The Oncology Institute, Inc. · NASDAQ:TOI

The Oncology Institute — Oncology Institute — Investor Presentation (November 2022)

32 slides from The Oncology Institute's investor presentation, Nov 15, 2022

1. Slide 1: Investor Presentation November 2022

   Investor Presentation November 2022

2. Slide 2: Disclaimer

   Disclaimer Forward Looking Statements Financial Information; Non-GAAP Financial Measures This presentation includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Ref

3. Slide 3: TOI Investment Highlights

   Oncology is a Large and Growing Market Today’s Care Delivery System is Broken and Does Not Address Quality and Cost Issues TOI is the First Mover Disrupting Oncology Care with a Unique Value-Based Model Our Technology Platform is the First to Standardize and Align Care Delivery at Scale We Have Prov

4. Slide 4: Rising Cost of Oncology Care is a Massive Problem in the U.S.

   of U.S. GDP and rising 18% 2x spent per person compared to OECD average Yet, U.S. incidence of chronic illness and longevity are worse than average $200bn+ 11 –14% CAGR U.S. Oncology drug spending growth in the next four years 9.5% of U.S. adults have been diagnosed with cancer estimated 2020 U.S. o

5. Slide 5: Our Disruptive Value-Based Oncology Care

   Our Disruptive Value-Based Oncology Care We Are Disrup�ng the Status Quo in Cancer Care Our Healthcare System is Being Rebuilt with New Value-Based Care Models 5 | Investor Presentation November 2022 • Incentivized by quality • Incentivized to use high-value therapies • Physician compensation model

6. Slide 6: We are a Leading Value-Based Oncology Care Platform

   We are a Leading Value-Based Oncology Care Pla�orm 6 | Investor Presentation November 2022 Who We Are Our Growth Relationships with Leading Payors and Risk-Taking Providers $248M $64M(2) 2016A 2022B(3) 2.88x 2016 Revenue 60 14 Locations in Five States Current Markets 100 1.7M Oncologists and Mid-lev

7. Slide 7: We are shifting the market to value-based oncology care

   We are shi�ing the market to value-based oncology care 7 | Investor Presentation November 2022 Illustrative Value Based Primary Care Group Funds Flow We Are Shifting the Market to Value-Based Oncology Care Oncology Spend is a Major Pain Point for Value-Based Primary Care • Growth in value-based prim

8. Slide 8: Our Value-Based Oncology Care Model is Disrupting the Market

   TOI is a Leading Value-Based Oncology Care Practice that is Aligning both Physicians and Payors with Incentives to Simultaneously Enhance Quality and Lower Costs Aligned with physicians, practice-based models are incentivized to over prescribe expensive therapeutics and over utilize care which resul

9. Slide 9: Highly Effective in Delivering Quality, Value-Based Oncology Care

   Lower inpatient admissions 30% Fewer Emergency Department visits in the last month of life 75% Lower median total healthcare costs from diagnosis to death > 25% Fewer acute care facility deaths 40% Improvement in Patient Satisfaction 14% 9 | Investor Presentation November 2022 Study on TOI Patient P

10. Slide 10: Highly Satisfied Patient Base Supports Care Delivery Model

    Highly Satised Patient Base Supports Care Delivery Model While Strengthening Payor Relationships Our Pa�ent-Centric Focus Drives High Levels of Sa�sfac�on –Lynwood Clinic Patient –Riverside Clinic Patient–Downey Clinic Patient 1.00 2.00 3.00 4.00 5.00 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 10

11. Slide 11: We Use Multiple Levers to Reduce Cost of Care

    Where We Focus Savings We Use Mul�ple Levers to Reduce Cost of Care 11 | Investor Presentation November 2022 Treatments High-Value Cancer Care Program Palliative and Hospice Collaboration • Providers trained in advanced care planning • Close coordination between network providers Experience in relat

12. Slide 12: Proven Portability with Rapidly Expanding Footprint

    12 | Investor Presentation November 2022 (Lancaster) (Rancho Mirage) California Nevada FloridaArizona 5 Clinics & 12 Hospital Aliations4 Clinics & 6 Hospital Aliations Texas . 42 Clinics & 75+ Hospital Aliations 7 Clinics & 9 Hospital Aliations 2 Clinic & 1 Hospital Aliations Proven Portability

13. Slide 13: Our Care Model is Hard to Replicate

    Our Care Model is Hard to Replicate 13 | Investor Presentation November 2022 TOI has Developed Many Highly Specic and Dicult to Replicate Capabilities that Collectively Comprise our Competitive Strengths Physician Recruiting Tech-enabled Care Pathways Delivered in Community Setting Clinical Cultur

14. Slide 14: Our Technology Platform is Purpose Built for Oncology Care

    Our Technology Pla�orm is Purpose Built for Oncology Care 14 | Investor Presentation November 2022 Collect Work with health plans and primary care doctors on front-end collection of extensive patient data sets Analyze Apply Leverage proprietary algorithms and data science to rene relevant clinical

15. Slide 15: Strong Unit Economics Drives Increasing Profitability

    Strong Unit Economics Drives Increasing Profitability 15 | Investor Presentation November 2022 Value-Based Volume Mix: As our mix of value-based revenue increases our margins are expected to improve; pods today with highest mix of value-based contract achieve 30%+ margins Provider Utilization: Margi

