Astrana Health(US:ASTH)2025-11-06 21:19Financial Performance - Total revenue for Q3 2025 reached $956.0 million, a 100% increase from $478.7 million in Q3 2024[7] - Adjusted EBITDA for Q3 2025 was $68.5 million, up 52% from $45.2 million in Q3 2024[8] - Care Partners revenue was $897.7 million, reflecting a 97% increase from $455.8 million in the prior year[8] - Net income attributable to Astrana for Q3 2025 was $0.4 million, with diluted earnings per share of $0.01[8] - Total revenue for the three months ended September 30, 2025, was $956,048 thousand, representing a 100.0% increase from $478,710 thousand in the same period of 2024[26] - Net income for the nine months ended September 30, 2025, was $17,514 thousand, a decrease of 69.7% compared to $57,709 thousand for the same period in 2024[28] - Adjusted EBITDA for the nine months ended September 30, 2025, was $152,970 thousand, an increase of 12.9% from $135,332 thousand in the same period of 2024[31] - Earnings per share (diluted) for the three months ended September 30, 2025, was $0.01, a decrease from $0.33 in the same period of 2024[26] Guidance and Projections - The company updated its full-year 2025 guidance, projecting total revenue between $3,100 million and $3,180 million[13] - Net income guidance for the year ending December 31, 2025, is projected to be between $23,500,000 and $28,500,000[35] - EBITDA guidance for the same period is estimated to range from $124,000,000 to $134,000,000[35] - Adjusted EBITDA is expected to be between $200,000,000 and $210,000,000, providing a key performance measure for the company[35] Assets and Liabilities - Total assets as of September 30, 2025, were $2,237.2 million, compared to $1,354.9 million at the end of 2024[23] - Total stockholders' equity as of September 30, 2025, was $775,543 thousand, up from $712,720 thousand as of December 31, 2024, reflecting a growth of 8.8%[24] - Total liabilities, mezzanine deficit, and stockholders' equity amounted to $2,237,186 thousand as of September 30, 2025, compared to $1,354,894 thousand as of December 31, 2024[24] - The company reported a total of $1,302.4 million in assets that can only be used to settle obligations of its consolidated VIEs as of September 30, 2025[24] Cash Flow and Expenses - Cash flows from operating activities for the nine months ended September 30, 2025, were $117,483 thousand, compared to $63,146 thousand for the same period in 2024, indicating a significant increase[28] - The company incurred $548,553 thousand in payments for business acquisitions during the nine months ended September 30, 2025, compared to $115,494 thousand in the same period of 2024[28] - The company had a net cash increase of $175,224 thousand for the nine months ended September 30, 2025, compared to $54,488 thousand for the same period in 2024[28] Non-GAAP Measures - The company defines Adjusted EBITDA margin as Adjusted EBITDA over total revenue, emphasizing its importance in evaluating operational performance[36] - Non-GAAP measures like Adjusted EBITDA are used to assess the company's ongoing operating performance without the impact of non-recurring financial information[37] - The company believes that presenting non-GAAP financial measures provides investors with relevant information for evaluating business performance[37] - The reconciliation of GAAP and non-GAAP measures is provided to enhance understanding of the company's financial performance[37] Strategic Initiatives - The acquisition of Prospect Health was completed on July 1, 2025, enhancing the company's operational scale and capabilities[9] - A strategic partnership with Intermountain Health was announced to improve healthcare access in southern Nevada[14] - The company continues to control medical costs effectively, reiterating full-year trend expectations[7] Depreciation and Expenses - Interest expense is projected to be between $37,000,000 and $38,000,000, while provision for income taxes is expected to range from $18,000,000 to $22,000,000[35] - Depreciation and amortization is consistently estimated at $45,500,000 for the guidance period[35] - Stock-based compensation is projected to be $36,000,000, which is included in the Adjusted EBITDA calculation[35]