--- title: "Oncology Institute - CW22 | 10-K: FY2025 Revenue: USD 502.73 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/278943412.md" datetime: "2026-03-12T21:00:11.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/278943412.md) - [en](https://longbridge.com/en/news/278943412.md) - [zh-HK](https://longbridge.com/zh-HK/news/278943412.md) --- # Oncology Institute - CW22 | 10-K: FY2025 Revenue: USD 502.73 M Revenue: As of FY2025, the actual value is USD 502.73 M. EPS: As of FY2025, the actual value is USD -0.54. EBIT: As of FY2025, the actual value is USD -24.81 M. #### Segment Revenue - **Patient Services Revenue**: - In 2025, Patient Services Revenue was $228,991 thousand, an 11.8% increase from $204,883 thousand in 2024. This segment constituted 45.6% of total operating revenue in 2025, a decrease from 52.1% in 2024. The growth was primarily driven by a 9.0% increase in Fee-for-Service (FFS) revenue and a 17.2% increase in capitated revenue. Capitated revenue reached $80,481 thousand in 2025, up from $68,686 thousand in 2024, while FFS revenue was $148,510 thousand in 2025, compared to $136,197 thousand in 2024. - **Specialty Pharmacy Revenue**: - Specialty Pharmacy Revenue increased by 49.6% to $269,176 thousand in 2025 from $179,916 thousand in 2024. This segment’s share of total operating revenue rose to 53.5% in 2025 from 45.7% in 2024, mainly due to a 66.6% increase in the number of fills, partially offset by a 10.2% decrease in average revenue per fill. - **Clinical Trials & Other Revenue**: - This segment experienced a -47.0% decrease, falling to $4,562 thousand in 2025 from $8,613 thousand in 2024. Its contribution to total operating revenue declined to 0.9% in 2025 from 2.2% in 2024, attributed to a profit-sharing agreement with Helios CR, Inc. - **Total Operating Revenue**: - Total Operating Revenue for 2025 was $502,729 thousand, marking a 27.8% increase from $393,412 thousand in 2024. #### Operational Metrics - **Net Loss**: - The company reported a Net Loss of - $60,606 thousand in 2025, an improvement from - $64,663 thousand in 2024. - **Loss from Operations**: - Loss from Operations improved to - $36,083 thousand in 2025 from - $60,118 thousand in 2024. As a percentage of total operating revenue, it was -7.2% in 2025, an improvement from -15.2% in 2024. - **Operating Expenses**: - **Direct Costs – Patient Services**: Increased by 10.0% to $205,502 thousand in 2025 from $186,880 thousand in 2024, primarily due to a 13.1% increase in intravenous drug costs, offset by a 4.1% decrease in clinical payroll costs. These costs represented 40.9% of total operating revenue in 2025, down from 47.5% in 2024. - **Direct Costs – Specialty Pharmacy**: Rose by 45.8% to $220,558 thousand in 2025 from $151,231 thousand in 2024, driven by a 66.6% increase in prescriptions filled, partially offset by a 12.5% decrease in average cost per fill. This accounted for 43.9% of total operating revenue in 2025, up from 38.4% in 2024. - **Direct Costs – Clinical Trials & Other**: Decreased significantly by -82.1% to $234 thousand in 2025 from $1,304 thousand in 2024, representing 0% of total operating revenue in 2025. - **Selling, General and Administrative Expense**: Decreased by -2.1% to $105,574 thousand in 2025 from $107,828 thousand in 2024, mainly due to a 59.2% decrease in share-based compensation expense and a 9.4% decrease in non-clinical payroll, partially offset by increases in professional fees and support services. It represented 21.0% of total operating revenue in 2025, down from 27.4% in 2024. - **Depreciation and Amortization**: Increased by 10.5% to $6,944 thousand in 2025 from $6,287 thousand in 2024, representing 1.4% of total operating revenue in 2025, down from 1.6% in 2024. - **Adjusted EBITDA**: - Adjusted EBITDA was - $12,409 thousand in 2025, a -65.2% change from - $35,688 thousand in 2024. #### Cash Flow - **Net Cash Used in Operating Activities**: - Net cash used in operating activities was - $24,587 thousand in 2025, an improvement from - $26,538 thousand in 2024. - **Net Cash Provided by (Used in) Investing Activities**: - Net cash used in investing activities was - $3,074 thousand in 2025, compared to $46,211 thousand provided in 2024. - **Net Cash Provided by (Used in) Financing Activities**: - Net cash provided by financing activities was $11,557 thousand in 2025, contrasting with - $3,492 thousand used in 2024. #### Unique Metrics - **Affiliated and Network Clinics**: - The number of affiliated and network clinics grew to 146 in 2025 from 86 in 2024. - **Markets Served**: - The company served 17 markets in 2025, up from 16 markets in 2024. - **Lives Under Value-Based Contracts**: - Lives under value-based contracts increased to 2.0 million in 2025 from 1.9 million in 2024. - **Revenue from Value-Based Contracts**: - Over 46% of total revenue in 2025 was derived from value-based contracts. - **Largest Customer Concentration**: - In 2025, the largest customer by revenue represented approximately 14% of patient services revenue. - **Direct Costs from Single Vendor**: - Vendor A accounted for 98% of direct costs in both 2025 and 2024. #### Outlook / Guidance The Oncology Institute, Inc. (TOI) plans to achieve future growth through acquisitions and de novo clinic builds in new and existing markets, alongside expanding network providers via an asset-lite strategy. The company intends to leverage existing payor relationships to enter new markets and is focusing on highly capital-efficient, scalable market entry strategies. TOI anticipates its operating expenses will increase in absolute dollars in the foreseeable future but decrease as a percentage of revenue over the long term. ### Related Stocks - [TOIIW.US](https://longbridge.com/en/quote/TOIIW.US.md) - [STLNW.US](https://longbridge.com/en/quote/STLNW.US.md) ## Related News & Research - [CVS Caremark survey shows 91% of employers worry about rising prescription drug prices](https://longbridge.com/en/news/295683842.md) - [Canola Technical Analysis: Dec 2025 Trendline Holds Support](https://longbridge.com/en/news/295121500.md) - [Richtech Robotics posts restated Q1 net loss of $10.15 million](https://longbridge.com/en/news/295277508.md) - [Technos declares R$ 0.41 per share distribution, split into two payments](https://longbridge.com/en/news/295544052.md) - [TTEC Holdings’ 2025 Risk Profile: Unchanged Disclosures Raise Questions About Emerging Threats](https://longbridge.com/en/news/295620852.md)