TOI earnings analysis
What we found in TOI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
TOI reported Q1 2026 revenue of $147.4M, a significant increase of 41.2% compared to $104.4M in Q1 2025, with a narrower EPS loss of -$0.08 versus -$0.21 in the prior year. Notably, specialty pharmacy revenue surged by 77.6%, indicating strong operational performance despite ongoing net losses.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 41.2% YoY
- Total revenue reached $147.4M, a $43M increase from Q1 2025's $104.4M.
- Specialty Pharmacy Revenue Soars 77.6%
- Specialty pharmacy revenue grew to $87.5M from $49.3M in the previous year.
- Narrower EPS Loss
- Diluted EPS improved to -$0.08 from -$0.21 in Q1 2025.
- Operating Margin Improvement
- Operating margin loss decreased to -4.4% from -9.5% in the prior year.
- Positive Cash Flow from Operations
- Net cash used in operating activities decreased to -$2.2M from -$5M in Q1 2025.
- Interest Expense Reduction
- Interest expense net decreased sharply to $1.93M from $5.57M year-over-year, a 65.3% drop.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Persisting Net Loss
- The company reported a net loss of $2.49M, though improved from $19.55M for the same period last year.
- Inventory Management Concerns
- An increase in quarterly drug buy-ins caused a cash flow impact, necessitating careful inventory management.
- Volatility in Fee-for-Service Revenue
- Fee-for-service revenue decreased by 10%, presenting ongoing revenue variability risks.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.08
- Operating margin
- -4.4%
- Segment
- Patient Services: $59.1M
- Segment
- Specialty Pharmacy: $87.5M
- Segment
- Clinical Trials & Other: $0.8M
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 10-K · March 12, 2026
- TOI's 2025 10-K shows accelerating top-line growth and margin improvement driven by expansion of patient services and value-based contracts. Revenue rose materially year-over-year while operating losses and EPS…
- 10-Q · November 13, 2025
- TOI reported Q3 2025 revenue of $136,564,000, up from $99,901,000 in the year-ago quarter, driven primarily by the dispensary and patient services segments. Operating loss narrowed to $(8,054,000) (operating margin…
- 10-Q · May 14, 2025
- TOI reported Q1 revenue of $104.406M (up from $94.666M in Q1 2024, +10.3%) and a GAAP net loss of $19.585M, or $(0.21) per share. Gross margin expanded to 16.5% and loss from operations narrowed to $9.911M (operating…
- 10-Q · May 10, 2023
- TOI reported strong top-line growth for Q1 2023 with revenue of $76,192,000, up $21,031,000 (38.1%) vs. Q1 2022. All three segments grew, but profitability deteriorated as the company recorded a $16,867,000 goodwill…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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