The Oncology Institute, Inc.

Hello and welcome everyone joining today's Starling Oncology's second quarter 2026 earnings call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. To register to ask a question at any time, please press star 1 on your telephone keypad. Please note this call is being recorded. We are standing by if you should need any assistance. It is now my pleasure to turn the meeting over

Thank you, Operator, and good afternoon, everyone. Welcome to Starling Oncology's second quarter 2026 earnings conference call. I'm Minh Merchant, Chief Legal Officer, and joining me today are Dan Virnich, our Chief Executive Officer, and Rob Carter, our Chief Financial Officer. The press release announcing our results for the second quarter of 2026 is available in the investor relations section of our website, starlingoncology.com. A replay of this call will also be available on our website following its conclusion. Before we get started, I'd like to remind you of the company's safe harbor language included within our press release for the second quarter of 2026. Management may make forward-looking statements, including guidance and underlying assumptions. These forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. For a further discussion of risks related to our business, please see our filings with the SEC, including our most recent Form 10-Q from quarter-ended June 30, 2026. This call will also discuss non-GAAP financial measures, such as adjusted EBITDA, MLR, and free cash flow. A reconciliation of these non-GAAP measures to the most comparable GAAP measures is included in the earnings release furnished to the SEC and available on our website. With that, I'm going to call over to Dan.

Thank you, Min. Good afternoon, everyone, and thank you for joining our second quarter of 2020 state's earnings call. We are reporting a very strong second quarter with profitability and completion of a strategic refinancing. And we've had a very exciting summer so far with a lot of positive momentum in our business. Before I get into our results, I want to share an important announcement. The company has decided to rebrand as Starling Oncology. As we have transformed this business over the past several years, our prior name no longer reflected our scope as a national value-based oncology leader. Our new name, Starling Oncology, is inspired by the coordinated flying patterns of starlings, called murmurations. This symbolizes the coordinated care, community access, and technology-driven innovation that define our approach to value-based oncology care. This rebrand comes at a pivotal moment in our company's evolution. After rebuilding the organization, achieving profitability, scaling our value-based care capabilities, strengthening our operations, and establishing a foundation for future growth, We believe our brand should now reflect the company we have become. While our name is changing, our mission remains the same, delivering high-quality, patient-centered cancer care in the communities we serve. Turning to our financial results, the second quarter saw revenue of approximately $161 million, an increase of 35% year-over-year, driven by strong, cap-tated growth in our specialty pharmacy business. I'm also pleased to report that we have achieved positive adjusted EBITDA and came in at the top end of our guidance range in the second quarter due to continued growth, strong MLR performance on our risk contracts, and operational efficiencies as we scale. This marks our second profitable quarter as a public company. As we continue to scale, we are finding additional office efficiencies across the business. Last quarter, we announced a substantial update to our free cash flow I'm pleased that the progress continued in Q2 as we negotiated fee reductions with another key vendor partner that will substantially lower our costs to collect on non-cap-gated encounters and resulted in over $1 million in OpEx savings annualized at our current size. Next, as discussed on our last call, we're launching our new provider portal, Starling Nexus, in mid-August. We'll be rolling this out in a phased approach. Thank you for joining us today. The portal will be a hub to drive ancillary services such as our Part D pharmacy, decentralized clinical trials, and other value-add offerings to our network providers, which will create tremendous value for our important network practices and for Starling. Lastly, Starling Nexus will provide an immense amount of data on practice patterns and patient care being delivered across our network, which will allow us to continue to excel on MLR performance and create valuable data insights to partners over time. In addition to a strong second quarter, we're also excited to share several announcements from July and August. First, on new capitated contracts, we anticipate adding three new delegated capitation contracts at the start of Q4, which is notable in that two of them are occurring in Nevada and Oregon, representing our first expansion of this model with health and partners outside of Florida. In total, these three contracts represent approximately 80,000 additional aggregate lives and approximately $50 million on an annualized captive revenue, not including the downstream benefit of wraparound services like pharmacy. I'm also pleased to announce that we achieved exclusivity in California with one of our largest partners across all of their delegated medical groups, has added approximately 230,000 capitated lives and an estimated additional $6 million annualized capitation revenue in addition to associated Part D growth. Lastly, our statewide payer relationship in Florida that we announced on our Q2 call has been pushed from Q3 to Q4 in terms of effective date. Finally, as many of you saw, last month we announced a strategic refinancing that strengthened our balance sheet and improved our liquidity by replacing a convertible note with near maturity with a new term facility. Rob will discuss this in more detail in a few minutes, but I want to say how pleased we are with the results and the additional financial flexibility this affords us. Our results in the first half of the year have given us the opportunity to raise our outlook for the full year. We are raising our revenue and gross profit ranges and tightening our adjusted EBITDA range. 2026 will still mark our first year of positive adjusted EBITDA as a public company, while allowing us to continue investing in the business ahead of an expected 100% increase in cap-dated revenue next year. Wrapping up, I'm very pleased with the momentum we're seeing so far this year. The business is continuing to track increasing profitability quarter-over-quarter in 2026, our cap-dated contract growth remains robust, we see ongoing strong MLR performance, and our R&D business is continuing to set monthly fill records. I look forward to keeping you posted on our progress as we move forward at Starling Oncology. I'll now turn it over to Rob to review our financial results in more detail. Rob?