TOIIWMEDIUM SIGNALOPPORTUNITY10-K

TOI meaningfully expanded its revenue base and narrowed operating losses while substantially growing its network of independently-owned contracted clinics and managed patient population.

The shift from 14 to 81 independently-owned contracted clinics signals a strategic pivot toward an asset-lighter managed services model, which could improve scalability and reduce capital requirements over time. The managed patient population under value-based agreements grew from approximately 1.9 million to 2.0 million, while share count increased from ~75.8 million to ~98.8 million, suggesting equity was issued to fund expansion — dilution investors should monitor. Operating losses are narrowing, which points toward improving unit economics, though the company remains unprofitable and the path to breakeven warrants continued scrutiny.

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

Revenue grew notably by approximately 28% year-over-year, reaching $502.7M, while the operating loss improved meaningfully from -$60.1M to -$36.1M — a positive directional signal even as losses persist. On the balance sheet, inventory climbed 68.1% to $16.9M and accounts receivable rose 22.1% to $59.0M, both consistent with a higher-volume business but warranting attention to working capital management. Current liabilities increased 35.9% to $71.0M, broadly in line with revenue growth, suggesting the liability expansion is largely operational rather than a sign of financial stress — though the overall picture reinforces that TOI remains in a growth-investment phase with meaningful cash consumption.

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.
Our Business Lines Patient Services Fee for Service TOI provides medical care on a fee-for service basis for physician services, in-house infusion, radiation, and innovative programs like outpatient blood product transfusions, along with 24/7 patient support.
See Note 1 of the consolidated financial statements for the profit sharing arrangement TOI entered into in 2025 with Helios Clinical Research.
Historically, our value-based contracts have predominantly taken the form of capitated contracts.
In 2025, we continued to evolve the way we structure our value-based arrangements, particularly in areas of the country where there is an increased desire and capability from managed care groups to fully delegate traditional managed care services for the treatment of oncology to providers like TOI.
Under this model, which we refer to as "full delegation" TOI performs not only the traditional function of care provider for a portion of patients, but also functions more classically executed by the managed care industry, including utilization management, network construction, and claims adjudication.
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.
Historically, our value-based contracts have predominately taken the form of capitated contracts.
In 2024, we continued to evolve the way we structure our value-based arrangements, particularly in areas of the country where there are limits on medical group delegation, or an increased desire from groups to incentivize TOI for cost of care that extends beyond medical oncology and includes elements such as management of acute care utilization and/or management of non-employed oncologists.
We believe that these new contracting methodologies are furthering our mission to provide access to world-class oncology care in an affordable manner to underserved populations.
As of December 31, 2024, we were active in 16 markets in five states.
Across these states, there were approximately 81 million commercial, Medicaid, and MA lives.
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