The Oncology Institute, Inc. (TOI) reported a total revenue of $393.4 million for the fiscal year ending December 31, 2024, marking a 21.3% increase from $324.2 million in 2023. The growth was primarily driven by a significant rise in dispensary revenue, which surged by 73.3% to $179.9 million, while patient services revenue decreased by 4.0% to $204.9 million. The decline in patient services was attributed to a 5.0% drop in fee-for-service (FFS) revenue and a 1.3% decrease in capitation revenue, largely due to a terminated contract. Clinical trials and other revenue also saw an increase of 24.8%, reaching $8.6 million.
In terms of profitability, TOI reported a net loss of $64.7 million for 2024, an improvement from the $83.1 million loss in the previous year. The company’s operating expenses totaled $453.5 million, up 13.0% from $401.3 million in 2023. This increase was driven by higher direct costs associated with patient services and dispensary operations, which rose by 3.2% and 82.1%, respectively. Notably, the company did not incur any goodwill impairment charges in 2024, a significant change from the $16.9 million recorded in 2023.
Operationally, TOI expanded its footprint to 86 clinics across 16 markets in five states, with a total of 130 providers serving approximately 72,000 patients. The company managed a population of about 1.9 million patients under value-based agreements as of December 31, 2024. The increase in clinic locations and patient management reflects TOI's strategic focus on enhancing its value-based care model, which aims to deliver high-quality oncology services while controlling costs.
Looking ahead, TOI has implemented initiatives to improve cash flow and reduce operational costs, resulting in a positive cash flow from operations of approximately $4 million in the fourth quarter of 2024. The company has also secured additional funding through a private placement that generated approximately $16.5 million in gross proceeds. Despite the challenges of maintaining profitability, TOI remains optimistic about its growth trajectory, particularly in expanding its value-based care contracts and enhancing operational efficiencies. The company anticipates that its strategic initiatives will support continued growth and improve financial performance in the coming years.
About Oncology Institute, Inc.
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