Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Investor Presentation (June 2025)
25 slides from Astrana Health's investor presentation, Jun 4, 2025
Slide 1: Investor Presentation
Investor Presentation
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forwardlooking statements within the meaning of the Private Securities Litigation Reform Act of 1995 Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward- looking statements include any statements about the Company's bus
Slide 3: The status quo for healthcare in the United States is broken
The status quo for healthcare in the United States is broken Insufficient Poor Limited & costly access to quality care provider and patient satisfaction technology & coordinated care Anthem BlueCross aetna ae Cigna > Humana << CENTENE United Healthcare WEZ “Many More Payers, .+. Astrana Health _
Slide 4: Astrana transforms the status quo into accessible, high-quality, coordinated care delivery networks
Astrana transforms the status quo into accessible, high-quality, coordinated care delivery networks Payer Partners vaetna éigna Humana shiyouy Elevance cenTene Of iif.» +~200ther a payers ) + Astrana Hea Ith Example Network: Astranain San Gabriel Valley’ Through our business segments, we build criti
Slide 5: We build critical density in the markets we serve, to deliver quality, coordinated care
We build critical density in the markets we serve, to deliver quality, coordinated care From one market to... .. Now serving 13 markets across the US Example Market: Astranain San Gabriel Valley! - . P s re s . y a y 2019 2020 2021 2022 2023 2024 102025 # of Markets 3 3 4 6 6 1 3 © Primarycare Speci
Slide 6: Our strategy has driven meaningful membership growth, superior patient outcomes, and a uniquely profitable business model
Our strategy has driven meaningful membership growth, superior patient outcomes, and a uniquely profitable business model AstranaHealthis a healthcare platform that organizes and empowers providers to drive accessible, high-quality, and high-value care for all patients through a provider-centric, te
Slide 7: The Astrana playbook is focused on the execution of our pillars strategy
The Astrana playbook is focused on the execution of our 4 pillars strategy Membership Growth: Sustainably growing membership to bring better care to more Americans sox Revenue Per Member Growth: Increasing alignment with patient outcomes through responsible risk © progression in value-based arrangem
Slide 8: The Astrana playbook is focused on the execution of our pillars strategy
The Astrana playbook is focused on the execution of our 4 pillars strategy Membership Growth: Sustainably growing membership to bring better care to more Americans sox Revenue Per Member Growth: Increasing alignment with patient outcomes through responsible risk © progression in value-based arrangem
Slide 9: We've demonstrated our ability to provide better care at lower cost in our core market, California
We’ve demonstrated our ability to provide better care at lower cost in our core market, California Californi 1992 2019 2021-2022 2023 2024 26.7M ~$380B 20.6M — Reach CATAM Opportunity j 4. 4 M ; Population Reach Launchedin Built density in Expanded into Expanded into Deepened CA Alignment SouthernCA
Slide 10: We continue to deploy the Astrana playbook in new markets
|S Growth We continue to deploy the Astrana playbook in new markets g a differentiated expe 2-3 Yearsto Profitability for patients and providers Build and grow a differentiated provider network por , Entered in Q4 2022 Entered in Q3 2023 we Bend the cost curve Generate opex coordinated care , Tevere
Slide 11: Astrana has the ability to integrate significant inorganic growth profitably
|S Growth Astrana has the ability to integrate significant inorganic growth profitably through our scalable clinical and technology infrastructure Community Family Care (CFC) Case Study - De-risked integration playbook leveraging scalable infrastructure CFC Revenue($ in millions) CFC Adj. EBITDA (Si
Slide 12: Highly complementary inorganic growth through our acquisition of Prospect
Highly complementary inorganic growth through our acquisition of Prospect .+. Astrana Health Pro forma geographic footprint Pro forma 2024 revenue mix by payer’ a 32 years Operating history 1.1M Members in value-based care arrangements [>> ial $2.03B 2024 Revenue ‘a $170.4M ie 2024 Adj. EBITDA - ie
