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Mar 31, 2025
Oncology Institute Q1 2025 Earnings Report
Oncology Institute reported 10.3% revenue growth in Q1 2025 and narrowed its net loss while achieving margin improvements across segments.
Key Takeaways
The Oncology Institute generated $104.4 million in revenue in Q1 2025, driven by strong performance in its dispensary segment and moderate growth in patient services. The company narrowed its net loss to $19.6 million, achieved a 44.1% increase in gross profit, and significantly improved its adjusted EBITDA. Strategic capitation contracts added over 100,000 covered lives and supported guidance reaffirmation.
Revenue rose 10.3% YoY to $104.4 million, with strong growth in the dispensary segment.
Gross profit increased 44.1% to $17.2 million, aided by contract rebates and higher margins.
Net loss was $19.6 million, a slight improvement over Q1 2024.
Free cash flow improved to -$4.0 million compared to -$15.4 million in Q1 2024.
Revenue by Segment
Forward Guidance
TOI reaffirmed its full-year 2025 guidance, projecting continued revenue and gross profit growth while reducing losses through margin expansion and capitation ramp-up.
Positive Outlook
- Reaffirmed revenue guidance of $460β$480 million for FY25
- Gross profit forecasted at $73β$82 million for FY25
- Capitated contract wins expected to add ~$50M in annualized revenue
- Q2 adjusted EBITDA guidance of $(4)β$(5) million suggests continued improvement
- Private placement raised $16.5M in gross proceeds to support liquidity
Challenges Ahead
- Adjusted EBITDA for FY25 still projected to be negative $(8) to $(17) million
- Free cash flow guidance remains negative $(12) to $(21) million
- Clinic count declined from 87 to 81 YoY
- Value-based contract lives dropped slightly YoY
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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