Shares of The Oncology Institute, Inc. (TOI) are up in the pre-market by 17% following the company's announcement of the fourth quarter and full-year 2025 financial results, which showed significant revenue growth and narrowing losses.
TOI generates revenue primarily through capitated contracts with Medicare Advantage plans, along with fee-for-service oncology care and in-office dispensary services.
In the fourth quarter of 2025, the company reported revenue of $142.0 million, up 41.6% from $100.3 million in Q4 2024.
Gross profit rose 55.2% to $22.7 million, compared to $15.0 million a year earlier.Net loss narrowed to $7.5 million, or $(0.06) per share, from $13.2 million, or $($0.14) per share, in the prior-year quarter. Adjusted EBITDA turned positive at $147,000, versus a loss of $7.8 million in Q4 2024.
For the full year 2025, TOI posted revenue of $502.7 million, up 27% from $393.4 million.Gross profit rose 41.6% to $76.4 million, compared to $54 million a year earlier.Net loss narrowed to $60.6 million, or $(0.54) per share, compared to $64.7 million, or $(0.71) per share in the prior year.
Adjusted EBITDA improved to $(12.4) million, from the prior year's $(35.7) millionThe company expanded its capitated care model, initiating nine new contracts in California, Florida, and Nevada, and added 22,000 Medicare Advantage lives through new partnerships with Humana and CarePlus. The company ended the year with 146 affiliated and network clinics, up from 86 in 2024.
Looking ahead, TOI expects 2026 revenue between $630 million and $650 million, with gross profit projected between $97 million and $107 million. Management reaffirmed its goal of achieving positive full-year Adjusted EBITDA in 2026, citing momentum from Q4 and continued expansion of its delegated care model.
The company ended December 31, 2025, with cash and cash equivalents of $33.6 million.
TOI has traded between $0.63 and $4.88 over the past year. The stock closed Thursday's trading at $2.62, down 5.07%. In the pre-market trading the stock is at $3.09, up 18.04%.
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