[Financial & Operating Highlights](index=1&type=section&id=Financial%20%26%20Operating%20Highlights) Astrana Health reported strong revenue growth for Q3 and YTD 2024, driven by Care Partners, with mixed profitability and a key acquisition Q3 2024 Financial Highlights (vs. Q3 2023) | Metric | Q3 2024 | Change vs. Q3 2023 | | :--- | :--- | :--- | | Total Revenue | $478.7M | ⬆️ 37% | | Care Partners Revenue | $455.8M | ⬆️ 42% | | Net Income (attributable to Astrana) | $16.1M | ⬇️ 27% | | EPS - diluted | $0.33 | ⬇️ 30% | | Adjusted EBITDA | $45.2M | ⬇️ 13% | Nine Months Ended Sep 30, 2024 Financial Highlights (vs. Prior Year) | Metric | Nine Months 2024 | Change vs. 2023 | | :--- | :--- | :--- | | Total Revenue | $1,369.3M | ⬆️ 32% | | Care Partners Revenue | $1,301.4M | ⬆️ 36% | | Net Income (attributable to Astrana) | $50.1M | ⬆️ 4% | | EPS - diluted | $1.04 | ⬆️ 1% | | Adjusted EBITDA | $135.3M | ⬆️ 15% | - On October 4, 2024, the company acquired Collaborative Health Systems (CHS), Golden Triangle Physician Alliance, and Heritage Physician Networks for an aggregate purchase price of **$37.5 million**, plus potential earnout payments up to **$21.5 million**[4](index=4&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Results) In Q3 2024, Care Partners led revenue growth with an operating income decline, while Care Delivery grew revenue but incurred a loss, and Care Enablement showed modest growth Q3 2024 Segment Results (in thousands) | Segment | Total Revenues | % Change vs. Q3 2023 | Income (Loss) from Operations | % Change vs. Q3 2023 | | :--- | :--- | :--- | :--- | :--- | | Care Partners | $455,760 | ⬆️ 42% | $38,786 | ⬇️ 4% | | Care Delivery | $34,728 | ⬆️ 20% | $(1,357) | ⬆️ 31% (less loss) | | Care Enablement | $40,930 | ⬆️ 11% | $6,314 | ⬇️ 2% | [Full Year 2024 Guidance](index=2&type=section&id=2024%20Guidance) Following the CHS acquisition, Astrana raised its full-year 2024 revenue guidance and narrowed ranges for net income, Adjusted EBITDA, and EPS Updated Full Year 2024 Guidance | Metric | Low Range | High Range | | :--- | :--- | :--- | | Total Revenue | $1,950M | $2,030M | | Net Income (attributable to Astrana) | $52M | $58M | | Adjusted EBITDA | $165M | $175M | | EPS – diluted | $1.06 | $1.19 | [Financial Statements](index=4&type=section&id=Financial%20Statements) The financial statements detail significant growth in total assets and liabilities, alongside increased revenue but mixed profitability for Q3 and YTD 2024 [Consolidated Balance Sheets](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of September 30, 2024, Astrana's total assets and liabilities significantly increased, driven by cash, goodwill, debt, and medical liabilities, with total equity also rising Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2024 (Unaudited) | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $347,994 | $293,807 | | Goodwill | $409,711 | $278,831 | | **Total Assets** | **$1,285,376** | **$933,361** | | Medical liabilities | $160,279 | $106,657 | | Long-term debt, net | $423,119 | $258,939 | | **Total Liabilities** | **$778,269** | **$522,593** | | **Total Equity** | **$709,619** | **$616,651** | [Consolidated Statements of Income](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME) Q3 2024 revenue grew significantly, but increased costs and interest expense led to a net income decline, while nine-month results showed strong revenue growth and modest net income improvement Consolidated Income Statement Highlights (in thousands, except per share data) | Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$478,710** | **$348,173** | **$1,369,331** | **$1,033,625** | | Capitation, net | $431,401 | $305,678 | $1,239,885 | $906,430 | | Income from operations | $28,425 | $39,083 | $88,630 | $88,483 | | **Net Income Attributable to Astrana** | **$16,094** | **$22,059** | **$50,100** | **$48,361** | | **EPS - diluted** | **$0.33** | **$0.47** | **$1.04** | **$1.03** | [Non-GAAP Financial Measures & Reconciliations](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) The company utilizes non-GAAP measures like Adjusted EBITDA for performance evaluation, reporting a Q3 2024 decline but nine-month growth, and providing full-year 2024 guidance reconciliation Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $18,981 | $27,973 | $57,709 | $57,943 | | EBITDA | $39,154 | $42,818 | $116,255 | $102,823 | | **Adjusted EBITDA** | **$45,170** | **$51,974** | **$135,332** | **$117,573** | | Adjusted EBITDA Margin | 9% | 15% | 10% | 11% | 2024 