Starling Oncology (STLN) Investor presentation summary

Investment highlights

• National value-based oncology platform with 2M+ covered lives and 19 years of differentiated care delivery.

• Achieved 28% revenue growth in 2025 and expects positive Adjusted EBITDA in 2026.

• Multiple growth channels, including specialty pharmacy, capitation, and fee-for-service models.

• Management team with deep industry experience and proven operational leadership.

• Large total addressable market (TAM) with secular growth drivers such as aging population and rising cancer incidence.

Business model and operations

• Operates a scalable network across five states with 122 employed and 200+ network providers.

• Value-based contracts cover 2 million lives, with $269M annual pharmacy volume.

• Specialty pharmacy drives strong economics, lowers patient costs, and improves medication adherence.

• Unified technology infrastructure supports advanced analytics and AI-enabled efficiencies.

• Maintains high patient satisfaction (4.6/5 rating) and strong clinical outcomes.

Market opportunity and growth

• U.S. oncology market projected to grow at 13% CAGR, reaching $180B by 2028.

• Less than 10% of oncology spend is currently managed under value-based care, leaving significant whitespace.

• Expansion opportunities in existing and new markets, with low penetration rates in both CA (7.3%) and non-CA (2.2%).

• Growth model leverages capitation, specialty pharmacy, and ancillary services for incremental revenue.