Starling Oncology, Inc. STLN
Formed in 2007, the business of what is now The Oncology Institute, Inc. ("TOI", the "Company", "we", or "our) and its affiliated professional corporations was created initially as a collection of community oncology practices in southern California, and has evolved to be a national leader in the pursuit of reducing the ever-rising cost of oncology care, while embracing clinical best practices, state-of-the-art technology, and compassionate treatment of patients.
While we continue our original purpose of seeing our patients on a fee-for-service basis for their oncology, hematology, specialty infusion, oral pharmacy needs, as well as enrolling patients in clinical trials, where appropriate, TOI's true mission lies in our differentiated ability to partner with managed care providers and other risk-bearing entities to transfer the risk and patient coordination responsibility of treating cancer in the subset of the population that is experiencing an oncology treatment episode. To do this, we utilize a combination of gain/loss sharing, capitation, and full delegation contracts at the population-level, which allow TOI to control the treatment of oncology patients in an outpatient setting, across both medical oncology (traditional IV-based infusion therapy) and radiation oncology (radiation therapy provided by linear accelerator equipment).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $502.7M | $393.4M | $324.2M | $252.5M | $203.0M | $187.5M | — |
| SG&A | $105.6M | $107.8M | $113.9M | $119.7M | $83.4M | $41.9M | — |
| Operating income | -$36.1M | -$60.1M | -$77.0M | -$82.0M | -$45.9M | -$8.2M | — |
| Interest expense | $11.3M | $7.5M | $6.8M | $4.1M | $320.0K | $347.0K | — |
| Pre-tax income | -$60.7M | -$64.7M | -$83.1M | -$91.0K | -$11.6M | -$14.8M | — |
| Income tax | $131.0K | $0 | $36.0K | $243.0K | $671.0K | $493.0K | — |
| Net income | $60.61B | $64.66B | -$83.1M | $152.0K | -$10.9M | -$14.3M | — |
| EPS, basic | -0.54 | -0.71 | -0.92 | 0.00 | -0.16 | -0.24 | — |
| EPS, diluted | -0.54 | -0.71 | -0.92 | -0.21 | -0.16 | -0.24 | — |
| Shares, diluted (wtd. avg.) | $92.4M | $75.0M | $73.7M | $80.6M | $66.2M | $59.1M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $33.6M | $49.7M | $33.5M | $14.0M | $115.2M | $6.0M | $2.4M |
| Short-term investments | — | $0 | $49.4M | $59.8M | $0 | — | — |
| Receivables | $59.0M | $48.3M | $42.4M | $39.8M | $20.0M | $17.1M | — |
| Inventory | $16.9M | $10.0M | $13.7M | $9.3M | $6.4M | $4.4M | — |
| Total current assets | $112.7M | $112.4M | $143.5M | $130.4M | $154.1M | $29.7M | $25.0K |
| Property, plant and equipment | $10.7M | $11.9M | $10.9M | $8.5M | $4.2M | $2.1M | — |
| Goodwill | $7.2M | $7.2M | $7.2M | $21.4M | $26.6M | $14.2M | — |
| Other intangibles | $11.0M | $14.8M | $17.9M | $18.0M | $18.2M | $19.5M | — |
| Total assets | $164.7M | $172.7M | $209.2M | $261.7M | $203.4M | $65.7M | $50.0K |
| Accounts payable | $43.2M | $24.3M | $14.4M | $9.4M | $15.6M | $12.6M | — |
| Short-term debt | — | — | — | $0 | $183.0K | $5.4M | — |
| Total current liabilities | $71.0M | $52.2M | $34.8M | $29.7M | $29.8M | $28.6M | $27.3K |
| Long-term debt | $77.4M | $93.1M | $86.8M | $80.6M | $0 | $6.6M | — |
| Total liabilities | $180.4M | $169.1M | $152.2M | $138.5M | $99.3M | $37.6M | $27.3K |
| Retained earnings | -$271.4M | -$210.8M | -$146.2M | -$63.1M | -$63.2M | -$52.3M | -$2.3K |
| Total equity | -$15.7M | $3.6M | $57.0M | $123.2M | $104.2M | $28.1M | $42.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$24.6M | -$26.5M | -$36.3M | -$61.8M | -$32.7M | $508.0K | — |
| Depreciation and amortisation | $6.9M | $6.3M | $5.9M | $4.4M | $3.3M | $3.2M | — |
| Stock-based compensation | $4.6M | $11.2M | $17.8M | $27.7M | $24.5M | $151.0K | — |
| Capital expenditure | $3.2M | $3.8M | $4.6M | $5.5M | $2.8M | $1.2M | — |
| Investing cash flow | -$3.1M | $46.2M | $62.6M | -$131.6M | -$12.2M | -$8.8M | — |
| Financing cash flow | $11.6M | -$3.5M | -$6.8M | $92.2M | $154.0M | $11.9M | — |
| Buybacks | — | $0 | $1.0M | $9.0M | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-197350.
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