Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Q2 2025 Earnings Presentation
18 slides from Astrana Health's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter 2025 Supplement
Second Quarter 2025 Supplement
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forwardooking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21€ of the Exchange Act. Forward looking statements include any statements about the Company's busi
Slide 3: Second Quarter 2025 Performance Highlights
Second Quarter 2025 Performance Highlights (Sin millions, except for per share information) Revenue $654.8 Adjusted EBITDA’ $48.1 Net Incomeattr. to ASTH $9.4 EPS- Diluted $0.19 1. See“Reconeiliation of Nat Income to EBITDA and Adjusted EBITDA” and “Use of Non-GAAP Financial Measures" slides for mor
Slide 4: FY2025 Guidance
FY2025 Guidance (Sin millions) Revenue $654.8 Total Revenue §2,034.5 $3,100 - $3,300 Adjusted EBITDA’ $48.1 Adjusted EBITDA’ $170.4 $215-$225 1. See“Reconcilation of Net income to EBITDA and Adjusted EBITDA,” “Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA” and “Use of Non-GAAP
Slide 5: Second Quarter 2025 Highlights and Recent Updates
Second Quarter 2025 Highlights and Recent Updates + Closed acquisition of Prospect; Astrana is now serving over 1.6 million patients in value-based arrangements 1.4 million members in our Care Partners segment pro forma Growth Sustainably growing membership to bring better care to more Americans Ris
Slide 6: Prudently transitioning to full-risk contracts to better align incentives
Prudently transitioning to full-risk contracts to better align incentives around patient outcomes and improve unit economics Capitated Revenue by Risk Arrangement! 27% 22% 53% 65% 100% 73% 78% 4T% 35% 2021 2022 2023 2024 2025Q2 2025E Members by Risk Fullrisk Arrangement? Partiatrisk 12 Projected 62%
Slide 7: Our Value-Based Care Business is Diverse
Our Value-Based Care Business is Diverse Revenue by Type’ ons e 94% 2x4 ox) Capitation, net © Risk Pool Settlements & Incentives ® Management Fee Income © Fee-for-service, net ® Other Income Revenue By Payer Type’ 62% 29% Medicare © Medicaid mCommercial | Other Third Parties Revenue by Risk Arrangem
Slide 8: Astrana grows profitably across all market conditions
Astrana grows profitably across all market conditions Revenue(S in millions) ~34% CAGR $3,100- $3,300 $2,035 $1,387 $1,144 $774 7 ia oO A | 2019 2020 2021 2022 2023 2024 2025E Note: For more information, see "Reconciliation of Net Income to EBITDA and Adjusted EBITDA”, " Financial Measures" slides f
Slide 9: Quarter over Quarter Segment Revenue
Quarter over Quarter Segment Revenue Care Partners Care Delivery Care Enablement Inter- Total f f Le company High-performing network High-quality system of Full-stack tech, clinical, and Revenue of aligned providers employed providers operations platform Sin millions Q22025 $631.4 $38.4 $40.9 $(55.9
Slide 10: Building the premier, patient-centered healthcare platform for all
Building the premier, patient-centered healthcare platform for all Growth Sustainably growing membership to bring better care to more Americans J « w a) @ .+. Astrana Health Risk Progression Increasing alignment through total cost of care responsibility in value-based arrangements / ae Outcomesand C
Slide 11: Selected Financial Results
Selected Financial Results
Slide 12: Summary of Selected Financial Results
Summary of Selected Financial Results Three Months Ended June 30, $in thousands except per share data 2025 2024 Revenue Capitation, net $ 614,108 $ 442,574 Risk pool settlements and incentives 48,402 18,408 Management fee income 2577 1,604 Fee-for-service, net 17,878 19,959 Other revenue 4843 3,720
Slide 13: Segment Results
Segment Results For the three months ended June 30, 2025 Sin thousands Care Care Care Intersegment Corporate Consolidated Partners Delivery Enablement Elimination Costs Total Totalrevenues $ 631,442 38,394 40,901 (55,929) - 654,808 % change vs prior year quarter 36% 10% 13% 35% Cost of services 536,
Slide 14: Balance Sheet Highlights
Balance Sheet Highlights $inmillions 6/30/2025 12/31/2024 $ Change Cash and cash equivalents and investments in marketable $3424 $290.8 $51.3 securities! Working capital $269.4 $272.9 $(3.5) Total stockholders’ equity $771.5 $716.7 $54.8 1. Excludingrestricted:
Slide 15: Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Reconciliation of Net Income to EBITDA & Adjusted EBITDA Three Months Ended June 30, Sin thousands 2025 2024 Net Income $ 10,216 $ 21,866 Interest Expense 7,382 8,587 Interest income (2,336) (3,513) Provision for income taxes 6,609 10,031 Depreciation and amortization 6,904 7,441 EBITDA 28,775 44,41
Slide 16: Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued)
Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued) For the twelve months ended TTMEnded Year Ended Sin millions June 30,2025 2024 2023 2022 2021 2020 2019 Net Income $ 276 $ 49.9 $ 578 $ 457 §$ 46.1 $ 1221 $ 158 Interest expense 316 33.4 164 79 54 95 ar Interest income (116) (14.5)
Slide 17: Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA 2025 Guidance Range (in thousands, $) Low High Net Income 57,500 63,500 Interest expense 41,500 42,500 Provision for income taxes 31,000 34,000 Depreciation and amortization 32,000 32,000 EBITDA 162,000 172,000 Income from equity meth
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