Financial Performance - Q1 2025 - Revenue for Q1 2025 was $6204 million[10], a 53% increase compared to $4044 million in Q1 2024[27] - Net income attributable to Astrana Health was $67 million[10] - Adjusted EBITDA for Q1 2025 was $364 million[10], with an Adjusted EBITDA margin of 6%[41] - The company is projecting full year 2025 revenue to be between $25 billion and $27 billion[23, 33] - The company is projecting full year 2025 Adjusted EBITDA to be between $170 million and $190 million[25, 33] Segment Performance - Q1 2025 - Care Partners segment revenue was $6010 million in Q1 2025[27], representing a 57% increase year-over-year[38] - Care Delivery segment revenue was $334 million in Q1 2025[27], representing a 9% increase year-over-year[38] - Care Enablement segment revenue was $396 million in Q1 2025[27], representing a 19% increase year-over-year[38] Risk Arrangement & Membership - 75% of total capitation revenue came from full-risk arrangements[14] - 38% of Care Partners members are in full-risk arrangements[14] - The company projects that 75-85% of capitation revenue will come from full-risk arrangements by the end of 2025[21] - Care Partners segment has 910000 members[14] Strategic Initiatives - The company expects to achieve at least $10 million in annual operating efficiencies by early 2026 through investments in automation and AI[13]

Company Performance - Astrana Health, Inc. reported quarterly earnings of $0.14 per share, missing the Zacks Consensus Estimate of $0.23 per share, and down from $0.31 per share a year ago, representing an earnings surprise of -39.13% [1] - The company posted revenues of $620.39 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 2.33%, but up from $404.36 million year-over-year [2] - Over the last four quarters, the company has surpassed consensus EPS estimates just once, while it has topped consensus revenue estimates three times [2] Stock Outlook - Astrana Health, Inc. shares have increased by approximately 1.9% since the beginning of the year, contrasting with the S&P 500's decline of -4.3% [3] - The current consensus EPS estimate for the coming quarter is $0.35 on revenues of $646.89 million, and for the current fiscal year, it is $1.32 on revenues of $2.63 billion [7] - The estimate revisions trend for Astrana Health, Inc. is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market in the near future [6] Industry Context - The Medical - Outpatient and Home Healthcare industry, to which Astrana Health, Inc. belongs, is currently in the top 19% of over 250 Zacks industries, suggesting a favorable outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

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 [9][21] - Adjusted EBITDA for the quarter was $36.4 million, reflecting continued success in growing membership and managing cost trends effectively [9][21] - Net income attributable to Astrana for the quarter was $6.7 million, with an EPS of $0.14 per share [21] - The company closed the quarter with $260.9 million in cash and short-term investments [22] Business Line Data and Key Metrics Changes - The Care Partners segment grew 57% year over year, contributing $600 million to total revenue [9] - Approximately 38% of members are now in full risk contracts, up from 5.5% a year ago, accounting for 75% of capitated revenue [11] - CHS contributed $95 million in revenue for the quarter, in line with expectations [9][14] Market Data and Key Metrics Changes - Membership in the Care Partners segment reached 910,000 as of Q1 2025 [11] - In Nevada, the risk-bearing network achieved breakeven, with membership growing 40% and clinic visit volume increasing by 35% year over year [12] - Texas is on track to reach profitability in late 2025, with ongoing transformation efforts [12] 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 [6][8] - The integration of CHS onto the Astrana platform is complete, with over $10 million in G&A efficiencies identified [13][28] - The planned acquisition of Prospect Health is expected to significantly expand the provider network in Southern California, serving approximately 1.7 million members in value-based arrangements [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver sustainable, profitable growth despite current market conditions [22][23] - The 2026 Medicare Advantage rate notice is seen as a positive signal for the business, reinforcing a stable reimbursement outlook [17][18] - Management remains optimistic about the overall trend guidance for the year, despite challenges in the Medicaid sector due to higher ER and lab utilization [10][36] 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 [22] - 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 [22] Q&A Session Summary Question: Details on CHS integration progress - Integration of CHS is complete, with staff onboarded to the platform and over $10 million in G&A efficiencies identified [26][28] Question: Status of the Prospect deal and Medicare Advantage exposure - The Prospect acquisition is awaiting regulatory approvals, with integration activities underway to prepare for onboarding 600,000 members [29][32] Question: Medicaid trends and utilization impacts - Medicaid trends are above average due to increased ER and lab utilization, but management is comfortable with the overall trend guidance for the year [34][36] Question: Revenue guidance for Q2 and factors affecting it - Revenue guidance for Q2 is slightly lower than expected due to seasonality and the timing of full risk member conversions [40][42] Question: MSSP shared savings booked in Q1 - No MSSP shared savings were booked in Q1, with expectations to book in the latter half of the year [78] Question: Concerns about the Prospect Medical transaction - Management remains confident in the $81 million adjusted EBITDA contribution from Prospect, based on audited financials [91][94] Question: Medical trend visibility and oncology costs - The company anticipates a full-year medical trend of 4.5%, with no significant spikes in oncology costs observed [96][97] Question: Impact of tariffs on business - The company has minimal exposure to Part D risk, and potential tariff impacts are not expected to significantly affect operations [99][100]

