Earnings summaries and quarterly performance for Waystar Holding.
Executive leadership at Waystar Holding.
MH
Matthew Hawkins
Detailed
Chief Executive Officer
CEO
CS
Christopher Schremser
Chief Technology Officer
ES
Eric Sinclair
Chief Business Officer
GP
Greg Packer
Chief Legal Officer and Secretary
KW
Kim Wittman
Chief People Officer
MM
Missy Miller
Chief Marketing Officer
SO
Steven Oreskovich
Chief Financial Officer
TC
T. Craig Bridge
Chief Transformation Officer
Board of directors at Waystar Holding.
AG
Aashima Gupta
Detailed
Director
EL
Eric Liu
Detailed
Director
EW
Ethan Waxman
Detailed
Director
HM
Heidi Miller
Detailed
Director
JD
John Driscoll
Detailed
Chair of the Board
LY
Lauren Young
Detailed
Director
MR
Michael Roman
Detailed
Director
PM
Paul Moskowitz
Detailed
Director
PH
Priscilla Hung
Detailed
Director
RD
Robert DeMichiei
Detailed
Director
SB
Samuel Blaichman
Detailed
Director
VR
Vivian Riefberg
Detailed
Director
Research analysts who have asked questions during Waystar Holding earnings calls.
Adam Hotchkiss
Goldman Sachs
4 questions for WAY
Also covers: ALKT, ALRM, BL +12 more
Elizabeth Anderson
Evercore ISI
4 questions for WAY
Also covers: AGL, ALGN, CAH +23 more
Richard Close
Canaccord Genuity Group
4 questions for WAY
Also covers: ACCD, AHCO, CLOV +15 more
Allen Lutz
Bank of America
3 questions for WAY
Also covers: ACCD, CAH, COR +14 more
BP
Brian Peterson
Raymond James Financial
3 questions for WAY
Also covers: BIGC, BLKB, BOX +18 more
George Hill
Deutsche Bank
3 questions for WAY
Also covers: AGL, CAH, CI +16 more
RD
Ryan Daniels
William Blair & Company, L.L.C.
3 questions for WAY
Also covers: ACCD, AGL, ALHC +12 more
AM
Anne McCormick
JPMorgan Chase & Co.
2 questions for WAY
Also covers: DOCS, HCAT, HQY +4 more
Jailendra Singh
Truist Securities
2 questions for WAY
Also covers: ACCD, AGL, AMWL +16 more
Saket Kalia
Barclays Capital
2 questions for WAY
Also covers: ADBE, ADSK, ALRM +24 more
AL
Alex L. Gogelov
JPMorgan Chase & Co.
1 question for WAY
AS
Anne Samuel
JPMorgan Chase & Co.
1 question for WAY
Also covers: DOCS, EVH, HQY +3 more
Brian Tanquilut
Jefferies
1 question for WAY
Also covers: ACHC, ADUS, AHCO +29 more
CR
Charles Rhyee
TD Cowen
1 question for WAY
Also covers: AMWL, BTSG, CAH +18 more
Daniel Grosslight
Citigroup
1 question for WAY
Also covers: AGL, CAH, COR +12 more
JH
Jared Haase
William Blair & Company
1 question for WAY
Also covers: ADUS, ALHC, DH +9 more
Johnathan McCary
Raymond James
1 question for WAY
Also covers: DH, DOCS, INTA +2 more
LL
Liz Lee
Deutsche Bank
1 question for WAY
Also covers: EHTH
Sean Dodge
RBC Capital Markets
1 question for WAY
Also covers: CDMO, CTLT, EVH +10 more
SD
Stephanie Davis
Barclays
1 question for WAY
Also covers: ACCD, CAH, COR +20 more
Steven Valiquette
Mizuho
1 question for WAY
Also covers: ALGN, CAH, COR +12 more
Recent press releases and 8-K filings for WAY.
Waystar Highlights Strong Financial Performance and AI Advancements
WAY
Guidance Update
Product Launch
Revenue Acceleration/Inflection
- Waystar reported six consecutive quarters of revenue and EBITDA beats compared to consensus through Q3 2025, and updated its full-year 2025 guidance by more than the Q3 beat.
- The company leverages a fabulous proprietary data set, having processed 7.5 billion insurance transactions in 2025 and acquired Iodine, which processes one out of every three hospital-based patient discharges in the U.S.. This data fuels its AI solutions, which prevented nearly $16 billion of denied claims in 2025 and achieve a nearly 99% first-pass claim acceptance rate.
