Financial Data and Key Metrics Changes - Revenue for Q2 2025 reached $271 million, representing a 15% year-over-year growth with an adjusted EBITDA margin of 42% [10][24] - Adjusted EBITDA for Q2 2025 was $113 million, an increase of 20% year-over-year, driven by revenue growth and a shift to higher margin provider solutions [26][30] - The company raised its full-year revenue guidance to a range of $1.03 billion to $1.042 billion, reflecting a 10% year-over-year growth [29] Business Line Data and Key Metrics Changes - Subscription revenue increased to $131 million, up 17% year-over-year, while volume-based revenue reached $138 million, a 14% increase year-over-year [25] - The number of clients generating more than $100,000 in trailing twelve-month revenue increased to 1,268, a 14% year-over-year growth [15] Market Data and Key Metrics Changes - The company noted a strong demand for its AI-powered software platform as providers face margin pressures and workforce shortages [10][12] - Waystar's net revenue retention rate was 115%, benefiting from rapid onboarding of clients affected by a competitor's cyber event [24] Company Strategy and Development Direction - The acquisition of Iodine Software is expected to expand Waystar's total addressable market by over 15% and enhance its product roadmap [6][7] - Waystar aims to lead in the revenue cycle management space by leveraging AI to improve efficiency and reduce administrative burdens for healthcare providers [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience against potential Medicaid funding cuts, estimating less than a 1% impact on revenue from a hypothetical 15% reduction in Medicaid funding [12][85] - The demand environment remains robust, with providers prioritizing technology that enhances efficiency and cash flow [51][52] Other Important Information - Waystar was recognized as the best overall healthcare payments solution provider by MedTech Breakthrough and named one of the U.S. News Best Companies to Work For [22][23] - The company has established a strong governance structure with the addition of two new independent board members [23] Q&A Session Summary Question: Impact of client migration post-cyber attack on Q2 revenue - Management indicated that the year-over-year benefit from client migration had normalized by Q2, with no significant impact noted [34][36] Question: Recurring nature of volume-based revenue from large clients - Management expects that volume-based revenue from newly onboarded large clients will transition to subscription revenue as contracts mature [45][46] Question: Drivers behind the sequential increase in subscription revenue - The increase in subscription revenue was attributed to strong performance in provider solutions, which comprise a significant portion of total revenue [50][55] Question: Volume growth and digital payment penetration - Management noted that higher utilization in the healthcare system and the adoption of digital payment solutions contributed to volume growth, with a good mix from both patient payment and provider solutions [58][61] Question: Competitive landscape and client demand - Management reported strong win rates against competitors and noted an increase in client demand for AI-driven solutions [106]

Acquisition Overview - Waystar is set to acquire Iodine Software for a total enterprise value of $1.25 billion [7] - Iodine shareholders will own approximately 8% of Waystar on a fully diluted, pro forma basis [9] - Advent, Iodine's largest shareholder, is expected to receive 100% of its transaction consideration in Waystar common stock [9] Strategic Rationale - The acquisition aims to simplify healthcare payments and accelerate AI-powered transformation [5] - It expands Waystar's total addressable market by more than 15% [5] - The deal integrates clinical intelligence software to prevent denials and ensure optimal reimbursement [5] Financial Impact - Iodine's profile includes approximately 99% revenue derived from software subscriptions [26] - Iodine's gross margin is approximately 75% [26] - Iodine's Adjusted EBITDA margin is approximately 40% [26] Q2 2025 Preliminary Results - Waystar's approximate Q2 2025 revenue is $271 million [31] - Waystar's approximate year-over-year growth is 15% [32]

Core Insights - symplr has acquired Smart Square scheduling software from AMN Healthcare, enhancing its healthcare workforce and operations management capabilities [1][2] - The acquisition strengthens the symplr Operations Platform by integrating AI-driven scheduling and workforce management solutions [2][3] - symplr aims to empower healthcare organizations with actionable data and technology to improve efficiencies and patient outcomes [3][4] Company Overview - symplr is a leader in enterprise healthcare operations software, trusted by 9 out of 10 U.S. hospitals and over 400 U.S. health plans [6] - AMN Healthcare is recognized for its total talent solutions in healthcare, reaching nearly 15 million patients across more than 2,100 healthcare systems in 2024 [7] - Clearlake Capital Group and Charlesbank Capital Partners are the backing investment firms for symplr, with Clearlake managing over $90 billion in assets [9][10] Strategic Implications - The acquisition of Smart Square is expected to enhance symplr's offerings in workforce planning, analytics, and AI, addressing the complexities of healthcare staffing [5] - The partnership between symplr and AMN Healthcare aims to combine operational technology expertise with workforce solutions, benefiting customers [4][5] - The integration of Smart Square's AI capabilities is positioned to help healthcare organizations anticipate staffing needs and streamline operations [3][4]