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 ...

Core Insights - Astrana Health, Inc. reported a strong start to 2025, emphasizing its commitment to building a leading patient-centered healthcare platform, with a focus on technology-enabled care delivery [2][9] - The company achieved total revenues of $620.4 million for the first quarter, reflecting a 53% increase from $404.4 million in the same period last year [9] - Despite revenue growth, net income attributable to Astrana decreased to $6.7 million from $14.8 million year-over-year, with diluted earnings per share dropping to $0.14 from $0.31 [9] Financial Highlights - Total revenues for the three months ended March 31, 2025, were $620.4 million, up 53% from $404.4 million in the prior year [9] - Care Partners revenue was $601.0 million, representing a 57% increase from $382.3 million [9] - Adjusted EBITDA for the quarter was $36.4 million, down from $42.2 million year-over-year, with an adjusted EBITDA margin of 6% compared to 10% [9][28] Operating Highlights - The company successfully integrated Collaborative Health Systems into its proprietary technology platform, leading to significant general and administrative efficiencies [9] - Astrana received Hart-Scott-Rodino approval for its pending acquisition of Prospect Health, which is expected to close in the summer of 2025 [9] - The leadership team expanded with the addition of key positions to support growth, including a Chief Data & Analytics Officer and a Chief Accounting Officer [9] Guidance - Astrana provided guidance for total revenue for the quarter ending June 30, 2025, in the range of $615 million to $655 million, and for the year ending December 31, 2025, between $2.5 billion and $2.7 billion [10] - Adjusted EBITDA guidance for the same periods is set between $45 million to $50 million for Q2 2025 and $170 million to $190 million for the full year [10]

Company Overview - Astrana Health, Inc. (ASTH) is expected to report a year-over-year decline in earnings of 25.8%, with an estimated EPS of $0.23 for the quarter ended March 2025 [3][12] - Revenue is projected to be $635.17 million, reflecting a significant increase of 57.1% compared to the same quarter last year [3] Earnings Expectations - The earnings report is scheduled for release on May 8, 2025, and could lead to stock price movements depending on whether the results exceed or fall short of expectations [2] - The consensus EPS estimate has been revised 6.67% higher in the last 30 days, indicating a more optimistic outlook from analysts [4][10] Earnings Surprise Prediction - The Zacks Earnings ESP for Astrana Health is +13.04%, suggesting a higher likelihood of beating the consensus EPS estimate [11] - The company currently holds a Zacks Rank of 3 (Hold), which indicates a moderate outlook [11] Historical Performance - In the last reported quarter, Astrana Health was expected to post earnings of $0.09 per share but instead reported a loss of $0.15, resulting in a surprise of -266.67% [12] - Over the past four quarters, the company has only beaten consensus EPS estimates once [13] Industry Context - In the Zacks Medical - Outpatient and Home Healthcare industry, Elanco Animal Health Incorporated (ELAN) is also expected to report earnings, with an EPS estimate of $0.31, reflecting a year-over-year decline of 8.8% [17] - Elanco's revenue is anticipated to be $1.17 billion, down 3.1% from the previous year [17]

Earnings Supplement February 2025 Fourth Quarter & Full Year 2024 .&. Astrana Health Forward Looking Statements This consectation contains for ward-locking statements within the measing of the Pivate Securities Litigation Reform Act of 1995. Section 274 of the Securities Aut and Sec looking statements indude any statements about the Company los business. fifrancial condition, operating results, plans objectives, expectation sandi ritertions, expansion market, our ability to successfully complete and realize ...

