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    Waystar Holding (WAY)

    Waystar Holding Corp. (WAY) is a provider of mission-critical cloud technology designed to simplify healthcare payments for healthcare organizations. The company offers modern cloud-based software that enables healthcare clients to prioritize patient care and optimize financial performance. WAY primarily sells subscription-based and volume-based revenue services, along with implementation fees and hardware sales to facilitate patient payments.

    1. Volume-Based Revenue - Generates revenue based on transaction, dollar volume, or provider count in a given period, contributing significantly to the company's overall revenue.
    2. Subscription Revenue - Provides recurring revenue recognized over time on a ratable basis over the contract term, forming a substantial part of the company's revenue.
    3. Other Revenue (Implementation Fees and Hardware Sales) - Includes revenue from implementation fees and hardware sales, which are recognized ratably over the contract term and contribute minimally to total revenue.

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    NamePositionExternal RolesShort Bio

    Matthew J. Hawkins

    ExecutiveBoard

    Chief Executive Officer

    Matthew J. Hawkins has been the Chief Executive Officer and a member of the board at Waystar Holding Corp since October 2017. Previously, he served as President at Sunquest Information Systems from May 2014 to October 2017 and held multiple leadership roles at Vista Equity Partners and Henry Schein Practice Solutions.

    View Report →

    Christopher L. Schremser

    Executive

    Chief Technology Officer (CTO)

    Christopher L. Schremser is the Chief Technology Officer (CTO) at Waystar since November 2017, overseeing the company’s technology strategy. Previously, he served as CTO at ZirMed from 2002 to 2017 and as Infrastructure Manager from 2000 to 2002.

    Eric L. (Ric) Sinclair III

    Executive

    Chief Business Officer

    Eric L. (Ric) Sinclair III has served as Waystar's Chief Business Officer since July 2023, previously serving as Chief Commercial Officer (2020 to 2023) and Chief Strategy and Product Officer (2017 to 2020). Before his tenure at Waystar, he was Head of Product at ZirMed from 2008 to 2017.

    Greg Packer

    Executive

    Chief Legal Officer and Secretary

    Greg Packer has served as the Chief Legal Officer and Secretary of Waystar Holding Corp. since March 2025, overseeing legal matters and stockholder communications with extensive experience in legal leadership.

    Kim Wittman

    Executive

    Chief People Officer

    Kim Wittman is the Chief People Officer at Waystar since March 2024. Previously, she served in multiple senior HR roles at Vivint, Inc. from 2013 to 2024.

    Melissa F. (Missy) Miller

    Executive

    Chief Marketing Officer

    Melissa F. (Missy) Miller is the Chief Marketing Officer at WAY since January 2023, previously serving as Senior Vice President of Marketing from December 2021 to February 2023 and Vice President of Commercialization from August 2020 to December 2021.

    Steven M. Oreskovich

    Executive

    Chief Financial Officer (CFO)

    Steven M. Oreskovich has served as the Chief Financial Officer (CFO) of Waystar Holding Corp. since June 2018. He previously held multiple financial roles at Merge Healthcare from 2004 to 2017 and gained experience at PricewaterhouseCoopers LLP and Truis, Inc..

    T. Craig Bridge

    Executive

    Chief Transformation Officer

    T. Craig Bridge has led transformation at Waystar as the Chief Transformation Officer since October 2019, following his term as Chief Operating and Integration Officer from February 2018 to October 2019, and is a co-founder of the company since January 2001.

    Aashima Gupta

    Board

    Director

    Board of Directors Member at Neogen; Board of Directors Member at Molnlycke Healthcare; Board of Advisors at HIMSS

    Aashima Gupta has been a Class III Director at Waystar Holding Corp since June 4, 2025, and she brings extensive experience from senior roles at Google Cloud and Apigee.

    Eric C. Liu

    Board

    Board Member

    Partner at EQT; Executive Officer and Board Member at EQT Private Equity Company LLC; Board Member at Parexel; Board Member at Zeus Industrial Products, Inc.