Core Insights - AI is becoming essential in revenue cycle management (RCM) for healthcare providers, demonstrating significant impact and return on investment [1][2][3] Group 1: AI Integration in Healthcare - 82% of healthcare leaders consider AI integral to their RCM operations, with 70% identifying it as a top organizational priority [2][6] - AI is delivering 13-37% improvements in key revenue cycle areas such as claim accuracy, denial prevention, workforce efficiency, and payment speed [6] - Trust in AI is increasing, with 60% of decision-makers reporting heightened confidence since implementation [6] Group 2: Strategic Implementation and Adoption - Providers are prioritizing strategic AI implementation, particularly in payer-facing workflows like prior authorizations and denial appeals [3] - The majority of healthcare leaders are relying on existing RCM software partners for AI capabilities, favoring established platforms for faster value realization and data security [6] - Nearly 60% of healthcare leaders plan to increase AI investment, highlighting its strategic role in enhancing payment performance and process transformation [6] Group 3: Industry Impact - The study indicates a broader shift in the healthcare industry as AI accelerates automation, enhances analytics, and drives stronger returns on investment [3] - Waystar's platform processes over 6 billion healthcare payment transactions annually, reflecting the scale at which AI is being integrated into RCM [5]

Financial Data and Key Metrics Changes - Revenues for the first quarter were $73.5 million, up 1% year-over-year [38] - Operating income decreased by 23.1% to $4.4 million [38] - Net income was $4.3 million, down 17.1% [38] - EPS decreased from $0.17 to $0.14 [38] - Adjusted EBITDA was $16.2 million, down 5% [38] Business Line Data and Key Metrics Changes - Credential Stream revenue grew by 25% year-over-year [41][54] - Shift Wizard revenue increased by 19% [41][52] - Competency Suite revenue rose by 12% [41] - Core business, excluding legacy products and customer bankruptcy impacts, grew over 6% [41] Market Data and Key Metrics Changes - Remaining performance obligations were $613 million, up from $514 million year-over-year [42] - Gross margin decreased to 65.3% from 66.2% [42] - Days sales outstanding improved to 37 days from 46 days year-over-year [44] Company Strategy and Development Direction - The company is focused on developing, credentialing, and scheduling the healthcare workforce through SaaS solutions [30] - Emphasis on the interoperability of core applications through the hStream platform [30] - The company aims to bundle value to address mandatory requirements in healthcare [75] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic headwinds affecting purchasing decisions, particularly for elective content [9][10] - Despite challenges, management remains optimistic about revenue and EBITDA growth year-over-year [8] - Revised guidance reflects a cautious outlook due to delays in medium-sized deals and technology scaling issues [26][36] Other Important Information - The company has a strong cash balance of $113.3 million and no interest-bearing debt [33][44] - A quarterly cash dividend of $0.031 per share was declared [48] - The company maintains an active pipeline for potential acquisitions [47] Q&A Session Summary Question: How much of the portfolio is required versus elective? - Management indicated that the majority of products are tied to some form of requirement, estimating around 80% to 90% [80][86] Question: Was the largest contract a renewal or new business? - The largest contract was new business, involving a significant health system that had not previously used the company's learning management system [90][91] Question: What is the status of legacy products? - Legacy products are still supported but not actively sold, with a focus on transitioning customers to newer solutions [100]

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, representing over 1 million distinct providers, including 16 of the top 20 institutions on the U.S. News Best Hospitals list [3] - Waystar'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 [3] Upcoming Events - CFO Steve Oreskovich will present at the Bank of America Securities Healthcare Conference on May 14, 2025, at 8:40 a.m. PT [2] - CEO Matt Hawkins will present at the William Blair 45th Annual Growth Stock Conference on June 3, 2025, at 12 p.m. CT [2] - Both presentations will be streamed live on Waystar's Investor Relations website, with recordings available afterward [2]

As filed with the Securities and Exchange Commission on January 31, 2025 Registration No. 333-276130 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Aaron Green Chief Executive Officer OneMedNet Corporation 6385 Old Shady Oak Road, Suite 250 Eden Prairie, MN 55344 Telephone: 800-918-71 ...

AMENDMENT NO. 6 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Waystar Holding Corp. TABLE OF CONTENTS As filed with the U.S. Securities and Exchange Commission on May 16, 2024. Registration No. 333-275004 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware (State or other jurisdiction of incorporation or organization) 7373 (Primary Standard Industrial Classification Code Number) 84-2886542 (I.R.S. Employer Identification No.) 1550 Digital Drive, #300 Lehi, ...

TABLE OF CONTENTS TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Waystar Holding Corp. As filed with the U.S. Securities and Exchange Commission on November 15, 2023. Registration No. 333-275004 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 7373 (Primary Standard Industrial Classification Code Number) 84-2886542 (I.R.S. ...

TABLE OF CONTENTS As filed with the U.S. Securities and Exchange Commission on October 26, 2023. Registration No. 333-275004 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Waystar Holding Corp. (Exact name of registrant as specified in its charter) 7373 (Primary Standard Industrial Classification Code Number) 84-2886542 (I.R.S. Employer Identification No.) 1550 Digital Drive, #300 Lehi, Utah 84043 (8 ...