Astrana Health, Inc. Reports Second Quarter 2025 Results

Company to Host Conference Call on Thursday, August 7, 2025, at 2:30 p.m. PT/5:30 p.m. ET

— Reports total revenue of $654.8 million and adjusted EBITDA of $48.1 million, both at the higher end of guidance

— Continues to manage medical cost trends effectively, with trend within expectations across all lines of business

— Reiterates full-year 2025 guidance which is inclusive of the now-closed Prospect Health acquisition

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 second quarter ended June 30, 2025.

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“Astrana Health's strong second quarter results underscore the power of our physician-focused, technology-enabled model to drive profitable growth and deliver better outcomes at scale,” said Brandon Sim, President and CEO of Astrana Health. “Our unique ability to build longitudinal relationships with our patients, paired with leading clinical capabilities and a purpose-built technology platform affording us real-time visibility of our patients' health, allows us to operate from a position of strength in a complex and evolving healthcare landscape. As we look ahead, we remain focused on disciplined execution and expanding access to high-quality, coordinated care for the patients and communities we serve.”

Financial Highlights for Second Quarter Ended June30, 2025:

All comparisons are to the three months ended June30, 2024unless otherwise stated.

— Total revenue of $654.8 million, up 35% from $486.3 million

— Care Partners revenue of $631.4 million, up 36% from $463.3 million

— Net income attributable to Astrana of $9.4 million

— Earnings per share – diluted (“EPS – diluted”) of $0.19

— Adjusted EBITDA(1) of $48.1 million

Financial Highlights for Six Months Ended June30, 2025:

All comparisons are to the six months ended June30, 2024 unless otherwise stated.

— Total revenue of $1,275.2 million, up 43% from $890.6 million

— Care Partners revenue of $1,232.4 million, up 46% from $845.6 million

— Net income attributable to Astrana of $16.1 million

— Earnings per share – diluted (“EPS – diluted”) of $0.33

— Adjusted EBITDA(1) of $84.5 million

(1)See “Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin” and “Use of Non-GAAP Financial Measures” below for additional information.

Recent Operating Highlights

— On July 1, 2025, the Company completed its previously announced acquisition of Prospect Health consisting of businesses and assets relating to Prospect Health System, including its California licensed health care service plan (Prospect Health Plan), medical groups in California, Texas, Arizona and Rhode Island (Prospect Medical Groups), management service organization (Prospect Medical Systems), pharmacy (RightRx), and Foothill Regional Medical Center. Concurrently with the close, the Company entered into a side letter agreement that, among other things, reduced the aggregate purchase price from $745.0 million to $707.9 million and removed certain working capital adjustments and related escrow. The acquisition was financed using $707.3 million of proceeds from a five-year delayed draw term loan credit facility.

— Astrana announced Sherry McBride has joined as Chief Operating Officer of Astrana Health – Management Services Organization, effective Monday, June 2, 2025. Ms. McBride is leading operational integration and execution and working alongside Astrana's Executive Leadership Team as the Company accelerates the scale of its leading care delivery platform. Ms. McBride's appointment complements several other strategic additions to the leadership team, including Georgie Sam as Chief Data and Analytics Officer, Glenn Sobotka as Chief Accounting Officer, and the promotion of Rita Pew to Chief People Officer.

Segment Results for three months ended June30, 2025:

All comparisons are to the three months ended June30, 2024 unless otherwise stated.

Three Months Ended June30, 2025(in thousands) Care Care Care Intersegment Corporate Consolidated Partners Delivery Enablement Elimination Costs TotalTotal revenues $ 631,442 $ 38,394 $ 40,901 $ (55,929) $ – $ 654,808% change vs. prior year quarter 36 % 10 % 13 %Cost of services 536,266 27,873 31,130 (18,430) – 576,839General and administrative(1) 45,491 8,374 7,930 (37,511) 33,345 57,629Total expenses 581,757 36,247 39,060 (55,941) 33,345 634,468Income (loss) from operations $ 49,685 $ 2,147 $ 1,841 $ 12 (2) $ (33,345) $ 20,340% change vs. prior year quarter 23 % 18 % (73) %(1)Balance includes general and administrative expenses and depreciation and amortization.(2)Income 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.

2025 Guidance:

Astrana is providing the following guidance for total revenue and Adjusted EBITDA for the quarter ending September 30, 2025 and reiterating guidance for the year ending December 31, 2025 based on the Company's existing business, current view of existing market conditions, and assumptions.

