Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — J.P. Morgan Healthcare Conference 2025
31 slides from Astrana Health's conference presentation, Jan 14, 2025
Slide 1: Investor Presentation
Investor Presentation J.P. ealthcare Conference
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: The status quo for healthcare in the United States is broken
The status quo for healthcare in the United States is broken Insufficient & costly access to quality care \ t) © . ee Ay pO e® Se Oe @ee @e@e on .+. Astrana Health Poor provider and patient satisfaction Limited technology & coordinated care Example geography: San Gabriel Valley ‘SOUTH PASADENA Bie A
Slide 4: Astrana transforms the status quo into accessible, high-quality & coordinated care
Astrana transforms the status quo into... Accessible, High-quality & Coordinated care delivery networks aetna éigna ee Payers Example Network: Astranain San Gabriel Valley’ ‘Through our business segments, we build critical density in markets to ensure access to quality care © Risk bearing organizati
Slide 5: Astrana's risk-bearing model is better for members, providers, and payers
Astrana’s risk-bearing model is better for members, providers, and payers Blevance ceNTENE Humana. sBIMOHNY Oiihaw *"Z20ther waetna digna Hlevonge cenTeNe Humana. aio Wfiitan *Z2other Payers Payers .+.Astrana Care Partners Za # 2 2 A OP Qa ab hy Primary care Multi-specialty Hospital Astranaprovider
Slide 6: Our model uniquely enables us to build longitudinal relationships with patients
Our model uniquely enables us to build longitudinal relationships with patients across their lives, regardless of payer or insurance type &® Astrana Health serves members across their lifetimes... 1A million 2 Total value-based lives Hispanic Latino Membership by Age Group* mAapE — ee 24% 20% ee a D
Slide 7: ...which makes care more accessible for patients and improves outcomes
...which makes care more accessible for patients and improves outcomes 14% shorter inpatient length of stay vs benchmark 70% of prior authorizations auto-approved, driving increased access for patients with instantaneous approvals? 45% Fewer hospital admissions than benchmark’ Leslie Leslie visits a
Slide 8: Our model powers strong financial results in all utilization environments
Our model powers strong financial results in all utilization environments Revenue (S in millions) Adj. EBITDA (S in millions) \ $1,950- . $165.0- ~29% CAGR $2,030 y ~26% CAGR _ $175.0 $146.6 $133.5 $140.0 $1,387 $1144 $102.8 $774 Ul fl [ [ - 2019 2020 2021 2022 2023 2024E 2019 20202 202 20222 2023 2
Slide 9: Execution Playbook
Execution Playbook
Slide 10: The Astrana Playbook
.+, Astrana Health The Astrana Playbook Growth: Sustainably growing membership to bring better care to more Americans Risk Progression: Increasing alignment through total cost of care responsibility in value-based arrangements Outcomes and Cost: Achieving superior patient outcomes while managing cos
Slide 11: Astrana has developed a differentiated model to drive continued and sustainable growth
Astrana has developed a differentiated model to drive continued and sustainable growth The Astranaplaybook Adjusted EBITDA a eT F (Sin millions) rowth - Organic andinorganic 3 2 Wi Core Astrana Atleast mPr t pro fe e250 . rospect pro forma (-27%CAGR* )—> Risk Progression z = Prospect pre-close Syner
Slide 12: We've demonstrated our ability to provide better care at lower cost in California
We’ve demonstrated our ability to provide better care at lower cost in our core market, California California 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 SouthernC
Slide 13: We continue to grow into new markets to serve additional communities
We continue to grow into new markets to serve and invest in additional communities across the country a a Te 2022 a Clark 2.3M pop. + 700+ providers within Care Partners + 70% YoY monthly visits increase (Dec '23- Dec '24) + Pathway to profitability in 2025. 2023 Tarrant 2.2M pop. Harris 4.8M pop. +
Slide 14: Astrana has the ability to integrate significant inorganic growth profitably
Astrana has the ability to integrate significant inorganic growth profitably through our scalable clinical and technology infrastructure Community Family Care (CFC) overview O) Care Partners CFC IPA was an Oy independent physician association ("IPA") that managed members across all LOBsin theLos Ang
Slide 15: Our platform allows us to continue integrating highly complementary inorganic growth
tcc © Growth Our platform allows us to continue integrating highly complementary inorganic growth Pro forma geographic footprint Pro forma membership mix by payer! .+. Astrana Health Operating history 1.1M Medicare Members in value-based care 17% Commercial arrangements = $1.95-2,03B 2024 Revenue? $
Slide 16: We are increasing the full-risk share of our business
