TOIMEDIUM SIGNALOPERATIONAL10-K

TOI substantially expanded its operational footprint while reducing operating losses and growing revenue by nearly 28% year-over-year.

The company demonstrates meaningful operational scaling with revenue growth of 28% accompanied by a substantial reduction in operating losses, suggesting improving operational efficiency. However, the significant increase in working capital requirements, evidenced by higher inventory and accounts receivable, indicates the company is investing heavily to support this growth trajectory.

Comparing 2026-03-12 vs 2025-03-26View on EDGAR →
FINANCIAL ANALYSIS

TOI's financial profile shows strong top-line momentum with revenue growing 28% to $503M while operating losses narrowed meaningfully from -$60M to -$36M, indicating improving operational leverage. The balance sheet reflects the operational expansion, with inventory growing substantially to $17M and accounts receivable increasing 22% to $59M, while current liabilities rose 36% to $71M. Overall, the financial picture suggests a company successfully scaling operations while improving efficiency, though requiring increased working capital investment to support growth.

FINANCIAL STATEMENT CHANGES
Inventory
Balance Sheet
+68.1%
$10.0M$16.9M

Inventory surged 68.1% — growing significantly faster than typical sales pace; potential demand softening or supply chain overcorrection.

Operating Income
P&L
+40%
-$60.1M-$36.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Current Liabilities
Balance Sheet
+35.9%
$52.2M$71.0M

Current liabilities surged 35.9% — significant near-term obligations; verify ability to meet short-term debt.

Revenue
P&L
+27.8%
$393.4M$502.7M

Revenue growing 27.8% — solid top-line momentum, watch margins for quality of growth.

Accounts Receivable
Balance Sheet
+22.1%
$48.3M$59.0M

Receivables grew 22.1% — monitor days sales outstanding for collection efficiency.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-26
ADDED
The registrant had outstanding 98,839,144 shares of common stock as of March 5, 2026.
Management's Discussion and Analysis of Financial Condition and Results of Operations 51 Item 7A.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 109 Item 13.
TOI treats patients across 17 markets and five states throughout the United States, via our 65 clinics owned by affiliated physicians and staffed with 116 providers (the "TOI PCs"), 81 independently-owned clinics which are contracted with TOI's managed services organization, as well as our contracted network of 198 independent providers unaffiliated with TOI in instances where TOI is the fully delegated market manager under a value-based contract.
Through this network, TOI managed a population of approximately 2.0 million patients under value-based agreements as of December 31, 2025.
+7 more — sign up free →
REMOVED
The registrant had outstanding 75,753,229 shares of common stock as of March 10, 2025.
Management's Discussion and Analysis of Financial Condition and Results of Operations 48 Item 7A.
Security Ownership of Certain Beneficial Owner s and Management and Related Stockholder Matters 112 Item 13.
TOI treats patients across 16 markets and 5 states throughout the United States, via our 72 clinics owned by affiliated physicians and staffed with 130 providers (the "TOI PCs"), 14 independently-owned clinics which are contracted with TOI's managed services organization and staffed with 11 providers, as well as our contracted network of independent clinics unaffiliated with TOI in instances where TOI is the fully delegated market manager under a value-based contract.
Through this network, TOI provided care for more than 72,000 patients in 2024 and managed a population of approximately 1.9 million patients under value-based agreements as of December 31, 2024.
+7 more — sign up free →
MORE OPERATIONAL SIGNALS
NVDAHIGHNVIDIA has repositioned itself from a "full-stack computing infrastructure compa...
2026-02-25
NVDAHIGHNVIDIA has repositioned itself from a "full-stack computing infrastructure compa...
2026-02-25
NOWHIGHServiceNow has fundamentally repositioned itself as an AI-first platform company...
2026-01-29
TSLAHIGHTesla has fundamentally repositioned itself from an electric vehicle company to ...
2026-01-29
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →