Accounting (#s Fourth Quarter & Full Year 2025 Earnings Conference Call February 26, 2026 LGTMs: Date: Andrew T. (Input) 2/24 (via Jessie) Peter K. 2/24 Karen S. (Legal) 2/24/26 confirm) LGTM 2.24.26 Disclaimer This presentation and the accompanying oral presentation include forward-looking statements, including, without limitation, statements regarding future events and Clover Health Investments, Corp.'s ("Clover Health," "we," "our," or "us") expectations regarding GAAP Net Income, Adjusted EBITDA, Adjust ...

Universal Health Services (NYSE:UHS) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Speaker9Good day. Thank you for standing by. Welcome to the Q4 2025 Universal Health Services Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press star one on your telephone. You will hear an automated message advising your hand is raised. To withdraw your ...

Lifestance Health Group (NasdaqGS:LFST) Q4 2025 Earnings call February 25, 2026 08:30 AM ET Company ParticipantsDave Bourdon - CEOJack Slevin - VP of Healthcare Services Equity ResearchKen Burdick - Executive ChairmanLisa Gill - Managing DirectorMatthew Mardula - Equity Research AssociateMonica Prokocki - VP of Finance and Investor RelationsRichard Close - Managing DirectorRyan McGroarty - CFOConference Call ParticipantsCraig Hettenbach - Managing Director and Equity AnalystDavid Larsen - Managing Director ...

CARLSBAD, Calif., Feb. 23, 2026 (GLOBE NEWSWIRE) -- Carlsmed, Inc. (Nasdaq: CARL) (“Carlsmed” or the “Company”), today announced that Mike Cordonnier, CEO and Chairman, will be presenting at the 2026 Canaccord Genuity Musculoskeletal Conference on March 2, 2026 at 11:30 AM CST in New Orleans, LA.   A live webcast will be available to registered participants. Following the presentation, the webcast replay will be available at https://event.summitcast.com/view/d69xRqMspwymhwGUDdQoes/JC9qqvWhWggYawxGnDNtmz Abo ...

Core Insights - The company transitioned from a consumer-centric model to a Payor fee-for-service model, achieving a 24% revenue CAGR since 2022 driven by a 56% increase in Payor sessions [1] Revenue Growth - Revenue growth is attributed to strategic initiatives that drive high-intent referrals from partners like Amazon and Zocdoc, alongside deeper directory integrations with insurance providers [1] AI Optimization - The company leveraged AI to optimize the member journey, resulting in a 49% increase in patients completing a third session within their first month of care [1] Service Expansion - The Payor channel was expanded by investing in psychiatry services, military contracts, and Medicare enrollment to cater to higher acuity and underserved populations [1] Capacity Management - A 'curated network' strategy was utilized to align clinician availability with specific utilization trends and geographic demand, ensuring efficient capacity management [1] Marketing Efficiency - The company maintained strong brand awareness while significantly reducing marketing spend through search optimization and increased visibility in general-purpose large language models [1] Program Effectiveness - It was reported that 66% of teens in the NYC Teenspace program showed clinical improvement, validating the public-private partnership model for youth mental health [1]

Core Insights - Waystar Holding Corp. reported strong financial performance for Q4 and FY 2025, with Q4 revenue of $304 million, up 24% year-over-year, and FY 2025 revenue of $1,099 million, up 17% year-over-year [1][3] - The company is focusing on AI-powered innovations and has successfully integrated the Iodine acquisition ahead of schedule, indicating robust growth and operational momentum [1][2] - For FY 2026, Waystar expects total revenue between $1.274 billion and $1.294 billion, with diluted non-GAAP net income per share projected between $1.59 and $1.68 [1][2] Financial Highlights - Q4 2025 net income was $20 million, with a net income margin of 7% and adjusted EBITDA margin of 43% [1][3] - FY 2025 non-GAAP net income reached $262.9 million, with a non-GAAP net income margin of 10% and adjusted EBITDA of $462.1 million [1][3] - Cash flow from operations for FY 2025 was $310 million, with unlevered free cash flow of $365 million [1][3] Revenue Breakdown - FY 2025 volume-based revenue was $534.8 million, up 11% year-over-year, while subscription revenue was $558.4 million, up 22% year-over-year [1][3] - Q4 2025 subscription revenue was $167.8 million, reflecting a 38% increase year-over-year [1][3] - The net revenue retention rate (NRR) stood at 112%, with 1,391 clients contributing over $100,000 in last twelve months (LTM) revenue, up 16% year-over-year [1][2] Operational Metrics - The company processed over 7.5 billion healthcare payment transactions annually, amounting to over $2.4 trillion in gross claims, covering approximately 60% of U.S. patients [2][4] - Waystar serves around 30,000 clients, including 16 of the top 20 institutions on the U.S. News Best Hospitals list [2][4] Future Outlook - Waystar's guidance for FY 2026 includes expectations for adjusted EBITDA between $530 million and $540 million, and non-GAAP net income projected between $317 million and $335 million [1][2] - The company emphasizes a strong pipeline and increasing demand for its AI-powered platform, aiming for sustainable, profitable growth [1][2]

Financial Data and Key Metrics Changes - Total revenue for 2025 was $249.3 million, with subscription revenue representing 53% of total revenue, up from 45% in 2024 [12][13] - In Q4 2025, total revenue was $55.3 million, a 22.1% year-over-year decline, with subscription revenue at $28.8 million, down 22% year-over-year [14][15] - Adjusted EBITDA for Q4 was a loss of $10.3 million, an improvement from a loss of $22.8 million in Q4 2024 [17] - Net loss for Q4 was $25.2 million, compared to $30.7 million in the previous quarter, representing a 43.5% improvement year-over-year [17] Business Line Data and Key Metrics Changes - Amwell Medical Group (AMG) visit revenue was $23.7 million, down 18.7% year-over-year, with paid AMG visits flat at approximately 340,000 [15] - Total platform visits were 1 million, down 28.4% year-over-year from 1.4 million visits in Q4 2024 [15] Market Data and Key Metrics Changes - The healthcare landscape is shifting towards operational efficiency, with payers and health systems pursuing platform consolidation and automation [3][4] - The Medicare population is aging, pharmacy costs are surging, and clinician shortages are worsening, driving demand for technology-enabled care [4][5] Company Strategy and Development Direction - The company has focused exclusively on offering a tech platform, enhancing patient engagement and reducing costs through automation and AI [6][9] - Amwell has divested non-core activities, such as the sale of APC, and restructured to reduce costs and improve revenue quality [10][11] - The company aims to achieve cash flow breakeven from operations in Q4 2026, with a focus on high-quality, sticky revenue [11][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the impact of AI on healthcare and the company's role in integrating AI programs into a regulated infrastructure [26][29] - The company anticipates a strong secular trend towards technology-enabled care, with expectations for growth in both payer and government segments [44][46] Other Important Information - The company ended 2025 with approximately $182 million in cash and marketable securities and no debt [18] - For 2026, revenue is expected to be in the range of $195 million to $205 million, with AMG visits projected between 1.32 million and 1.37 million [18][19] Q&A Session Summary Question: What is the status of existing client contracts and government opportunities? - Management indicated that most contracts signed in 2025 were renewals, with significantly fewer open renewals in 2026, except for the DHA renewal expected in summer 2026 [22][23] Question: How does the company view the competitive landscape with new AI entrants? - Management is optimistic about AI's impact on healthcare and believes that their platform's ability to integrate multiple AI programs will provide a competitive advantage [25][27] Question: What are the headwinds and tailwinds for 2026 guidance? - Tailwinds include earlier adoption of the technology-enabled platform, while headwinds involve the upcoming DHA renewal [32][34] Question: Can you elaborate on the DHA revenue step down and potential recovery? - Management confirmed a step down in DHA revenue due to the elimination of certain programs but expressed confidence in the renewal and potential for additional revenue [35][36] Question: How does the company plan to resume growth in 2026? - Management emphasized the importance of their unified platform and the expected increase in usage across various care segments, particularly in government and payer markets [42][44]