Guidance Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Low Range | High Range | | :--- | :--- | :--- | | Net Income | $59,340 | $66,240 | | EBITDA | $132,250 | $142,250 | | **Adjusted EBITDA** | **$165,000** | **$175,000** | - **Adjusted EBITDA** is a key **non-GAAP metric** used by management for operational decision-making, calculated by taking earnings before interest, taxes, depreciation, and amortization, and excluding items like income/loss from equity investments, non-recurring transactions, and stock-based compensation[26](index=26&type=chunk) [Company Overview & Conference Call](index=1&type=section&id=About%20Astrana%20Health%2C%20Inc.) Astrana Health is a physician-centric, technology-powered healthcare company focused on value-based care, serving a large patient and provider network, and recently held a conference call to discuss Q3 results - Astrana operates a **value-based healthcare model** aiming to provide high-quality, cost-effective care through its network of providers and affiliated entities[14](index=14&type=chunk) - The company serves approximately **1.1 million patients** in value-based care arrangements and works with over **12,000 providers**[2](index=2&type=chunk)[15](index=15&type=chunk) - A conference call to discuss **Q3 2024 results** was scheduled for **November 7, 2024**, with webcast and replay information provided[9](index=9&type=chunk)[10](index=10&type=chunk)

PART I [Item 1. Condensed Consolidated Financial Statements](index=6&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Astrana Health's unaudited interim financial statements for Q2 2024 detail significant growth in assets, liabilities, revenue, and expenses, largely driven by acquisitions Condensed Consolidated Balance Sheet Highlights | Financial Metric | June 30, 2024 (Unaudited) | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | $1,252,471 thousand | $933,361 thousand | | **Total Liabilities** | $773,775 thousand | $522,593 thousand | | **Total Equity** | $683,008 thousand | $616,651 thousand | Condensed Consolidated Statements of Income (Three Months) | Income Statement (Q2) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Total Revenue** | $486,265 thousand | $348,209 thousand | | **Income from Operations** | $30,066 thousand | $27,029 thousand | | **Net Income Attributable to Astrana** | $19,171 thousand | $13,170 thousand | | **Diluted EPS** | $0.40 | $0.28 | Condensed Consolidated Statements of Income (Six Months) | Income Statement (Six Months) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Total Revenue** | $890,621 thousand | $685,453 thousand | | **Income from Operations** | $60,205 thousand | $49,403 thousand | | **Net Income Attributable to Astrana** | $34,006 thousand | $26,302 thousand | | **Diluted EPS** | $0.71 | $0.56 | Condensed Consolidated Statements of Cash Flows (Six Months) | Cash Flow (Six Months) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $29,165 thousand | $33,522 thousand | | **Net Cash used in Investing Activities** | ($150,964) thousand | ($19,221) thousand | | **Net Cash from (used in) Financing Activities** | $153,603 thousand | ($8,062) thousand | - During the first half of 2024, the company completed several acquisitions, including CFC, AHMS, ADSC, and PCCCV, with a total net consideration of approximately **$203.6 million**[70](index=70&type=chunk)[71](index=71&type=chunk)[74](index=74&type=chunk) - Subsequent to the quarter end, the company announced a strategic partnership with Elation Health, including a **$5.0 million** convertible promissory note, and a definitive agreement to acquire Collaborative Health Systems, LLC (CHS) for **$37.5 million** plus potential earnouts[207](index=207&type=chunk)[208](index=208&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=53&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting a **40% increase in Q2 2024 revenue** driven by acquisitions and growth in the Care Partners segment, alongside updated 2024 financial guidance - Total revenue increased by **40% to $486.3 million** in Q2 2024, up from **$348.2 million** in Q2 2023, primarily due to a **$142.0 million** increase in capitation revenue from recent acquisitions and full-risk plan transitions[227](index=227&type=chunk) - For the six months ended June 30, 2024, total revenue grew **30% to $890.6 million**, driven by a **$207.7 million** increase in capitation revenue from acquisitions and full-risk arrangements[228](index=228&type=chunk) 2024 Full-Year Financial Guidance | 2024 