CERRITOS, Calif.—Brad Hively, a director at Oncology Institute, Inc. (NASDAQ:TOI), has increased his stake in the company with recent acquisitions of common stock valued at approximately $50,000. According to a recent SEC filing, Hively purchased a total of 300,000 shares in two separate transactions. The purchases come as the company, currently valued at $12 million, has seen its stock decline by about 89% over the past year. On November 26, he acquired 250,000 shares at a price of $0.17 per share, and on December 2, he purchased an additional 50,000 shares at $0.15 per share. Following these transactions, Hively's direct ownership stands at 666,753 shares. These transactions reflect Hively's ongoing commitment to the company, as he continues to expand his holdings despite the company's significant cash burn rate. InvestingPro analysis reveals the company generated $379 million in revenue over the last twelve months, though it faces profitability challenges. For deeper insights into insider trading patterns and comprehensive financial analysis, InvestingPro subscribers can access the detailed Pro Research Report, available for over 1,400 US stocks.
In other recent news, The Oncology Institute (TOI) reported robust growth in Q3 2024, with a significant revenue increase of 21.8% compared to the same period last year. This surge was largely driven by an impressive 80% increase in oral drug revenue from the company's California pharmacy. In addition, TOI announced its first quarterly cash surplus for the year, with cash and cash equivalents, including marketable securities, rising by $1 million from Q2 2024.
TOI also signed three new capitation contracts, contributing to an annualized revenue of over $50 million. The company achieved certification for Radiopharmaceutical Therapy in California, a development expected to significantly bolster 2025 EBITDA. TOI managed to reduce SG&A expenses by 6% from the previous year, reflecting successful cost optimization efforts.
Despite these positive developments, TOI reported a net loss of $16.1 million for Q3, although this was an improvement over the previous year. The company's adjusted EBITDA for the quarter was negative $8.2 million, a decline from the previous year's negative $5.3 million. These are among the recent developments for the company, as it continues to focus on strategic execution to strengthen its financial performance.
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