- Waystar maintains strong client relationships with a 97% gross revenue retention and a net revenue retention averaging 108% to 110%, while expanding its addressable market from $20 billion to over $100 billion through AI-powered solutions.
3 days ago
Waystar Highlights Strong Financial Performance and AI-Driven Market Expansion
WAY
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Waystar has demonstrated a proven and durable growth model, consistently meeting and exceeding revenue and EBITDA guidance for six consecutive quarters through Q3 2025, leading to an upward revision of full-year 2025 guidance.
- The company leverages a proprietary dataset, processing 7.5 billion insurance transactions and one out of every three hospital-based patient discharges in 2025, to develop AI solutions that prevented nearly $16 billion of denied claims in 2025.
- Waystar targets a $20 billion addressable market, with potential to expand into the $100 billion+ revenue cycle services market through AI-based automation.
- Key business metrics include a gross revenue retention of 97% and net revenue retention averaging 108% to 110% (recently higher), alongside an 80% win rate against competitors.
3 days ago
Waystar Highlights Strong 2025 Financial Performance and AI-Powered Growth Strategy
WAY
Earnings
Guidance Update
New Projects/Investments
- Waystar reported Q3 2025 year-to-date revenue of $796M and Adjusted EBITDA of $333M, both reflecting a 42% margin.
- The company issued full-year 2025 guidance with a revenue mid-point of $1.089B and an Adjusted EBITDA mid-point of $453M.
- Waystar demonstrated strong client retention and growth, with a net revenue retention rate of 113% and 11% YoY growth in clients generating over $100K in TTM revenue for the twelve months ended September 30, 2025.
- The company projects its Total Addressable Market (TAM) to grow from $20B in 2025 to $25B by 2030, with AI-powered automation expected to capture a share of the $100B RCM services market.
- Waystar is advancing its AltitudeAI™ platform to Agentic AI, introducing capabilities for clinical integrity and revenue capture, and planning future features for claim resolution and denial prevention.
3 days ago
Waystar Highlights Consistent Financial Outperformance and AI-Driven Platform Growth
WAY
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Waystar has demonstrated consistent financial outperformance, meeting and exceeding revenue and EBITDA guidance for six consecutive quarters through Q3 2025, and updated its full-year 2025 guidance by more than the Q3 beat. The company operates as a Rule of 50-plus business with organic, double-digit revenue growth and strong net revenue retention averaging 108%-110%.
- The company leverages a fabulous proprietary data set, processing 7.5 billion insurance transactions and over $2.5 trillion of gross claim charges in 2025. This data, combined with insights from the 2025 Iodine acquisition (processing one out of three hospital-based patient discharges), fuels its AI solutions and ambitious product roadmap.
- Waystar's AI-powered cloud-native platform simplifies the healthcare revenue cycle, preventing nearly $16 billion of denied claims in 2025 and achieving a first-pass claim acceptance rate nearing 99% across its platform.
- Operating in a large and growing addressable market (estimated at $20 billion to over $100 billion), Waystar serves over a million providers and maintains 80% win rates against competitors, indicating strong market momentum and future growth opportunities.
3 days ago
Waystar Introduces Agentic AI to Advance Autonomous Revenue Cycle
WAY
Product Launch
New Projects/Investments
- Waystar (Nasdaq: WAY) introduced agentic intelligence to its cloud-native platform, expanding its innovation roadmap and aiming to build an autonomous revenue cycle in healthcare payments.
- This new capability builds on Waystar AltitudeAI, which has already prevented $15.5 billion in claims that would have otherwise been denied in under one year.
- The agentic AI leverages a unique data network from over 7.5 billion annual transactions and one in three U.S. hospital discharges.
- Early results from agentic AI workflows show an approximately 40% reduction in manual correction workload, aiming to reduce administrative burden and relieve nurse burnout.
3 days ago
Waystar Reports Sixth Consecutive Quarterly Beat, Updates 2025 Guidance, and Highlights AI-Driven Growth
WAY
Guidance Update
Revenue Acceleration/Inflection
New Projects/Investments
- Waystar reported its sixth consecutive quarter of revenue and EBITDA beat above consensus and updated its full-year 2025 guidance, with the midpoint reflecting $1.09 billion in revenue and approximately 12% year-over-year growth.
- The company maintains a "Rule of 50" business profile, characterized by over 40% Adjusted EBITDA margins and strong free cash flow conversion, averaging greater than 80% of Adjusted EBITDA to free cash flow this year.
