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, which includes over 1 million distinct providers, and 16 out of the 20 institutions listed in U.S. News Best Hospitals [3] - Waystar's platform processes over 6 billion healthcare payment transactions annually, handling more than $1.8 trillion in gross claims and covering around 50% of U.S. patients [3] Upcoming Event - CEO Matt Hawkins will present at the Goldman Sachs Communacopia + Technology Conference on September 10, 2025, at 3:05 p.m. PT [1] - A live webcast of the event will be available on Waystar's Investor Relations website, with a recording accessible post-event [2]

Core Insights - Waystar has successfully repriced its first lien term loan, reducing the interest rate to adjusted SOFR +2.00%, a 25-basis-point decrease from previous terms, driven by strong lender demand [1][2] - The company plans to add $250 million of incremental term loans to fund the acquisition of Iodine Software, which is part of its growth strategy [1] - Since its IPO in June 2024, Waystar has reduced borrowing costs by 211 basis points through three successful repricings of the term loan [2] Company Overview - Waystar provides healthcare payment software and serves approximately 30,000 clients, including 16 of the top 20 institutions on the U.S. News Best Hospitals list [4] - The company's platform processes over 6 billion healthcare payment transactions annually, amounting to over $1.8 trillion in gross claims, covering about 50% of U.S. patients [4] - Waystar's mission is to simplify healthcare payments, allowing providers to focus on patient care and optimize financial performance [4] Management Perspective - The CEO of Waystar emphasized the strong demand from lenders and the favorable financing terms that will help accelerate growth and strengthen the company's competitive advantage [3] - The company is committed to innovation and delivering sustained long-term value for shareholders [3]

Financial Performance - Waystar Holding Corp reported Q2 revenue of $270.7 million, reflecting a 15% year-over-year growth [1][6] - The net income for Q2 was $32.2 million, with a net income margin of 12% [1][6] - Non-GAAP net income for Q2 was $65.7 million, translating to a non-GAAP net income per diluted share of $0.36 [6][31] - Adjusted EBITDA for Q2 was $112.6 million, with an adjusted EBITDA margin of 42% [1][6] Guidance and Outlook - The company raised its revenue and adjusted EBITDA guidance for the full fiscal year 2025 [2] - Total revenue is expected to be between $1.030 billion and $1.042 billion, with adjusted EBITDA projected between $418 million and $426 million [6][20] Client Metrics - Waystar serves approximately 30,000 clients, including 1,268 clients contributing over $100,000 in last twelve months (LTM) revenue, which is a 14% increase year-over-year [6][19] - The net revenue retention rate (NRR) stands at 115% [6] Strategic Developments - The company announced an agreement to acquire Iodine Software, which is expected to expand its total addressable market and enhance its financial profile [2]

Core Insights - Waystar has announced a definitive agreement to acquire Iodine Software for a total enterprise value of $1.25 billion, aiming to enhance its healthcare payment solutions through advanced AI capabilities [1][2][4] - The acquisition is expected to be immediately accretive to Waystar's gross margin, adjusted EBITDA margin, revenue growth, and non-GAAP net income per diluted share by 2027 [2] - The combined entity is projected to expand Waystar's total addressable market by more than 15% and unlock new automation opportunities across the revenue cycle [7][14] Company Overview - Waystar is a provider of healthcare payment software, serving approximately 30,000 clients and over 1 million distinct providers, processing more than 6 billion healthcare payment transactions annually [13] - Iodine Software specializes in AI-powered clinical intelligence, helping to eliminate revenue leakage and lower administrative burdens for healthcare providers [15] Strategic and Financial Benefits - The acquisition is expected to streamline cumbersome tasks for providers and enhance the impact of Waystar's AI capabilities in clinical documentation integrity and revenue leakage identification [6][14] - Waystar anticipates realizing over $15 million in run-rate cost synergies within the first 18-24 months post-acquisition [14] Transaction Details - The transaction will be funded with a 50/50 mix of cash and stock, with current Waystar shareholders owning approximately 92% of the combined company post-transaction [8][9] - The deal is expected to close by year-end 2025, subject to customary closing conditions and regulatory approvals [9] Market Context - The healthcare industry faces approximately $440 billion in annual administrative costs, with up to 60 million claims denied each year due to administrative errors, highlighting the need for improved clinical documentation and coding [3][4] - The integration of Iodine's clinical intelligence software is expected to enhance Waystar's existing capabilities and deepen relationships with leading health systems, potentially serving 17 of the 20 U.S. News Best Hospitals [14]

Company Overview - Waystar Holding Corp. 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, which includes over 1 million distinct providers, and 16 out of the 20 institutions listed in U.S. News Best Hospitals [3] - Waystar's platform processes over 6 billion healthcare payment transactions annually, managing over $1.8 trillion in gross claims and covering about 50% of U.S. patients [3] Financial Reporting - Waystar will report its financial results for the second quarter ended June 30, 2025, after market close on July 30, 2025 [1] - A conference call to discuss these financial results will take place at 4:30 p.m. Eastern Time on the same day [1] Investor Relations - A live audio webcast of the conference call will be available on Waystar's investor relations website, with an archive for those unable to listen in real time [2]

Company Overview - Waystar Holding Corp. is a provider of healthcare payment software, focused on simplifying healthcare payments to enhance patient care and financial performance [4] - 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 [4] - 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 [4] Leadership Changes - Waystar has appointed Aashima Gupta and Michael Roman to its Board of Directors, bringing significant expertise in AI innovation, healthcare, and enterprise growth [1][2] - Aashima Gupta, previously Global Director of Healthcare Strategy and Solutions at Google Cloud, has led initiatives in healthcare AI to improve access and efficiency [2] - Michael Roman, former CEO and Executive Chairman of 3M, has nearly 40 years of experience in strategic leadership and operational excellence, with 3M generating approximately $32 billion in annual revenue, a quarter of which is from healthcare [3] Strategic Goals - The new board members are expected to provide strategic guidance to advance Waystar's mission of simplifying healthcare payments and delivering long-term value to clients, shareholders, and team members [2] - The company aims to leverage the expertise of its new directors to enhance innovation and growth within the healthcare payment sector [2]

Company Overview - Waystar Holding Corp. 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 Honor Roll [3] - Waystar's platform processes over 6 billion healthcare payment transactions annually, managing over $1.8 trillion in gross claims and covering about 50% of U.S. patients [3] Financial Reporting - Waystar will report its financial results for the first quarter ended March 31, 2025, after market close on April 30, 2025 [1] - A conference call to discuss the financial results will take place at 4:30 p.m. Eastern Time on the same day [1] Investor Relations - A live audio webcast of the conference call will be available on Waystar's investor relations website, with an archive for those unable to listen in real time [2]