In Q1 2026, TOI delivered 41% year-over-year revenue growth, driven in part by strong capitated revenue growth and record performance in its pharmacy business. For 2026, TOI anticipates total revenue in the range of $630–650 million, reflecting 28% growth from midpoint 2025 guidance, including approximately $150 million of Capitation revenue, reflecting continued expansion of delegated contracts in Florida and organic growth. Management projects annual revenue growth of approximately 20% through 2028, with Capitation and Dispensary revenue growing to 30% and 50% of total revenue respectively, reflecting migration toward comprehensive oncology care in a value-based landscape and expanding margins to the mid-single-digit range as a percentage of revenue.
Cyborg Score Rationale
Q1 2026 delivered 41% YoY revenue growth and Florida reached profitability, marking an important maturation milestone in capitated relationships. The company is executing a clear value-based care transition with strong growth trajectories and newly reachable profitability targets, though execution risk remains on delegated contract ramp and market adoption.
Top Insights
Specialty Pharmacy achieved record Part D fills in Q1 2026, driving 78% revenue growth YoY, reflecting volume growth and improved attachment rates.
Medicare Advantage capitation footprint is expanding aggressively, reaching 200,000 lives across 25 Florida counties effective July 1, 2026.
In 2025, TOI initiated 9 new capitated contracts representing approximately 260,000 additional lives under management across California, Florida, and Nevada.
TOI saved approximately $2 million in Medicare spending under the CMS Enhancing Oncology Model, demonstrating clinical-model ROI and differentiation.
Named Competitors
UnitedHealth Group Oncology Services — Integrated oncology care through health insurance and care delivery
CVS Health Oncology — Oncology and specialty care through retail and health services integration
Elevance Health Capitated Programs — Medicare Advantage capitation partner in Florida and other states
Regional Oncology Networks — Community-based oncology group networks competing on local care delivery
Recent Developments
(May 2026) Q1 2026 financial results showed 41% YoY revenue growth, specialty pharmacy record performance, and Florida profitability milestone
(April 2026) Announced Chief Legal Officer appointment (Minh Merchant) as part of executive team strengthening
(March 2026) FY 2025 results reported with new capitation contract expansion and Medicare Advantage growth across multiple states
(January 2026) Reaffirmed 2025 guidance and provided 2026 preliminary outlook targeting $630–650M revenue with first positive EBITDA since IPO
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