Oncology Institute, Inc.TOI

Oncology Institute, Inc. Segments Disclosure

10-KFiled Mar 26, 20253 min read
Segment Information
The Company operates its business and reports its results through three operating and reportable segments: dispensary, patient services, and clinical trials & other in accordance with ASC 280. See Note 2 for a summary of the Company’s policy on segment information.
Summarized financial information for the Company’s segments is shown in the following tables:
(in thousands)Year Ended December 31,
20242023
Revenue
Patient services$204,883 $213,504 
Dispensary179,916 103,835 
Clinical trials & other8,613 6,900 
Consolidated revenue393,412 324,239 
Direct costs
Intravenous (IV) drug costs118,893 121,670 
Clinician salaries and benefits59,340 52,588 
Medical supplies and other8,646 6,758 
Total patient services (A)
186,880 181,017 
Dispensary (B)
151,231 83,071 
Clinical trials & other (C)
1,304 578 
Total segment direct costs339,415 264,666 
Depreciation expense
Patient services2,267 2,156 
Dispensary124 106 
Clinical trials & other2 1 
Total segment depreciation expense2,392 2,263 
Amortization of intangible assets
Patient services2,874 2,799 
Clinical trials & other220 210 
Total segment amortization3,094 3,009 
Operating income
Patient services12,862 27,532 
Dispensary28,561 20,658 
Clinical trials & other7,087 6,111 
Total segment operating income48,511 54,301 
Goodwill impairment charges
Patient services— 16,235 
Clinical trials & other— 632 
Total impairment charges— 16,867 
Other items not allocated to segments:
Selling, general and administrative expense107,828 113,851 
Non-segment depreciation and amortization801 601 
Total consolidated operating loss(60,118)(77,018)
Interest expense, net7,496 6,777 
Change in fair value of derivative warrant liabilities(619)286 
(in thousands)Year Ended December 31,
20242023
Change in fair value of earnout liabilities— (803)
Change in fair value of conversion option derivative liabilities(2,697)(878)
Other, net365 704 
Total other non-operating loss expense4,545 6,086 
Consolidated loss before provision for income taxes$(64,663)$(83,104)
(in thousands)December 31, 2024December 31, 2023
Assets   
Capitated accounts receivable $3,695 $1,757 
FFS accounts receivable 26,532 30,173 
IV drug inventory 6,556 10,038 
Other assets31,667 31,583 
Patient services68,450 73,551 
Oral drug accounts receivable6,371 2,914 
Oral drug inventory3,483 3,640 
Other assets4,574 1,824 
Dispensary14,428 8,378 
Clinical trials & other7,974 8,878 
Non-segment assets81,865 118,433 
Total assets$172,717 $209,240 
The Company’s chief operating decision maker (CODM) is the Chief Executive Officer. The CODM uses segment operating income to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis when making decisions about allocating capital and personnel to the segments. The CODM also uses segment operating income for evaluating drug pricing to assess each segment’s performance by comparing the results and return on assets of each segment with one another and in the compensation of specific employees.
(A) Direct costs - patient services primarily includes chemotherapy drug costs, clinician salaries and benefits, and medical supplies. Clinicians include oncologists, advanced practice providers such as physician assistants and nurse practitioners, and registered nurses employed by the TOI PCs. These costs are regularly provided to the CODM to evaluate IV drug costs and clinician performance.
(B) Direct costs - dispensary primarily includes the cost of oral medications dispensed in the TOI PCs’ clinic locations. The CODM regularly reviews these costs evaluate drug margins, compression, and to evaluate suppliers.
(C) Direct costs - clinical trials & other primarily includes costs related to clinical trial contracts and medical supplies.
Free Sentinel

Want the next Oncology Institute, Inc. segments disclosure the moment it drops?

Set a Sentinel and we'll alert you the moment Oncology Institute, Inc.'s next filing hits EDGAR. No credit card, your email never gets sold.

Track for free

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesLeasesDebtCommitmentsStock CompensationNew Standards