The first publicly traded oncology specialist debuted on the stock market this week following its merger with a special purpose acquisition company.
The Oncology Institute, a provider with 50 offices in four states headquartered in the Los Angeles area, closed on its combination with DFP Healthcare Acquisitions Corp. and is now trading on NASDAQ under the ticker symbols “TOI” and “TOIIW.” The company’s stock is currently valued at about $8.50, down more than 18% from its initial value on Monday.
Founded in 2007, TOI touts a brand of value-based oncology care its leaders say is lacking in the current cancer treatment industry, which is mostly delivered on a fee-for-service basis. Brad Hively, the company’s CEO, said TOI manages more than 1.5 million patients under value-based contracts, which comprise a little over half of its revenue. Of the 1.5 million patients, about half are covered by managed Medicaid, followed by commercially insurance and then Medicare Advantage. The other roughly half of TOI’s revenue is fee-for-service.
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