    Eric C. Liu has been a Board Member at WAY since 2019 and brings extensive experience in private equity, healthcare, and finance.

    Ethan Waxman

    Board

    Member of the Board of Directors

    Partner at EQT; Board Member at Zeus Industrial Products, Inc.

    Ethan Waxman has served as a board member at WAY since June 2024 due to his finance and capital markets expertise, especially in the healthcare industry. He is also a Partner at EQT and has held board roles at other companies, enhancing his strategic impact.

    Heidi G. Miller

    Board

    Member of the Board of Directors

    Board member at Fiserv

    Heidi G. Miller currently serves as a member of the board of directors at WAY since 2021. She has a distinguished background in financial services, having held executive roles including CEO at JPMorgan Chase's Treasury and Security Services and CFO roles at Bank One Corporation and Citigroup.

    John Driscoll

    Board

    Chair of the Board of Directors

    Board member at Magnit Company

    John Driscoll has served as Chair of the Board of Directors at WAY since 2019. He previously held executive roles at Walgreens Boots Alliance Inc from 2022 to 2024 and served as CEO of CareCentrix from 2013 to 2022.

    Michael Roman

    Board

    Class I Director

    Board member at Abbott Laboratories

    Michael Roman, with nearly four decades of leadership including serving as CEO and Chairman at 3M, joined Waystar Holding Corp. as a Class I Director on June 4, 2025.

    Paul G. Moskowitz

    Board

    Board Member

    Managing Director at Bain Capital; Board Member at LeanTaas; Board Member at PartsSource

    Paul G. Moskowitz has been a board member at WAY since 2019, following his tenure as a Board Observer from 2016 to 2019. He brings extensive management consulting and private equity expertise to the role.

    Priscilla Hung

    Board

    Board of Directors Member

    Senior Advisor at Guidewire Software, Inc.; Board Member at Veeva Systems Inc.; Board Member at Ethos Technologies, Inc.; Board Member at Xerox Holdings Corporation

    Priscilla Hung has served as a board member at WAY since February 2024. She is also a Senior Advisor at Guidewire Software, Inc. since January 2024 and held various leadership roles at Guidewire starting in 2005.

    Robert A. DeMichiei

    Board

    Member of the Board of Directors

    Board member at Ampco Pittsburgh Corporation; Board member at Automobile Club of Southern California; Strategic advisor for Health Catalyst; Strategic advisor for Omega Healthcare Management Services

    Robert A. DeMichiei has been serving as a board member and Chair of the Audit, Compliance, & Risk Committee at WAY since 2020. Previously, he held executive roles including CFO at UPMC and executive positions at General Electric Company and PricewaterhouseCoopers.

    Samuel Blaichman

    Board

    Director

    Managing Director, Head of Direct Private Equity at CPPIB; Board Member at Ascot Group; Board Member at Berlin Packaging

    Samuel Blaichman has been serving as a Director at WAY since April 2024, bringing decades of experience in corporate finance and strategic consulting. He is also the Managing Director, Head of Direct Private Equity at CPPIB since 2007 and holds board positions at Ascot Group and Berlin Packaging, contributing to his extensive background in private equity investing.

    Vivian E. Riefberg

    Board

    Member of the Board of Directors

    David C. Walentas Jefferson Scholars Foundation Professorship Chair and Professor of Practice at UVA Darden School of Business; Fellow at The Miller Center at UVA; Board member at ONWARD Medical N.V.; Board member at Lightrock; Board member at Accompany Health, Inc.; Board member at K Health Inc.; Board member at Public Broadcasting Service; Board member at Johns Hopkins Medicine; Advisory board member at Smithsonian American Women’s History Museum

    Vivian E. Riefberg has been a board member at WAY since October 2023. She has an extensive career across both public and private sectors, having held leadership roles at McKinsey & Company and academic positions at UVA Darden School of Business, which underlines her expertise in healthcare.

