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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% | -6.3% |
| 2024 | $393M | $-51M | $-65M | $-30M | -1801.7% | 21.3% | -22.2% |
| 2023 | $324M | $-70M | $-83M | $-41M | -145.7% | 28.4% | -54750.0% |
| 2022 | $252M | $8M | $0M | $-67M | 0.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 252.48 | 324.24 | 393.41 | 502.73 |
| Operating 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 | 114.12 | 112.52 |
| Selling General And Administration | - | 119.69 | 113.85 | 107.83 | 105.57 |
| Total Expenses | - | 324.49 | 384.39 | 453.53 | 538.81 |
| Operating Income | - | -72.01 | -60.15 | -60.12 | -36.08 |
| Total Operating Income As Reported | - | -81.95 | -77.02 | -60.12 | -36.08 |
| EBITDA | - | 8.40 | -70.45 | -50.88 | -42.52 |
| Normalized EBITDA | - | -67.10 | -54.98 | -54.20 | -30.06 |
| EBIT | - | 3.99 | -76.33 | -57.17 | -49.46 |
| Interest Expense | - | 4.08 | 6.78 | 7.50 | 11.28 |
| Net Interest Income | - | -4.08 | -6.78 | -7.50 | -11.28 |
| Other Non Operating Income Expenses | - | 0.50 | -0.70 | -0.36 | -0.92 |
| Other Income Expense | - | 76 | -16.18 | 2.95 | -13.38 |
| Interest Expense Non Operating | - | 4.08 | 6.78 | 7.50 | 11.28 |
| Net Non Operating Interest Income Expense | - | -4.08 | -6.78 | -7.50 | -11.28 |
| Pretax Income | - | -0.09 | -83.10 | -64.66 | -60.74 |
| Tax Provision | - | -0.24 | -0.04 | 0 | -0.13 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 15.85 | -0.01 | 0 | -0.03 |
| Net Income Continuous Operations | - | 0.15 | -83.07 | -64.66 | -60.61 |
| Net Income From Continuing And Discontinued Operation | - | 0.15 | -83.07 | -64.66 | -60.61 |
| Net Income From Continuing Operation Net Minority Interest | - | 0.15 | -83.07 | -64.66 | -60.61 |
| Net Income | - | 0.15 | -83.07 | -64.66 | -60.61 |
| Net Income Common Stockholders | - | 0.07 | -67.88 | -53 | -50.30 |
| Net Income Including Noncontrolling Interests | - | 0.15 | -83.07 | -64.66 | -60.61 |
| Normalized Income | - | -59.49 | -67.60 | -67.98 | -48.18 |
| Diluted NI Availto Com Stockholders | - | -16.98 | -67.88 | -53 | -50.30 |
| Basic Average Shares | 66.23 | 72.79 | 73.75 | 75.04 | - |
| Diluted Average Shares | 66.23 | 80.61 | 73.75 | 75.04 | - |
| Reconciled Depreciation | - | 4.41 | 5.87 | 6.29 | 6.94 |
| Reconciled Cost Of Revenue | - | 200.39 | 264.67 | 339.42 | 426.29 |
| Total Unusual Items | - | 75.50 | -15.47 | 3.32 | -12.45 |
| Total Unusual Items Excluding Goodwill | - | 75.50 | -15.47 | 3.32 | -12.45 |
| Special Income Charges | 29.85 | 49.45 | -16.06 | 0 | - |
| Other Special Charges | -4.96 | -0.18 | - | - | - |
| Impairment Of Capital Assets | 0 | 9.94 | 16.87 | 0 | - |
| Restructuring And Mergern Acquisition | -24.89 | -59.22 | -0.80 | 0 | - |
| Gain On Sale Of Security | - | 26.04 | 0.59 | 3.32 | -12.45 |
| 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 |
| Otherunder Preferred Stock Dividend | - | 0.08 | -15.19 | -11.66 | -10.30 |
| Average Dilution Earnings | 0 | -17.05 | 0 | - | - |
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 | $474M | -7.82 | -30.15 | 385.5% | -12.80 |
| AngioDynamics, Inc. | ANGO | $497M | -14.62 | 2.72 | -18.6% | 256.27 |
| Standard BioTools Inc. | LAB | $496M | -6.62 | 1.17 | -17.7% | -4.73 |
| Evolent Health, Inc. | EVH | $493M | -0.92 | 1.19 | -128.7% | -3.68 |
| Prothena Corporation plc | PRTA | $484M |
| - |
| - |
| - |
| - |
| - |
| - |
| -1.98 |
| 1.73 |
| -87.0% |
| -1.01 |
| CTEV | CTEV | $470M | - | - | 163.5% | 10.85 |
| OrthoPediatrics Corp. | KIDS | $465M | -11.73 | 1.34 | -11.4% | -69.20 |
| Weave Communications, Inc. | WEAV | $459M | -16.37 | 5.57 | -34.1% | -42.33 |
| Editas Medicine, Inc. | EDIT | $459M | -2.87 | 16.82 | -586.6% | -2.22 |
| Peer Median | - | -6.62 | 1.73 | -26.3% | -2.95 | |