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The Oncology Institute (TOI) investor relations material
The Oncology Institute Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 revenue reached $136.6 million, up 36.7% year-over-year, with record performance in Pharmacy/Dispensary and strong organic growth in Florida and Oregon.
Adjusted EBITDA improved to -$3.5 million from -$8.2 million in Q3 2024, with the first profitable month in September and operational efficiencies driving improvement.
Net loss for Q3 2025 was $16.5 million, compared to $16.1 million in Q3 2024; net loss for the nine months ended September 30, 2025 was $53.1 million.
Expanded network in Florida with new MSO providers, opened a new pharmacy location, and appointed a new Chief Administrative Officer to oversee business operations and AI strategy.
Operates 80 clinics in 22 markets, serving 1.9 million lives under value-based contracts.
Financial highlights
Pharmacy/Dispensary revenue grew 57.4% to $75.9 million; patient services revenue rose 21% to $60.2 million.
Gross profit was $18.9 million (13.9% margin); normalized gross profit would have been $20.7 million (15.2% margin).
Net loss per share for Q3 2025 was $(0.14), compared to $(0.18) in Q3 2024.
Cash and cash equivalents were $27.7 million as of September 30, 2025; ended Q3 with $86 million in convertible debt maturing in 2027.
Cash flow from operations was -$27.8 million for the nine months ended September 30, 2025, a 9.5% improvement year-over-year.
Outlook and guidance
Raised full-year 2025 revenue guidance to $495–$505 million (from $460–$480 million).
Adjusted EBITDA guidance improved to a loss of -$13 million to -$11 million, with Q4 adjusted EBITDA expected between break-even and +$2 million.
Free Cash Flow guidance for 2025 is $(12)–$(21) million; expect free cash flow positivity by mid-2026.
Management expects sufficient liquidity to fund operations for at least one year from the reporting date.
Anticipate continued 20%+ top-line growth and stable gross margin and SG&A as a percent of revenue in 2026.
Detail AI authorization OpEx savings beyond Q4
Quantify cyber incident's Q4/Q1 collection delay
MLR trends for new delegated contracts
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Next The Oncology Institute earnings date
Q4 202527 Mar, 2026
Next The Oncology Institute earnings date
Q4 202527 Mar, 2026
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Frequently asked questions
The Oncology Institute Inc. is a healthcare services company specializing in the treatment of cancer and hematologic conditions. The company provides comprehensive oncology care, offering services such as chemotherapy, radiation therapy, clinical trials, and supportive care. The Oncology Institute focuses on delivering personalized and value-based care, working with patients across various stages of cancer treatment. The company is headquartered in Cerritos, California, and its shares are listed on the NASDAQ.
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