Claritev (CTEV) Company Report

Claritev reported strong financial performance, with Q3 revenue growing 7% and adjusted EBITDA reaching $155 million, its strongest in nine quarters. The company's stock was up 180%-190% year over year.
The company is executing a digital transformation under its Vision 2030 plan, involving a $100 million incremental investment to move products to Oracle Cloud and rewrite legacy applications, aiming for long-term sustainable growth.
In late 2024, Claritev restructured $4.5 billion of debt to support its growth strategy and anticipates approximately half a turn or more of leverage reduction annually starting in 2026.
Strategic initiatives include building a sales team, expanding into new market verticals and internationally, and planning 30 solution enhancements and 10 new products for the current year. The core "Percentage of Savings" business, which is ROI-based, constitutes 90% of revenue.

Jan 15, 2026, 3:30 PM

Transcript

Claritev Outlines Strategic Priorities and Reports Q3 2025 Adjusted EBITDA

CTEV

New Projects/Investments

Debt Issuance

Earnings

Claritev's strategic priorities include organic investments to fuel its Vision 2030 Plan, debt paydown, and value-creating M&A, with share buybacks representing a low percentage of capital allocation.
The company is positioned for accelerated growth due to its essential role in the healthcare ecosystem, scalable operating platform, innovative technology, recurring revenue from a durable core business, multiple avenues for growth, and refreshed leadership.
As of September 30, 2025, Claritev reported a significant debt structure with $4,659 million in total outstanding principal balances and a Debt to Equity ratio of 7.8x.
Adjusted EBITDA showed a strong recovery and growth, increasing from $14,679 thousand in Q1 2024 to $155,132 thousand in Q3 2025, after a dip in late 2023 and early 2024.

Jan 15, 2026, 3:30 PM

Presentation

Clariv Reports Strong Q3 Performance and Outlines Growth Strategy at J.P. Morgan Healthcare Conference

CTEV

Revenue Acceleration/Inflection

New Projects/Investments

Product Launch

Clariv reported 7% revenue growth and $155 million adjusted EBITDA in Q3, marking its strongest revenue performance in 12 quarters and strongest adjusted EBITDA in nine quarters.
The company has undergone a significant digital transformation with a $100 million investment in its Vision 2030 plan, including moving products to Oracle Cloud and rewriting legacy applications, following $500 million spent on its core technology stack over the last five years.
Clariv restructured $4.5 billion of debt in late 2024 and aims to reduce its leverage, which is currently under eight times, by approximately half a turn or more annually starting in 2026 through organic growth.
Under CEO Travis Dalton, who joined in March 2024, Clariv has focused on sustainable growth, expanding its market reach into new verticals and internationally, and plans over 30 solution enhancements and 10 new products this year.

Jan 15, 2026, 3:30 PM

Transcript

Claritev (formerly MultiPlan) Outlines Growth Strategy and Digital Transformation at J.P. Morgan Healthcare Conference

CTEV

Revenue Acceleration/Inflection

New Projects/Investments

Debt Issuance

Claritev (formerly MultiPlan) reported strong Q3 performance with 7% revenue growth and $155 million adjusted EBITDA, its strongest in nine quarters, following a stock increase of 180%-190% year-over-year.
The company is undertaking a significant digital transformation as part of its Vision 2030 plan, involving a $100 million net incremental investment to move to Oracle Cloud and rewrite core applications, aiming for operating leverage and revenue acceleration.
Strategic growth initiatives include expanding into new market verticals and international business, launching 30 solution enhancements and 10 new products this year, and building a new sales team.
Claritev successfully restructured $4.5 billion of debt in late 2024 and anticipates reducing its high leverage starting in 2026 through organic growth.
Management highlighted 2026 as a critical year for execution, focusing on delivering strong revenue, EBITDA, and free cash flow growth, alongside continued product innovation.

Jan 15, 2026, 3:30 PM

Transcript

Claritev Management Discusses Customer Renewals, Growth Strategy, and Market Outlook

CTEV

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Claritev recently renewed its top 10 customers, which comprise 70% of its revenue, and has seen a 67% increase in its pipeline over the last year, with half of that growth coming from existing clients.
The company's primary revenue model, PSAV (Payment Savings as Value), generates 88% of its revenue and is an ROI-based model where Claritev earns a percentage of the savings it identifies for customers.
Claritev's growth is driven by rising healthcare inflation and increased demand for transparency, with out-of-network spend expected to remain stable at 5%-7% of overall healthcare spend, particularly in high-ticket categories like ambulatory surgery, musculoskeletal, and behavioral health.
The No Surprises Act (NSA), initially perceived as a challenge, has become a growth opportunity for Claritev, evolving into its third-largest product category within its analytics business by supporting clients through the IDR process.
Claritev has booked $45 million in new ACV year-to-date through Q3 and anticipates closing an additional $15 million by year-end, driven by an expanded sales force and increased focus on multiple vertical markets.

