Investor Presentation May 2025 .头. Astrana Health Forward Looking Statements This presentation contains for ward-lookingstatements within the meacing of the Pivate Securities Lifyation Reform Att of 1985Section 274 of the Securities Aut and Section looding statements in blude any vatatements about the Company is business, financial conditibin, operating results, plans, odpectives, expectations and intentions, expansi market, our ability to successful Jr corrupted and realize the benefits of anticipated a ap ...

Summary of Astrana Health (ASTH) FY Conference Call Company Overview - **Company**: Astrana Health (ASTH) - **Industry**: Healthcare Services and Health Care Information Technology (HCIT) - **CEO**: Brandon Sim - **Conference Date**: June 04, 2025 Key Points and Arguments Business Model and Market Position - Astrana Health operates a unique model aimed at improving healthcare delivery by centralizing physician networks and reducing inefficiencies caused by multiple insurance companies managing their own networks [9][12][18] - The company has been growing rapidly, achieving over 50% year-over-year growth in Q1 of 2025, and has maintained profitability while others in the industry face challenges [10][21][44] - Astrana's model allows it to serve as a single payer for patients, which enhances long-term patient care investments and reduces administrative burdens [40][54] Financial Performance - Astrana Health has achieved a revenue compound annual growth rate (CAGR) of nearly 29% and an EBITDA CAGR of 22% over the past six years [21][22] - The company serves over 1.1 million patients and has contracts with over 12,000 physicians [21] - LTM (Last Twelve Months) revenue is over $2 billion, with LTM EBITDA exceeding $170 million [22] Growth Strategies - **Organic Growth**: Expansion in California and entry into new states like Nevada and Texas, with Nevada already profitable and Texas nearing breakeven [25][27] - **Inorganic Growth**: Strategic acquisitions of risk-bearing provider businesses, such as Community Family Care and the planned acquisition of Prospect Health for $745 million, which serves over 600,000 members [30][32] Revenue Generation - Revenue is generated from payer partners, with a focus on increasing revenue per member by transitioning members into full-risk arrangements, which can increase revenue from approximately $400 to $850-$900 per member per month [34][36][38] - The percentage of full-risk members has increased from 4% to 38%, driving 75% of revenue in Q1 2025 [37] Cost Management - Astrana Health aims to minimize cost of goods sold (COGS) and general and administrative (G&A) expenses through operational efficiencies and proprietary technology [39][46] - The company has successfully reduced medical trend costs to just over 5%, compared to the national average of close to 10% [43] Industry Challenges and Outlook - The healthcare industry faces challenges such as increased utilization and regulatory changes, but Astrana Health believes its model positions it well to navigate these headwinds [51][52] - The company anticipates continued growth due to its proactive approach in capital deployment and risk management, especially in light of favorable Medicare Advantage rate notices for 2026 [55][56] Additional Important Insights - Astrana Health's technology platform automates prior authorizations and claims processing, leading to faster payments and reduced fraud [47][48] - The company emphasizes the importance of long-term patient relationships, which enhances its ability to invest in preventive care [41][42] - Astrana Health's approach contrasts with traditional insurance models, which often lead to fragmented care and inefficiencies [9][54] This summary encapsulates the key insights from the Astrana Health FY Conference Call, highlighting the company's innovative approach, financial performance, growth strategies, and outlook in the healthcare industry.

Summary of Astrana Health (ASTH) Conference Call Company Overview - **Company**: Astrana Health - **Industry**: Healthcare Delivery - **Business Model**: Partners with physicians to create managed healthcare networks, focusing on value-based arrangements with payers [4][6] Key Business Metrics - **Physician Partnerships**: Over 12,000 physicians [4] - **Patient Base**: Approximately 1,100,000 patients in value-based arrangements [5] - **Revenue Growth**: Reported a 53% year-over-year revenue growth in Q1 [7] - **Profitability**: Continues to grow profitability and generate cash [7] Recent Acquisition - **Acquisition of Prospect Health**: - **Transaction Value**: $745 million [8] - **Network Size**: 14,000 physicians serving around 600,000 patients [10] - **Geographic Focus**: Primarily Southern California [10] - **Financials**: Prospect generated $94 million in adjusted EBITDA and $1.2 billion in revenue in 2024 [13] - **Synergies Expected**: $12 to $15 million in cost-related synergies within the first 12 to 24 months [14] Integration and Risks - **Integration Experience**: Previous successful acquisitions have built operational capabilities for seamless integration [19] - **Potential Risks**: Concerns about provider network retention during integration; however, positive reception from physicians has been noted [22][24] - **Operational Risks**: Minimal due to similarities in operational models and existing technology platforms [21] Medicare and Market Trends - **Medicare Advantage**: Represents about 60% of Astrana's business; company is not seeing the same negative trends reported by competitors [39][40] - **Risk Adjustment**: Astrana's risk scores are stable and have improved, positioning the company favorably against upcoming reforms [41][42] - **Market Outlook**: Anticipates a material tailwind from Medicare Advantage rate adjustments [50] Medicaid Insights - **Revenue Impact**: Approximately $2.6 billion in revenue, with 28% from Medicaid; potential for a 20-30% reduction in Medicaid members due to stricter eligibility checks [57][58] - **Profitability**: Medicaid is the lowest margin business but still profitable [57] Commercial Business - **Growth Strategy**: Focus on partnerships with Anthem Blue Cross to build co-branded clinics [67] - **Risk Management**: Historically avoided full risk in commercial due to scale concerns, but may explore this in the future [68] Future Guidance - **2027 EBITDA Target**: $350 million, with conservative growth assumptions [69] - **Confidence in Projections**: Strong belief in achieving guidance based on current operational strategies and market conditions [72] Conclusion - **Long-term Vision**: Astrana aims to demonstrate the viability of running a profitable value-based care company while expanding its footprint in California and beyond [73][75] - **Market Position**: Positioned as a leading player in the healthcare delivery space with a focus on quality and cost-effective care [75]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 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 No. 001-37392 Astrana Health, Inc. (Exact name of registrant as specified in its charter) Delaware 95-4472349 (State or Other Jurisdiction (I ...