Full-Year Guidance | Low Range | High Range | | :--- | :--- | :--- | | **Total Revenue** | $1,750 million | $1,850 million | | **Net Income Attributable to Astrana** | $54 million | $66 million | | **Adjusted EBITDA** | $165 million | $185 million | | **EPS – Diluted** | $1.12 | $1.36 | - The company announced a definitive agreement to acquire Collaborative Health Systems, LLC (CHS) from Centene for **$37.5 million**, expanding its footprint to **17 states** and adding over **129,000 Medicare members**, with closing expected in Q4 2024[215](index=215&type=chunk)[217](index=217&type=chunk) - As of June 30, 2024, the company managed approximately **1.0 million patients** through its network of over **10,000 contracted physicians** and **18 independent risk-bearing organizations**[212](index=212&type=chunk)[226](index=226&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=68&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk from variable-rate debt under its Amended Credit Agreement, with a 1% rate change impacting interest expense by **$4.5 million** quarterly - The company's primary market risk is interest rate risk associated with its variable-rate Term Loan and Revolver Loan under the Amended Credit Agreement[280](index=280&type=chunk) - As of June 30, 2024, borrowings under the Term Loan were **$289.0 million** and under the Revolver Loan were **$146.7 million**[280](index=280&type=chunk) - A hypothetical **1% change in interest rates** would have increased or decreased the company's interest expense by **$4.5 million** for the three months ended June 30, 2024[280](index=280&type=chunk) [Item 4. Controls and Procedures](index=68&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of June 30, 2024, the Chief Executive Officer and Chief Financial and Operating Officer concluded that the company's disclosure controls and procedures were effective[282](index=282&type=chunk) - There were no changes in the company's internal control over financial reporting during the quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, internal controls[283](index=283&type=chunk) PART II [Item 1. Legal Proceedings](index=69&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, which management believes will not have a material adverse effect on its financial condition or operations - The company is party to various lawsuits and claims arising from its normal business operations[285](index=285&type=chunk) - In management's opinion, the ultimate liability from these proceedings is not expected to have a material adverse effect on the company's financial position, results of operations, or cash flows[285](index=285&type=chunk) [Item 1A. Risk Factors](index=69&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the Annual Report on Form 10-K for the year ended December 31, 2023 - There have been no material changes in the company's risk factors from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 29, 2024[287](index=287&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=70&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares under its public plan in Q2 2024, but repurchased a small number for employee tax withholding obligations related to vested restricted stock - During Q2 2024, no shares were repurchased under the company's publicly announced share repurchase plan, with **$40.5 million** remaining available as of June 30, 2024[290](index=290&type=chunk) - The company repurchased **28,285 shares** during the quarter to satisfy tax withholding obligations for employees upon the vesting of restricted stock, separate from the public repurchase program[292](index=292&type=chunk) [Item 3. Defaults Upon Senior Securities](index=70&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities - None[293](index=293&type=chunk) [Item 4. Mine Safety Disclosures](index=70&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[293](index=293&type=chunk) [Item 5. Other Information](index=70&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted, modified, or terminated Rule 10b5-1 trading plans or other pre-arranged trading arrangements during Q2 2024 - During the quarter ended June 30, 2024, no directors or executive officers adopted, modified, or terminated a Rule 10b5-1 trading plan or any non-Rule 10b5-1 trading arrangement[294](index=294&type=chunk) [Item 6. Exhibits](index=71&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed or incorporated by reference, including credit agreement amendments, equity plans, and Sarbanes-Oxley Act certifications - Key exhibits filed include the Fourth Amendment to the Amended and Restated Credit Agreement, the 2024 Equity Incentive Plan, and the Securities Purchase Agreement for the acquisition of Collaborative Health Systems, LLC[298](index=298&type=chunk) - Certifications from the Principal Executive Officer and Principal Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are included[299](index=299&type=chunk)

