Business
Astrana Health, Inc. Reports First Quarter 2024 Results
Company to Host Conference Call on Tuesday, May 7, 2024, at 2:30 p.m. PT/5:30 p.m. ET ALHAMBRA, Calif., May 7, 2024 /PRNewswire/ -- Astrana Health, Inc.
About this update from Astrana Health Inc.
[{"type":"text","content":"Company to Host Conference Call on Tuesday, May 7, 2024, at 2:30 p.m. PT/5:30 p.m. ET\nALHAMBRA, Calif., May 7, 2024 /PRNewswire/ -- Astrana Health, Inc. (\"Astrana,\" and together with its subsidiaries and affiliated entities, the \"Company\") (NASDAQ: ASTH), a leading provider-centric, technology-powered healthcare company enabling providers to deliver accessible, high-quality, and high-value care to all, today announced its consolidated financial results for the first quarter ended March 31, 2024.\n\n \n \n \n \n \n \n\n \n\"We believe our strong first quarter performance continues to demonstrate the uniqueness of our platform, care model, and technology. Revenue growth of 20%, net income attributable to Astrana growth of 13% and adjusted EBITDA growth of 42% relative to the prior year quarter were primarily driven by solid membership growth across all lines of business and successful management of total cost of care for our members. Additionally, organic membership growth of 10% year-to-date increased our total number of lives managed to approximately one million. We also made further progress transitioning our members into full-risk arrangements, which we expect to account for approximately 60% of our total capitation revenue as of April 1, 2024. We believe our consistent execution against our strategic roadmap has set the stage for continued growth this year as we bring high-quality, high-value care to the communities we serve,\" said Brandon K. Sim, President and Chief Executive Officer of Astrana Health.\nFinancial Highlights for First Quarter Ended March 31, 2024:\nAll comparisons are to the quarter ended March 31, 2023 unless otherwise stated.\nTotal revenue of $404.4 million, up 20% from $337.2 millionCare Partners revenue of $397.1 million, up 26% from $314.7 millionNet income attributable to Astrana of $14.8 million, up 13% from $13.1 millionAdjusted EBITDA of $42.2 million, up 42% from $29.8 millionEarnings per share - diluted (\"EPS - diluted\") of $0.31 per share, up 11% from $0.28 per shareRecent Operating Highlights\nWe successfully closed the second and final part of our Community Family Care (\"CFC\") acquisition on March 31, 2024. This acquisition marks the largest in Astrana's history and allows the Company to take on greater responsibility for the outcomes of the patients we serve with CFC's full-risk Medi...