The Oncology Institute Reaffirms 2025 Guidance and Provides Preliminary 2026 Outlook

Core Viewpoint - The Oncology Institute, Inc. (TOI) reaffirms its 2025 guidance and provides a preliminary outlook for 2026, expecting significant revenue growth and the potential for Adjusted EBITDA profitability for the first time as a public company [1][2][3]. 2026 Outlook - TOI anticipates total revenue for 2026 to be between $630 million and $650 million, indicating a 28% growth from the midpoint of 2025 guidance [2]. - Approximately $150 million of the expected revenue will come from Capitation revenue, driven by the expansion of delegated contracts in Florida and strong performance in the Dispensary segment [2]. - Profitability from newly onboarded delegated contracts is expected to build progressively throughout 2026, with more substantial economic benefits anticipated in 2027 [2]. Adjusted EBITDA Expectations - Adjusted EBITDA for 2026 is projected to be in the range of $0 million to $9 million, marking TOI's first full year of Adjusted EBITDA profitability as a public entity at the midpoint of this range [3]. Longer-Term Outlook - The company aims for total revenue growth at an annual rate of approximately 20% through 2028, with Capitation and Dispensary revenue expected to rise to about 30% and 50% of total revenue, respectively [5]. - As TOI scales, margins are projected to expand to the mid-single-digit range as a percentage of revenue by 2028, supported by the asset-light delegated capitated model and continued SG&A leverage [6]. Company Overview - Founded in 2007, TOI is a leading provider of value-based oncology care in the United States, serving approximately 1.9 million patients through over 100 clinics and affiliate locations across five states [7].