Core Insights - Trinity Capital Inc. has committed $50 million in growth capital to Sage Health, a provider focused on full-risk primary care and wellness for Medicare-eligible seniors [1] Group 1: Company Overview - Sage Health operates advanced neighborhood health centers in areas with a shortage of primary care, providing high-quality care to underserved seniors [2] - The company ensures that physicians manage no more than 500 patients each, allowing for longer visits and intensive management of chronic conditions [2] - Sage Health integrates primary care, wellness, and care coordination to alter disease progression and aims to enhance life expectancy and quality of life for its patients [2]

4 th Quarter 2025 Results February 26, 2026 Parth Mehrotra, CEO David Mountcastle, CFO Disclaimer Forward-Looking Statements This presentation contains forward-looking statements that express the Company's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results that include, but are not limited to: 2026 financial guidance and other projections and forecasts. These forward-looking statements involve a number of risks, uncertainties (some of whi ...

Core Insights - Humana has significantly expanded its primary care business, increasing the number of patients seen by CenterWell Senior Primary Care by over 25%, equating to more than 100,000 additional patients in 2025 [3] - The acquisition of MaxHealth, which operates 54 primary care clinics and serves over 120,000 patients, is part of Humana's strategy to enhance its primary care offerings and expand into key markets [8] Financial Performance - CenterWell reported revenue of $22.5 billion in 2025, up from $19.9 billion the previous year, indicating strong growth in the primary care segment [5] - Despite revenue growth, income from operations remained flat at approximately $1.3 billion, as the primary care arm adjusted to a new CMS risk adjustment model [5] Competitive Landscape - Other major insurers like CVS and UnitedHealth are also involved in primary care, with CVS facing challenges such as a $5.7 billion goodwill impairment charge and plans to slow growth in its senior care clinics [6] - UnitedHealth has made cuts to its affiliated providers and reduced risk-based membership in its care delivery unit to improve profitability [7]

Core Insights - CenterWell has successfully completed the acquisition of MaxHealth from Arsenal Capital Partners, expanding its reach in the senior-focused primary care market [1] - MaxHealth operates a network of 82 clinics and serves over 120,000 patients, including more than 80,000 in value-based care programs [1] - The acquisition aligns with CenterWell's mission to provide personalized and integrated care, enhancing its ability to serve more patients [1] Company Overview - CenterWell is the largest senior-focused, value-based primary care provider in the United States, part of Humana Inc. [1] - MaxHealth, founded in 2015, focuses on high-quality, integrated care for adults and seniors in Florida, supported by a team of over 530 members [1][2] - Arsenal Capital Partners specializes in building market-leading industrial growth and healthcare companies, having raised over $10 billion since its inception [1] Market Impact - The acquisition allows CenterWell to enter new key markets, enhancing its service capabilities and patient outreach [1] - MaxHealth's integration into CenterWell is expected to further expand access to high-quality, patient-centered care in Florida [1] - The partnership reflects a commitment to reshaping healthcare delivery and improving patient experiences [1]

Core Insights - Amazon is expanding its health-related services by enhancing its same-day prescription delivery and launching a new feature to help patients understand lab results [1][2][3] Group 1: Same-Day Prescription Delivery Expansion - Amazon Pharmacy will expand its same-day prescription delivery service to Idaho and Massachusetts, reaching nearly 2,000 additional communities over the next year [2] - By the end of 2026, Amazon Pharmacy aims to offer same-day prescription delivery in approximately 4,500 U.S. cities and towns [2] - The service is available in all 50 states and Washington, D.C., with a focus on removing barriers to treatment through its logistics network [3] Group 2: Health Insights Feature - Amazon One Medical is launching a beta feature called Health Insights, which provides personalized analysis of routine bloodwork results for eligible members [7] - Developed in partnership with Lifeforce, Health Insights aims to facilitate meaningful discussions between patients and their care teams by interpreting health data [7][8] - The feature includes a personal wellness score, analysis of individual biomarkers, lifestyle recommendations, and scientific references to support each recommendation [8] Group 3: Technological Integration and Future Plans - The Health Insights feature is integrated with the One Medical app and utilizes an AI conversational agent to assist with health-related inquiries and appointment management [9] - Amazon has been leveraging its technological capabilities and consumer base to compete in the healthcare sector, indicating a strategic focus on innovation and efficiency [9]

