Revenue Performance - Total revenue for the year ended December 31, 2024, was $2,034.5 million, representing a 47% increase from $1,386.7 million in 2023[8] - Care Partners revenue for the year was $1,949.0 million, up 52% from $1,284.1 million[8] - For the fourth quarter of 2024, total revenue was $665.2 million, an 88% increase from $353.0 million in Q4 2023[8] - The company expects total revenue for 2025 to range between $2,500 million and $2,700 million[15] Profitability Metrics - Adjusted EBITDA for the year was $170.4 million, an increase of 16% from $146.6 million[8] - Net income for the year ended December 31, 2024, was $49,932, compared to $57,849 in 2023, indicating a decrease of 13.6%[29] - Adjusted EBITDA for the year ended December 31, 2024, was $170,370, up 16.1% from $146,587 in 2023[31] - The Adjusted EBITDA margin for the year ended December 31, 2024, was 8%, down from 11% in 2023[31] - 2025 guidance range for net income is projected between $62,500,000 and $73,500,000[36] - EBITDA is expected to range from $145,000,000 to $165,000,000 in 2025[36] - Adjusted EBITDA is forecasted to be between $170,000,000 and $190,000,000 for 2025[36] Expenses and Liabilities - The operating expenses for the year ended December 31, 2024, totaled $1,945,190, up from $1,302,048 in 2023, an increase of 49.4%[29] - Total liabilities rose to $842,290 as of December 31, 2024, compared to $522,593 in 2023, marking an increase of 60.1%[27] - Interest expense is estimated to be between $16,000,000 and $19,000,000[36] - Provision for income taxes is projected to be between $34,000,000 and $40,000,000[36] - Depreciation and amortization is expected to remain constant at $32,500,000[36] Assets and Equity - Total assets increased to $1,356,458 as of December 31, 2024, from $933,361 in 2023, reflecting a growth of 45.2%[27] - The company’s total stockholders' equity increased to $712,720 as of December 31, 2024, from $614,218 in 2023, a rise of 16.0%[27] - Cash and cash equivalents decreased slightly to $288,455 as of December 31, 2024, from $293,807 in 2023[26] - The company reported a significant increase in receivables, net, which rose to $226,739 in 2024 from $76,780 in 2023, a growth of 195.5%[26] Strategic Initiatives - Astrana began a Care Enablement partnership with Provider HealthLink, aiming to support approximately 10,000 Medicare Advantage members[13] - The company amended its credit agreement, securing a five-year revolving credit facility of $300 million and a term loan A credit facility of $250 million[13] - Eight affiliates of Astrana were recognized with Elite status in the 2024 Standards of Excellence survey by America's Physician Groups[13] Non-GAAP Measures - Adjusted EBITDA margin is defined as Adjusted EBITDA over total revenue[37] - Non-GAAP measures like Adjusted EBITDA are used for evaluating operational performance and financial decision-making[38] - The company emphasizes the importance of non-GAAP measures for a meaningful understanding of ongoing operating performance[38] - The reconciliation between GAAP and non-GAAP measures is provided for comparative purposes[38]

Core Insights - Astrana Health, Inc. reported strong financial performance for the year ended December 31, 2024, with total revenue of $2,034.5 million, representing a 47% increase from $1,386.7 million in 2023 [9] - The company emphasized its commitment to patient-centered care and geographic expansion as key drivers of growth [2][3] Financial Highlights - Total revenue for the fourth quarter of 2024 was $665.2 million, an 88% increase from $353.0 million in the same quarter of 2023 [9] - Care Partners revenue reached $1,949.0 million for the year, up 52% from $1,284.1 million in 2023 [9] - Net income attributable to Astrana for the year was $43.1 million, down from $60.7 million in 2023, with diluted earnings per share of $0.90 compared to $1.29 [9] - Adjusted EBITDA for the year was $170.4 million, a 16% increase from $146.6 million in 2023 [9] Recent Developments - Astrana initiated a Care Enablement partnership with Provider HealthLink to support approximately 10,000 Medicare Advantage members [9] - The company amended its credit agreement with Truist Bank, establishing a five-year revolving credit facility of $300 million and a five-year term loan A credit facility of $250 million [9] - Eight affiliates of Astrana were recognized as Elite status recipients in the 2024 Standards of Excellence survey by America's Physician Groups [9] Segment Results - Care Partners segment generated revenues of $1,949.0 million, with a 52% year-over-year increase [12] - The Care Delivery segment reported revenues of $136.7 million, up 16% from the previous year [12] - The Care Enablement segment achieved revenues of $155.4 million, reflecting a 14% increase [12] 2025 Guidance - Astrana provided guidance for total revenue in 2025, estimating a range between $2,500 million and $2,700 million, and Adjusted EBITDA between $170 million and $190 million [14][15]

