Astrana Health, Inc. Q4 2025 Earnings Call Summary

Record performance was driven by a fully delegated care model that prioritizes clinical execution and physician alignment over coding intensity or arbitrage. Revenue growth of 43% in Q4 and 56% for the full year reflects successful geographic diversification, with non-California revenue now representing approximately 19% of the total. Medical cost trends remained well-controlled at approximately 4.5% for legacy operations, attributed to high patient engagement and an 80% completion rate for annual wel ...