Dec 4, 2025, 1:00 PM

Transcript

Claritev (CTEV) Discusses Strong Customer Renewals, Pipeline Growth, and Revenue Acceleration

CTEV

Revenue Acceleration/Inflection

New Projects/Investments

Claritev (CTEV) recently renewed its top 10 customers, which comprise 70% of its revenue, providing a strong foundation for future growth.
The company reported a 67% increase in its pipeline over the last year, with half of this growth coming from existing clients.
Commercial health plan medical charges processed grew 7% year over year in 2024 and 8.5% year to date in 2025, driven by healthcare inflation and a higher mix of high-ticket out-of-network claims.
Claritev's core PSAV model, generating 88% of revenue, is an ROI-based model where the company earns a percentage of savings it identifies for clients in out-of-network claims.
The company booked $45 million in new Annual Contract Value (ACV) year to date through Q3 and expects an additional $15 million by year-end.

Dec 4, 2025, 1:00 PM

Transcript

Claritev Corporation CFO Discusses 2025 Turnaround and Growth Strategy

CTEV

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Claritev Corporation's CFO, Doug Gareiss, stated that 2025 was a successful turning point for the company, transitioning from foundational efforts in 2024 to focusing on sustainable growth.
The company has expanded into six new market segments, including the provider market (with international reach), government, and employer space, utilizing new solutions like BenInsights and Advanced Code Editing.
Claritev anticipates booking at least $60 million in Annual Contract Value (ACV) for the year, having already secured 491 deals year-to-date at an average of approximately $80,000-$90,000.
A strategic partnership with Oracle, initially for technology infrastructure, has evolved into a go-to-market collaboration, with 3,000 Oracle Cloud reps now selling Claritev's BenInsights solution and enabling rapid international deployment.

Dec 2, 2025, 12:30 PM

Transcript

Claritev CFO Discusses 2025 Turnaround and Growth Strategy

CTEV

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Claritev's CFO, Doug Gareiss, stated that 2025 is a "turn" year focused on sustainable growth, following a foundational 2024.
The company has expanded into six new market segments, including provider, government, and employer spaces, leveraging its technology assets; notably, its Advanced Code Editing product reduced denial rates by 50% for Burjeel Holdings, generating $40 million in economic value.
A strategic partnership with Oracle has enabled rapid product deployment and integrated Claritev's BenInsights solution into Oracle's sales channels, with 3,000 Oracle Cloud reps now enabled to sell the solution.
Claritev expects to book at least $60 million in Annual Contract Value (ACV) for 2025, supported by a $200 million pipeline, signaling future revenue growth.
The core business was stabilized through financial accountability, efficiency improvements (growing with 3% less headcount), and strengthened client relationships, with the entire business now viewed as a growth business.

Dec 2, 2025, 12:30 PM

Transcript

Claritev Corporation Outlines 2025 Turnaround and Future Growth

CTEV

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Claritev Corporation successfully completed its "turn" in 2025 and is now focused on sustainable growth, having opened six new market segments including provider, government, and employer spaces.
The company's international expansion, particularly in the Middle East, has demonstrated significant value, with its Advanced Code Editing product reducing a major provider's denial rate by 50%, generating $40 million in economic value for Burjeel Holdings.
A strategic partnership with Oracle has facilitated a rapid digital transformation, deploying applications to Oracle Cloud Infrastructure in nine months, and established a new go-to-market channel with 3,000 Oracle Cloud reps selling Claritev's BenInsights solution.
Claritev expects to book at least $60 million in Annual Contract Value (ACV) for 2025, with a current pipeline of approximately $200 million, indicating future revenue acceleration, with a good portion expected to turn into revenue in 2026.

Dec 2, 2025, 12:30 PM

Transcript

Claritev Reports Strong Q3 2025 Results and Raises Full-Year Guidance

CTEV

Earnings

Guidance Update

Revenue Acceleration/Inflection

Claritev Corporation announced that "the turn has happened," reporting a second consecutive beat-and-raise quarter with Q3 2025 total revenue of $246 million, up 6.7% year-over-year, and Adjusted EBITDA of $155.1 million, a 9.5% increase.
The company raised its full-year revenue guidance to approximately 2.8%-3.2% growth versus the prior year and narrowed its Adjusted EBITDA margin guidance to 62.5%-63%.
Strategic successes include renewing all top 10 clients for extended terms, adding 20 new logos year-to-date, and closing $15 million in annual contract value (ACV) in Q3, contributing to a 67% increase in pipeline year-to-date.
Claritev expects to book approximately $60 million of incremental ACV this year, largely anticipated to convert to revenue in 2026 and beyond, with a non-recurring revenue benefit of $15 million-$18 million expected for the full year 2025.