Full Press Release Details
Astrana Health, Inc. Reports Fourth Quarter
and Year End 2025 Results
Company to Host Conference Call on Monday, March 2,
2026, at 5:30 a.m. PT/8:30 a.m. ET
| Reports total revenue for the year ended of $3,181.8 million, up 56% year-over-year, and at the higher end of guidance | ||
| Reports adjusted EBITDA for the year ended of $205.4 million and free cash flow (1) of $104.5 million |
ALHAMBRA, Calif., March 2, 2026 /PRNewswire/
-- Astrana Health, Inc. ("Astrana," and together with its subsidiaries and affiliated entities, the "Company")
(NASDAQ: ASTH), a leading physician-centric, technology-powered, risk-bearing healthcare management company enabling providers to deliver
accessible, high-quality, and high-value care to all, today announced its consolidated financial results for the fourth quarter and year
ended December 31, 2025.
"Astrana delivered record revenue, adjusted
EBITDA, and free cash flow in 2025, demonstrating the strength and predictability of our fully delegated, payer-agnostic care model and
AI-enabled technology platform in a dynamic operating environment," said Brandon Sim, President and Chief Executive Officer of Astrana
Health. "Our disciplined approach to risk, strong physician alignment, and technology-enabled clinical infrastructure drove consistent
performance while creating measurable value for patients through improved outcomes, greater access, and lower total cost of care. As we
move through 2026, with Prospect Health integration ahead of schedule, we are confident in our ability to deliver on guidance that reflects
approximately 24% revenue growth and 29% adjusted EBITDA growth at the midpoint."
Financial Highlights for Year Ended December 31, 2025:
All comparisons are to the year ended December 31,
2024 unless otherwise stated.
Financial Highlights for the Fourth Quarter 2025:
All comparisons are to the quarter ended December 31,
2024 unless otherwise stated.
Update on Annual Report Filing
The Company will be filing a Form 12b-25
with the Securities and Exchange Commission to extend the deadline for its Annual Report on Form 10-K for the year ended December 31,
2025 (the "2025 Form 10-K") due to a material weakness in internal control over financial reporting, which is expected
to relate to, but may not be limited to, the Company's acquisition and purchase accounting processes. This matter relates to the
timing and documentation of certain control procedures and does not reflect any material misstatement of the Company's financial
results, nor does it result in any restatements of historical periods. The Company currently expects to file the 2025 Form 10-K within
the fifteen-day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended, and is making targeted
investments in our accounting organization to accelerate remediation.
Stock Repurchase Program
The Board of Directors has increased the maximum
aggregate amount of shares of the Company's common stock that may be purchased under the Company's existing share repurchase
program from $50 million to $100 million. Repurchases may be made through a variety of methods, which could include open market purchases,
accelerated share repurchase transactions, negotiated block transactions, 10b5-1 plans, other transactions that may be structured through
investment banking institutions or privately negotiated, or a combination of the foregoing. The amount and timing of future repurchases,
if any, may vary depending on management's assessment of the intrinsic value of the Company's common stock, the market price
of the Company's common stock, general market and economic conditions, available liquidity, compliance with the Company's
debt and other agreements, applicable legal requirements, the level of operating, financing and other investing activities, and other
considerations. The repurchase authorization does not have an expiration date.
The Company is not obligated to purchase any shares
under the repurchase program, and the program may be suspended, modified, or discontinued at any time without prior notice. During the
three months ended December 31, 2025, 633,844 shares were repurchased under the Company's share repurchase plan. As of December 31,
2025, $35.9 million remained available under the repurchase plan. The Company may determine to continue to make repurchases under the
program following the filing of the Form 10-K for the year ended December 31, 2025.
Segment Results for Year Ended December 31,
All comparisons are to the year ended December 31,
2024 unless otherwise stated.
| Year Ended December 31, 2025 | ||||||||||||||||||||||
| (in thousands) | Care Partners | Care Delivery | Care Enablement | Intersegment Elimination | Corporate Costs | Consolidated Total | ||||||||||||||||
| Total revenues | $ | 3,022,602 | $ | 250,742 | $ | 246,660 | $ | (338,235 | ) | $ | - | $ | 3,181,769 | |||||||||
| % change vs. prior year | 55 | % | 83 | % | 59 | % | ||||||||||||||||
| Cost of services | 2,615,578 | 203,895 | 148,629 | (127,863 | ) | - | 2,840,239 | |||||||||||||||
| General and administrative | 217,656 | 45,004 | 52,130 | (210,400 | ) | 112,866 | 217,256 | |||||||||||||||
| Depreciation and amortization | 34,401 | 3,858 | 6,185 | - | 1,305 | 45,749 | ||||||||||||||||
| Total expenses | 2,867,635 | 252,757 | 206,944 | (338,263 | ) | 114,171 | 3,103,244 | |||||||||||||||
| Income (loss) from operations | $ | 154,967 | $ | (2,015 | ) | $ | 39,716 | $ | 28 | (1) | $ | (114,171 | ) | $ | 78,525 | |||||||
| % change vs. prior year | 10 | % | * | 117 | % |
from operations for the intersegment elimination represents rental income from segments renting from other segments. Rental income is
presented within other income which is not presented in the table.
