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Sep 30
Oncology Institute Q3 2025 Earnings Report
The Oncology Institute reported increased revenue but continued to operate at a net loss in Q3 2025.
Key Takeaways
Revenue grew significantly year-over-year, driven by strong pharmacy performance and geographic expansion, while net losses narrowed slightly.
Revenue rose 36.7% YoY to $136,600,000.
Pharmacy dispensary revenue hit $75,895,000 in the quarter.
Adjusted EBITDA loss improved to $3,459,000 from $8,196,000 last year.
Net loss was $16,504,000, slightly higher than the $16,113,000 loss in Q3 2024.
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
TOI raised its full-year 2025 revenue guidance and reaffirmed its outlook for a positive adjusted EBITDA in Q4.
Positive Outlook
- Full-year revenue guidance increased to $495Mβ$505M.
- Q4 Adjusted EBITDA expected to range from $0 to $2M.
- Retail pharmacy and dispensary business continues to outperform.
- Successful MSO expansion in Florida with new providers.
- Operational efficiencies improving via AI integration.
Challenges Ahead
- Net losses continue, with Q3 loss at $16.5M.
- Adjusted EBITDA still negative YTD at $12.6M loss.
- Free cash flow remains negative.
- Total clinics decreased from 86 to 80 YoY.
- Company continues to operate with a shareholder equity deficit.
Revenue & Expenses
Visualization of income flow from segment revenue to net income