Financial Performance - Total revenue for Q2 2024 was $486.3 million, a 40% increase from $348.2 million in Q2 2023[3] - Care Partners revenue reached $463.3 million, up 44% from $321.8 million year-over-year[3] - Net income attributable to Astrana was $19.2 million, reflecting a 46% increase from $13.2 million in the same quarter last year[3] - Adjusted EBITDA for Q2 2024 was $47.9 million, a 34% increase from $35.8 million in Q2 2023[3] - Total revenue for the three months ended June 30, 2024, was $486,265, an increase of 39.7% compared to $348,209 for the same period in 2023[26] - Net income for the three months ended June 30, 2024, was $21,866, representing a 25.7% increase from $17,482 in the same period of 2023[26] - Adjusted EBITDA for the six months ended June 30, 2024, was $90,162,000, a significant increase from $65,599,000 in 2023, reflecting a growth of 37.5%[28] - The company provided guidance for 2024 with a net income range of $62,500,000 to $75,500,000, and an EBITDA range of $137,000,000 to $157,000,000[30] Guidance and Projections - For 2024, the company updated its revenue guidance to a range of $1.75 billion to $1.85 billion[10] - Net income guidance for 2024 is set between $54 million and $66 million, with diluted EPS guidance of $1.12 to $1.36[10] - Adjusted EBITDA guidance for 2024 is projected between $165 million and $185 million[10] Assets and Liabilities - Total current assets increased to $570,349 as of June 30, 2024, up from $461,507 as of December 31, 2023, reflecting a growth of 23.6%[21] - Total assets reached $1,252,471 as of June 30, 2024, compared to $933,361 as of December 31, 2023, marking a significant increase of 34.2%[24] - Total liabilities increased to $773,775 as of June 30, 2024, from $522,593 as of December 31, 2023, indicating a rise of 47.9%[24] - Cash and cash equivalents rose to $325,310 as of June 30, 2024, compared to $293,807 as of December 31, 2023, an increase of 10.7%[21] - Total non-current assets increased to $682,122 as of June 30, 2024, from $471,854 as of December 31, 2023, a growth of 44.5%[21] - The company’s total stockholders' equity increased to $683,008 as of June 30, 2024, from $616,651 as of December 31, 2023, reflecting an increase of 10.7%[24] Operational Developments - The company entered Arizona, partnering with a primary care group serving approximately 50,000 patients, expected to onboard by the end of 2024[4] - Astrana announced a partnership with Anthem Blue Cross to improve access to healthcare through new primary care clinics[5] - The acquisition of Collaborative Health Systems is anticipated to close in Q4 2024, expanding care delivery capabilities for over 100,000 beneficiaries[6] Other Financial Metrics - Earnings per share (diluted) for the three months ended June 30, 2024, was $0.40, compared to $0.28 for the same period in 2023, representing a growth of 42.9%[26] - The company reported a capitation revenue of $442,574 for the three months ended June 30, 2024, up from $300,549 in the same period of 2023, reflecting a growth of 47.1%[26] - Interest expense increased to $8,587,000 for the three months ended June 30, 2024, compared to $3,632,000 in the same period last year, marking a rise of 136.5%[28] - Provision for income taxes decreased to $10,031,000 for the three months ended June 30, 2024, down from $14,009,000 in 2023, a decline of 28.4%[28] - Stock-based compensation for the three months ended June 30, 2024, was $7,390,000, an increase of 75.1% from $4,213,000 in the prior year[28] - Other net for the three months ended June 30, 2024, was $(2,983,000), compared to $(1,618,000) in the same period of 2023, indicating increased non-cash changes[28] - The company emphasizes the use of non-GAAP financial measures like Adjusted EBITDA to provide a clearer picture of operational performance[31]

