2.95 | -13.38 |
| Other Non Operating Income Expenses | 0.50 | -0.70 | -0.36 | -0.93 |
| Special Income Charges | 49.45 | -16.06 | 0 | 0 |
| Other Special Charges | -0.18 | 0 | 0 | 0 |
| Impairment Of Capital Assets | 9.94 | 16.87 | 0 | 0 |
| Restructuring And Mergern Acquisition | -59.22 | -0.80 | 0 | 0 |
| Gain On Sale Of Security | 26.04 | 0.59 | 3.32 | -12.45 |
| Net Non Operating Interest Income Expense | -4.08 | -6.78 | -7.50 | -11.28 |
| Interest Expense Non Operating | 4.08 | 6.78 | 7.50 | 11.28 |
| Depreciation Amortization Depletion Income Statement | 4.41 | 5.87 | 6.29 | 6.94 |
| Depreciation And Amortization In Income Statement | 4.41 | 5.87 | 6.29 | 6.94 |
| Operating Revenue | 252.48 | 324.24 | 393.41 | 502.73 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| The Oncology Institute, Inc.this co. | TOI | $367M | - | -23.33 | 385.5% | -14.99 |
| Niagen Bioscience, Inc. | NAGE | $381M | 23.80 | 4.97 | 22.7% | 21.23 |
| Puma Biotechnology, Inc. | PBYI | $381M | 12.26 | 2.89 | 23.9% | 6.57 |
| Viemed Healthcare, Inc. | VMD | $381M | 26.73 | 2.66 | 10.4% | 7.66 |
| Rocket Pharmaceuticals, Inc. | RCKT |
| $380M |
| - |
| 1.36 |
| -80.5% |
| -0.98 |
| OrthoPediatrics Corp. | KIDS | $376M | - | 1.06 | -11.4% | -53.45 |
| NRC Health | NRC | $373M | 42.41 | 26.76 | 82.9% | 12.41 |
| Akebia Therapeutics, Inc. | AKBA | $365M | - | 11.06 | -16.4% | 13.87 |
| Delcath Systems, Inc. | DCTH | $355M | 145.86 | 3.18 | 2.4% | 294.72 |
| Peer Median | - | 26.73 | 3.04 | 6.4% | 10.03 | |