Core Insights - Astrana Health, Inc. will release its financial results for Q4 and the full year ended December 31, 2024, on February 27, 2025, after market close [1] - A conference call to discuss these results is scheduled for 2:30 p.m. PT/5:30 p.m. ET on the same day [1] Company Overview - Astrana Health is a technology-powered healthcare company focused on enabling providers to deliver accessible, high-quality, and high-value care [4] - The company operates an integrated healthcare delivery platform that supports providers in value-based care arrangements [4] - Astrana serves over 12,000 providers and more than 1.1 million Americans in value-based care arrangements [5]

Core Viewpoint - Astrana Health, Inc. has repurchased 300,000 shares of its common stock for a total of $10.551 million, reflecting management's confidence in the company's performance and commitment to long-term growth strategies [1][2]. Group 1: Share Repurchase Details - The share repurchase occurred on January 17, 2025, at a price of $35.17 per share, which was the closing price on that date [1]. - The shares were acquired from Allied Physicians of California, a long-standing stockholder and consolidated affiliate of the company [3]. - The repurchase was approved by the company's Board of Directors and the Audit Committee [3]. Group 2: Company Overview - Astrana Health is a technology-powered healthcare company focused on enabling providers to deliver accessible, high-quality, and high-value care [4]. - The company serves over 12,000 providers and more than 1.1 million Americans through value-based care arrangements [5]. - Astrana operates an integrated healthcare delivery platform that supports providers in participating in value-based care, enhancing care quality while managing costs [4].

Core Insights - Astrana Health, Inc. is a leading provider-centric, technology-powered healthcare company focused on delivering accessible, high-quality, and high-value care [2][3] - The company will participate in the J.P. Morgan 2025 Healthcare Conference on January 14, 2024, with a presentation by President and CEO Brandon Sim [1] Company Overview - Astrana Health is headquartered in Alhambra, California, serving over 12,000 providers and more than 1.1 million Americans in value-based care arrangements [3] - The company operates an integrated healthcare delivery platform that supports providers in participating in value-based care arrangements, enhancing the quality of care while maintaining cost-effectiveness [2][3] Conference Participation - The J.P. Morgan 2025 Healthcare Conference will feature a presentation from Astrana's leadership, highlighting the company's strategic initiatives and performance [1]

Core Insights - Astrana Health, Inc. has achieved recognition for eight of its affiliates as Elite status recipients in the 2024 Standards of Excellence™ (SOE®) survey by America's Physician Groups (APG), highlighting their commitment to high-quality, patient-centered care [1][2]. Company Overview - Astrana Health is a technology-powered healthcare company focused on enabling providers to deliver accessible, high-quality, and high-value care [3]. - The company operates an integrated healthcare delivery platform that supports providers in participating in value-based care arrangements, enhancing care quality while managing costs effectively [3][4]. Achievements and Recognition - The APG SOE® survey, now in its 17th year, serves as a benchmark for evaluating healthcare delivery achievements among accountable physician practices [2]. - Astrana's affiliates that attained the highest Elite 5-star status include Access Primary Care Medical Group, Accountable Health Care IPA, Advantage Health Network IPA, All-American Medical Group, Allied Pacific of California IPA, AMG (AstranaCare of California), Community Family Care Medical Group, and Jade Health Care Medical Group [2]. Market Position - Astrana Health serves over 12,000 providers and more than 1.1 million Americans through value-based care arrangements, indicating a significant market presence [4].

