Starling Oncology Q2 Revenue Jumps 35%, Adjusted EBITDA Turns Positive, Full-Year Guidance Raised
Summary
Starling Oncology reported Q2 2026 revenue of $161.3M (+35% YoY), positive Adjusted EBITDA of $229K, and raised full-year guidance. The results reflect strong execution in value-based oncology and specialty pharmacy.
Key Events · Earnings and Guidance · TOI
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Q2 Revenue Surges 35%
Consolidated revenue reached $161.3 million, driven by a 58% increase in Specialty Pharmacy revenue and a 48.5% rise in capitated revenue.
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Adjusted EBITDA Turns Positive
Adjusted EBITDA was $229 thousand, compared to a loss of $4.1 million in Q2 2025, marking the first positive quarter on this metric.
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Full-Year Guidance Raised
Revenue guidance increased to $650-$670 million (from $630-$650M), gross profit to $105-$110 million (from $97-$107M), and Adjusted EBITDA to $2-$7 million (from $0-$9M).
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Exclusivity Deal Adds 230K Lives
Achieved exclusivity with a major partner across all California delegated medical groups, adding approximately 230,000 capitated lives.
Analysis · TOI · Industrial Applications And Services
A sharp 35% revenue increase to $161M and a swing to positive Adjusted EBITDA of $229K from a $4.1M loss a year ago underscore Starling Oncology's strengthening quarter. The company lifted its full-year revenue and profit outlook, reflecting accelerating momentum from new capitated lives and specialty pharmacy growth. With $41M in cash and a clear path to sustained profitability, these results mark a turning point after a period of refinancing and restructuring.
At the time of this filing, TOI was trading at $5.19 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $512.9M. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.