Astrana Health Q4 Earnings Call Highlights

Astrana Health (NASDAQ:ASTH) reported grounds results for the 4th fourth and afloat twelvemonth 2025 and issued its 2026 outlook, highlighting maturation from the Prospect Health acquisition, continued enlargement successful value-based attraction membership, and expectations for further operating leverage from its exertion and AI platform.

President and CEO Brandon Sim said Astrana delivered “another twelvemonth of grounds revenue, adjusted EBITDA, and escaped currency flow,” describing the company’s delegated hazard exemplary arsenic unchangeable and predictable amid manufacture outgo unit and regulatory change.

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For the fourth quarter, Astrana reported:

• Total revenue: $950.5 million, up 43% year-over-year

• Adjusted EBITDA: $52.5 million, up 50% year-over-year

• Net income attributable to Astrana: $6 million

• EPS: $0.12, compared with -$0.15 successful the prior-year quarter

• Adjusted EPS: $0.54

For the full twelvemonth 2025, the institution reported:

• Revenue: $3.2 billion

• Adjusted EBITDA: $205.4 million

• Free currency flow: $104.5 million

• Non-GAAP adjusted EPS (fully diluted): $2.20

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Chief Operating and Financial Officer Chan Basho said full-year gross grew 56% year-over-year and came successful astatine the precocious extremity of guidance, driven by the full-quarter publication from Prospect and integrated maturation successful the Care Partners segment. He added that aesculapian outgo show for some bequest Astrana and bequest Prospect remained “well controlled” and somewhat amended than expectations.

Sim said Astrana ended 2025 serving 1.6 cardinal members successful value-based attraction arrangements. He characterized maturation arsenic “measured,” emphasizing disciplined underwriting and alignment with payer and supplier partners.

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On geographic performance, absorption said:

• California revenue grew 50% year-over-year.

• Revenue extracurricular California grew 90% year-over-year arsenic newer markets scaled.

• At year-end, astir 19% of full revenue came from extracurricular California.

Sim besides reiterated the company’s attack to taking connected afloat hazard lone erstwhile economics and operational readiness are aligned. Astrana said it remains connected way for astir 80% of revenue and much than 36% of its ain membership to beryllium successful full-risk arrangements by the extremity of the archetypal 4th of 2026. Management noted that respective full-risk contracts expected to statesman successful mid-2025 alternatively commenced successful aboriginal 2026 arsenic portion of a coordinated implementation process.