Slide 13: The Astrana playbook is focused on the execution of our pillars strategy
The Astrana playbook is focused on the execution of our 4 pillars strategy Membership Growth: Sustainably growing membership to bring better care to more Americans sox Revenue Per Member Growth: Increasing alignment with patient outcomes through responsible risk © progression in value-based arrangem
Slide 14: Prudently transitioning to full-risk contracts to better align incentives around patient outcomes
Risk Progression Prudently transitioning to full-risk contracts to better align incentives around patient outcomes and improve unit economics Our partial-risk membership presents an embedded opportunity for increased platform value and risk alignment. .+, Astrana Health 1 2 67% 62% 83% 96% 33%, 38%
Slide 15: The Astrana playbook is focused on the execution of our pillars strategy
The Astrana playbook is focused on the execution of our 4 pillars strategy Membership Growth: Sustainably growing membership to bring better care to more Americans sox Revenue Per Member Growth: Increasing alignment with patient outcomes through responsible risk © progression in value-based arrangem
Slide 16: Astrana's model makes care more accessible for patients and improves outcomes
$7 Outcomes Astrana’s model makes care more accessible for patients and improves outcomes Astrana’s payer agnostic, full-risk model allows us to form a longitudinal relationship with patients (6) and to invest in preventative care, leading to improved outcomes a Ppl hk w 53% 70% 14% 91 Féwor hospita
Slide 17: The Astrana playbook is focused on the execution of our pillars strategy
The Astrana playbook is focused on the execution of our 4 pillars strategy Membership Growth: Sustainably growing membership to bring better care to more Americans sox Revenue Per Member Growth: Increasing alignment with patient outcomes through responsible risk © progression in value-based arrangem
Slide 18: Our purpose-built, intelligent, value-based care platform drives scalable and repeatable results
Our purpose-built, intelligent, value-based care platform drives scalable and repeatable results across our business ———— Provider Empowerment Care Management & and Engagement Patient Outcomes + Alkin-one point-of-care tool for both providers and practice + All quality, risk, care plans, prior auths
Slide 19: Execution of our strategy drives consistent, profitable growth
Execution of our strategy drives consistent, profitable growth .+. Astrana Health Profitable growth Revenue(Sm) Adj. EBITDA(Sm) “22% CAGR ce $2,500 - $190 “299% CAGR $2,700 170.4 5140.0 ‘$146.6 $2,035, oe $1028 $1,387 suse ne s5a2 . fi J 2019 §=2020 «2021: «2022, 2023-2024 2025E 2019 ©2020? 2021? 20
Slide 20: Despite industry challenges, Astrana is poised to succeed
Despite industry challenges, Astrana is poised to succeed .+, Astrana Health Challenge Risk Adjustment Utilization Value-Based Care Industry Head Scrutiny on inflated RAF scores Higher utilization across the sector Struggles managing profitability in ful-risk; exiting risk contracts Astrana’s Advant
Slide 21: Appendix
Slide 22: Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Reconciliation of Net Income to EBITDA & Adjusted EBITDA Three Months Ended December 31, Twelve Months Ended December 34, $in thousands 2024 2023 2024 2023 Net Income $ (1.777) $ (94) $ 49,932 $ 57,849 Interest Expense 8,069 5,422 33,097 16,102 Interest income (3,221) (4,591) (14,508) (14,208) Provi
Slide 23: Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued)
Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued) For the twelve months ended Year Ended Sin millions 2024 2023 2022 2021 2020 2019 Net Income $ 49.9 $ 578 $ 457 $ 461 $ 1221 $ 15.8 Interest expense 33.4 161 79 5.4 9.5 47 Interest income (14.5) (14.2) (2.0) (1.6) (2.8) (2.0) Provi
Slide 24: 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 62,500 73,500 Interest expense 16,000 19,000 Provision for income taxes 34,000 40,000 Depreciation and amortization 32,500 32,500 EBITDA 145,000 165,000 Loss (income) from equi
Slide 25: investors@astranahealth.com
investors@astranahealth. com \ €