Astrana is providing the following guidance for
total revenue and Adjusted EBITDA for the three months ending March 31, 2026 and the year ending December 31, 2026 based on
the Company's existing business, current view of existing market conditions, and assumptions.
| Three Months Ending March 31, 2026 | Year Ending December 31, 2026 | |||||||||||||||
| Guidance Range | Guidance Range | |||||||||||||||
| ($ in millions) | Low | High | Low | High | ||||||||||||
| Total revenue | $ | 900 | $ | 1,000 | $ | 3,800 | $ | 4,100 | ||||||||
| Adjusted EBITDA | $ | 60 | $ | 70 | $ | 250 | $ | 280 |
See "Guidance Reconciliation of Net Income
to EBITDA and Adjusted EBITDA" and "Use of Non-GAAP Financial Measures" below for additional information. There can
be no assurance that actual amounts will not be materially higher or lower than these expectations. See "Forward-Looking Statements"
below for additional information.
Conference Call and Webcast Information:
Astrana will host a conference call at 5:30 a.m. PT/8:30
a.m. ET today (Monday, March 2, 2026), during which management will discuss the results of the fourth quarter and year end December 31,
2025. To participate in the conference call, please use the following dial-in numbers about 5 minutes prior to the scheduled conference
| U.S. & Canada (Toll-Free): | +1 (877) 858-9810 |
| International (Toll): | +1 (201) 689-8517 |
The conference call can also be accessed
slide presentation will be available in PDF format on the "IR Calendar" page of the Company's website (https://ir.astranahealth.com/news-events/ir-calendar)
after issuance of the earnings release and will be furnished as an exhibit to Astrana's current report on Form 8-K to be filed
with the SEC, accessible at www.sec.gov.
Those who are unable to attend the live conference
call may access the recording at the above webcast link, which will be made available shortly after the conclusion of the call.
Note About Consolidated Entities
The Company consolidates entities in which it
has a controlling financial interest. The Company consolidates subsidiaries in which it holds, directly or indirectly, more than 50% of
the voting rights, and variable interest entities ("VIEs") in which the Company is the primary beneficiary. Noncontrolling
interests represent third party equity ownership interests in the Company's consolidated entities (including certain VIEs). The
amount of net income attributable to noncontrolling interests is disclosed in the Company's consolidated statements of income.
About Astrana Health, Inc.
Astrana Health is a physician-centric, AI-powered
healthcare company committed to delivering high-quality, patient-centered care. Built from the physician's perspective, Astrana combines
its scalable care delivery infrastructure, proprietary technology platform, and aligned provider networks to enable proactive, preventive
care at scale - improving patient outcomes, enhancing patient experiences, supporting provider well-being, and driving greater value across
the healthcare system.
supports more than 20,000 providers and over 1.6 million patients in value-based care arrangements through its affiliated provider networks,
management services organization, and integrated care delivery clinics spanning primary, specialty, and ancillary care. Together, Astrana
is building the healthcare system we all deserve - one that delivers better care, better experiences, and better outcomes for all. For
more information, visit www.astranahealth.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company's guidance
for the year ending December 31, 2026, ability to meet operational goals, ability to meet expectations in deployment of care coordination
and management capabilities, ability to decrease cost of care while improving quality and outcomes, ability to deliver sustainable revenue
and EBITDA growth as well as long-term value, ability to respond to the changing environment, statements about the Company's liquidity,
and successful completion and implementation of strategic growth plans, acquisition strategy, and merger integration efforts, as well
as statements regarding the Company's expectations regarding the timing of filing its 2025 Form 10-K, the expected material
weakness in internal control over financial reporting and the Company's ability to remediate any such material weakness in a timely
manner, the consistency of the financial statements in the 2025 Form 10-K with the financial information in this earnings release
and the completion of matters necessary to permit filing by the extension deadline. Forward-looking statements reflect current views with