16. Slide 16: Strong Unit Economics Provide the Foundation of Future Growth

    Strong Unit Economics Provide the Founda�on of Future Growth 16 | Investor Presentation November 2022 Illustrative New Market Ramp -10% -5% 0% 5% 10% 15% 20% 25% 30% (1,000) (500) - 500 1,000 1,500 2,000 2,500 3,000 Year 1 Year 2 Year 3 Year 4 Year 5 G ro ss M ar gi n EB IT D A ($ 00 0s ) Denovo EBI

17. Slide 17: Multiple Levers to Sustain Long Term Growth Trajectory

    Mul�ple Levers to Sustain Long Term Growth Trajectory TOI represents 0.01% of the U.S. Oncology Market providing substantialgrowth opportunity 17 | Investor Presentation November 2022 Existing Markets Continue Driving Growth in Lives and Partnership Expansion • New contracts • Expand covered lives •

18. Slide 18: Financial Overview

    Financial Overview

19. Slide 19: Revenue and Milestone Timeline

    Revenue(1) and Milestone Timeline 19 | Investor Presentation November 2022 Notes: (1) 2007-2017 revenue is cash basis, unaudited and pertains to the Predecessor entity only (2) Predecessor revenue of $76M; Successor revenue of $37M (3) $248M is mid range 2022 guidance. Guidance herein is as of Novem

20. Slide 20: Diversified Business Model with Multiple Drivers of Revenue Growth

    Diversified Business Model with Mul�ple Drivers of Revenue Growth and Margin Expansion Diverse Line of Business 20 | Investor Presentation November 2022 • Legacy / Same Store • Acquisition • De Novo • Capitation Contracts • Gainshare Contracts MD Productivity MD / APP Pairing Technology and Process

21. Slide 21: Value Driven Highly Attractive Economic Model

    Value Driven Highly A�rac�ve Economic Model Illustrative Economic Model 21 | Investor Presentation November 2022 Payor ContractsProvider Contracts FFS Driven; High Cost for Payors and Risk-Taking Providers Unmanaged or Under-managed Oncology Market TOI saves payors 25%+ of medical oncology costs Poo

22. Slide 22: Gain Share Contracts

    Gain Share Contracts 22 | Investor Presentation November 2022 Gain Share Contracts Oer TOI an Entry Point with Payors in New Markets Illustrative Gain Share Contract Structure • Gain share contracts oer payors an alternative to full capitation, with incentives for TOI to drive reductions in cost o

23. Slide 23: Proven economic model shows 20+% Gross Margins

    Proven economic model shows 20+% Gross Margins in Mature, Value-Based driven markets 23 | Investor Presentation November 2022 • Established Value-Based Partnerships • Continued Strategic Growth • Same-Store Gross Margin 20+% • Recently opened markets • Launched in partnership with national value-bas

24. Slide 24: Historic growth supports continued scale to drive increased revenue

    Historic growth supports con�nued scale to drive increased revenue 24 | Investor Presentation November 2022 Revenue ($ in millions) Capitated Lives (in millions) 2019-2022 Growth New Value-Based Contracts +10 new contracts +624K lives New Markets – 7 (in 3 states) New Clinics – 10 through acquisitio

25. Slide 25: Benefits of scale go beyond top line

    Benefits of scale go beyond top line 25 | Investor Presentation November 2022 TOI’s growth allows us to scale our infrastructure, driving better margins due to lower drug costs, and more ecient providers – all leading to more savings for our payor partners and patients Corporate G&A Eciencies Prov

26. Slide 26: Capital Deployment Strategy

    Capital Deployment Strategy fueled by recent $110 million strategic investment by Deerfield Management 26 | Investor Presentation November 2022 Adjusted EBITDA and Net Income Protability projected in 2024 Acquisitions De Novo Growth Operating Losses Working Capital (predominantly funding A/R)

27. Slide 27: 2022 Guidance

    2022 Guidance 27 | Investor Presentation November 2022 Revenue Gross Prot Adjusted EBITDA Value-Based Lives $245 to $250 million, representing 21% to 23% growth over 2021 revenue $45 to $50 million $(25) to (28) million 1.65 to 1.75 million lives representing 3% growth over 2021 year-end-lives Upda

28. Slide 28: Key Takeaways

    Key Takeaways 28 | Investor Presentation November 2022 Early Market Leader in Large and Growing Market Proven Economic Model with Imbedded Scalability Well Capitalized, with Disciplined Deployment Strategy Our growth enables high-quality, aordable care for more patients

29. Slide 29: Historical Financials

    Historical Financials

30. Slide 30: Historical Financials

    30 | Investor Presentation November 2022 Historical Financials Revenue ($ in thousands) To be continued.. Patient services Capitated revenue FFS revenue Subtotal Dispensary Clinical trials & other Total operating revenue $12,330 17,292 29,622 17,618 1,340 48,580 $12,897 16,889 29,786 17,782 2,276 49

31. Slide 31: Historical Financials

    31 | Investor Presentation November 2022 Historical Financials Income (Loss) Loss from operations Other non-operating expense (income) Interest expense Change in fair value of derivative warrant liabilities Change in fair value of earnout liabilities Change in fair value of conversion option derivat

32. Slide 32: Adjusted EBITDA Reconciliation

    32 | Investor Presentation November 2022 Adjusted EBITDA Reconciliation The following table provides a reconciliation of net income (loss), the most closely comparable GAAP nancial measure, to Adjusted EBITDA: The Company includes adjusted EBITDA because it is an important measure upon which our ma

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