    1. How do you attribute Q1’s revenue outperformance—was it primarily driven by the rapid implementations from 2024 or are there enduring structural improvements in patient payment utilization that you expect to persist?
    2. Given that 30% of your revenue comes from patient payments which are subject to seasonality, how are you planning to address the potential headwinds in the latter half of the year when deductible resets taper off?
    3. With the integration of generative AI into your existing platform, do you anticipate this will lead to a repricing of contracts, or will it simply drive same-store revenue growth without altering your overall pricing strategy?
    4. Your strategy includes aggressive cross-selling, particularly noted by the 30% of newly onboarded clients pursuing additional solutions; can you provide more detail on how you plan to sustain this momentum and address potential competitive pushback?
    5. In light of macroeconomic uncertainties and the potential for tariff-related impacts, how are you adjusting your sales cycle or operational strategies to ensure that your strong net revenue retention of 114% remains sustainable?

    Research analysts who have asked questions during Waystar Holding earnings calls.

    Adam Hotchkiss

    Goldman Sachs

    4 questions for WAY

    Also covers: ALKT, ALRM, BL +11 more

    Elizabeth Anderson

    Evercore ISI

    4 questions for WAY

    Also covers: AGL, ALGN, CAH +22 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

    Brian Peterson

    Raymond James Financial

    3 questions for WAY

    Also covers: BIGC, BLKB, BOX +17 more

    George Hill

    Deutsche Bank

    3 questions for WAY

    Also covers: AGL, CAH, CI +15 more

    Ryan Daniels

    William Blair & Company, L.L.C.

    3 questions for WAY

    Also covers: ACCD, AGL, ALHC +12 more

    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

    Alex L. Gogelov

    JPMorgan Chase & Co.

    1 question for WAY

    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 +26 more

    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

    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, INTA, OS +1 more

    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 +9 more

    Stephanie Davis

    Barclays

    1 question for WAY

    Also covers: ACCD, CAH, COR +19 more

    Steven Valiquette

    Mizuho

    1 question for WAY

    Also covers: ALGN, CAH, COR +10 more
    CustomerRelationshipSegmentDetails

    Aveanna Healthcare, LLC

    Software solutions (Bain Capital owns >10%)

    All

    2024 revenue: $0.3 million (≈0.03% of $943.5M total)

    Surgery Partners

    Software solutions (Bain Capital owns >10%)

    All

    2024 revenue: $1.0 million (≈0.11% of $943.5M total)

    Innovacare

    Software solutions (Bain Capital owns >10%)

    All

    2024 revenue: $0.2 million (≈0.02% of $943.5M total)

    Athena Therapy

    Software solutions (Bain Capital owns >10%)

    All

    2024 revenue: $0.1 million (≈0.01% of $943.5M total)

    US Renal Care

    Software solutions (Bain Capital owns >10%)

    All

    2024 revenue: $0.3 million (≈0.03% of $943.5M total)

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Iodine Software Holdings, Inc.

    2025

    Waystar’s acquisition involves a total enterprise value of $1.25 billion, consisting of approximately $625 million in cash and 16,751,54 shares, with the deal expected to accelerate its AI-powered healthcare payment transformation and expand its market by over 15%. The merger includes customary closing conditions and termination rights if not completed by November 23, 2025.

    Olive AI, Inc. (Clearinghouse & Patient Access assets)

    2023

    Waystar acquired certain assets of Olive AI, Inc.'s Clearinghouse and Patient Access businesses on October 31, 2023 for $10 million in cash to enhance its payment capabilities, although final accounting conclusions remain pending.

    HealthPay24 (ImageVision.net, LLC)

    2023

    Waystar completed the acquisition of HealthPay24 on August 3, 2023 by exchanging all membership interests for $30 million in cash, aiming to expand its patient engagement and payment solutions despite initial accounting details remaining incomplete.

    Recent press releases and 8-K filings for WAY.

