Astrana Health Inc (ASTH) Reports Growth in Revenue and Net Income for Q4 and Full Year 2023
Revenue: Q4 total revenue increased by 20% year-over-year to $353.0 million.
Net Income: Q4 net income attributable to ASTH was $12.4 million, a significant improvement from a $3.7 million loss in the same period last year.
Earnings Per Share (EPS): Diluted EPS for Q4 was $0.26, compared to a loss of $(0.08) per share in the prior year.
Adjusted EBITDA: Q4 Adjusted EBITDA grew by 23% to $29.0 million.
2024 Guidance: ASTH projects total revenue between $1.65 billion and $1.85 billion, and net income between $61.0 million and $73.0 million.
Astrana Health Inc (NASDAQ:ASTH) released its 8-K filing on February 27, 2024, detailing its financial performance for the fourth quarter and full year ended December 31, 2023. The company, a patient-centered, physician-centric integrated population health management company, reported a 20% increase in total revenue for the fourth quarter, reaching $353.0 million, up from $294.2 million in the same period last year. This growth reflects the company's commitment to expanding its membership base and increasing the level of accountability in its value-based care contracts.
Year-End Financial Achievements
For the full year, Astrana Health Inc reported a total revenue of $1.386 billion, a 24% increase from the previous year. The company's Care Partners segment was a significant contributor to this growth, with a 24% increase in revenue. The net income attributable to ASTH for the year was $60.7 million, a notable improvement from the $45.2 million reported in the previous year. The diluted EPS for the full year was $1.29, up from $0.99 in 2022. Adjusted EBITDA for the year also showed a positive trend, with an 8% increase to $84.6 million.
Challenges and Strategic Focus
Despite the financial achievements, Astrana Health Inc faces the ongoing challenge of navigating the complex healthcare landscape, particularly as it expands geographically and integrates strategic acquisitions. The company's focus on empowering providers to achieve superior patient outcomes is crucial in maintaining its growth trajectory and addressing potential challenges.
Balance Sheet and Cash Flow Highlights
The balance sheet of Astrana Health Inc remains strong, with cash and cash equivalents of $293.8 million as of December 31, 2023. The company's total assets amounted to $933.4 million, while total liabilities stood at $522.6 million. The cash flow statement details were not provided in the summary, but the solid balance sheet positions the company well for future investments and operational needs.
Looking Ahead: 2024 Guidance
Astrana Health Inc provided guidance for 2024, projecting total revenue between $1.65 billion and $1.85 billion. The company expects net income attributable to ASTH to be between $61.0 million and $73.0 million, with an Adjusted EBITDA between $165.0 million and $185.0 million. The diluted EPS is forecasted to be between $1.28 and $1.52. This guidance reflects the company's confidence in its business model and strategic initiatives.
The company's conference call to discuss the fourth quarter and full-year results will provide additional insights into its performance and future plans. Investors and stakeholders are encouraged to participate or access the recording after the call.
Astrana Health Inc's focus on technology-powered healthcare solutions and value-based care arrangements continues to drive its financial success. The company's ability to adapt to market conditions and execute its strategic roadmap will be critical in sustaining its growth and delivering value to shareholders.
For detailed financial tables and further information, please refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from Astrana Health Inc for further details.
This article first appeared on GuruFocus.
