Oncology Institute - CW22 | 8-K: FY2026 Q1 Revenue: USD 147.44 M

Revenue: As of FY2026 Q1, the actual value is USD 147.44 M.

EPS: As of FY2026 Q1, the actual value is USD -0.02.

EBIT: As of FY2026 Q1, the actual value is USD -4.579 M.

Financial Highlights for Q1 2026

Gross Profit

Gross profit reached $23.3 million, marking a 35.2% increase compared to the prior year .

Net Loss

The company reported a net loss of -$2.5 million, significantly improved from a net loss of -$19.6 million in the same period last year .

Adjusted EBITDA

Adjusted EBITDA was -$2.4 million, an improvement from -$5.1 million in the prior year .

Cash and Cash Equivalents

Cash and cash equivalents stood at $30.3 million as of March 31, 2026 .

Segment Revenue

• Patient Services Revenue: $59,087 thousand for the three months ended March 31, 2026, compared to $53,068 thousand for the same period in 2025 .
• Specialty Pharmacy Revenue: Increased to $87,541 thousand in Q1 2026 from $49,293 thousand in Q1 2025, reflecting a 78% increase year-over-year . This growth was driven by record Part D fills and improved attachment rates .
• Clinical Trials & Other Revenue: $813 thousand in Q1 2026, down from $2,045 thousand in Q1 2025 .

Operational Metrics

• The Oncology Institute (TOI) Contract Expansion: Expanded its contract, bringing total Medicare Advantage lives to 200,000 across 25 counties in Florida, effective July 1, 2026 .
• Medicare Spending Savings: The company saved approximately $2 million in Medicare spending as part of the CMS Enhancing Oncology Model performance program in period 3 .
• Loss from Operations: Improved to -$6,513 thousand in Q1 2026 from -$9,911 thousand in Q1 2025 .
• Affiliated and Network Clinics: Increased to 155 in Q1 2026 from 81 in Q1 2025 .
• Number of Markets Served: Decreased to 17 in Q1 2026 from 18 in Q1 2025 .
• Lives under Value-Based Contracts: Remained stable at 2.0 million for both Q1 2026 and Q1 2025 .

Cash Flow

• Net Cash and Cash Equivalents Used in Operating Activities: -$2,215 thousand for the three months ended March 31, 2026, an improvement from -$4,988 thousand in the same period of 2025 .
• Free Cash Flow: -$2,369 thousand in Q1 2026, an improvement of 41.2% from -$4,026 thousand in Q1 2025 .

Outlook for Fiscal Year 2026

The Oncology Institute (TOI) reaffirmed its fiscal year 2026 guidance for revenue at $630 to $650 million and gross profit at $97 to $107 million . Adjusted EBITDA guidance remains unchanged at $0 to $9 million, while Free Cash Flow guidance was updated to $5 to $15 million, an increase from the previous range of -$15 to $5 million . The company expects approximately $150 million in capitated revenue for 2026 and anticipates Q2 2026 Adjusted EBITDA to be between -$1 million and $1 million .