Financial Data and Key Metrics Changes - In Q4 2024, total revenue reached $665.2 million, an 88.4% increase year-over-year, while adjusted EBITDA was $35 million, reflecting a 20.8% growth [16][33] - For the full year 2024, total revenue was $2.03 billion, a 47% increase from 2023, with adjusted EBITDA of $170.4 million, up 16.2% year-over-year [16][33] Business Line Data and Key Metrics Changes - The Care Partners segment grew 52% year-over-year to $1.95 billion, driving overall growth despite significant strategic investments that impacted earnings by approximately $13 million [17][34] - Membership in the Care Partner segment increased by 55%, attributed to the conversion of CFC and the acquisition of CHS [19] Market Data and Key Metrics Changes - By the end of 2024, approximately 73% of total capitation revenue came from full risk arrangements, with expectations for continued growth in this area [20] - The company experienced a 5.3% utilization trend across all lines of business, significantly lower than the national average [23] Company Strategy and Development Direction - The company focuses on four strategic pillars: sustainable membership growth, responsible risk progression, improving patient outcomes, and operational excellence through the Care Enablement platform [10][24] - Significant investments in automation and AI are planned to enhance efficiency and scalability, with expected operational efficiencies of approximately $10 million by early 2026 [25][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive sustainable profitable growth despite a complex macroeconomic environment [41] - The guidance for 2025 anticipates revenues between $2.5 billion and $2.7 billion, with adjusted EBITDA projected between $170 million and $190 million [41][42] Other Important Information - The company is working closely with Prospect Health Systems, which filed for Chapter 11 bankruptcy, to ensure the acquisition's timeline remains unaffected [37] - The company plans to file a Form 12b-25 to extend the deadline for its annual report due to delays in finalizing financial information related to acquisitions [45] Q&A Session Summary Question: Can you dive deeper into the adjusted EBITDA guidance? - Management indicated that the margin was down due to ongoing investments and the impact of CHS, with a consistent trend assumed for 2025 [49][50] Question: What is the expected free cash flow for this year? - Free cash flow was impacted by one-time items in 2024, but a recovery is expected in 2025, with a higher percentage of free cash flow anticipated [52] Question: How will Medicaid reimbursement cuts impact the business? - Management believes that having most Medicaid membership in California provides some insulation, but no reimbursement increases are assumed in the guidance [70][71] Question: What are the expected margins for Prospect at maturity? - Expected margins for Prospect are projected to be in the low to mid-single digits, with significant potential for growth in fully capitated revenue [129][130] Question: Can you elaborate on the operational playbook for new markets? - The company aims to achieve break-even in new markets by reaching around 10,000 Medicare equivalent memberships, which supports the necessary infrastructure [139]

Company Performance - Astrana Health, Inc. reported a quarterly loss of $0.15 per share, missing the Zacks Consensus Estimate of $0.09, and a decline from earnings of $0.26 per share a year ago, representing an earnings surprise of -266.67% [1] - The company posted revenues of $665.21 million for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 5.42%, and showing significant growth from year-ago revenues of $353.04 million [2] - Over the last four quarters, Astrana Health has surpassed consensus revenue estimates three times, but has only exceeded EPS estimates once [2] Stock Outlook - Astrana Health shares have increased approximately 11.3% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $0.34 on revenues of $574.8 million, and for the current fiscal year, it is $1.41 on revenues of $2.56 billion [7] Industry Context - The Medical - Outpatient and Home Healthcare industry, to which Astrana Health belongs, is currently ranked in the top 31% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors or through tools like the Zacks Rank [5] Estimate Revisions - The estimate revisions trend for Astrana Health is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6]