Financial Performance - Total revenue for Q1 2024 was $404.4 million, an increase of $67.1 million or 20% compared to $337.2 million in Q1 2023[198] - Capitation revenue increased by $65.7 million to $365.9 million, primarily due to recent acquisitions[194] - Operating expenses totaled $374.2 million, up $59.3 million or 19% from $314.9 million in Q1 2023[195] - Net income attributable to Astrana Health, Inc. was $14.8 million, a 13% increase from $13.1 million in Q1 2023[210] - Care Partners segment revenue grew by 26% to $397.1 million, reflecting strong performance in the company's core operations[212] - Care Partners segment revenue increased to $397.1 million for Q1 2024, up 26% from $314.7 million in Q1 2023, with operating income rising 94% to $43.2 million[214] - Care Delivery segment revenue grew to $30.7 million in Q1 2024, a 21% increase from $25.4 million in Q1 2023, with operating loss reduced by 75% to $0.2 million[215] - Care Enablement segment revenue reached $33.3 million in Q1 2024, up from $30.6 million in Q1 2023, but operating income decreased by 39% to $3.5 million[216] Expenses and Income - General and administrative expenses rose by $17.5 million or 83% to $38.7 million, driven by operational growth[200] - Interest expense increased to $7.6 million, up 132% from $3.3 million in Q1 2023, due to higher borrowings[203] Cash Flow and Investments - Cash, cash equivalents, and marketable securities totaled $337.3 million as of March 31, 2024, an increase from $296.3 million at the end of 2023[224] - Net cash provided by operating activities was $5.977 million in Q1 2024, down 23% from $7.720 million in Q1 2023[228] - Cash used in investing activities surged to $71.039 million in Q1 2024, compared to $14.035 million in Q1 2023, primarily due to business acquisitions[230] - Cash provided by financing activities was $106.351 million in Q1 2024, a significant increase from a cash outflow of $7.099 million in Q1 2023[231] Debt and Financing - Total debt as of March 31, 2024, was $393.259 million, with long-term debt amounting to $368.448 million after accounting for current portions and unamortized financing costs[234] - The Amended Credit Agreement provides a five-year revolving credit facility of $400 million, increasing the total facility to $700 million after a new term loan of up to $300 million was added[236] - As of March 31, 2024, borrowings under the Term Loan were $296.5 million, with an interest rate ranging from 1.50% to 2.75% based on the Company's Consolidated Total Net Leverage Ratio[242] - The Company borrowed $94.8 million under the Revolver Loan, with interest rates ranging from 1.25% to 2.50% based on the same leverage ratio[242] - A hypothetical 1% change in interest rates would have impacted the Company's interest expense by $3.9 million for the three months ended March 31, 2024[242] - The Company has a promissory note payable of $2 million, maturing on May 9, 2024[237] Projections and Guidance - The company projects total revenue for 2024 to be between $1.65 billion and $1.85 billion, with net income expected between $61 million and $73 million[218] - Adjusted EBITDA for 2024 is guided to be between $165 million and $185 million, with diluted EPS projected between $1.28 and $1.52[218] Acquisitions - The acquisition of Community Family Care (CFC) was completed on March 31, 2024, marking the largest acquisition in the company's history[187] Patient Management - The company managed approximately 1.0 million patients as of March 31, 2024, down from 1.3 million in the same period last year[197] Accounting Policies - Critical accounting policies and estimates are integral to understanding the financial statements, reflecting significant judgments and uncertainties[239] - The Company’s management is required to make judgments and estimates that could lead to materially different results under varying assumptions[239] Off-Balance Sheet Arrangements - As of March 31, 2024, there were no off-balance sheet arrangements that could materially affect the Company's financial condition[240] Risk Management - The Company has entered into a collar agreement for its Revolver Loan to convert floating-rate debt to a fixed-rate basis, aiming to reduce variability in cash flows[242]

Exhibit 99.1 Astrana Health, Inc. Reports First Quarter 2024 Results Company to Host Conference Call on Tuesday, May 7, 2024, at 2:30 p.m. PT/5:30 p.m. ET ALHAMBRA, Calif., May 7, 2024 /PRNewswire/ -- Astrana Health, Inc. ("Astrana," and together with its subsidiaries and affiliated entities, the "Company") (NASDAQ: ASTH), a leading provider-centric, technology-powered healthcare company enabling providers to deliver accessible, high-quality, and high-value care to all, today announced its consolidated fina ...

