Summary of Ardent Health Conference Call Company Overview - **Company**: Ardent Health (NYSE: ARDT) - **Industry**: Healthcare Services - **Operations**: 30 acute care hospitals and over 280 sites of care across 8 mid-sized markets - **Growth Strategy**: Joint venture growth strategy Key Performance Drivers and Challenges - **2025 Performance**: - First full year as a public company with significant growth in admissions, surgical procedures, adjusted admissions, and emergency room visits, outperforming peers [4][5] - Achieved EBITDA of $545 million in 2025 [15] - Implemented a tripartite growth strategy focusing on margin growth, outpatient footprint expansion, and selective market growth [5][8] - **Challenges**: - Industry-wide payer headwinds, including increased denials and underpayments, particularly in the second half of 2025 [6][7] - Medical malpractice issues in New Mexico affecting operations [7] - Anticipated $35 million headwind from the lack of renewal of exchange subsidies [9][10] Financial Guidance for 2026 - **Core Growth Rate**: Projected at 4% [9] - **EBITDA Guidance**: Midpoint of $510 million for 2026, with headwinds quantified at $50 million from elevated denials and $18-20 million from short-term incentive funding [15][16] - **IMPACT Program**: Expected to provide a $55 million benefit, up from $40 million, focusing on operational efficiencies and margin enhancements [27][31] Operational Initiatives - **Labor Management**: - Achieved a contract labor cost of 2.4% of salaries, wages, and benefits, the lowest since pre-pandemic levels [30] - Focus on precision staffing and controlling attrition rates [29] - **Technology Investments**: - Implementation of AI and machine learning to improve coding and documentation accuracy [31][41] - Use of Ambient scribes and patient wearables to enhance clinical workflows and patient care [38][40] Outpatient and Joint Venture Strategy - **Outpatient Growth**: - Acquired over 20 urgent care centers, with 45% of patients being new to Ardent, leading to downstream care within the network [50][51] - Plans to expand into ambulatory surgery centers and outpatient imaging [51][52] - **Joint Venture Development**: - Engaging in 10-12 academic joint venture discussions, focusing on disciplined growth and leveraging partnerships for market expansion [56][58] Exchange Market Dynamics - **Enrollment Trends**: - Preliminary growth in enrollment in states like New Mexico (up 14%) despite challenges with premium payments [62] - Concerns over potential recoupment of claims due to non-payment of premiums during the grace period [63][64] Conclusion - Ardent Health is positioned for selective growth in 2026, focusing on operational efficiencies, outpatient expansion, and strategic joint ventures while navigating industry challenges and market dynamics. The company remains cautiously optimistic about its financial outlook and operational improvements.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACE OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-42180 Ardent Health, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorpo ...

Core Viewpoint - A class action securities lawsuit has been filed against Ardent Health, Inc. for alleged securities fraud affecting investors between July 18, 2024, and November 12, 2025 [1] Group 1: Lawsuit Details - The lawsuit claims that Ardent Health misrepresented its accounts receivable framework, stating it relied on "detailed reviews of historical collections," while in reality, it utilized a "180-day cliff" for reserving accounts [2] - This misrepresentation allowed Ardent Health to report inflated accounts receivable and delay recognizing losses on uncollectible accounts, leading to a materially false financial position [2] - Additionally, the company allegedly did not maintain sufficient professional malpractice liability insurance to cover claims, which was inadequate given the rising social inflationary pressures in medical malpractice cases [2] Group 2: Next Steps for Investors - Investors who suffered losses during the specified period have until March 9, 2026, to request appointment as lead plaintiff, although participation in any recovery does not require serving as lead plaintiff [3] - Class members may be entitled to compensation without any out-of-pocket costs or fees [3] Group 3: Firm Background - Levi & Korsinsky has a history of securing significant settlements for shareholders and is recognized as one of the top securities litigation firms in the United States, with over 70 employees dedicated to serving clients [4]

Core Viewpoint - Faruqi & Faruqi, LLP is reminding investors of Ardent Health, Inc. about the deadline for a securities class action lawsuit, which is set for March 9, 2026, and is investigating potential claims against the company for alleged violations of federal securities laws [1]. Group 1: Legal Action and Deadlines - The deadline for investors to seek the role of lead plaintiff in the federal securities class action against Ardent is March 9, 2026 [1]. - Investors who purchased or acquired securities in Ardent between July 18, 2024, and November 12, 2025, are encouraged to discuss their legal rights [1]. Group 2: Allegations Against Ardent - The complaint alleges that Ardent and its executives made false and/or misleading statements and failed to disclose information regarding the company's accounts receivable [1]. - On November 12, 2025, Ardent announced a $43 million reduction in revenue due to accounting changes and a $54 million increase in professional liability reserves, which led to a significant drop in stock price [1]. Group 3: Investor Communication - Faruqi & Faruqi encourages anyone with information regarding Ardent's conduct, including whistleblowers and former employees, to contact the firm [1]. - The firm has a history of recovering hundreds of millions of dollars for investors since its founding in 1995 [1].