Revenue Performance - Total revenue for the three months ended September 30, 2024, was $478.71 million, a 37% increase from $348.17 million in the same period of 2023[251]. - Total revenue for the nine months ended September 30, 2024, was $1,369.3 million, an increase of $335.7 million, or 32%, compared to $1,033.6 million for the same period in 2023[255]. - Care Partners segment revenue for Q3 2024 was $455.8 million, up 42% from $320.9 million in Q3 2023, while operating income decreased by 4% to $38.8 million[284]. - Care Delivery segment revenue for Q3 2024 was $34.7 million, a 20% increase from $29.0 million in Q3 2023, but operating loss increased to $1.4 million[286]. - Care Enablement segment revenue for Q3 2024 was $40.9 million, up 11% from $36.9 million in Q3 2023, with operating income slightly decreasing to $6.3 million[287]. - The increase in revenue across segments was primarily driven by recent acquisitions and increased patient visit volumes[284][286][287]. Income and Expenses - Net income decreased by 32% to $18.98 million, down from $27.97 million in the same quarter of 2023[251]. - Net income for the nine months ended September 30, 2024, was $57.7 million, a slight decrease of $234, or 0%, compared to $57.9 million for the same period in 2023[255]. - General and administrative expenses for the nine months ended September 30, 2024, were $112.5 million, an increase of $37.8 million, or 51%, compared to $74.6 million for the same period in 2023[259]. - Operating expenses increased by 46% to $450.29 million, compared to $309.09 million in the same quarter of 2023[251]. - Operating expenses for the nine months ended September 30, 2024, totaled $1,280.7 million, an increase of $335.6 million, or 36%, compared to $945.1 million for the same period in 2023[255]. - Adjusted EBITDA margin for Q3 2024 was 9%, down from 15% in Q3 2023[295]. Acquisitions and Investments - The company closed the acquisition of Collaborative Health Systems, LLC for an aggregate purchase price of $37.5 million, with potential earnout payments of up to $21.5 million[240]. - An Asset and Equity Purchase Agreement was signed to acquire Prospect Health Services and related assets for $745.0 million, with $55.0 million held in escrow[242]. - The company secured a commitment for a $1.095 billion senior secured bridge term loan to fund the acquisition and refinance existing credit facilities[245]. Cash Flow and Liquidity - Cash, cash equivalents, and investments in marketable securities totaled $350.3 million as of September 30, 2024, up from $296.3 million at December 31, 2023, representing an increase of 18.2%[301]. - Net cash provided by operating activities for the nine months ended September 30, 2024, was $63.1 million, a 29% increase from $48.9 million in the same period of 2023[305]. - Cash used in investing activities increased significantly to $159.1 million for the nine months ended September 30, 2024, compared to $54.1 million in the same period of 2023, marking a 194% increase[306]. - Cash provided by financing activities was $150.4 million for the nine months ended September 30, 2024, compared to cash used of $8.6 million in the same period of 2023, indicating a change of over 500%[307]. - The Company believes it has sufficient liquidity to fund operations for at least the next 12 months and the foreseeable future[302]. Debt and Financing - The total debt balance as of September 30, 2024, was $441.9 million, with long-term debt amounting to $423.1 million after accounting for current portions and unamortized financing costs[309]. - The Company has a five-year revolving credit facility of $400 million and a new term loan of up to $300 million, increasing total facilities under the Amended Credit Agreement to $700 million[311]. - A commitment letter dated November 8, 2024, includes a Bridge Facility of up to $1,095 million and a five-year revolving credit facility of up to $100 million to enhance financial flexibility[312]. - As of September 30, 2024, borrowings under the Term Loan amounted to $285.3 million[318]. - The Term Loan bears an annual interest rate ranging from 1.50% to 2.75% based on the Company's Consolidated Total Net Leverage Ratio[318]. - The Company had borrowed $146.7 million under the Revolver Loan as of September 30, 2024[318]. - The Revolver Loan interest rate ranges from 1.25% to 2.50% based on the Company's Consolidated Total Net Leverage Ratio[318]. - Borrowings under the Promissory Note Payable with I Health were $9.9 million as of September 30, 2024[318]. - The promissory note has an interest rate of 4.30% per annum on the principal amount[318]. - The Company has entered into a collar agreement for its Revolver Loan to convert floating-rate debt to a fixed-rate basis[318]. - A hypothetical 1% change in interest rates would have impacted interest expense by $4.4 million for the three months ended September 30, 2024[318]. Patient Management - The company is responsible for coordinating care for approximately 1.0 million patients primarily in California as of September 30, 2024[239]. - The total number of patients managed increased to approximately 1.0 million as of September 30, 2024, compared to 0.9 million as of September 30, 2023[253].

