The Oncology Institute Reports Second Quarter 2025 Financial Results and Reaffirms Full Year 2025 Guidance

The Oncology Institute Reports Second

Quarter 2025 Financial Results and Reaffirms Full Year 2025 Guidance

Calif., August 13, 2025 -- The Oncology Institute, Inc. (NASDAQ: TOI) ("TOI" or the "Company"), one of the

largest value-based community oncology groups in the United States, today reported financial results for its three months ended June 30,

CEO of TOI, commented, "We delivered another strong quarter with over 20% year-over-year revenue growth. This was driven by exceptional

performance in our pharmacy business, which grew over 40% year-over-year, as well as the addition of over 50,000 new capitated lives to

our value-based business. We are also in the process of expanding our partnership into new geographic regions of Florida with a major

health plan which, once finalized, will double the amount of lives we cover for this payor. The momentum we're seeing in new contract

signings, combined with continued strength in pharmacy, gives us increasing confidence that we'll achieve revenue at the high end of our

guidance range for the year and achieve Adjusted EBITDA positivity as we exit 2025."

Operational Highlights

Second Quarter 2025 Financial Highlights

All comparisons are to the quarter ended June

30, 2024 unless otherwise noted

TOI uses Adjusted EBITDA

and Free Cash flow, each a non-GAAP metric, as an additional tool to assess its operational and financial performance. See "Financial

Information: Non-GAAP Financial Measures" below. In reliance on the unreasonable efforts exception provided under Regulation S-K,

TOI is not reasonably able to provide a quantitative reconciliation for forward-looking information of Adjusted EBITDA and Free Cash

Flow to net (loss) income and net cash provided by operations, respectively, the most directly comparable GAAP financial measures, without

unreasonable efforts due to uncertainties regarding taxes, capital expenditures, operating activities, share-based compensation, goodwill

impairment charges, change in fair value of liabilities, unrealized (gains) losses on investments, practice acquisition-related costs,

consulting and legal fees, transaction costs and other non-cash items. The variability of these items could have an unpredictable, and

potentially significant, impact on TOI's future GAAP financial results. Nevertheless TOI reaffirms its full year 2025 guidance:

the revenue growth in the first half of the year, currently believes it can reach the higher-end of the revenue guidance range for 2025.

Additionally, the Company expects Adjusted EBITDA of approximately $(2.5) to $(3.5) million in the third quarter of 2025. TOI's achievement

of the anticipated results is subject to risks and uncertainties, including those disclosed in its filings with the U.S. Securities and

Exchange Commission. The outlook does not take into account the impact of any unanticipated developments in the business or changes in

the operating environment, nor does it take into account the impact of TOI's acquisitions, dispositions or financings. TOI's outlook assumes

a largely open global market, which would likely be negatively impacted if recent tariff rate increases and exchange rate changes persist

and adversely affect world trade.

Webcast and Conference

TOI will host a conference call on Wednesday,

August 13, 2025 at 5:00 p.m. (Eastern Time) to discuss second quarter results and management's outlook for future financial and

operational performance.

The conference call can be accessed live

over the phone by dialing 1-877-407-0789, or for international callers, 1-201-689-8562. A replay will be available two hours after the

call and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the live call and the

replay is 13754165. The replay will be available until Wednesday, August 20, 2025.

Interested investors and other parties

may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of TOI's website at https://investors.theoncologyinstitute.com.

About The Oncology Institute, Inc.

Founded in 2007, The Oncology Institute, Inc. (NASDAQ: TOI) is advancing

oncology by delivering highly specialized, value-based cancer care in the community setting. TOI offers cutting-edge, evidence-based cancer

care to a population of approximately 1.9 million patients including clinical trials, transfusions, and other care delivery models traditionally

associated with the most advanced care delivery organizations. With over 180 employed and affiliate clinicians and over 100 clinics and

affiliate locations of care across five states and growing, TOI is changing oncology for the better. For more information visit www.theoncologyinstitute.com.

Forward-Looking Statements

This press release includes certain statements

that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private

Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "preliminary,"

"believe," "may," "will," "estimate," "continue," "anticipate,"

"intend," "expect," "should," "would," "plan," "project," "predict,"

"potential," "guidance," "approximately," "seem," "seek," "future,"

"outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical

matters. These forward-looking statements include, but are not limited to, statements regarding projections, anticipated financial results,

estimates and forecasts of revenue and other financial and performance metrics and projections of market opportunity and expectations.

These statements are based on various assumptions and on the current expectations of TOI and are not predictions of actual performance.

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied

on by anyone as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances

are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of

TOI. These forward-looking statements are subject to a number of risks and uncertainties, including the accuracy of the assumptions underlying

the 2025 full fiscal year outlook and the Q3 2025 outlook with respect to Adjusted EBITDA discussed herein, the outcome of judicial and

administrative proceedings to which TOI may become a party or investigations to which TOI may become or is subject that could interrupt

or limit TOI's operations, result in adverse judgments, settlements or fines and create negative publicity; changes in TOI's

patient or payors' preferences, prospects and the competitive conditions prevailing in the healthcare sector; failure to continue to meet

stock exchange listing standards; the impact of COVID-19 on TOI's business; those factors discussed in the documents of TOI filed,

or to be filed, with the SEC, including the Item 1A. "Risk Factors" section of TOI's Annual Report on Form 10-K for the year

ended December 31, 2024 filed with the SEC on March 26, 2025 and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form

8-K. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these

forward-looking statements. There may be additional risks that TOI currently is evaluating or does not presently know or that TOI currently

believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition,

forward-looking statements reflect TOI's plans or forecasts of future events and views as of the date of this press release. TOI

anticipates that subsequent events and developments will cause TOI's assessments to change. TOI does not undertake any obligation

to update any of these forward-looking statements. These forward-looking statements should not be relied upon as representing TOI's

assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking

Financial Information; Non-GAAP Financial

Some of the financial information and

data contained in this press release, such as Adjusted EBITDA and Free Cash Flow, have not been prepared in accordance with United States

generally accepted accounting principles ("GAAP"). TOI's non-GAAP financial measures may be different from non-GAAP

financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation

or as a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP

financial measures, you should consider the non-GAAP financial measures presented in this press release in conjunction with TOI's

financial statements and the related notes thereto.

TOI believes that the use of Free Cash

Flow provides an additional tool to assess the Company's financial performance, evaluate its ability to generate cash from operations,

and plan for future investments and obligations. Free Cash Flow is useful in understanding the cash available for strategic initiatives.

It also helps in comparing TOI's financial performance with other similar companies, many of which use similar non-GAAP financial measures

to provide insights into their cash generation capabilities. However, the principal limitation of Free Cash Flow is that it does not account

for certain cash outflows or inflows that are required by GAAP to be recorded in TOI's financial statements. TOI defines Free Cash Flow

as net cash flow provided by (used in) operations plus cash paid for interest, less capital expenditures.

TOI believes that the use of Adjusted

EBITDA provides an additional tool to assess our operations and results of our performance, to plan and forecast future periods, and factors

and trends in, and in comparing our financial measures with, other similar companies, many of which present similar non-GAAP financial

measures to investors. The principal limitation of Adjusted EBITDA is that it excludes significant expenses and income that are required

by GAAP to be recorded in TOI's financial statements.

TOI defines Adjusted EBITDA as net (loss)

income plus depreciation, amortization, interest, taxes, non-cash items, share-based compensation, goodwill impairment charges, change

in fair value of liabilities, unrealized gains or losses on investments and other adjustments to add-back the following: consulting and

legal fees related to acquisitions, one-time consulting and legal fees related to certain advisory projects, software implementations