Oncology Institute Rebrands as Starling, Changes Ticker
The oncology-care provider expanded its patient population to approximately 2.1 million.
The Oncology Institute (TOI), an oncology-care provider, said it would become Starling Oncology and trade under the Nasdaq ticker STLN beginning Aug. 4.
The new identity arrived as the company widened its reach without adding to its geographic footprint. Its patient population grew from 1.9 million in February to 2.0 million in July, while its network remained at more than 100 locations across five states.
The announcement omitted the revenue, profit, cash and guidance figures included in the preceding quarterly release. In the first quarter, revenue rose 41.2% from a year earlier to $147.4 million, easing from 41.6% growth in the fourth quarter. Revenue increased about 3.8% sequentially.
Gross profit rose 35.2% to $23.3 million, slowing from 55.2% growth in the prior quarter. Gross margin narrowed to about 15.8% from about 16.0% sequentially as revenue grew faster than gross profit. Adjusted EBITDA swung to a $2.4 million loss from a $147,000 profit in the fourth quarter, while the net loss narrowed to $2.5 million from $7.5 million.
Specialty Pharmacy revenue climbed 78% on record Medicare Part D fills, higher volume and improved attachment rates. Florida operations reached profitability as capitated relationships matured, and a contract expansion raised the company’s Florida Medicare Advantage population to 200,000 lives across 25 counties effective July 1.
The company previously raised its 2026 free-cash-flow forecast to $5 million to $15 million, increasing both ends by $20 million. It maintained revenue guidance of $630 million to $650 million and adjusted EBITDA guidance of zero to $9 million. Second-quarter adjusted EBITDA is forecast between a $1 million loss and a $1 million profit as patients satisfy seasonal deductibles and Florida delegated lives continue to ramp.
Ahead of the rebranding, the company refinanced an $86 million Deerfield convertible note with a $75 million OrbiMed term loan due in 2031 and about $11 million of cash, extending its maturities without issuing equity.