Summary of Conference Call Company and Industry Overview - The discussion revolves around Ardent, a healthcare company focusing on hospital systems and their operational efficiencies, particularly in the context of technological advancements like AI and digital capabilities [5][6][7]. Core Insights and Arguments Technological Investments - Ardent has been investing in digital capabilities, particularly AI, to transform healthcare operations, aiming to improve caregiver efficiency and patient care [6][7]. - The company has implemented Epic, a leading healthcare management system, across its operations, which is expected to enhance workflows and documentation processes [6][7]. - A partnership with hellocare.ai is set to introduce virtual nursing and attending services, which is anticipated to offset initial technology costs and improve productivity over time [8][9][10]. Revenue Cycle Management - Ardent is collaborating with Ensemble Health to leverage AI for improving revenue cycle management, which has shown early signs of reducing denial rates and improving days sales outstanding (DSO) [12][14]. - The company is involved in initiatives to streamline the adjudication process with payers, aiming to reduce friction and improve documentation quality [15]. Enrollment and Coverage Trends - The company observed a 3.5% increase in enrollment across its primary states, despite concerns about potential disenrollment due to the expiration of federal subsidies [20][21]. - There is a cautious outlook regarding the potential shift to self-pay and the impact of disenrollment on revenue, with a projected $35 million headwind for the year [16][21]. Rural Healthcare Funding - Ardent has a significant number of hospitals in rural areas that may qualify for federal funding aimed at improving access and technology in rural healthcare [26][28]. - The company is actively engaging with state governments to influence the distribution of these funds, although no specific timelines or criteria have been established yet [29][28]. Joint Venture Model - Ardent's joint venture model with academic institutions is highlighted as a differentiator, allowing for growth and operational efficiency in partnership with nonprofit organizations [44][46]. - The company is selective in its growth strategy, focusing on accretive opportunities and maintaining a disciplined approach to capital deployment [48][50]. Outpatient Services Expansion - Ardent is expanding its outpatient services, particularly urgent care and ambulatory surgical centers (ASCs), to capture market share and improve margins [55][57]. - The company has seen positive results from its urgent care acquisitions, with 40% of patients being new to the system and a significant percentage seeking follow-up services [56]. Labor and Cost Management - Ardent has managed to keep average hourly rates for clinical staff below inflation rates, contributing to improved labor cost management [77][79]. - The company has seen a reduction in contract labor, indicating improved retention and recruitment efforts [79][80]. Other Important Insights - The company is optimistic about the potential for downward pressure on medical malpractice insurance premiums in New Mexico due to recent legislative reforms [68][70]. - There is a recognition of the ongoing challenges with payer denials, particularly in managed care products, which have been a significant headwind for the company [36][42]. This summary encapsulates the key points discussed during the conference call, focusing on Ardent's strategic initiatives, market dynamics, and operational challenges within the healthcare industry.

Core Viewpoint - The article discusses a pending securities class action against Ardent Health, Inc. and its executives, focusing on allegations of misleading accounting practices and failure to disclose critical financial information [1][3]. Group 1: Allegations and Financial Impact - The litigation centers on Ardent's use of a 180-day cliff for reserving uncollectible accounts, which allegedly contradicts previous claims of using detailed reviews for receivables valuation [3][7]. - A significant $54 million increase in professional liability reserves was reported, which, along with the accounting practices, led to a 33% drop in stock price [3][7]. - On November 12, 2025, Ardent disclosed a transition to a new accounting method that resulted in a revenue reduction of $42.6 million, further impacting investor confidence [7]. Group 2: Legal Proceedings and Next Steps - The lead plaintiff deadline for the class action is set for March 9, 2026, prompting investors to consider their losses [1][6]. - Hagens Berman, the law firm handling the case, is actively advising investors who purchased shares between July 18, 2024, and November 12, 2025 [5][6]. - The firm encourages whistleblowers with non-public information to come forward, potentially benefiting from the SEC Whistleblower program [6].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Ardent Health, Inc. securities during the specified Class Period of the upcoming lead plaintiff deadline on March 9, 2026 [1] Group 1: Class Action Details - Investors who purchased Ardent Health securities between July 18, 2024, and November 12, 2025, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2] - A class action lawsuit has already been filed, and interested parties can join by submitting a form or contacting the law firm [3][6] - To serve as lead plaintiff, individuals must file a motion with the court by March 9, 2026 [3] Group 2: Case Background - The lawsuit alleges that Ardent Health made misrepresentations regarding its accounts receivable, claiming to employ an active monitoring process that was not actually utilized [5] - Defendants reportedly downplayed increased claim denials by third-party payors and did not write off uncollectible accounts, leading to inflated accounts receivable figures [5] - The firm also failed to maintain sufficient professional malpractice liability insurance, which was inadequate to cover claims arising from operations, particularly in the New Mexico market [5]