($ in millions) Three Months Ending Year Ending September 30, 2025 December 31, 2025 Guidance Range Guidance Range Low High Low HighTotal revenue $ 925 $ 965 $ 3,100 $ 3,300Adjusted EBITDA $ 65 $ 70 $ 215 $ 225

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 2:30 p.m. PT/5:30 p.m. ET today (Thursday, August 7, 2025), during which management will discuss the results of the second quarter ended June30, 2025. To participate in the conference call, please use the following dial-in numbers about 5 minutes prior to the scheduled conference call time:

U.S. & Canada (Toll-Free): +1 (877) 858-9810 International (Toll): +1 (201) 689-8517

The conference call can also be accessed via webcast at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=4qZoCOiq

An accompanying 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.

Today, Astrana 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, visitwww.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 quarter ending September 30, 2025 and the year ending December31, 2025, 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. Forward-looking statements reflect current views with respect to future events and financial performance and therefore cannot be guaranteed. Such statements are based on the current expectations and certain assumptions of the Company's management, and some or all of such expectations and assumptions may not materialize or may vary significantly from actual results. Actual results may also vary materially from forward-looking statements due to risks, uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company's reports to the SEC, including, without limitation the risk factors discussed in the Company'sAnnual Report on Form 10-K for the year ended December31, 2024, and subsequent quarterly reports on Form 10-Q. Any forward-looking statements made by the Company in this release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

FOR MORE INFORMATION, PLEASE CONTACT:

