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Variable Interest Entities
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
The Company prepares its condensed consolidated financial statements in accordance with Accounting Standards Codification Topic No. 810, Consolidations (“ASC 810”), which provides for the consolidation of VIEs of which an entity is the primary beneficiary.
Pursuant to the MSAs established with the TOI PCs, TOI Management is entitled to receive a management fee, which represents a variable interest in and the right to receive the benefits of the TOI PCs. Through the terms of the MSAs, TOI Management receives the right to direct the most significant activities of the TOI PCs. Therefore, the TOI PCs are variable interest entities and TOI Management is the primary beneficiary that consolidates the TOI PCs, and their subsidiaries.
The condensed consolidated financial statements include the accounts of TOI and its subsidiaries and VIEs. All inter-company profits, transactions, and balances have been eliminated upon consolidation. The following summarizes the assets and liabilities of the VIEs included in the accompanying condensed consolidated balance sheets.
(in thousands)June 30, 2025December 31, 2024
Assets   
Current assets:   
Cash $4,349 $2,354 
Accounts receivable, net55,628 48,298 
Other receivables— 129 
Inventories15,786 10,039 
Prepaid expenses and other current assets673 1,591 
Total current assets76,436 62,411 
(in thousands)June 30, 2025December 31, 2024
Property and equipment, net46 64 
Other assets534 553 
Intangible assets, net4,690 5,097 
Goodwill2,679 2,679 
Total assets$84,385 $70,804 
Liabilities
Current liabilities:
Accounts payable$31,807 $21,507 
Accrued expenses and other current liabilities17,586 13,912 
Amounts due to affiliates234,620 238,577 
Total current liabilities284,013 273,996 
Other non-current liabilities115 5 
Total liabilities$284,128 $274,001 
Single physician holders, who are officers of the Company, retain equity ownership in TOI CA, TOI FL, TOI OR, and TOI TX, which represents nominal noncontrolling interests. The noncontrolling interests do not participate in the profit or loss of TOI CA, TOI FL, TOI OR or TOI TX, however.