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Waystar Holding Corp. (Nasdaq: WAY) is a leading provider of cloud-based technology solutions specifically designed to simplify and enhance healthcare payments. Serving approximately 30,000 clients and over 1 million distinct providers, Waystar's mission-critical software optimizes financial performance for healthcare organizations by streamlining complex payment processes, from pre-service engagements to post-service remittances and reconciliations.
Waystar's enterprise-grade platform processes over 5 billion healthcare payment transactions annually, including more than $1.2 trillion in gross claims. By enhancing data integrity, eliminating manual tasks, and improving billing accuracy, Waystar delivers better transparency, reduced labor costs, and faster reimbursements, which significantly contribute to improved cash flow for healthcare providers. The company’s solutions cover the entire U.S., including Puerto Rico and other U.S. territories.
In recent developments, Waystar launched its initial public offering (IPO) on June 7, 2024, listing its shares on The Nasdaq Global Select Market under the symbol 'WAY'. The IPO included 45,000,000 shares at a public price of $21.50 per share, with an option for underwriters to purchase an additional 6,750,000 shares. This move aimed to repay outstanding indebtedness and strengthen the company's financial stability.
Following the IPO, Waystar has taken strategic steps to reduce its borrowing costs. The company successfully negotiated an amendment to its first lien credit agreement, lowering the interest rate on its term loans from adjusted SOFR +4.00% to adjusted SOFR +2.75%. This re-pricing reflects the robust financial health and growth momentum of the company. Credit rating agencies like Fitch Ratings, Moody's, and S&P Global Ratings have upgraded Waystar's ratings, acknowledging its substantial deleveraging and consistent free cash flow generation.
Waystar's platform is employed by 18 of the top 22 institutions listed in the U.S. News Best Hospitals, underscoring the essential role of its technology in enhancing healthcare operations. The company's focus remains on enabling healthcare providers to prioritize patient care by transforming the payment processes, ensuring providers can concentrate on what matters most: their patients and communities.
Waystar continues to innovate and invest in its platform, ensuring its solutions remain at the forefront of the healthcare payments industry. With a commitment to transparency, efficiency, and financial optimization, Waystar is positioned as a critical partner for healthcare organizations across the nation.
Waystar Holding Corp. (Nasdaq: WAY) announced its third-quarter 2024 results, highlighting a 22% year-over-year revenue growth to $240 million, with a net income of $5.4 million and a net income margin of 2%. Non-GAAP net income was $25.3 million, and adjusted EBITDA was $96.7 million, representing a margin of 40%. The company reported a cash flow from operations of $79 million and unlevered free cash flow of $89 million. Key metrics include 1,173 clients contributing over $100,000 in LTM revenue, a 14% increase year-over-year, and a net revenue retention rate of 109%. Subscription revenue grew by 16% to $118 million, while volume-based revenue increased by 28% to $120.7 million. For the fiscal year 2024, Waystar projects total revenue between $926 million and $934 million, adjusted EBITDA between $374 million and $378 million, and non-GAAP net income between $47 million and $50 million.
Waystar Holding Corp. (Nasdaq: WAY), a leading healthcare payment software provider, has announced its plans to release third quarter 2024 financial results on November 6, 2024, after market close. The company will host a conference call at 4:30 p.m. Eastern Time on the same day to discuss the financial outcomes. For those interested in participating, a live audio webcast of the conference call will be accessible through Waystar's investor relations website. Additionally, the webcast will be archived on the site for those unable to attend in real-time, ensuring all stakeholders have access to the information.
Waystar Holding Corp. (Nasdaq: WAY) and Modern Healthcare have released a study on AI's impact in healthcare payments. The research, surveying over 60 senior executives and finance leaders, reveals significant benefits of AI adoption:
Key findings:
- 75% report positive ROI from AI in healthcare payments
- 90% plan to increase AI investments soon
- AI adoption has improved staff productivity, revenue, and patient satisfaction
- 66% expect to invest in generative AI within 18 months
The study highlights AI's potential to simplify healthcare payments, automate tasks, and allow providers to focus more on patient care. Waystar's CEO, Matt Hawkins, emphasized the company's leadership in innovation and focus on delivering ROI across their software platform.
Waystar Holding Corp. (Nasdaq: WAY), a leading healthcare payment software provider, has been honored with multiple Stevie® Awards at the 2024 International Business Awards® (IBAs). The company received a Gold Stevie® Award for Company of the Year in the healthcare category and for the best Payments Solution. Additionally, Waystar earned two Silver Stevie® Awards for its AI capabilities in healthcare applications and digital automation.