Financial Data and Key Metrics Changes - In Q4 2025, consolidated revenues reached $2.81 billion, reflecting a 7.1% increase year-over-year, with organic revenues growing by 6.4% [15][16] - Reported operating income was $386 million, maintaining a margin of 13.8%, while adjusted operating income was $429 million, or 15.3% of revenues, compared to 15.6% the previous year [16] - Reported EPS was $2.18, and adjusted EPS was $2.42, up from $1.95 and $2.23 respectively in the prior year [16] Business Line Data and Key Metrics Changes - In the physician channel, organic revenue growth was high single digits, driven by demand for advanced diagnostics and geographic expansion [9] - Hospital channel revenues grew low single digits, with collaborative lab solutions contributing to growth [9] - The consumer channel generated nearly $250 million in revenues for the full year, exceeding the expected growth rate of over 20% [11] Market Data and Key Metrics Changes - Total volume measured by requisitions increased by 8.5% year-over-year, with organic volume up 7.9% [15] - Excluding significant relationships with Corewell Health and Fresenius Medical Care, organic volume growth was 4.1% [15] - The company expects to generate approximately $1 billion in annual revenues from co-lab solutions in 2026 [10] Company Strategy and Development Direction - The company aims to expand its clinical innovations and strategic collaborations to enhance its position in the wellness industry [5] - Focus on delivering solutions for core clinical customers while also targeting growth in consumer, life sciences, and data analytics [8] - The company is pursuing potential acquisitions and partnerships to enhance its service offerings and market reach [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in business strengths and market fundamentals, citing favorable demographic trends and increasing demand for blood-based diagnostics [5] - The delay in PAMA implementation until the end of 2026 was viewed as a positive development, providing short-term relief [6][7] - Management anticipates continued strong organic growth driven by advancements in testing and strategic partnerships [24] Other Important Information - The company achieved its target of 3% annual cost savings and productivity improvements in 2025 through operational excellence initiatives [14] - Cash from operations for the full year was $1.89 billion, significantly up from $1.33 billion in the prior year [17] - The company expects capital expenditures of approximately $550 million in 2026 [18] Q&A Session Summary Question: What are the underlying growth drivers for 2026? - Management highlighted strong organic growth in Alzheimer's testing, autoimmune testing, and partnerships with wellness companies as key drivers [24][26] Question: How is the company addressing the impact of severe weather on operations? - Management noted strong growth in early January but acknowledged that severe weather affected operations later in the month, with confidence in recovery [27][29] Question: Can you discuss the moving pieces on margins for 2026? - Management indicated that operating margins are expected to increase, despite the impact of low-margin co-lab business and Project Nova expenses [37][39] Question: What is the competitive landscape like for the company? - Management emphasized share gains in organic growth and the strength of national coverage as competitive advantages [45][46] Question: How is the company planning to monetize its data? - Management discussed the growth of the data business, targeting pharmaceutical companies and payers as key customers [90]

Financial Data and Key Metrics Changes - In Q4 2025, CVS Health reported adjusted operating income of $2.6 billion and adjusted earnings per share (EPS) of $1.09, with full-year adjusted EPS of $6.75 and operating cash flow of $10.6 billion, exceeding initial expectations by approximately 15% [5][6][24]. - Full-year revenue for 2025 was over $400 billion, with Q4 revenue exceeding $105 billion, an increase of over 8% year-over-year [23][24]. Business Line Data and Key Metrics Changes - The healthcare benefits segment generated over $36 billion in revenue for Q4, a 10% increase year-over-year, but reported an adjusted operating loss of $676 million due to changes in the Medicare Part D program [25][26]. - The health services segment saw revenues of over $51 billion, a 9% increase year-over-year, with adjusted operating income of approximately $1.9 billion [28]. - The pharmacy and consumer wellness segment generated nearly $38 billion in revenue, a 12% increase year-over-year, with same-store pharmacy sales growing over 19% [29][30]. Market Data and Key Metrics Changes - The company ended 2025 with approximately 26.6 million medical members, a slight decline from the previous year, primarily due to losses in individual exchange and government businesses [25][26]. - Aetna received the inaugural Press Ganey Health Plan of the Year award, recognizing its high-quality offerings and technological innovation [7]. Company Strategy and Development Direction - CVS Health aims to simplify the healthcare experience and make it more affordable, with a commitment to becoming America's most trusted healthcare company [5]. - The company is focused on improving margins in its Medicare business while advocating for better funding to ensure adequate access for seniors [8][40]. - CVS Health is committed to leveraging its diversified business model to unlock earnings power and drive shareholder value [6][21]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's momentum entering 2026, expecting another strong year of progress despite elevated medical cost trends [33][34]. - The company remains focused on addressing the challenges of cost, complexity, and fragmentation in the U.S. healthcare system [15][21]. Other Important Information - CVS Health's pharmacy businesses are adapting to regulatory changes while maintaining durable margins, emphasizing the importance of transparency and competition in the pharmaceutical supply chain [12][19]. - The company has successfully transitioned to a cost-based reimbursement model, enhancing transparency and stability in the pharmacy market [14][31]. Q&A Session Questions and Answers Question: Impact of Medicare Advantage rates on margins - Management acknowledged the Advanced Rate Notice's impact on Aetna but remains committed to improving Medicare Advantage margins and believes the business is well-positioned despite the preliminary rates [37][39][45]. Question: Regulatory impact on PBM negotiations - Management indicated that while they cannot discuss specifics regarding the FTC, they believe the PBM value remains intact and that they are prepared for upcoming regulatory changes [51][53]. Question: Medicaid rates and expectations for 2026 - Management reported that the Medicaid business is performing in line with expectations and emphasized ongoing advocacy for adequate rates while maintaining operational excellence [72][74].

