TOI Is a Leading Oncology Care Management Platform; Driving Improved Quality, Outcomes, and Costs; Increase PT to $8

研报英文原文证据摘录

TOI Is a Leading Oncology Care Management Platform; Driving Improved Quality, Outcomes, and Costs; Increase PT to $8

are not many other players in the space who can manage complex oncology

care as well as TOI can, and there are not many others who have the scale with the number of providers, patients, and clinics

across the country. Margins should lift as TOI increases its mix of value-based contracts, which have 30%+ gross margins for the

best-performing ones, and as TOI continues to control costs.HEALTH

Upcoming Catalysts Price Performance

■ Healthcare continues to move from a fee-based system to a value-based one $5.5

■ Massive U.S. oncology TAM with increasing cancer volumes and prevalence $5EQUITY ■ Winning more higher-margin opportunity value-based contracts $4.5

■ The stickiness and quality of the TOI platform attracts and retains physicians $4

■ Margins lift as new states and markets mature and efficiency increases $3.5

$3

Base Case Assumptions: $8 Price Target $2.5

$2RESEARCH ■ Continued growth in the number of physicians and patients on the platform $1.5

■ Thoughtful growth into new states and within existing ones Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 ■ Superior results from less unnecessary utilization and better health outcomes

TOI

■ Continued savings from delivering quality care and preventing expensive care S&P 500 (rebased)

Source: FactSet ■ Maintaining a healthy mix of fee-for-service and value-based care patients

Upside Scenario: $15/sh Company Description

■ Rapid revenue growth through more new contract wins with large health plans The Oncology Institute (TOI) is one of the

■ Faster-than-expected growth into new states and markets largest value-based community oncology