Core Viewpoint - A class action lawsuit has been filed against Ardent Health, Inc. for alleged mismanagement of accounts receivable and insufficient malpractice liability insurance, impacting investors who acquired securities during the specified class period [7]. Group 1: Allegations - The lawsuit claims that Ardent Health reported inflated accounts receivable and delayed recognizing losses on uncollectable accounts during the class period from July 18, 2024, to November 12, 2025 [7]. - It is alleged that the company did not maintain adequate professional malpractice liability insurance to cover potential claims arising from its operations [7]. Group 2: Financial Impact - On November 12, 2025, Ardent Health disclosed a $43 million decrease in third quarter 2025 revenue due to revised assessments of accounts receivable collectability, which followed a transition to a new revenue accounting system [7]. - Following this announcement, Ardent Health's stock price dropped by $4.75 per share, nearly 34%, from $14.05 to $9.30 per share on November 13, 2025 [7]. Group 3: Legal Proceedings - Investors who purchased Ardent Health securities during the class period have until March 9, 2026, to apply to be appointed as lead plaintiff in the lawsuit [7]. - The law firm Bragar Eagel & Squire, P.C. is representing the investors and encourages those affected to reach out for more information [4][5].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Ardent Health, Inc. securities between July 18, 2024, and November 12, 2025, of the March 9, 2026, lead plaintiff deadline for a class action lawsuit [1]. Group 1: Class Action Details - Investors who purchased Ardent Health securities during the specified Class Period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties can join by contacting Rosen Law Firm [3][6]. - To serve as lead plaintiff, individuals must file a motion with the Court by March 9, 2026 [3]. Group 2: Law Firm Credentials - Rosen Law Firm emphasizes the importance of selecting qualified counsel with a successful track record in securities class actions, highlighting its own achievements in this area [4]. - The firm has secured significant settlements for investors, including over $438 million in 2019 alone, and has been recognized as a leader in the field of securities class action settlements [4]. Group 3: Case Allegations - The lawsuit alleges that Ardent Health made misrepresentations regarding its accounts receivable and the processes used to determine their collectability [5]. - It is claimed that Ardent Health did not rely on detailed reviews of historical collections as stated, and instead utilized a 180-day cliff for reserving accounts, which inflated reported accounts receivable [5]. - Additionally, the firm allegedly did not maintain sufficient professional malpractice liability insurance, contrary to its public statements [5].

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Ardent Health, Inc. due to allegations of violations of federal securities laws, particularly concerning misleading statements about accounts receivable and revenue recognition [2][4]. Group 1: Allegations and Financial Impact - The complaint alleges that Ardent Health and its executives made false and misleading statements regarding the company's accounts receivable and the processes used to determine their collectability [4]. - On November 12, 2025, Ardent Health disclosed a $43 million decrease in third quarter 2025 revenue, attributed to revised assessments of accounts receivable collectability following a transition to a new revenue accounting system [4]. - The new accounting system, Kodiak RCA, allowed for more precise evaluations of accounts receivable, leading to earlier recognition of reserves compared to the previous framework [4]. - Ardent Health also reduced its 2025 EBITDA guidance by approximately 9.6%, from a range of $575 million - $625 million to $530 million - $555 million, citing persistent industry-wide cost pressures [4]. - Following this announcement, Ardent Health's stock price fell by $4.75 per share, nearly 34%, from $14.05 to $9.30 on November 13, 2025, amid unusually high trading volume [4]. Group 2: Legal Proceedings and Investor Actions - Investors who purchased or acquired securities in Ardent between July 18, 2024, and November 12, 2025, are encouraged to contact Faruqi & Faruqi to discuss their legal rights and options [1][2]. - There is a deadline of March 9, 2026, for investors to seek the role of lead plaintiff in the federal securities class action filed against Ardent [2][5]. - The lead plaintiff is defined as the investor with the largest financial interest in the relief sought, who will oversee the litigation on behalf of the class [5].