Oncology Institute (NASDAQ:TOI) Issues Quarterly Earnings Results

Key Points

• Oncology Institute beat expectations in its latest quarter, reporting a smaller-than-expected loss of $0.02 per share versus estimates of $0.07 lost, while revenue came in at $147.4 million, above the $142.1 million consensus.
• Growth was led by specialty pharmacy and Florida expansion, with pharmacy revenue up 78% to $87.5 million and management highlighting profitability in Florida plus plans for seven new clinics to support delegated capitation growth.
• Management kept full-year guidance intact and improved cash outlook, reaffirming 2026 revenue guidance of $630 million to $650 million while lifting free cash flow guidance to a positive $5 million to $15 million and citing efficiency gains and refinancing efforts.

Oncology Institute (NASDAQ:TOI - Get Free Report) released its quarterly earnings results on Thursday. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.05, FiscalAI reports. The firm had revenue of $147.44 million during the quarter, compared to the consensus estimate of $142.10 million.

Here are the key takeaways from Oncology Institute's conference call:

• Q1 results and guidance reaffirmed: Revenue rose 41% YoY to $147.4M, adjusted EBITDA improved (Q1 loss narrowed) and management reaffirmed full‑year revenue guidance of $630–650M while raising free cash flow guidance to a positive $5M–$15M.
• Specialty pharmacy is the primary growth engine: Pharmacy revenue grew 78% to $87.5M with record fills and $16.8M gross profit; gross margin held at ~19.2% and management expects additional Part D tailwinds from expanded pharmacy access in Florida in H2.
• Florida delegated capitation scale and profitability: The Florida market is now profitable, and TOI plans to be network‑adequate across 25 counties serving ~200,000 MA lives under delegated capitation by July 1, with seven new clinics planned to support that growth.
• Shift toward capitated/value‑based mix has mixed margin effects: Capitated revenue grew 54% and now represents ~45.6% of patient services, but patient services gross margin fell (9.7% vs. 11.3% a year ago) due to ramping delegated contracts and conservative reserves.
• Operational efficiency and balance‑sheet actions underway: TOI is on track for $2M of 2026 OpEx savings from AI pilots, SG&A leverage improved (19.1% of revenue), cash was $30.3M at quarter end, and management is in late‑stage discussions to refinance the $85.9M convertible note.

Oncology Institute Stock Down 1.7%

Shares of Oncology Institute stock traded down $0.07 during midday trading on Friday, hitting $4.00. The company had a trading volume of 2,442,939 shares, compared to its average volume of 1,888,234. The stock has a market cap of $395.36 million, a price-to-earnings ratio of -7.14 and a beta of 0.33. The company has a fifty day simple moving average of $3.21 and a 200 day simple moving average of $3.35. Oncology Institute has a 12-month low of $2.02 and a 12-month high of $4.88.

Analyst Ratings Changes

A number of analysts have recently weighed in on TOI shares. BTIG Research restated a "buy" rating and issued a $7.00 price target on shares of Oncology Institute in a report on Monday, March 9th. B. Riley Financial raised their price target on shares of Oncology Institute from $6.00 to $8.00 and gave the company a "buy" rating in a report on Friday, March 13th. Needham & Company LLC restated a "buy" rating and issued a $5.00 price target on shares of Oncology Institute in a report on Monday, March 9th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Oncology Institute in a report on Monday, April 20th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $7.00.

Insider Activity at Oncology Institute

In other Oncology Institute news, major shareholder Jorey Chernett purchased 263,000 shares of Oncology Institute stock in a transaction on Friday, March 13th. The stock was bought at an average cost of $2.92 per share, with a total value of $767,960.00. Following the transaction, the insider owned 10,115,944 shares of the company's stock, valued at $29,538,556.48. This represents a 2.67% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mohit Kaushal sold 57,286 shares of the firm's stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $3.50, for a total transaction of $200,501.00. Following the transaction, the director directly owned 211,016 shares of the company's stock, valued at $738,556. This represents a 21.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders purchased a total of 568,985 shares of company stock valued at $1,759,601 over the last ninety days. 8.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Oncology Institute

Institutional investors have recently bought and sold shares of the business. Kestra Advisory Services LLC purchased a new position in Oncology Institute during the 4th quarter worth approximately $31,000. Cetera Investment Advisers raised its position in Oncology Institute by 35.0% during the 2nd quarter. Cetera Investment Advisers now owns 17,545 shares of the company's stock worth $36,000 after buying an additional 4,545 shares during the last quarter. State of Wyoming purchased a new position in Oncology Institute during the 2nd quarter worth approximately $37,000. Prelude Capital Management LLC purchased a new position in Oncology Institute during the 3rd quarter worth approximately $41,000. Finally, BNP Paribas Financial Markets raised its position in Oncology Institute by 141.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 12,119 shares of the company's stock worth $42,000 after buying an additional 7,091 shares during the last quarter. 36.86% of the stock is owned by hedge funds and other institutional investors.

Oncology Institute Company Profile

The Oncology Institute, Inc, an oncology company, provides various medical oncology services in the United States. The company operates through three segments: Dispensary, Patient Services, and Clinical Trials & Other. It offers physician services, in-house infusion and dispensary, clinical trial, radiation, outpatient blood product transfusion, and patient support services, as well as educational seminars, support groups, and counseling services. The company also provides managing clinical trials, palliative care programs, stem cell transplants services, and other care delivery models associated with non-community-based academic and tertiary care settings; and conducts clinical trials for a range of pharmaceutical and medical device companies.

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