- Waystar's revenue model is approximately 50% subscription and 50% volume-based, providing 98% visibility on future year's revenue at the start of each year.
- AI is a key growth driver, contributing 31% of year-to-date bookings from new AI solutions, and the company identifies significant cross-sell opportunities, including those arising from the Iodine acquisition.
Dec 10, 2025, 11:40 PM
Waystar Discusses Strong Financial Performance and AI-Driven Growth
WAY
Guidance Update
Revenue Acceleration/Inflection
New Projects/Investments
- Waystar reported its sixth consecutive quarter of revenue and EBITDA beat above consensus and updated its full-year 2025 guidance to $1.09 billion in revenue, representing approximately 12% year-over-year growth. The company operates as a "Rule of 50" business, with over 40% Adjusted EBITDA margins and strong free cash flow conversion.
- The company's business model is approximately 50% subscription and 50% volume-based, with 98% visibility on future year's revenue at the start of each year, indicating high predictability.
- 31% of year-to-date bookings have come from new AI solutions, which are being leveraged to automate tasks, prevent denied claims, and draft appeal letters. Waystar plans to monetize AI through enhanced pricing, new product SKUs, and internal operating leverage.
- Strategic growth drivers include launching new capabilities, cross-selling opportunities within its existing client base (which could more than double the company's size), and integrating the Iodine acquisition to cross-sell solutions to combined client bases.
Dec 10, 2025, 11:40 PM
Waystar Highlights Strong Performance, 2025 Guidance, and AI Impact at Barclays Conference
WAY
Guidance Update
Revenue Acceleration/Inflection
New Projects/Investments
- Waystar reported its sixth consecutive quarter of revenue and EBITDA beat above consensus and updated its full year 2025 guidance to a midpoint of $1.09 billion in revenue, representing 12% year-over-year growth.
- The company operates as a Rule of 50 business with greater than 40% Adjusted EBITDA margins and converts greater than 80% of Adjusted EBITDA to free cash flow.
- Waystar's business model is characterized by 50% subscription and 50% volume-based revenue, with 98% visibility on future year's revenue opportunity at the start of each year.
- AI is a significant growth driver, with 31% of year-to-date bookings coming from new AI solutions.
- The company's year-to-date growth is approximately 14%, exceeding its long-term organic low double-digit revenue growth target.
Dec 10, 2025, 11:40 PM
Waystar CFO Discusses Growth Drivers, AI Strategy, and Market Dynamics at Citi Conference
WAY
Guidance Update
Product Launch
M&A
- Waystar's core business helps healthcare providers ensure efficient payment, achieving a 99% first pass clean claim rate and differentiating through a platform approach that demonstrates clear ROI.
- The company's revenue is split approximately 50% subscription and 50% volume-based, benefiting from strong utilization observed over the past five to six quarters.
- Generative AI solutions have delivered significant results, with clients reporting a 70% decrease in time for prior authorizations and a 90% decrease in time for denials and appeals management, with monetization through price increases and new SKUs.
- The $1.25 billion acquisition of Iodine strategically expanded Waystar into clinical documentation, integrating over 160 AI models to enhance claim accuracy.
- Waystar maintains long-term targets of low double-digit revenue growth, 40%+ Adjusted EBITDA margins, and 70%+ free cash flow conversion, alongside an annual deleveraging goal of one turn.
Dec 3, 2025, 6:45 PM
Waystar Discusses Strategic Acquisitions, AI Product Impact, and Financial Outlook
WAY
M&A
Product Launch
Guidance Update
- Waystar acquired Iodine for $1.25 billion, integrating its 160+ AI modules to enhance clinical documentation and advance its "perfect undeniable claim" vision.
- New generative AI products, part of the Altitude suite, are showing strong results, with clients reporting a 70% decrease in prior authorization time and a 90% decrease in denials and appeals management time, contributing to a growing portion of the company's pipeline and bookings.
- The company's revenue mix is approximately 50% subscription and 50% volume-based, with a strong net revenue retention rate of 108-110%, supported by 97% gross revenue retention and 3-4% annual price increases.
- Waystar differentiates itself through its platform approach, demonstrated ROI, a database of over 6 billion annual transactions for AI learning, and extensive connectivity with over 500 EHR/practice management systems and thousands of payers.
- For FY 2025, the guide implies an 8% year-over-year standalone growth rate in Q4, with long-term targets including low double-digit revenue growth, 40%+ adjusted EBITDA margins, and 70%+ free cash flow conversion.
Dec 3, 2025, 6:45 PM
Quarterly earnings call transcripts for Waystar Holding.
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