Astrana Health, Inc. Reports Third Quarter 2024 Results

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]