Grant Hesser, Investor Relations grant.hesser@astranahealth.com

ASTRANA HEALTH, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) June30, December31, 2025 2024 (Unaudited)AssetsCurrent assetsCash and cash equivalents $ 339,703 $ 288,455Investment in marketable securities 2,417 2,378Receivables, net (including amounts with related parties) 348,730 275,990Income taxes receivable 7,893 19,316Other receivables 8,655 29,496Prepaid expenses and other current assets 21,754 22,861Total current assets 729,152 638,496Non-current assetsProperty and equipment, net 17,800 14,274Intangible assets, net 105,737 118,179Goodwill 416,917 419,253Income taxes receivable, non-current 15,943 15,943Loans receivable, non-current 48,370 51,266Investments in other entities – equity method 38,454 39,319Investments in privately held entities 8,896 8,896Operating lease right-of-use assets 30,631 32,601Other assets 30,450 16,667Total non-current assets 713,198 716,398Total assets(1) $ 1,442,350 $ 1,354,894Liabilities, Mezzanine Deficit, and Stockholders' EquityCurrent liabilitiesAccounts payable and accrued expenses $ 119,661 $ 106,142Fiduciary accounts payable 4,734 8,223Medical liabilities 287,691 209,039Operating lease liabilities 5,319 5,350Current portion of long-term debt 12,500 9,375Other liabilities 29,841 27,479Total current liabilities 459,746 365,608Non-current liabilitiesDeferred tax liability 2,593 4,555Operating lease liabilities, net of current portion 28,714 30,654Long-term debt, net of current portion and deferred financing costs 401,057 425,299Other long-term liabilities 12,294 14,610Total non-current liabilities 444,658 475,118Total liabilities(1) 904,404 840,726Mezzanine deficitNoncontrolling interest in Allied Physicians of California, a Professional Medical (233,582) (202,558)Corporation (“APC”)Stockholders' equityPreferred stock, $0.001 par value per share; 5,000,000 shares authorized, and – -zero shares issued and outstanding as of June30, 2025 and December31, 2024Common stock, $0.001 par value per share; 100,000,000 shares authorized, 49 4849,138,631and 47,929,872 shares issued and outstanding, excluding 9,903,953and 10,603,849 treasury shares, as of June30, 2025 and December31, 2024, respectivelyAdditional paid-in capital 463,203 426,389Retained earnings 302,209 286,283Total stockholders' equity 765,461 712,720Non-controlling interest 6,067 4,006Total equity 771,528 716,726Total liabilities, mezzanine deficit, and stockholders' equity $ 1,442,350 $ 1,354,894(1) The Company's condensed consolidated balance sheets include the assets and liabilities of its consolidated VIEs. The condensed consolidated balance sheets include total assets that can be used only to settle obligations of the Company's consolidated VIEs totaling $691.0 million and $712.3 million as of June30, 2025 and December31, 2024, respectively, and total liabilities of the Company's consolidated VIEs for which creditors do not have recourse to the general credit of the primary beneficiary of $230.3 million and $207.9 million as of June30, 2025 and December31, 2024, respectively. These VIE balances do not include $152.6 million of investment in affiliates and $35.1 million of amounts due from affiliates as of June30, 2025, and $224.9 million of investment in affiliates and $48.1 million of amounts due to affiliates as of December31, 2024, as these are eliminated upon consolidation and not presented within the condensed consolidated balance sheets.ASTRANA HEALTH, INC.CONSOLIDATED STATEMENTS OF INCOME(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)(UNAUDITED) Three Months Ended Six Months Ended June30, June30, 2025 2024 2025 2024RevenueCapitation, net $ 614,108 $ 442,574 $ 1,198,071 $ 808,484Risk pool settlements and incentives 15,402 18,408 29,893 35,785Management fee income 2,577 1,604 4,887 5,682Fee-for-service, net 17,878 19,959 32,769 35,896Other revenue 4,843 3,720 9,576 4,774Total revenue 654,808 486,265 1,275,196 890,621Operating expensesCost of services, excluding depreciation and amortization 576,839 412,805 1,125,900 743,204General and administrative expenses 50,725 35,953 94,623 74,675Depreciation and amortization 6,904 7,441 13,752 12,537Total expenses 634,468 456,199 1,234,275 830,416Income from operations 20,340 30,066 40,921 60,205Other income (expense)Income (loss) from equity method investments 381 902 (486) 1,534Interest expense (7,382) (8,587) (14,690) (16,172)Interest income 2,336 3,513 4,647 7,509Unrealized gain (loss) on investments 14 (123) (30) 976Other income (loss) 1,136 6,126 (3,934) 1,849Total other (expense) income, net (3,515) 1,831 (14,493) (4,304)Income before provision for income taxes 16,825 31,897 26,428 55,901Provision for income taxes 6,609 10,031 9,991 17,173Net income 10,216 21,866 16,437 38,728Net income attributable to non-controlling interest 793 2,695 322 4,722Net income attributable to Astrana Health, Inc. $ 9,423 $ 19,171 $ 16,115 $ 34,006Earnings per share – basic $ 0.19 $ 0.40 $ 0.33 $ 0.72Earnings per share – diluted $ 0.19 $ 0.40 $ 0.33 $ 0.71ASTRANA HEALTH, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(IN THOUSANDS)(UNAUDITED) Six Months Ended June30, 2025 2024Cash flows from operating activitiesNet income $ 16,437 $ 38,728Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization 13,752 12,537Amortization of debt issuance cost 1,740 917Share-based compensation 19,519 13,138Non-cash lease expense 2,559 2,632Deferred tax (1,961) (7,259)Other 3,910 4,581Changes in operating assets and liabilities, net of business combinations 51,571 (36,109)Net cash provided by operating activities 107,527 29,165Cash flows from investing activitiesPayments for business acquisition, net of cash acquired – (114,585)Purchase of investment – equity method – (5,968)Purchase of call option issued in conjunction with equity method investment – (3,907)Issuance of loan receivable (1,050) (21,000)Purchases of property and equipment (4,490) (3,205)Other 2,069 (2,299)Net cash used in investing activities (3,471) (150,964)Cash flows from financing activitiesDividends paid (6,233) (1,896)Borrowings on long-term debt 412,000 170,320Repayment of long-term debt (431,357) (11,000)Deferred financing cost (17,241) -Taxes paid from net share settlement of restricted stock (5,053) (3,584)Other (4,924) (237)Net cash (used in) provided by financing activities (52,808) 153,603Net increase in cash, cash equivalents, and restricted cash 51,248 31,804Cash, cash equivalents, and restricted cash, beginning of period 289,102 294,152Cash, cash equivalents, and restricted cash, end of period $ 340,350 $ 325,956Supplemental disclosures of cash flow informationCash paid for income taxes $ 4,728 $ 35,742Cash paid for interest $ 13,535 $ 14,613Supplemental disclosures of non-cash investing and financing activitiesRight-of-use assets obtained in exchange for operating lease liabilities $ 7,110 $ 7,661Common stock issued in business combination $ – $ 21,952Draw on letter of credit through Revolver Loan $ – $ 4,732Dividend paid in the form of common stock $ 21,935 $ –

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total amounts of cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows (in thousands):

June30, 2025 2024Cash and cash equivalents $ 339,703 $ 325,310Restricted cash (1) 647 646Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 340,350 $ 325,956(1) Restricted cash is included in other assets on the condensed consolidated balance sheets.

Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin

Set forth below are reconciliations of Net Income to EBITDA and Adjusted EBITDA as well as the reconciliation to Adjusted EBITDA margin for the three and six months ended June30, 2025 and 2024. The Company defines Adjusted EBITDA margin as Adjusted EBITDA over total revenue.

