Claritev (CTEV) Company Report

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.

Nov 7, 2025, 1:00 PM

Transcript

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

CTEV

Earnings

Guidance Update

Revenue Acceleration/Inflection

Claritev Corporation (CTEV) reported Q3 2025 total revenue of $246 million, an increase of 6.7% year over year, and Adjusted EBITDA of $155.1 million, up 9.5% year over year.
The company raised its full-year revenue guidance to approximately 2.8%-3.2% growth versus the prior year and tightened its Adjusted EBITDA margin guidance to 62.5%-63%.
Claritev successfully renewed its top 10 clients for extended terms, added 20 new logos year-to-date, and saw its pipeline grow 67% year to date.
The company closed $15 million in annual contract value (ACV) in Q3 2025 and expects to book approximately $60 million of incremental ACV for the full year, with 60%-65% anticipated to convert to revenue in 2026.
Claritev is expanding into new market verticals, including international markets, and made significant investments in technology, data, and AI.

Nov 7, 2025, 1:00 PM

Transcript

CTEV Announces Strong Q3 2025 Results and Raises Full-Year Guidance

CTEV

Earnings

Guidance Update

Revenue Acceleration/Inflection

CTEV reported Q3 2025 revenue of $246.0 million, representing a 6.7% increase compared to Q3 2024, and achieved Adjusted EBITDA of $155.1 million with an Adjusted EBITDA margin of 63.1%, which is 162 basis points higher than the prior year.
This performance marks the second consecutive quarter of topline and profitability growth, leading the company to raise its full-year guidance.
In Q3 2025, the company closed approximately $15 million in annual contract value (ACV) bookings, saw a 26% increase in Average ACV, and renewed all Top Ten clients.
Unlevered Free Cash Flow for Q3 2025 was $113.2 million.

Nov 7, 2025, 1:00 PM

Presentation

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

CTEV

Earnings

Guidance Update

Revenue Acceleration/Inflection

Claritev Corporation reported strong Q3 2025 financial results, with total revenue of $246 million, an increase of 6.7% year-over-year, and adjusted EBITDA of $155.1 million, up 9.5% year-over-year.
The company raised its full-year 2025 revenue guidance to approximately 2.8% to 3.2% growth versus prior year and tightened its adjusted EBITDA margin guidance to 62.5% to 63%.
CTEV successfully renewed its top 10 clients for extended terms, including a previously discussed single client, providing stability and visibility for future growth.
Management stated that the "turn has happened," with Q3 2025 marking the second consecutive beat and raised quarter, driven by its core business.
The company achieved significant growth in new business, adding five new logos in Q3 2025 and closing $15 million in annual contract value (ACV) for the quarter, with year-to-date pipeline growth of 67%.

Nov 7, 2025, 1:00 PM

Transcript

Claritev Corporation Reports Q3 2025 Results and Updates Guidance

CTEV

Earnings

Guidance Update

Revenue Acceleration/Inflection

Claritev Corporation reported Q3 2025 revenues of $246.0 million, an increase of 6.7% compared to Q3 2024.
The company's net loss for Q3 2025 was $69.8 million, a substantial improvement from the $391.5 million net loss in Q3 2024.
Adjusted EBITDA increased by 9.5% to $155.1 million in Q3 2025, with an Adjusted EBITDA Margin of 63.1%.
Free Cash Flow for Q3 2025 was $(16.3) million, compared to $41.1 million in Q3 2024.
Claritev raised its full-year 2025 revenue guidance to 2.8% to 3.2% growth from FY 2024 (previously Flat to 2%) and updated its Adjusted EBITDA Margin guidance to 62.5% to 63.0%.