Astrana Health Inc 2025年度报告

Transforminghealthcare onecommunityat a time Astrana HealthAt-A-Glance Astrana Healthis a healthcareplatform that organizes andempowers providers to deliveraccessible, high-quality, high-value care for all patientsthrougha provider-centric, technology-enabled model across its threebusiness segments: Care Partners Affiliated and employed providernetwork, empowered to take riskacrossall health plan lines of business to deliverintegrated care Care Delivery Flexible footprint of owned primary careand multi-specialty clinicswith employedproviders who deliver personalized care Care Enablement Full-stack technology and solutionsplatform,empowering providers todeliver the best possible care to allpatients in their communities FinancialOverview Financial Highlights for the Year Ended December 31, 2025: All comparisons are to the year ended December 31, 2024unless otherwise stated. Total revenueof $3.18 billion, up 56%from $2.03 billionNet incomeattributable to Astrana of$22.5 millionEarnings per share (“EPS”),diluted of $0.46Adjusted EBITDAof $205.4 million, up 21%from $170.4 millionAdjusted EPS,diluted of $2.20 Astrana’s model turns bettercare for patients.... ...into stronger returnsfor shareholders. $3.18BRevenue$205.4MAdjusted EBITDA 67%Fewer hospital admissions175%of seniors completed AWVs2 20+Payer partners 20K+Astrana Healthproviders 1.6MMembers in valuebased care To Our Stockholders: Brandon K. Sim, MSPresident & Chief Executive Officer Astrana was designedto perform in complexhealthcare environments,and that is exactly whatwe did in 2025. Amid rising utilization, shifting risk adjustment dynamics,and continued policy uncertainty, we delivered anotherrecord year of clinical and financial performance. Whileothers in our industry pulled back, we leaned in - executingwith discipline, expanding deliberately, and allocatingcapital with rigor. This performance is by design: it reflects a model built tooperate consistently across cycles. Astrana was foundedby physicians and built from the provider’s perspective,and that origin continues to shape how we operate today:aligning incentives at the point of care, supporting clinicianswith infrastructure and data, and managing risk with rigor.The result is a system that delivers better outcomes forpatients while maintaining economic discipline. Today, our model is operating across a broad andgrowing footprint. Astrana supports over 20,000 providers and serves 1.6 millionpatients nationwide, reflecting the reach of our platform. The AstranaPlaybook Across that footprint, Astrana functions as the operatinglayer for healthcare delivery – integrating care, data, andfinancial accountability into a single, coordinated systemthat delivers results for patients, providers, and payers. Aswe enter 2026, we will continue to expand this platform:one we would proudly recommend to those we love. Growth Financial Highlights Astrana delivered strong growth and continued to scalewith discipline in 2025. Total revenue increased 56% year-over-year to $3.18 billion, net income was $24.1 million, andadjusted EBITDA grew 21% to $205.4 million. Our CarePartners segment remained the primary growth engine,with segment revenue expanding 55% year over year.These results reflect the increasing operating leverage,predictability, and durability of our model as we scale.Even as we invested in technology, infrastructure, andmarket expansion, we maintained financial discipline andcontinued to generate strong performance. Sustainably growingmembershipto bring bettercare to more Americans Risk Progression Increasing alignment withpatient outcomesthroughresponsible risk progression invalue-based arrangements Winning in the AI Era The impact of artificial intelligence in 2025 acceleratedmeaningfully. Built on decades of clinical experience anddata, we believe that Astrana is firmly positioned to win inthe age of AI. Outcomes and Cost Value in the AI era will accrue to the infrastructure layer –the operating system that orchestrates decisions, servesas the system of record, and governs financial outcomes. Achieving superior patientoutcomesand care qualitywhile managing cost That is exactly where Astrana operates: at the center ofa fragmented healthcare ecosystem, orchestrating caredelivery, managing delegated risk, and integrating dataacross payers, providers, and patients. This platform ispowered by decades of proprietary, longitudinal dataand scaled through broad distribution in a fragmentedend-market. As AI capabilities advance, their impactin our delegated, payer-agnostic model is direct andcompounding: Operating Leverage Driving operating excellenceacross our business through ourCare Enablement suite Greater clinician efficiency, with administrative burdenreduced and more time focused on patient careMore proactive care, with earlier identification of riskand improved coordination across settingsIncreasing automation and optimization ofadministrative workflows, fr