Financial Data and Key Metrics Changes - Astrana Health reported total revenue of $478.7 million, a 37% increase from the prior year period [23] - Adjusted EBITDA for the quarter was $45.2 million, a 13% decrease from $52 million in the prior year period [24] - Year-to-date adjusted EBITDA increased by 15% from $117.6 million in the first three quarters of 2023 to $135.3 million in the first three quarters of 2024 [12][25] - Net income attributable to Astrana for the quarter was $16.1 million, down 27% from $22.1 million in the prior year quarter [25] - Earnings per diluted share for the quarter stood at $0.33, down from $0.47 in the prior year period [26] - The company ended the quarter with $348 million in cash and cash equivalents and total debt of $442 million [26] Business Line Data and Key Metrics Changes - Membership was around 1 million members as of September 30, with over 200 primary care providers and over 900 specialists added to the network [13] - Full risk business accounted for approximately 61% of total capitation revenue as of October 1, 2024, up from 46% a year earlier [14] - Cost trends across all lines of business evolved in the mid-single-digit percentage range, with stabilizing trends in Medicare Advantage and ACO reach [15][16] Market Data and Key Metrics Changes - The acquisition of Collaborative Health Systems closed on October 4, expanding the company's footprint to serve over 1.1 million patients in value-based care arrangements across 12 states [21] - The company expects approximately $200 million in additional top line from CHS in Q4, with a negative $4 million adjusted EBITDA impact [31][20] Company Strategy and Development Direction - The company focuses on four strategic pillars: sustainably growing membership, increasing alignment with outcomes, achieving superior patient outcomes, and driving operating leverage [8][10] - The integration of Collaborative Health Systems is underway, with expectations for significant revenue contributions in the future [20][21] - The company aims to have around two-thirds of its capitation revenue coming from a full risk ecosystem by January 1, 2025 [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about increased Medicaid funding in California, which is expected to benefit communities served [33][34] - The company anticipates stabilization in Medicaid trends as redetermination processes normalize [44][49] - Management highlighted the importance of local market dynamics and the need for tailored approaches to care delivery [38][39] Other Important Information - The company is focused on the seamless integration of acquisitions and strengthening its financial position [28] - Adjusted guidance for full-year revenue is now between $1.95 billion and $2.03 billion, with adjusted EBITDA expected to range between $165 million and $175 million [27] Q&A Session Summary Question: Impact of CHS on guidance - The addition of CHS is expected to contribute approximately $200 million in top line for Q4, with a negative $4 million EBITDA impact [31] Question: Proposition 35 in California - Management is pleased with increased Medicaid funding, which is expected to enhance network sustainability and quality [33][34] Question: Medical cost trends and reinvestment areas - Medical cost trends are stabilizing, with reinvestments focused on clinical and care management programs [42][44] Question: Full risk percentage and future potential - The company aims for long-term full risk participation to reach around 50%, with significant revenue implications [70][72] Question: Technology infrastructure and margin management - The company utilizes purpose-built tools and a delegated environment to manage costs effectively [76][78]

ALHAMBRA, Calif., Nov. 8, 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 that it and its affiliated professional entities have entered into a definitive agreement to acquire Prospect Health ("Prospect"), which consists of certain businesses and ass ...

Astrana Health, Inc. (ASTH) came out with quarterly earnings of $0.33 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.47 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post earnings of $0.38 per share when it actually produced earnings of $0.40, delivering a surprise of 5.26%.Over the last four quarters, the company has surpassed consensus EPS estimates two times.Astrana Health, Inc., which ...