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Jun 30
Oncology Institute Q2 2025 Earnings Report
The Oncology Institute reported strong second quarter 2025 financial results, driven by significant revenue growth and improved Adjusted EBITDA.
Key Takeaways
The Oncology Institute delivered a strong second quarter in 2025, with consolidated revenue increasing by 21.5% year-over-year to $119.8 million. This growth was primarily fueled by exceptional performance in the pharmacy business, which saw over 40% year-over-year growth, and the addition of over 50,000 new capitated lives. The company also significantly reduced its Adjusted EBITDA loss by 53.1% compared to the prior year, demonstrating improved operational efficiency.
Consolidated revenue increased by 21.5% to $119.8 million in Q2 2025, up from $98.6 million in Q2 2024.
Gross profit rose by 34.4% to $17.5 million in Q2 2025.
Adjusted EBITDA improved significantly, with a loss of $4.1 million in Q2 2025 compared to a loss of $8.7 million in Q2 2024.
The company reaffirmed its full-year 2025 revenue guidance and expects to achieve the higher end of the range, driven by strong pharmacy performance and new contract signings.
Oncology Institute
Oncology Institute
Oncology Institute Revenue by Segment
Revenue by Segment
Patient Services Revenue
CapyFin.comDispensary Revenue
CapyFin.comClinical Trials & Other Revenue
CapyFin.com Forward Guidance
The Oncology Institute reaffirmed its full-year 2025 guidance, expecting revenue to reach the higher end of the $460 million to $480 million range and projecting Adjusted EBITDA of approximately $(2.5) million to $(3.5) million for Q3 2025.
Positive Outlook
- Company believes it can reach the higher-end of the revenue guidance range for 2025.
- Anticipates Adjusted EBITDA of approximately $(2.5) million to $(3.5) million in the third quarter of 2025, indicating continued improvement.
- Momentum in new contract signings is expected to contribute to future growth.
- Continued strength in the pharmacy business is a key driver for achieving revenue targets.
- Planned expansion into new geographic regions of Florida with a major health plan is expected to double covered lives for this payor.
Challenges Ahead
- Achievement of anticipated results is subject to risks and uncertainties disclosed in SEC filings.
- Outlook does not account for the impact of any unanticipated developments in the business or changes in the operating environment.
- Outlook does not take into account the impact of TOI's acquisitions, dispositions, or financings.
- Outlook assumes a largely open global market, which could be negatively impacted if recent tariff rate increases and exchange rate changes persist.
- The variability of certain items makes it difficult to provide a quantitative reconciliation for forward-looking non-GAAP metrics to GAAP measures without unreasonable efforts.
Revenue & Expenses
Visualization of income flow from segment revenue to net income