Weare increasing the full-risk share of our business to better align incentives around patient outcomes and improve unit economics Fullrisk Capitated revenue by risk arrangement? Members by risk arrangement? Partiabrisk ! 1! Projected ces SSO A 53% ' ' co ‘ ' 70% 100% ! ' om | 87% | 47% ' ! 35% ! so
Slide 17: Our purpose-built, intelligent, value-based care platform drives scalable results
Qutcomes & Cost Our purpose-built, intelligent, value-based care platform drives scalable and repeatable results across our business Care Management & Patient Outcome Ani Population Health & ytics Operating Leverage + Alkin-one point-of-care tool for + Intelligent patient population + NCQA-certified
Slide 18: Astrana's ability to take administrative delegation enables better spend visibility
Astrana’s ability to take administrative delegation enables better spend visibility, alignment, and quality ST vaetna Gigna Fevongs ceNTEME. Human ii Gime. -200ther aetna cigna Elevonge cENTENE Humana shuns fen.” "200ther lee. p200mer Siovgneg ' i vaetna éigna Sevengg cee: Huron ikem aoe oe Payers |
Slide 19: Our Care Enablement platform creates operating leverage
Our Care Enablement platform creates operating leverage for new clients and Care Partners Data Infrastructure and Provider Solutions | Clinical and Care Coordination Solutions Payer Delegation Solutions 8; = i 2 = P 7 2 & HB 8 Q & iS Ops VBE'Suite& Pointof Analytics & Clinical UM& Care Provider Cont
Slide 20: Execution of our strategy drives profitable growth
Execution of our strategy drives profitable growth Revenue(S in millions) Adj. EBITDA(S in millions) $165.0- lo] Growth ~29% CAGR $1,950- ~26% CAGR $175.0 $2,030 Risk Progression $146.6 ) giaag $1400 $1,387 Outcomes and Cost $1,144 $102.8 $774 ea Operating Leverage euet $687 [ : $542 2019 2020 2021
Slide 21: Astrana Guidance for 2024
Astrana Guidance for 2024 (Sin millions, except for per share information) Revenue $478.7 Total Revenue $1,386.7 $1,950-$2,030 Net Incomeattr.toASTH $16.1 NetIncomeattr.toASTH $60.7 $52-$58 Adjusted EBITDA" $45.2 Adjusted EBITDA! $146.6 $165 -$175 EPS- Diluted $0.33 EPS- Diluted $1.29 $1.06-$1.19 1.
Slide 22: 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 .+. Astrana Health Risk Progression Increasing alignment through total cost of care / _ a" Outcomesand Cost Achieving superior patient outcomes while managi
Slide 23: Slide 23
Slide 24: Appendix
Slide 25: Experienced, mission-driven management team with deep clinical knowledge
Experienced, mission-driven management team with deep clinical knowledge and a proven ability to execute % % 3 g & Brandon K. Sim, MS Chan Basho, MBA Dinesh Kumar, MD = Jaime Melkonoff, MBA Jeremy Jackson, MD President & Chief Operating & Chief Medical SVP & President, Chief Quality Chief Executive
Slide 26: Summary of Selected Financial Results
Summary of Selected Financial Results Three Months Ended September 30, Nine Months Ended September 30, $inthousands except per share data 2024 2023 2024 2023 Revenue Capitation, net $ 431,401 $ 305,678 $ 1,239,885 $ 906,430 Risk pool settlements and incentives 21,779 15,022 57,564 48,605 Management
Slide 27: Segment Results
Segment Results For the three months ended September 30, 2024 . Care Care Care Intersegment Corporate Consolidated Sin thousands Partners Delivery Enablement Other Elimination Costs Total Totalrevenues $ 455,760 34,728 40,930 - (52,708) - 478,710 % change vs prior year quarter 42% 20% 11% 37% Cost o
Slide 28: Balance Sheet Highlights
Balance Sheet Highlights $inmillions 9/30/2024 12/31/2023 $ Change Cash and cash equivalents and investments in marketable $350.3 $296.3 $54.0 securities! Working capital $284.1 $242.8 $41.3 Total stockholders’ equity $709.6 $616.7 $92.9 1. Excluding restricted cari
Slide 29: Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Reconciliation of Net Income to EBITDA & Adjusted EBITDA Three Months Ended September 30, Nine Months Ended September 30, $in thousands 2024 2023 2024 2023 Net Income $ 18,981 $ 27,973 $ 57,709 $ 57,943 Interest Expense 8,856 3,779 25,028 10,680 Interest income (3,778) (3,281) (11,287) (9,617) Provi
Slide 30: Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued)
Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued) For the twelve months ended TTM Ended Year Ended Sin millions September 30, 2024 2023 2022 2021 2020 2019 Net Income $ 57.6 $ 578 $ 457 $ 461 $ 1221 $ 15.8 Interest expense 30.4 161 79 5.4 9.5 47 Interest income (15.9) (14.2) (2.0)
Slide 31: Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA 2024 Guidance Range (in thousands, $) Low High Netincome 59,340 66,240 Interest expense 18,750 18,750 Provision for income taxes 26,660 29,760 Depreciation and amortization 27,500 27,500 EBITDA 132,250 142,250 Loss (income) from equit
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