    Waystar Receives 2025 Stevie® Awards and Acquires Iodine Software
    ·$WAY
    Product Launch
    New Projects/Investments
    M&A
    • Waystar received multiple Gold Stevie® Awards in the 2025 International Business Awards®, including Healthcare Company of the Year and Top-Ranked AI Software Platform for Waystar AltitudeAI™.
    • The company launched Waystar AltitudeAI™ and Auth Accelerate in 2025, with AltitudeAI™ driving a 70% increase in appeal productivity and Auth Accelerate achieving over 90% auto-approval rates for prior authorizations.
    • Waystar also announced a definitive agreement to acquire Iodine Software, a leader in AI-powered clinical intelligence, reinforcing its growth and AI strategy.
    Aug 25, 2025, 9:15 PM
    Waystar Announces Iodine Software Acquisition and Raises 2025 Guidance
    ·$WAY
    M&A
    Earnings
    Guidance Update
    • Waystar announced an agreement to acquire Iodine Software for $1.25 billion, a transaction expected to expand Waystar's total addressable market by over 15%. The acquisition is anticipated to be immediately accretive to gross margin and adjusted EBITDA margin, and accretive to revenue growth and non-GAAP net income per diluted share in 2027.
    • For Q2 2025, Waystar reported $271 million in revenue, a 15% year-over-year increase, and $113 million in adjusted EBITDA, a 20% year-over-year increase, achieving an adjusted EBITDA margin of 42%.
    • The company raised its full-year 2025 guidance (excluding the Iodine acquisition), with revenue now expected to be between $1.03 billion and $1.042 billion and adjusted EBITDA between $418 million and $426 million.
    • Waystar demonstrated strong operational performance with a 115% net revenue retention rate and a 14% year-over-year increase in clients generating over $100,000 in trailing twelve-month revenue.
    Aug 1, 2025, 6:40 PM
    Waystar Holding Corp. Discusses Performance and Growth Strategy at William Blair Conference
    ·$WAY
    Revenue Acceleration/Inflection
    Product Launch
    New Projects/Investments
    • Waystar is a cloud-based software business purpose-built for healthcare, helping provider organizations get paid by simplifying healthcare payments using modern cloud software and advanced capabilities.
    • As a public company, Waystar has delivered four consecutive quarters of double-digit revenue growth and adjusted EBITDA margins of 40% or in excess of that, while also deleveraging the business. In Q1, year-over-year revenue growth was 14% and adjusted EBITDA margins were 42%.
    • The company maintains high client retention, with gross revenue retention at 97% and net revenue retention in Q1 at 114%.
    • Waystar leverages AI and machine learning, including a pervasive suite of Gen AI capabilities (Altitude AI) launched in January of this year, to automate work, streamline workflows, and improve claim acceptance rates.
    • The company processes over 6 billion insurance transactions annually, accounting for over $1 trillion in gross claim charges on its platform, and works with over 1 million providers across every care setting.
    Jul 24, 2025, 12:49 AM
    Waystar Announces Pricing of Public Offering
    ·$WAY
    • Waystar Holding Corp. announced the pricing of an underwritten public offering of 12,500,000 shares of its common stock.
    • The shares are being sold by certain investment funds (Selling Stockholders) at a price of $38.75 per share.
    • Waystar is not selling any shares and will not receive any proceeds from the sale.
    • The offering was expected to close on or about May 16, 2025.
    May 14, 2025, 11:30 PM
    Waystar Announces Proposed Public Offering of Common Stock
    ·$WAY
    • Waystar Holding Corp. announced a proposed underwritten public offering of 12,500,000 shares of its common stock.
    • The shares are being offered by certain Selling Stockholders, including investment funds of EQT AB, Bain Capital, LP, and Canada Pension Plan Investment Board.
    • The Selling Stockholders intend to grant the underwriters a 30-day option to purchase up to 1,875,000 additional shares of common stock.
    • Waystar is not selling any shares in this offering and will not receive any proceeds from the sale.
    • The offering is being made through an underwriting group led by J.P. Morgan, Goldman Sachs & Co. LLC, and Barclays. A registration statement on Form S-1 has been filed with the SEC but is not yet effective.
    May 13, 2025, 12:57 PM