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]

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]