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 ...

Financial Performance - Total revenue for Q3 2024 was $478.7 million, a 37% increase from $348.2 million in Q3 2023[3] - Care Partners revenue reached $455.8 million, up 42% from $320.9 million year-over-year[3] - Net income attributable to Astrana decreased by 27% to $16.1 million from $22.1 million in the same quarter last year[3] - Adjusted EBITDA for Q3 2024 was $45.2 million, down 13% from $52.0 million in Q3 2023[3] - Total revenue for the three months ended September 30, 2024, was $478,710,000, a 37.5% increase from $348,173,000 in the same period of 2023[20] - Net income for the three months ended September 30, 2024, was $18,981,000, compared to $27,973,000 in the same period of 2023, reflecting a decrease of 32.1%[20] - Adjusted EBITDA for the three months ended September 30, 2024, was $45,170,000, down 13% from $51,974,000 in the same period last year[22] - Adjusted EBITDA margin decreased to 9% for the three months ended September 30, 2024, compared to 15% for the same period in 2023[22] Revenue Guidance - 2024 revenue guidance is raised to a range of $1,950 million to $2,030 million[8] - Net income guidance for 2024 is set between $52 million and $58 million[8] - Adjusted EBITDA guidance for 2024 is projected between $165 million and $175 million[8] - Diluted EPS guidance for 2024 is expected to be between $1.06 and $1.19[8] - The company provided guidance for 2024 with a net income range of $59,340,000 to $66,240,000[25] - The guidance for Adjusted EBITDA in 2024 is projected to be between $165,000,000 and $175,000,000[25] Assets and Liabilities - Total current assets increased to $596,990,000 in 2024 from $461,507,000 in 2023, representing a growth of 29.3%[17] - Total assets rose to $1,285,376,000 in 2024, up from $933,361,000 in 2023, marking an increase of 37.7%[19] - Total liabilities increased to $778,269,000 in 2024 from $522,593,000 in 2023, an increase of 48.8%[19] - Cash and cash equivalents grew to $347,994,000 in 2024, up from $293,807,000 in 2023, a rise of 18.4%[17] - The company’s total non-current assets increased to $688,386,000 in 2024 from $471,854,000 in 2023, a growth of 45.8%[17] - The company’s retained earnings increased to $293,234,000 in 2024 from $243,134,000 in 2023, reflecting a growth of 20.6%[19] Other Financial Metrics - The company reported a capitation revenue of $431,401,000 for the three months ended September 30, 2024, compared to $305,678,000 in 2023, an increase of 41.1%[20] - Earnings per share (diluted) for the three months ended September 30, 2024, was $0.33, down from $0.47 in the same period of 2023[20] - Interest expense increased significantly to $8,856,000 for the three months ended September 30, 2024, compared to $3,779,000 for the same period in 2023[22] - Provision for income taxes was $7,831,000 for the three months ended September 30, 2024, down from $10,042,000 in the same period last year[22] - Stock-based compensation increased to $6,163,000 for the three months ended September 30, 2024, compared to $5,706,000 for the same period in 2023[22] - The company reported a loss from equity method investments of $(1,353,000) for the three months ended September 30, 2024, compared to a gain of $2,016,000 in the same period last year[22] Acquisitions - The company closed the acquisition of Collaborative Health Systems, LLC and other entities for $37.5 million, with potential earnout payments of up to $21.5 million[4]

Core Insights - Astrana Health, Inc. reported strong financial results for the third quarter ended September 30, 2024, with total revenue of $478.7 million, a 37% increase from $348.2 million in the same period last year [3][4] - The company continues to experience organic and inorganic growth, emphasizing its commitment to delivering high-quality care to approximately 1.1 million patients nationwide [2][3] Financial Highlights for Q3 2024 - Total revenue reached $478.7 million, up 37% from $348.2 million [3] - Care Partners revenue was $455.8 million, reflecting a 42% increase from $320.9 million [3] - Net income attributable to Astrana decreased to $16.1 million, down 27% from $22.1 million [3] - Diluted earnings per share (EPS) was $0.33, a 30% decline from $0.47 [3] - Adjusted EBITDA was $45.2 million, down 13% from $52.0 million [3] Financial Highlights for Nine Months Ended September 30, 2024 - Total revenue for the nine months was $1,369.3 million, a 32% increase from $1,033.6 million [4] - Care Partners revenue for the nine months was $1,301.4 million, up 36% from $957.3 million [4] - Net income attributable to Astrana increased to $50.1 million, up 4% from $48.4 million [4] - Diluted EPS was $1.04, a slight increase from $1.03 [4] - Adjusted EBITDA for the nine months was $135.3 million, up 15% from $117.6 million [4] Recent Operating Highlights - On October 4, 2024, Astrana completed the acquisition of Collaborative Health Systems, LLC, and other entities for a total purchase price of $37.5 million, with potential earnout payments of up to $21.5 million [5] Segment Results for Q3 2024 - Care Partners revenue was $455.8 million, a 42% increase year-over-year [6] - Care Delivery revenue was $34.7 million, a 20% increase [6] - Care Enablement revenue was $40.9 million, an 11% increase [6] - Total expenses for the quarter were $450.3 million, leading to an income from operations of $28.4 million [6] 2024 Guidance - The company raised its revenue guidance for the year, projecting total revenue between $1,950 million and $2,030 million [8][9] - Net income guidance is set between $52 million and $58 million, with Adjusted EBITDA expected to be between $165 million and $175 million [9]

ALHAMBRA, Calif., Oct. 23, 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 will release financial results for the third quarter ended September 30, 2024, after the close of the stock market on Thursday, November 7, 2024. The Company will dis ...