Three Months Ended Six Months Ended June30, June30,(in thousands) 2025 2024 2025 2024Net income $ 10,216 $ 21,866 $ 16,437 $ 38,728Interest expense 7,382 8,587 14,690 16,172Interest income (2,336) (3,513) (4,647) (7,509)Provision for income taxes 6,609 10,031 9,991 17,173Depreciation and amortization 6,904 7,441 13,752 12,537EBITDA 28,775 44,412 50,223 77,101(Income) loss from equity method investments (381) (902) 486 (1,534)Other, net 7,998 (1) (2,983) (2) 14,257 (3) 1,457 (4)Stock-based compensation 11,709 7,390 19,519 13,138Adjusted EBITDA $ 48,101 $ 47,917 $ 84,485 $ 90,162Total revenue $ 654,808 $ 486,265 $ 1,275,196 $ 890,621Adjusted EBITDA margin 7 % 10 % 7 % 10 %(1) Other, net for the three months ended June30, 2025 relates to transaction costs for our acquisition of Prospect Health, certain costs associated with the CHS transaction, non-cash changes related to the change in the fair value of our call option and Collar Agreement, and severance fees incurred.(2) Other, net for the three months ended June30, 2024, relates to non-cash changes related to change in the fair value of the Company's Collar Agreement, transaction costs incurred for our investments and tax restructuring fees, and reimbursement from a related party of the Company for taxes associated with the Excluded Assets spin-off.(3) Other, net for the six months ended June30, 2025, relates to debt issuance costs expensed in connection with our Second Amended and Restated Credit Facility, transaction costs for our acquisition of Prospect Health, data transition costs for our recent acquisitions, certain costs associated with the CHS transaction, non-cash changes related to change in the fair value of our call option and Collar Agreement, and severance fees incurred.(4) Other, net for the six months ended June 30, 2024, relates to financial guarantee via a letter of credit that we provided almost three years ago in support of two local provider-led ACOs, non-cash changes related to change in the fair value of our financing obligation to purchase the remaining equity interests in one of our investments, non-cash changes related to change in the fair value of the Company's Collar Agreement, and transaction costs incurred for our investments and tax restructuring fees, and reimbursement from a related party of the Company for taxes associated with the Excluded Assets spin-off.Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA Year Ending December 31, 2025 Guidance Range(in thousands) Low HighNet income $ 57,500 $ 63,500Interest expense 41,500 42,500Provision for income taxes 31,000 34,000Depreciation and amortization 32,000 32,000EBITDA 162,000 172,000Income from equity method investments (2,000) (2,000)Other, net 20,000 20,000Stock-based compensation 35,000 35,000Adjusted EBITDA $ 215,000 $ 225,000

The Company has not provided a quantitative reconciliation of EBITDA and Adjusted EBITDA for the quarter ending September 30, 2025 to the most comparable GAAP measure on a forward-looking basis within this press release because the Company is unable, without unreasonable efforts, to provide reconciling information with respect to certain line items that cannot be calculated for the three month period. These items, which could materially affect the computation of forward-looking GAAP net income, are inherently uncertain and depend on various factors, some of which are outside of the Company's control.

Use of Non-GAAP Financial Measures

This press release contains the non-GAAP financial measures EBITDA and Adjusted EBITDA, of which the most directly comparable financial measure presented in accordance with U.S. generally accepted accounting principles (“GAAP”) is net income. These measures are not in accordance with, or alternatives to GAAP, and may be calculated differently from similar non-GAAP financial measures used by other companies. The Company uses Adjusted EBITDA as a supplemental performance measure of our operations, for financial and operational decision-making, and as a supplemental means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation, and amortization, excluding income or loss from equity method investments, non-recurring and non-cash transactions, and stock-based compensation. The Company defines Adjusted EBITDA margin as Adjusted EBITDA over total revenue.

The Company believes the presentation of these non-GAAP financial measures provides investors with relevant and useful information, as it allows investors to evaluate the operating performance of the business activities without having to account for differences recognized because of non-core or non-recurring financial information. When GAAP financial measures are viewed in conjunction with non-GAAP financial measures, investors are provided with a more meaningful understanding of the Company's ongoing operating performance. In addition, these non-GAAP financial measures are among those indicators the Company uses as a basis for evaluating operational performance, allocating resources, and planning and forecasting future periods. Non-GAAP financial measures are not intended to be considered in isolation, or as a substitute for, GAAP financial measures. Other companies may calculate both EBITDA and Adjusted EBITDA differently, limiting the usefulness of these measures for comparative purposes. To the extent this release contains historical or future non-GAAP financial measures, the Company has provided corresponding GAAP financial measures for comparative purposes. The reconciliation between certain GAAP and non-GAAP measures is provided above.

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SOURCE Astrana Health, Inc.

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