| Metric | Value ($ M) | Q3 FY25 |
|---|---|---|
| Revenue | 169.77 | 24.3% |
| Total Income | 169.77 | 24.3% |
| Expenditure | 172.75 | 19.4% |
| PBT | -15.75 | 4.5% |
| Net Profit | -15.75 | 4.5% |
| OPM | -1.76% | 4.14pp |
| NPM | -9.28% | 2.81pp |
| EPS | -0.13 | 7.1% |
Starling Oncology Reports Q3 2026 Financial Results and Updates Guidance
06 Nov 2026 · 6 Nov, 3:31 am
Summary
Starling Oncology reported a strong third quarter of 2026, with consolidated revenue up 24.3% year over year to $169.8 million. The company saw significant growth in its Specialty Pharmacy segment, which increased revenue by 44% to $109 million, and its capitated business, which grew revenue by 40%. The net loss narrowed to $15.7 million from $16.5 million in the prior year, and Adjusted EBITDA turned positive at $3.4 million. Management affirmed full-year 2026 guidance, citing strong performance and strategic initiatives like the launch of Starling Nexus.
Key Highlights
- 1
Consolidated revenue increased by 24.3% to $169.8 million for the third quarter of 2026 compared to the prior year period.
- 2
Specialty Pharmacy revenue grew 44% year over year to $109 million, with a gross margin of 24%.
- 3
Capitated revenue grew 40% year over year in the third quarter, and the medical loss ratio improved sequentially to 81.0%.
- 4
Net loss for the third quarter of 2026 was $15.7 million, an improvement from a net loss of $16.5 million in the prior year period.
- 5
Adjusted EBITDA turned positive to $3.4 million in the third quarter of 2026, compared to a negative $3.5 million in the prior year period.
- 6
Starling Nexus, a proprietary utilization management portal, is now live for network providers in all markets with delegated capitation arrangements.
- 7
The company affirmed its full-year 2026 guidance based on year-to-date performance.
Management Comments
Daniel Virnich
The third quarter of 2026 was another strong quarter for our company, with revenue up 24% year over year and Adjusted EBITDA of $3.4 million, our second consecutive quarter of positive Adjusted EBITDA and above our third quarter outlook of $0.50 million to $1.5 million. Our capitated business continues to deliver growth, with capitated revenue up 40% and MLR performing at expectations. Our Specialty pharmacy business grew 44% year over year, with strong gross margins of 24% for this segment. Starling Nexus, our proprietary provider-focused portal, is now live and available to our network clinicians to support care coordination and evidence-based care on our delegated capitation model. Based on our performance year to date, we are affirming our full-year 2026 guidance, and we believe we are well positioned for continued growth into 2027.
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