CEO Matt Hawkins emphasized the company's focus on leveraging AI to improve payment processes for healthcare providers and patients. Waystar's recent collaboration with Google Cloud to develop generative AI applications further demonstrates its commitment to innovation. The awards, selected from over 3,600 nominations, follow other industry recognitions in 2024, including the Healthcare Payments Innovation Award from MedTech Breakthrough.
Waystar Holding Corp. (Nasdaq: WAY), a leading healthcare payment software provider, has announced that CEO Matt Hawkins will speak at the Canaccord Genuity Growth Conference on Tuesday, August 13, 2024, at 10:00 a.m. ET. This presentation marks an important opportunity for Waystar to showcase its growth and innovations in the healthcare technology sector.
Investors and interested parties can view the presentation live on Waystar's Investor Relations website. For those unable to attend the live event, a recording will be made available on the same platform after the conference. This event underscores Waystar's commitment to transparency and engagement with its stakeholders, providing insights into the company's strategies and market position.
Waystar Holding Corp. (Nasdaq: WAY), a provider of healthcare payment software, announced its Q2 2024 earnings.
Revenue grew by 20% year-over-year to $234.5 million. However, the company reported a net loss of $27.7 million with a net loss margin of (11.8)%. Non-GAAP net income was reported at $5.0 million.
Adjusted EBITDA was $93.9 million with a margin of 40%. Cash flow from operations amounted to $15.5 million, and unlevered free cash flow reached $50.3 million.
Key metrics included 1,117 clients contributing over $100,000 in LTM revenue, up by 9% year-over-year, and a net revenue retention rate of 108%.
The company forecasts full fiscal year 2024 total revenue between $902 million and $918 million, adjusted EBITDA between $360 million and $368 million, and non-GAAP net income between $36 million and $42 million.
Waystar Holding Corp. (Nasdaq: WAY), a leading healthcare payment software provider, has announced it will release its second quarter 2024 financial results on August 7, 2024, after market close. The company will host a conference call at 4:30 p.m. Eastern Time on the same day to discuss the financial results. Investors and interested parties can access a live audio webcast of the conference call on Waystar's investor relations website. For those unable to attend in real-time, an archived version of the webcast will be made available on the same platform.
Waystar, a leading healthcare payment software provider, has been recognized by Black Book™ as a top-rated client software provider. Over 6,000 healthcare finance and IT leaders ranked Waystar highest in five categories and 18 key performance indicators, including innovation, data security, and marginal value add. This recognition spans clients of all sizes, from large health systems to small physician practices. CEO Matt Hawkins highlighted the importance of technological transformation and AI in healthcare, noting that Waystar leverages these innovations to enhance efficiency and ROI. The survey revealed that 96% of healthcare leaders prioritize digital transformation, with 84% evaluating AI for cost reduction and claim accuracy. Waystar's collaboration with Google Cloud aims to develop over a dozen generative AI applications. The company’s other accolades include the Healthcare Payments Innovation Award from MedTech Breakthrough and recognition by Becker's Hospital Review.
Waystar Holding Corp. (Nasdaq: WAY) announced an amendment to its first lien credit agreement, reducing the interest rate on its term loans from adjusted SOFR +4.00% to adjusted SOFR +2.75%. This repricing is expected to lower borrowing costs and save on interest expenses.
Following its IPO on June 7, 2024, Waystar used net proceeds to reduce debt. Consequently, Fitch Ratings upgraded Waystar's long-term issuer default rating to 'BB' from 'B' with a positive outlook. Moody's raised its senior secured rating to 'B1' from 'B3' with a stable outlook, and S&P Global Ratings upgraded the issuer credit rating to 'B+' from 'B-' with a stable outlook.
These upgrades were attributed to significant deleveraging, strong operating performance, ongoing growth, and consistent free cash flow generation. CEO Matt Hawkins highlighted the company's durable recurring revenue model and robust free cash flow as critical factors for continued deleveraging and growth investment.
Waystar Holding Corp. announced the pricing of its initial public offering (IPO) of 45,000,000 shares at $21.50 per share. The underwriters have a 30-day option to purchase an additional 6,750,000 shares. Trading on Nasdaq under the symbol 'WAY' is expected to start on June 7, 2024, with the offering closing on June 10, 2024. Proceeds will be used to repay outstanding debt. J.P. Morgan, Goldman Sachs, and Barclays are the lead book-running managers. The SEC has declared the registration statement effective.
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