Core Insights - Reperio Health and Amazon One Medical have formed a partnership to connect at-home health screenings with ongoing primary care, allowing individuals to access a One Medical membership after completing a Reperio comprehensive preventive screening [1][4]. Group 1: Partnership Overview - The collaboration aims to create a streamlined path for early detection and ongoing medical care, addressing the needs of over 128 million US adults with chronic conditions [2]. - The partnership enhances access to health screenings and management through employer and health plan stakeholders, facilitating the identification and treatment of health risks [2][3]. Group 2: Service Details - Reperio's at-home screening kit, which takes between 30 minutes to 1 hour to complete, measures various health metrics and provides instant results via a mobile app [5]. - The ReperioCare service includes a virtual visit with a clinician to discuss screening results, and patients can utilize their One Medical membership for ongoing health support [5]. Group 3: Company Background - Reperio Health specializes in at-home and onsite comprehensive health screenings with instant results, achieving over 200% increase in screening participation rates and a 95% satisfaction rate among clients [7]. - Amazon One Medical is a technology-driven primary care organization focused on providing seamless digital health and in-office care, aiming to improve health outcomes while reducing costs [8][9].

Q3 2025 Performance Highlights - Implemented Providers increased by 13.1% compared to Q3 2024[8, 18] - Practice Collections grew by 27.1% compared to Q3 2024[8, 18] - Adjusted EBITDA increased by 61.6% compared to Q3 2024, reaching a 30.5% margin, a 720 bps increase[8] Year-to-Date (YTD) 2025 Performance - Platform Contribution increased by 26.2%[21] - Care Margin increased by 19.6%[21] - Adjusted EBITDA increased by 43.5%[21] Value-Based Care (VBC) Performance - Total shared savings of $234.1 million (+32.6%) across Privia ACOs in MSSP 2024 performance year[15] - Mid-Atlantic ACO achieved the highest savings rate (11.0%) among ACOs with 40K+ lives for the 5th consecutive year[15] Financial Position and Outlook - Pro forma net cash of $409.9 million as of September 30, 2025[26] - Expects to use $100 million in Q4 2025 to acquire Evolent's ACO business[8, 26] - Updated FY'25 guidance for Practice Collections is $3.45 billion - $3.5 billion[27] - Updated FY'25 guidance for GAAP Revenue is $2.05 billion - $2.1 billion[27] - Updated FY'25 guidance for Adjusted EBITDA is $118 million - $121 million[27]

Core Insights - CVS Health reported a significant third-quarter loss of $4 billion, primarily due to the reduced value of its Oak Street Health primary care facilities [2][3] - Despite the loss, CVS raised its adjusted earnings per share guidance to a range of $6.55 to $6.65, up from $6.30 to $6.40, attributed to improved performance in its Aetna health insurance business [4] Financial Performance - The company experienced a net loss of $3.98 billion, or $3.13 per share, due to a $5.7 billion goodwill impairment charge related to the Health Care Delivery reporting unit, which includes Oak Street [6] - CVS's medical benefit ratio improved to 92.8% in the third quarter from 95.2% in the same period last year, indicating better management of health costs [5] - Revenues rose nearly 8% to a record $102.9 billion, driven by growth across all operating segments, with adjusted operating income increasing over 35% to $3.45 billion [10] Strategic Changes - CVS announced plans to close 16 Oak Street Health Centers, representing 7% of its senior-focused primary care locations, following challenges in the business's growth [7][8] - The company is reducing the number of new primary care clinics it will open in 2026 and beyond, reflecting updated financial projections and strategic changes in its health care delivery management team [9]

Core Insights - Alignment Health Plan has expanded access to bilingual primary care for Medicare-eligible adults in Maricopa and Pima counties through a partnership with Suvida Healthcare, effective October 1, 2025 [1][2] - The partnership aims to create health equity for Spanish-speaking members, addressing cultural and social realities to improve access and medication adherence [2][3] - Suvida Healthcare's model focuses on holistic, bilingual care that meets the needs of the growing Hispanic demographic in Arizona, which comprises nearly one-third of the state's population [2][4] Company Initiatives - Alignment Health has invested in culturally tailored solutions, including the el ÚNICO plan designed specifically for Hispanic seniors, offering bilingual services and benefits [3][4] - The collaboration with Suvida Healthcare aims to reduce barriers to healthcare access for Hispanic seniors, with one in five seniors reporting they skip care due to cultural and language obstacles [4] Service Expansion - Members enrolled in specific Alignment plans can access Suvida's primary care providers and neighborhood centers in Phoenix and Tucson, with additional access starting January 1, 2026, for the new Alignment Health Heart & Diabetes AZPlus plan [5] - Alignment's Arizona HMO contract has received a 4-star rating from the Centers for Medicare & Medicaid Services for 2026, indicating above-average performance [6] Market Reach - The annual enrollment period for Medicare runs from October 15 to December 7, allowing seniors to select or change health plans for the upcoming year, with Alignment offering seven plans in Arizona for 2026, reaching over 1.06 million Medicare-eligible adults [7][13]

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