Summary of Key Points from the Conference Call Industry Overview - **Sector**: China's healthcare sector, specifically focusing on Biotech/Pharma and CRO/CDMO segments - **Trend**: Transitioning from "go-global beta" to "visibility-driven alpha" as the sector shows robust performance in 2025, driven by emerging assets expanding globally [1][2] Core Insights - **Investment Strategy Shift**: Investors are moving from beta trades based on licensing expectations to focusing on tangible execution and visibility into key data readouts and earnings delivery for 2026 [1][2] - **CRO/CDMO Outlook**: Positive outlook for CDMOs due to accelerated growth, strong product cycles, and reasonable valuations. Upgrades for WuXi AppTec and WuXi XDC to "Buy" [2][11] - **Biotech/Pharma Selectivity**: A more selective approach is advised, favoring companies with validated early data and realistic deal expectations. Preferred stocks include Kelun Biotech, Henlius, and Hansoh [2][7] - **MedTech Neutral Stance**: Cautious outlook on MedTech, with a recommendation to buy AngelAlign and Weigao, while maintaining a neutral stance overall [2][7] - **Healthcare Services Caution**: Downgraded outlook for healthcare services due to cost control measures and weak consumption cycles, with downgrades for Hygeia and Jinxin [2][7] Emerging Technologies - **AI and New Modalities**: Anticipated advancements in AI within healthcare and a strengthening of China's leadership in new modalities such as next-gen ADCs and innovative oligonucleotide medicines [3][7] - **Surgical Robotics**: 2026 is expected to be pivotal for surgical robotics commercialization, driven by new national billing rules [3] Financial Metrics and Projections - **Earnings Estimates**: EPS estimates for Chinese CDMOs/CROs revised up by 3%-4% for FY26-27 due to improved earnings visibility [11] - **Capex Normalization**: Capital expenditure is returning to growth levels, focusing on high-potential modalities and overseas expansion [10][21] - **Valuation Recovery**: Valuations for WuXi AppTec and WuXi XDC are expected to recover modestly as visibility improves, although they still trade at a discount compared to global peers [10][14] Market Dynamics - **Geopolitical Sensitivity**: Market sensitivity to geopolitical headlines has decreased, with a clearer distinction between sentiment risk and actual business impact [10][27] - **Outsourcing Trends**: Despite geopolitical uncertainties, outsourcing rates are expected to rise, driven by cost efficiency and access to specialized technologies [28] Key Risks and Considerations - **Biosecure Act Impact**: The Biosecure Act's implications are being closely monitored, with expectations that any structural reallocation of outsourcing away from China will be gradual [42] - **Client Behavior**: Client concerns regarding the Biosecure Act have diminished, with high retention rates noted for WuXi's services [13] Conclusion - The healthcare sector in China is poised for a significant transformation as it shifts towards visibility-driven investments. Key players in the CDMO and Biotech/Pharma segments are expected to benefit from improved earnings visibility and a supportive funding environment, while caution remains in MedTech and healthcare services due to ongoing economic pressures.