Oncology Institute, Inc.TOI

Oncology Institute, Inc. Segments Disclosure

10-KFiled Mar 12, 20263 min read
Segment Information
The Company operates its business and reports its results through three operating and reportable segments: specialty pharmacy, 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,
20252024
Revenue
Patient services$228,991 $204,883 
Specialty pharmacy269,176 179,916 
Clinical trials & other4,562 8,613 
Consolidated revenue502,729 393,412 
Direct costs
Intravenous (IV) drug costs134,504 118,893 
Clinician salaries and benefits56,896 59,340 
Medical supplies and other14,102 8,647 
Total patient services (A)205,502 186,880 
Specialty Pharmacy (B)
220,558 151,231 
Clinical trials & other (C)
234 1,304 
Total segment direct costs426,294 339,415 
Depreciation expense
Patient services2,919 2,267 
Specialty pharmacy32 124 
Clinical trials & other10 2 
Total segment depreciation expense2,961 2,392 
(in thousands)Year Ended December 31,
(in thousands)20252024
Amortization of intangible assets
Patient services2,871 2,874 
Clinical trials & other110 220 
Total segment amortization2,981 3,094 
Operating income
Patient services17,699 12,862 
Specialty pharmacy48,586 28,561 
Clinical trials & other4,208 7,088 
Total segment operating income70,493 48,511 
Other items not allocated to segments:
Selling, general and administrative expense105,574 107,828 
Non-segment depreciation and amortization1,002 801 
Total consolidated operating loss(36,083)(60,118)
Interest expense, net11,276 7,496 
Change in fair value of derivative warrant liabilities247 (619)
Change in fair value of conversion option derivative liabilities12,206 (2,697)
Other, net925 365 
Total other non-operating expense24,654 4,545 
Consolidated loss before provision for income taxes$(60,737)$(64,663)
(in thousands)December 31, 2025December 31, 2024
Assets   
Capitated accounts receivable $3,213 $3,695 
FFS accounts receivable 35,376 26,532 
IV drug inventory 8,079 6,556 
Other assets27,989 31,667 
Patient services74,657 68,450 
Oral drug accounts receivable7,457 6,371 
Oral drug inventory8,796 3,483 
Other assets431 4,574 
Specialty pharmacy16,684 14,428 
Clinical trials & other5,436 7,974 
Non-segment assets67,879 81,865 
Total assets$164,656 $172,717 
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 - specialty pharmacy 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.

Historical Timeline

Fiscal YearFiled
2025Mar 12, 2026Showing above
2024Mar 26, 2025
2023Mar 28, 2024
2022Mar 16, 2023
2021Mar 11, 2022

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

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