TOI 1st positive adjusted EBITDA, beats, reiterates 2026 profit, capitation growth targets
TOI posts first positive adjusted EBITDA, beats Q4 2025 estimates and reiterates 2026 profitability and capitation growth targets
- Q4 2025 results beat estimates, with non-GAAP EPS -$0.06 (+57% YoY) and revenue $142M.
- Q4 revenue grew 41.6% YoY to $142M, driven by 71% growth in pharmacy revenue.
- Company achieved first positive adjusted EBITDA quarter at $0.1M versus a $7.8M loss last year.
- Full-year 2025 revenue rose 27.8% to $502.7M, with pharmacy up 49.6% and capitation 17.2%.
- Delegated Florida capitation model at ~$50M run-rate, <5% of cap lives but ~1/3 cap revenue.
- 2026 guidance reiterated: $630–650M revenue, ~$150M capitation (>80% growth), adjusted EBITDA $0–9M.
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