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Formed in 2007, the business of what is now The Oncology Institute, Inc. ("TOI", the "Company", "we", or "our) and its affiliated professional corporations was created initially as a collection of community oncology practices in southern California, and has evolved to be a national leader in the pursuit of reducing the ever-rising cost of oncology care, while embracing clinical best practices, …
The business is unprofitable at the operating level (-7.18% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 27.8% YoY with margins expanding 8.1pp.
Negative free cash flow of -$28M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$546M
▲ +27.8% YoY
Net Income (TTM)
-$44M
▲ +6.3% YoY
Op. Margin
-5.99%
▲ +8.1pp YoY
ROIC
-24.86%
▲ +6.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$26M
▲ +8.4% YoY
Op. Cash Flow (TTM)
-$22M
▲ +7.4% YoY
Net Debt
$75M
Cash & Equiv.
$30M
5Y CAGR: +21.8%
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