The Oncology Institute, Inc. · NASDAQ:TOI
The Oncology Institute — Investor Presentation (May 2025)
21 slides from The Oncology Institute's investor presentation, May 2025
Slide 1: Investor Presentation
May 2025 Investor Presentation THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION 1
Slide 2: Disclaimer
FORWARD-LOOKING STATEMENTS AND Disclaimer NON-GAAP FINANCIAL MEASURES This presentation is being furnished solely for the purpose of considering a potential private placement of securities (the “PIPE Financing”) involving The Oncology Institute, Inc. (the “Company”), and for no other purpose. This p
Slide 3: The rising cost of oncology care is a significant problem in the US
The rising cost of oncology care is a significant problem in the US The oncology market is massive with accelerating growth driven by reimbursement misalignment, complex and variable clinical pathways and high-cost drugs. Healthcare is Unaffordable & U.S. Oncology Spend Growth Inefficient in the U.S
Slide 4: TOI is a leading, value-based platform focused exclusively on oncology
TOI is a leading, value-based platform focused exclusively on oncology 385K 200+ ~21K Patient visits clinical trials since TOI was founded, oral scripts in 2024 giving patients cutting edge access filled in 2024 ~77K 33% 130 unique patient reduction in patient total healthcare Oncologists and encoun
Slide 5: TOI is both an oncology benefit manager and oncology care provider
TOI is both an oncology benefit manager and oncology care provider TOI combines the services of a specialty benefits manager, with the care delivery infrastructure of a provider and pharmacy Specialty benefits manager Care delivery • Delegated provider network • Community oncologists management • Nu
Slide 6: A combination which is differentiated among marketplace solutions
…a combination which is differentiated among marketplace solutions TOI’s peers at scale are either exclusively a network management model or designed around fee-for-service economics that generate profit positively correlated to drug spend Specialty benefit model, focus on independent Integrated Fee
Slide 7: Fully integrated suite of services to deliver care across oncology continuum
…with fully integrated suite of services to deliver care across oncology continuum TOI offers an expansive range of oncology services with a distinctive capability to assume fully-delegated, population-level managed care and capitation contracts, while enhancing patient care Blood Product Physician
Slide 8: TOI's differentiated clinical model delivers superior results to patients and payors
TOI’s differentiated clinical model delivers superior results to patients and payors TOI’s clinicians and population health tools create integrated, value-based model focused on quality care at lower cost TOI Model Leads to Superior Outcomes Integration of Palliative Care Care Pathways Informed by N
Slide 9: Scalable model, multi-market presence, and large remaining whitespace opportunity
TOI benefits from a scalable model, with existing multi-market presence, and large remaining whitespace opportunity TOI’s Geographic Footprint Key Highlights FFS E&M Current Year TOI Lives Market Size Visits Markets Entered (2024) (Lives)1 (2024) California 6 2007 ~1.8M ~26.1M 68k Florida 5 2021 ~29
Slide 10: Financial Overview
Financial Overview THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION 10
Slide 11: TOI's journey positions it at the forefront of complex and value-based services
TOI’s journey positions it at the forefront of complex and value-based services $470 $393 $324 TOI represents less than 1% of the U.S. Oncology Market, $252 41% providing substantial growth opportunity Revenue CAGR $203 $188 $155 $113 Revenue(1) in Millions $74 $64 $48 $41 $42 $38 $26 $29 $1 $10 $17
Slide 12: TOI is on the path to break even in 2025
TOI is on the path to break even in 2025 Three key sources of contribution as TOI enters 2025… 1 2 3 New Value-based Contracts Growth in Dispensary Attachments Clinical Productivity • TOI continues to sign new contracts at an accelerated • TOI’s orals attachment rate continues to increase • TOI made
Slide 13: Multiple drivers of revenue growth and margin expansion
…supported by multiple drivers of revenue growth and margin expansion within TOI’s diversified business model Highest-growth categories provide significant contribution margin due to developed substantial central and local infrastructure Patient Services Dispensary, Clinical Trials, and Other (Medic
Slide 14: Momentum in new capitation contract starts
…including momentum in new capitation contract starts 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Contract Starts – Value-Based Lives 240K -- 250K 20K 60K 20K A Contract Starts – Contract Count 5 -- 4 2 3 1 Contract Starts – Average PMPM $3 NA $6 $26 $24 $12 B Contract Terminations – Value-Based Lives -- C -80K -
Slide 15: Track record of profitably managing spend under new value-based contracts
…enabled by TOI’s track record of profitably managing spend under new value- based contracts MLR, by Month of New Contract 100% 90% 80% 70% ~2,000 bps year 60% one MLR1 reduction 50% on 2024 new 40% contracts, with 30% additional upside 20% 10% --% 1 2 3 4 5 6 7 8 9 10 11 12 13 MLR Benefits of TOI m
Slide 16: TOI investment highlights
TOI investment highlights 1. The high, and growing cost of oncology care is a significant problem for patients and payors in the US 2. The landscape of solutions in the market to address this issue while supporting quality are limited 3. TOI is one of the first, single-stop models capable of reducin
Slide 17: Historical Financials
Historical Financials THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION 17
Slide 18: Historical Financials: Operating Expenses
Historical Financials FOR THREE MONTHS ENDED FOR YEAR ENDED In thousands Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Dec 31, 2022 Dec 31, 2023 Dec 31, 2024 Patient services $ 53,634 $ 56,171 $ 52,453 $ 49,752 $ 50,217 $ 53,068 $ 166,785 $ 213,504 $ 204,883 REVENUE D
Slide 19: Historical Financials: Income (Loss)
Historical Financials FOR THREE MONTHS ENDED FOR YEAR ENDED In thousands Sep Jun 30, 2023 Sep Dec 30, 2023 31, 2023 Mar 31, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Dec 31, 2022 Dec 31, 2023 Dec 31, 2024 Loss from operations (13,925) (15,288) (17,972) (13,853) (11,929) (9,911) (81,951) (77,018) (
Slide 20: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation FOR THREE MONTHS ENDED FOR YEAR ENDED In thousands Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Dec 31, 2022 Dec 31, 2023 Dec 31, 2024 Net (loss) income $ (17,419) $ (18,754) $ (19,889) $ (16,113) $ (13,182) $ (19,585) $ 152 $ (83,068)
Slide 21: 2025 Guidance
2025 Guidance REVENUE GROSS PROFIT $460 to $480 million $73 to $82 million ADJUSTED EBITDA FREE CASH FLOW $(8) to $(17) million $(12) to $(21) million Note: TOI's achievement of the anticipated results is subject to risks and uncertainties, including those disclosed in its filings with the U.S. Secu
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