Core Insights - Wayar is hosting its True North conference in Nashville to showcase new AI solutions in healthcare software, addressing the challenges of higher utilization and costs faced by healthcare providers [1][3] - The healthcare sector has seen a significant increase in patient visits, averaging 1-2% annually over the last 40 years, with a notable 4% increase in the last two years, necessitating more efficient resource management by hospitals [5] - Wayar's AI technology automates low complexity, high volume tasks, allowing healthcare providers to improve efficiency and accuracy in patient interactions and billing processes [5][7] Company Overview - Wayar processes over six billion insurance transactions annually, amounting to more than $1.8 trillion in gross claim charges, enabling better financial transparency for patients [9] - The company aims to transition from AI hype to a reality focused on return on investment (ROI) for healthcare providers, enhancing patient-provider interactions [8][12] - Wayar's software platform allows providers to help patients understand their financial responsibilities before receiving care, promoting a more consumer-friendly experience [10][11] Industry Context - The healthcare industry is experiencing a shift towards utilizing AI to manage increased patient interactions, including telehealth and virtual consultations, which are becoming integral to patient care [6] - There is a growing emphasis on price transparency in healthcare, with mandates for providers to publish prices for certain services, and Wayar is positioned to facilitate this process [11]

Group 1 - Waystar Holding Corp. is highlighted as one of the best IPO stocks to buy and hold for three years, with an upcoming Fall Waystar Innovation Showcase scheduled from September 15 to 17 [1] - The flagship conference emphasizes Waystar's leadership in technology within the healthcare industry, focusing on AI and advanced automation to improve return on investment, reduce denials, and accelerate reimbursement for healthcare providers [2] - The Innovation Showcase on September 16 will feature the unveiling of Waystar's newest AI capabilities, accessible to both in-person attendees and a global audience via live stream [3] Group 2 - Waystar develops a cloud-based software solution specifically for healthcare payments, primarily serving the healthcare industry [3]

Core Viewpoint - Waystar Holding Corp. has announced the pricing of an underwritten secondary offering of 18,000,000 shares of common stock at a public price of $39.40 per share, with the offering expected to close on or about September 12, 2025 [1][2]. Company Overview - Waystar is a provider of healthcare payments software, serving approximately 30,000 clients and over 1 million distinct providers, including 16 of the top 20 institutions on the U.S. News Best Hospitals list [5]. - The company's platform processes over 6 billion healthcare payment transactions annually, amounting to over $1.8 trillion in gross claims, covering approximately 50% of U.S. patients [5]. Offering Details - The offering is being conducted by certain investment funds of EQT AB, Bain Capital, LP, and Canada Pension Plan Investment Board, with Waystar not selling any shares or receiving proceeds from the sale [1]. - J.P. Morgan is acting as the underwriter for the offering [2]. - A registration statement on Form S-3 has been filed with the SEC and has become effective [3].

Company Overview - Waystar was formed in 2017 through the merger of two revenue cycle technology businesses, one of which was backed by Sequoia Capital, called ZirMed [2]. Leadership Background - The CEO of Waystar, Matt Hawkins, has extensive experience in software and private equity, having worked with firms like Vista Equity Partners and Bain Capital [2].

Summary of Waystar Holding Conference Call Company Overview - **Company**: Waystar Holding (NasdaqGS: WAY) - **Industry**: Healthcare Revenue Cycle Management - **CEO**: Matt Hawkins - **Conference Date**: September 10, 2025 Key Points Company Background - Waystar was formed in 2017 by merging two revenue cycle technology businesses, Zirmed and Navicure, to create a cloud-native software platform [7][8] - The company focuses on helping healthcare providers get paid faster and more accurately from various insurance companies and patients [8] Market Opportunity - The U.S. healthcare administrative sector experiences approximately **$450 billion** in annual waste due to inefficiencies and denied claims [13] - There are **450 million** denied claims each year, with a **17%** denial rate for initial claims submitted by providers [17] - Waystar targets a **$15 billion** market for replacing legacy software and a **$100 billion** market for manual services in healthcare [33] Product and Technology - Waystar's software utilizes a cloud-based rules engine and AI capabilities to improve claim acceptance rates, achieving nearly **99%** first-pass acceptance across its network [17][22] - The company processes over **6 billion** insurance transactions annually, amounting to over **$1 trillion** in gross claim charges [18] - The recent acquisition of Iodine Software aims to enhance Waystar's capabilities in structuring clinical data and improving claim accuracy [49][58] Competitive Landscape - Waystar differentiates itself as a cloud-native platform using AI, with a strong focus on both ambulatory and hospital settings [46] - Major competitors include Change Healthcare, TriZetto, and Availity, with Waystar achieving an **80%** win rate against these competitors [46] Financial Performance - Waystar has experienced five consecutive quarters of double-digit revenue growth, exceeding its long-term growth rate of **10%** [30][34] - The company maintains a gross revenue retention rate of **97%** and a net revenue retention rate of **108% to 110%** [34] Future Outlook - The company is focused on the successful integration of the Iodine acquisition and leveraging combined data sets to enhance AI capabilities [75] - Waystar aims to continue delighting clients and expanding its market share in the healthcare revenue cycle management space [75] Risks and Considerations - The healthcare industry is characterized by risk aversion among decision-makers due to the potential impact on patient care and cash flow [41] - Waystar's growth may be influenced by external factors such as patient visit volumes and the overall healthcare utilization trends, which are currently seeing a **4%** annual increase [73] Conclusion - Waystar is well-positioned to capitalize on the inefficiencies in the healthcare revenue cycle management market through its innovative cloud-based solutions and AI capabilities, with a strong focus on client satisfaction and market expansion [75]