Patient Care and Services - As of December 31, 2023, Astrana Health, Inc. coordinates value-based care for approximately 0.9 million patients through a network of over 10,000 contracted physicians[19]. - The Care Delivery segment serves over 800,000 patients annually across approximately 60 locations in 3 states, focusing on high-quality and accessible care[25]. - Astrana's ACO participated in the ACO REACH Model for the year ended December 31, 2023, and will also participate in the Medicare Shared Savings Program (MSSP) starting in 2024[22][23]. - The MSSP participation includes the ENHANCED risk track, allowing Astrana to manage a pool of Traditional Medicare patients while bearing financial risk on all Medicare expenditures[23]. - The company operates under a Restricted Knox-Keene licensed health plan, enabling it to assume full financial responsibility for medical costs of its members[24]. - Astrana's Care Partners segment focuses on building high-performance provider networks and managing value-based care arrangements, acting as a "single payer" for its network[20]. - The company aims to fill network gaps by building or acquiring practices and provider groups tailored to specific markets[26]. - Astrana's healthcare delivery entities ensure continuity of care across various lines of business, including Medicare fee-for-service, Medicare Advantage, Medicaid, and Commercial[20]. - The company emphasizes patient satisfaction, high-quality care, and cost efficiency as part of its strategy to adapt to the U.S. healthcare industry's shift towards value-based care[19]. - Astrana's integrated health network includes independent practice associations (IPAs) and accountable care organizations (ACOs) that contract with various health plans to provide services[21]. - The company manages approximately 0.9 million patients as of December 31, 2023, leveraging combined clinical, administrative, and technology capabilities[70]. - The physician network consists of approximately 10,000 contracted physicians, including primary care and specialist physicians[73]. Financial Performance and Investments - The company holds a 30% interest in CAIPA MSO, a management services organization, and has made several strategic investments in healthcare entities, including a 10% interest in AchievaMed, Inc.[41]. - The company completed a $545 million loan to Astrana Medical, which bears a 10% annual interest rate, and a $300 million private placement for common stock[43]. - The company’s integrated health network benefits from cost advantages due to its scale and managed care experience, allowing for improved treatment strategies and quality of care[30]. - The company’s investments include a $3.5 million SAFE with Third Way Health and a $2 million SAFE with Seen Health, with shares to be acquired upon triggering events[42]. - Capitation revenue consists primarily of capitated fees for medical services, with payments typically made monthly based on the number of enrollees[56]. - Four payers accounted for an aggregate of 61.7% of total net revenue for the years ended December 31, 2023[68]. - The company has developed long-standing relationships with multiple health plans and hospitals, generating recurring contractual revenue[75]. Regulatory Compliance and Legal Risks - Regulatory compliance is critical, as violations of healthcare laws could materially affect the company's financial condition and operations[83]. - The False Claims Act imposes civil liability for submitting false claims, with penalties including substantial fines and exclusion from government healthcare programs[90][91]. - The federal Anti-Kickback Statute prohibits remuneration for patient referrals, with violations leading to criminal and civil penalties[93]. - The Stark Law prohibits physician self-referrals for Medicare and Medicaid patients unless specific exceptions apply, with strict compliance requirements[100]. - The Stark Law and its regulations are complex, and compliance cannot be assured, which may lead to penalties including denial of payment and civil penalties for violations[101]. - Changes to the Stark Law effective January 19, 2021, aim to reduce regulatory burdens and may impact business operations and financial condition[102]. - State laws similar to the Stark Law may impose additional liabilities, including civil penalties and potential misdemeanor offenses for non-compliance[103]. - Adverse determinations under state or federal laws could result in criminal penalties and exclusion from Medicare and Medicaid programs, adversely affecting financial condition[104]. - Compliance with HIPAA regulations is mandatory, and violations may lead to significant civil and criminal penalties, including fines and breach