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…
Earnings analysis · 10-Q
TOI earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.08
- Operating margin
- -4.4%
What stood out
-
Revenue Growth of 41.2% YoY
Total revenue reached $147.4M, a $43M increase from Q1 2025's $104.4M.
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Specialty Pharmacy Revenue Soars 77.6%
Specialty pharmacy revenue grew to $87.5M from $49.3M in the previous year.
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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.
What to watch
-
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.
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Volatility in Fee-for-Service Revenue
Fee-for-service revenue decreased by 10%, presenting ongoing revenue variability risks.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.