Core Viewpoint - Waystar Holding Corp. announced a secondary offering of 18,000,000 shares of common stock by certain investment funds, including EQT AB, Bain Capital, and Canada Pension Plan Investment Board, with J.P. Morgan acting as the underwriter [1][2]. Company Overview - Waystar is a provider of healthcare payments software, serving approximately 30,000 clients and over 1 million distinct providers, including 16 of the top 20 institutions on the U.S. News Best Hospitals list [5]. - The company's platform processes over 6 billion healthcare payment transactions annually, amounting to over $1.8 trillion in gross claims, covering approximately 50% of U.S. patients [5]. Offering Details - The shares will be offered to the public at a fixed price, which may change without notice, and Waystar will not receive any proceeds from this offering [2][3]. - A registration statement on Form S-3 has been filed with the SEC and has become effective, allowing the offering to proceed [3][4].

Core Insights - Waystar has been recognized in Fast Company's 2025 Best Workplaces for Innovators in North America, highlighting its role as a technology innovator in healthcare payments [1][4] - The company launched Waystar AltitudeAI™, a suite of AI-powered capabilities aimed at addressing critical challenges in healthcare payments, such as claim denial prevention and recovery [2] - Waystar's software processes over 6 billion healthcare payment transactions annually, managing over $1.8 trillion in gross claims and serving approximately 30,000 clients, which include 16 of the top 20 institutions on the U.S. News Best Hospitals list [6] Company Recognition - The recognition from Fast Company is seen as a testament to Waystar's team, culture of innovation, and commitment to simplifying healthcare payments [3] - Waystar has received multiple accolades, including being named a Most Trusted Company in America by Forbes and a Best Workplace in Health Care by Fortune [3] Upcoming Events - Waystar will showcase its latest advancements at the Fall Innovation Showcase on September 16 during the Waystar True North™ client conference [5]

Core Insights - Waystar's shares surged nearly 10% following the announcement of its inclusion in the S&P SmallCap 600 index, contrasting with the S&P 500's modest increase of 0.2% [1][2][4] Group 1: Company Developments - Waystar is one of 10 companies selected to "graduate" to the S&P SmallCap 600 as part of S&P Global's quarterly index realignment [4] - The inclusion of Waystar in the index is expected to increase demand for its shares due to the popularity of index funds [6] Group 2: Market Context - The adjustment to the S&P SmallCap 600 resulted in the removal of several companies, including Jack in the Box and Xerox Holdings, indicating a shift in market composition [5]

Company Overview - Waystar is a provider of healthcare payment software, aiming to simplify healthcare payments for providers to enhance patient care and financial performance [3] - The company serves approximately 30,000 clients, which includes over 1 million distinct providers, and 16 out of the 20 institutions listed in U.S. News Best Hospitals [3] - Waystar's platform processes over 6 billion healthcare payment transactions annually, handling more than $1.8 trillion in gross claims and covering around 50% of U.S. patients [3] Upcoming Event - CEO Matt Hawkins will present at the Goldman Sachs Communacopia + Technology Conference on September 10, 2025, at 3:05 p.m. PT [1] - A live webcast of the event will be available on Waystar's Investor Relations website, with a recording accessible post-event [2]

Group 1: Company Achievements - Waystar received multiple Gold Stevie® Awards in the 2025 International Business Awards, including Healthcare Company of the Year and Top-Ranked AI Software Platform for Waystar AltitudeAI™ [1] - The company launched Waystar AltitudeAI™ in 2025, which has driven a 70% increase in appeal productivity and double-digit improvements in overturn rates, equivalent to the capacity of nearly 10 full-time employees for a mid-size health system [3] - Waystar's Auth Accelerate solution automates end-to-end submissions for over two billion prior authorizations annually, achieving auto-approval rates of over 90%, equivalent to the capacity of more than a dozen full-time employees [4] Group 2: Industry Context - The U.S. healthcare industry incurs over $440 billion in administrative costs annually, with claim denials and prior authorizations being significant challenges [2] - Waystar's AI-driven solutions are transforming healthcare payment processes, enhancing automation, accuracy, and results at scale [2] Group 3: Strategic Initiatives - Waystar advanced its growth and AI strategy with a definitive agreement to acquire Iodine Software, a leader in AI-powered clinical intelligence, reinforcing its mission to simplify healthcare payments [3] - The company serves approximately 30,000 clients, representing over 1 million distinct providers, and processes over 6 billion healthcare payment transactions annually, amounting to over $1.8 trillion in gross claims [7]