notifications[106]. - The Knox-Keene Act regulates managed care plans in California, and non-compliance could necessitate obtaining a restricted license, leading to potential liabilities[109]. - The company is subject to various federal and state healthcare laws that could materially affect business operations and financial results[112]. - The company operates under long-term MSAs with affiliated IPAs and medical groups, which are owned and operated by physicians only[85]. - The company consolidates revenue and expenses of its affiliates as their primary beneficiary due to MSAs[86]. - Violations of the corporate practice of medicine laws could lead to civil or criminal penalties and require restructuring of arrangements with affiliated IPAs[89]. - The company may face competitive disadvantages due to its cautious approach to arrangements that do not clearly satisfy OIG safe harbors under the Anti-Kickback Statute[94]. Market Trends and Competition - U.S. healthcare expenditures are projected to grow at an average annual rate of 5.4%, reaching $7.2 trillion by 2031, with Medicare spending expected to grow at 7.5% per year during the same period[48]. - U.S. healthcare spending increased by 4.1% to $4.5 trillion in 2022, projected to reach approximately $7.2 trillion by 2031, representing 17.3% of the U.S. GDP[51]. - The healthcare industry is shifting towards value-based, capitated payment models, increasing the number of Americans covered by such programs[51]. - The healthcare market is becoming increasingly patient-centered, requiring providers to deliver coordinated and accessible care[52]. - The company faces competition from larger IPAs, medical groups, and hospitals in the greater Los Angeles area, including Regal Medical Group and Optum[78]. - The company's ACOs compete with sophisticated provider groups like Privia Health and Aledade, which have greater resources[79]. - The outpatient clinics are in competition with large ambulatory surgery centers and diagnostic centers such as RadNet and Envision Healthcare[80]. - The company’s MSOs compete with other MSOs like Prospect Medical Systems and Conifer Health Solutions for management and administrative services[82]. Workforce and Employment - The company has approximately 1,800 employees as of December 31, 2023, with no labor union membership and no work stoppages reported[32].

Sometimes, the best trading advice can come from a list of stocks owned by Congress. If they are buying, you may want to look into it. Politicians seem to have an uncanny, remarkable track record of success.For example, on Nov. 22, Rep. Nancy Pelosi bought 50 Nvidia (NASDAQ:NVDA) 20 Dec 2024 $120 call options even as the underlying stock traded at a high of $503.31. Today, NVDA stock trades around $784. Had you followed her into NVDA, you stood to make a good deal of money. Granted, not all of her trades wo ...

Exhibit 99.1 Astrana Health, Inc. Reports Fourth Quarter and Year-End 2023 Results Company to Host Conference Call on Tuesday, Feb. 27, 2024, at 2:30 p.m. PT/5:30 p.m. ET ALHAMBRA, Calif., February 27, 2024 /PRNewswire/ -- Astrana Health, Inc. (together with its subsidiaries and affiliated entities, "Astrana") (NASDAQ: ASTH), a leading provider-centric, technology-powered healthcare company focused on enabling providers in the successful delivery of value-based care, today announced its consolidated financi ...

Apollo Medical Holdings, Inc. (AMEH) shares rallied 7.6% in the last trading session to close at $41.70. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 5.6% gain over the past four weeks.Apollo Medical Holdings, Inc. scored a strong price increase, on investors’ optimism driven by the company’s announcement of officially changing its name to Astrana Health, Inc. The unifying brand reflects the company’s grow ...

Core Insights - Elevance Health (ELV) is currently rated as a better investment option compared to Apollo Medical Holdings, Inc. (AMEH) based on Zacks Rank and valuation metrics [1][3] Valuation Metrics - ELV has a forward P/E ratio of 13.83, significantly lower than AMEH's forward P/E of 27.31, indicating that ELV may be undervalued [2] - The PEG ratio for ELV is 1.15, while AMEH's PEG ratio is 2.38, suggesting that ELV has a more favorable earnings growth outlook relative to its price [2] - ELV's P/B ratio stands at 3.06, compared to AMEH's P/B of 3.71, further supporting the argument that ELV is a more attractive value stock [2] Investment Outlook - ELV is currently experiencing an improving earnings outlook, which enhances its attractiveness as a value investment [3] - The overall Value grade for ELV is A, while AMEH has a Value grade of C, indicating a stronger position for ELV in the value investment category [2][3]