Astrana Health, Inc. Reveals Impressive Q3 2024 Financials

Astrana Health, Inc. Reports Third Quarter 2024 Results

Company to Host Conference Call

Astrana Health, Inc. (NASDAQ: ASTH), a leading provider-centric, technology-powered healthcare company, has announced its consolidated financial results for the third quarter.

Brandon K. Sim, President and CEO, emphasized that "Astrana's robust performance highlights the effectiveness of our care model and growth strategies. We continue to deliver high-quality care while optimizing costs, ensuring our services are accessible to approximately 1.1 million patients nationwide."

Financial Highlights for Q3 2024

Comparative Analysis

All comparisons are made with Q3 2023 unless otherwise noted.

• Total revenue rose to $478.7 million, reflecting a 37% increase from $348.2 million.
• Care Partners revenue surged to $455.8 million, marking a 42% rise from $320.9 million.
• Net income attributable to Astrana decreased to $16.1 million, down 27% from $22.1 million.
• Diluted earnings per share (EPS) was $0.33, showing a 30% decrease from $0.47.
• Adjusted EBITDA stood at $45.2 million, a 13% drop from $52.0 million.

Financial Highlights for Nine Months Ended September 2024

Year-to-Date Summary

• Total revenue reached $1,369.3 million, a 32% increase from $1,033.6 million.
• Care Partners revenue for the nine months totaled $1,301.4 million, up 36% from $957.3 million.
• Net income attributable to Astrana increased by 4% to $50.1 million from $48.4 million.
• EPS - diluted stood at $1.04, slightly growing from $1.03.
• Adjusted EBITDA increased to $135.3 million, up 15% from $117.6 million.

Recent Operational Developments

On the fourth of October 2024, the Company finalized the acquisition of Collaborative Health Systems, LLC and other relevant entities for a total of $37.5 million, plus possible earnout payments totaling up to $21.5 million.

Strategic Guidance for 2024

Astrana has adjusted its full-year expectations to reflect the financial contributions from recent acquisitions, leading to increased revenue projections while refining its net income and EBITDA guidance for the year ending December 31, 2024.

Conference Call Information

Astrana will hold a conference call to discuss its Q3 results at 2:30 PM PT/5:30 PM ET. Access details are available via the lender’s website.

Overview of Astrana Health, Inc.

Astrana is a premier healthcare management organization utilizing cutting-edge technology to empower its network of healthcare providers. Focused on delivering high-value care, it collaborates with various physicians to effectively manage patient care.

Astrana Health, Inc. serves a broad community, exceeding 12,000 providers within its network, successfully reaching approximately 1.1 million patients through value-based care models. The company’s holistic approach integrates a spectrum of services including management service organizations and risk-bearing organizations.

Frequently Asked Questions

What are the key financial highlights for Q3 2024 for Astrana Health, Inc.?

Astrana reported an impressive total revenue of $478.7 million and a significant growth in Care Partners revenue, rising by 42% compared to last year.

How did the net income for Astrana Health change in Q3 2024?

Net income attributed to Astrana saw a decrease of 27%, coming in at $16.1 million, compared to the previous year's figure.

What strategic acquisitions did Astrana Health make recently?

Astrana Health closed the acquisition of Collaborative Health Systems, LLC, enhancing its service portfolio and expansion into new markets.

What does the 2024 guidance for Astrana Health indicate?

The guidance reflects an optimistic outlook for revenue growth and adjusted EBITDA following recent acquisitions, positioning the company as a stronger market player.

How does Astrana Health leverage its technology in healthcare management?

Astrana utilizes advanced technology and a risk-bearing healthcare management approach, enabling their network to deliver effective and affordable patient care solutions.

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