First Quarter 2025 May 2025 Earnings Supplement Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward- looking statements include any statements about the Company's business, financial condition, operating results, plans, objectives, expectations and intentions, expansion plans, estimates of our total addressable market, our abi ...

Astrana Health, Inc. (ASTH) came out with quarterly earnings of $0.14 per share, missing the Zacks Consensus Estimate of $0.23 per share. This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -39.13%. A quarter ago, it was expected that this company would post earnings of $0.09 per share when it actually produced a loss of $0.15, delivering a surprise of -266.67%.Over the last four quarters, the co ...

Astrana Health (ASTH) Q1 2025 Earnings Call May 08, 2025 05:30 PM ET Company Participants Brandon Sim - President & CEOChan Basho - CFO & COORyan Daniels - Group Head–Healthcare Technology and ServicesJack Slevin - VP - Healthcare Services Equity ResearchJailendra Singh - Managing DirectorDavid Larsen - Managing DirectorZach Haggerty - Equity Research AssociateThomas Walsh - Equity Research Associate Conference Call Participants Michael Ha - Senior Research AnalystRyan Langston - Director & Senior Analyst - ...

Financial Data and Key Metrics Changes - Astrana Health reported total revenue of $620.4 million for Q1 2025, a 53% increase compared to the prior year period [8][19] - Adjusted EBITDA for the quarter was $36.4 million, reflecting continued success in growing membership and managing cost trends effectively [8][19] - Net income attributable to Astrana for the quarter was $6.7 million, with earnings per share (EPS) of $0.14 [19] - The company closed the quarter with $260.9 million in cash and short-term investments [20] Business Line Data and Key Metrics Changes - The Care Partners segment grew 57% year over year, contributing $600 million to total revenue [8] - Membership in the Care Partners segment reached 910,000 as of Q1 2025, with approximately 38% of members now in full risk contracts, up from 5.5% a year ago [10] - CHS contributed $95 million in revenue for the quarter, in line with expectations [8][19] Market Data and Key Metrics Changes - Medical cost trends for the quarter were in line with expectations, in the mid-single digits, with Medicaid trends above and Medicare and commercial trends below the blended average [9][10] - In Nevada, membership in the risk-bearing network grew 40%, and clinic visit volume increased by 35% year over year [11] Company Strategy and Development Direction - The company focuses on four strategic pillars: sustainable membership growth, alignment of patient outcomes with financial performance, improving care quality while managing costs, and driving operational excellence through a proprietary care enablement platform [5][6] - The integration of CHS onto the Astrana platform is complete, with over $10 million in G&A efficiencies identified [12] - The company plans to close the acquisition of Prospect Health, which will significantly expand its provider network in Southern California [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver sustainable, profitable growth despite the current environment [20] - The 2026 Medicare Advantage rate notice is seen as a positive signal for the business, reinforcing a stable reimbursement outlook [15] - Management remains optimistic about the integration of Prospect Health and its potential contributions to revenue and EBITDA [13][19] Other Important Information - The company generated $13.6 million in free cash flow for the quarter, with a non-recurring debt issuance cost of $5 million [20] - The expected pro forma net leverage post-acquisition of Prospect is approximately 3.4 times, with a goal to deleverage below three times within twelve months post-close [20] Q&A Session Summary Question: Details on CHS integration progress - Management confirmed that the integration of CHS is complete, with technology deployed and G&A efficiencies identified [25][26] Question: Status of the Prospect deal and Medicare Advantage exposure - Management is preparing for the integration of Prospect Health, with regulatory approvals pending, and anticipates that approximately 60% of combined revenue will be related to Medicare [30][31] Question: Medicaid trends and utilization impacts - Management noted that the increase in Medicaid utilization was primarily due to a spike in ER and lab visits, not from redetermination impacts [32][34] Question: Guidance for second quarter revenue - Management indicated that the guidance for Q2 revenue is slightly lower than expected due to seasonality and anticipated full risk member conversions being weighted towards the latter half of the year [38][39] Question: MSSP shared savings booked in Q1 - Management reported zero MSSP shared savings booked in Q1, with expectations to book savings in the latter half of the year [71] Question: Concerns about the Prospect Medical transaction - Management reassured that the audited financials for Prospect are above the anticipated $81 million in adjusted EBITDA, and they remain confident in the earnings power of Prospect [86][87]

Exhibit 99.1 Financial Highlights for three months ended March 31, 2025: All comparisons are to the three months ended March 31, 2024 unless otherwise stated. See "Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin" and "Use of Non-GAAP Financial Measures" below for additional information. Recent Operating Highlights • Total revenue of $620.4 million, up 53% from $404.4 million • Care Partners revenue of $601.0 million, up 57% from $382.3 million • Net income attributable to ...

Company to Host Conference Call on Thursday, May 8, 2025, at 2:30 p.m. PT/5:30 p.m. ETALHAMBRA, Calif., May 8, 2025 /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 financial results for the first quarter ended March 31, 2025."Astrana's s ...