Oncology Institute (NASDAQ:TOI), a provider specializing in value-based outpatient cancer care and pharmacy services, reported its second quarter 2025 earnings on August 13, 2025. The company delivered strong GAAP revenue growth of 21.5% year-over-year, with the top line (GAAP revenue) rising 5.7% above Wall Street estimates due to its fast-growing pharmacy segment and new value-based contracting wins. Revenue (GAAP) reached $119.8 million, up 21.5% year over year and surpassing the $113.3 million GAAP consensus estimate. However, net loss persisted, and the company’s earnings per share (GAAP) of $(0.15) came in below the expected $(0.12). The period showed meaningful progress in cost management and operational performance, though the bottom line remains negative and ongoing cash usage requires close monitoring.
Source: Analyst estimates provided by FactSet. Management expectations based on management’s guidance, as provided in Q1 2025 earnings report.
The Oncology Institute specializes in outpatient oncology care, pharmacy dispensing, and clinical services, aiming to deliver more affordable and coordinated cancer care under value-based contracts. Value-based care means payers provide a fixed or capitated payment per patient, putting the responsibility on the provider to manage costs while achieving quality outcomes. Nearly half of the company’s revenue in 2024 came from risk-bearing (value-based) contracts, rather than traditional fee-for-service arrangements.