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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) has announced the pricing of a public offering where certain investment funds of EQT AB, Bain Capital, LP, and Canada Pension Plan Investment Board (the Selling Stockholders) will sell 20,000,000 shares of common stock at $40.00 per share. The Selling Stockholders have also granted underwriters a 30-day option to purchase up to 3,000,000 additional shares.
The offering, expected to close around February 24, 2025, is being led by J.P. Morgan, Goldman Sachs & Co. , and Barclays as joint lead book-running managers. Waystar itself is not selling any shares and will not receive any proceeds from the offering. The transaction is subject to customary closing conditions and has been registered with the SEC.
Waystar Holding Corp. (Nasdaq: WAY) has announced a proposed underwritten public offering of 18,000,000 shares of its common stock. The offering is being made by certain investment funds of EQT AB, Canada Pension Plan Investment Board, and Bain Capital, LP (the Selling Stockholders). The underwriters will have a 30-day option to purchase up to 2,700,000 additional shares.
The offering is being led by J.P. Morgan, Goldman Sachs & Co. , and Barclays as joint lead book-running managers. Importantly, Waystar will not receive any proceeds from the sale of shares in this offering. A registration statement on Form S-1 has been filed with the SEC but has not yet become effective.
Waystar Holding Corp. (WAY) reported strong Q4 and fiscal year 2024 results, with annual revenue reaching $944M, up 19% year-over-year. Q4 revenue grew 18% to $244.1M, with net income of $19.1M and adjusted EBITDA of $100.2M.
The company demonstrated solid performance metrics, including a 110% net revenue retention rate and 1,203 clients contributing over $100,000 in LTM revenue, up 15% YoY. Subscription revenue grew 18% to $121.6M, while volume-based revenue increased 19% to $121.2M.
For fiscal year 2025, Waystar projects revenue between $1.0-1.016B and adjusted EBITDA between $399-407M. The company expects non-GAAP net income of $237-243M and diluted non-GAAP EPS of $1.29-1.32.
Waystar Holding Corp. (Nasdaq: WAY) has been recognized as the leading AI-powered software platform by Black Book Market Research™, securing top rankings in eight categories. The recognition comes from an independent survey of over 1,300 healthcare executives evaluating 80 vendors' AI-powered revenue cycle management solutions.
The company dominated in key areas including claim accuracy, operational efficiency, reduction in administrative burden, and patient engagement. Notably, Waystar outperformed competitors, with no other vendor securing more than one top ranking out of the 18 AI categories.
In January, Waystar launched AltitudeAI™, featuring AltitudeCreate™, a pioneering generative AI capability for appealing denied claims. The platform excels in claim management, showing significant improvements in claim rejection rates, clean claim submissions, and reimbursement turnaround time. Additionally, Waystar leads in patient collections and engagement, offering AI-driven tools that enhance payment collection rates while maintaining patient satisfaction.
Waystar Holding Corp. (Nasdaq: WAY) has secured top rankings in multiple 2025 Best in KLAS categories, specifically in Claims Management & Clearinghouse and Patient Access solutions. The recognition is based on independent client feedback and highlights Waystar's excellence in healthcare payment software.
The company's AI-powered platform, driven by Waystar AltitudeAI™, helps healthcare providers optimize revenue cycle workflows by integrating front-end patient access with back-end claims management. In 2024, Waystar demonstrated industry leadership by successfully implementing its Accelerated Implementation Program, which helped onboard over 30,000 providers during a nationwide cyber incident affecting claims processing.
The company's recent achievements include recognition from Forbes' Most Trusted Companies in America, Fortune's Best Workplaces in Health Care, and multiple Gold Stevie® Awards for cloud-based software and AI leadership. This marks over a dozen consecutive years of Waystar being named Best in KLAS.
Waystar Holding Corp. (Nasdaq: WAY), a healthcare payment software provider, has scheduled its Q4 and fiscal year 2024 financial results announcement for February 18, 2025, before market open. The company will host a conference call at 8:30 a.m. Eastern Time on the same day to discuss the results. A live audio webcast will be available on Waystar's investor relations website, with an archived version accessible for those unable to attend the live event.
Waystar (Nasdaq: WAY) has launched Waystar AltitudeAI™, featuring AltitudeCreate™, a groundbreaking generative AI technology designed to automate the appeal process for denied healthcare claims. The innovation aims to help providers recover substantial portions of payments from over 450 million annually denied claims.
The initiative addresses significant challenges in healthcare administration, where $350 billion is lost annually to administrative waste, and hospitals spend $20 billion yearly attempting to overturn denied claims. More than half of denied claims are ultimately overturned, but the process is traditionally time-consuming and error-prone.
Waystar's platform processes over five billion annual transactions for approximately 50% of patients nationwide. The company's AI capabilities are now unified under the Waystar AltitudeAI™ brand, focusing on improving healthcare payment efficiency and accuracy.
Waystar Holding Corp. (Nasdaq: WAY), a leading healthcare payment software provider, has announced its participation in the upcoming 43rd Annual J.P. Morgan Healthcare Conference. CEO Matt Hawkins will deliver a presentation on Monday, January 13, 2025, at 11:15 a.m. PT.
The company will provide real-time access to the presentation through a live webcast on their Investor Relations website. For those unable to attend or watch live, a recording will be made available on the same platform following the event. Interested parties can access the webcast at https://investors.waystar.com/news-events/events.
Waystar Holding Corp. (WAY) announced amendments to its first lien credit agreement, enhancing its financial flexibility and reducing borrowing costs. The company's term loan interest rate has been reduced to adjusted SOFR +2.25% from SOFR +2.75%. Additionally, the revolving credit facility has been expanded to $400 million from $342.5 million, with its interest rate lowered to adjusted SOFR +1.75% from SOFR +2.25%.
These changes follow Waystar's IPO on June 7, 2024, where proceeds were used to reduce debt, and a previous loan repricing on June 27, 2024.
Waystar Holding Corp. (Nasdaq: WAY) has been named one of Forbes' Most Trusted Companies in America, placing among the top 15% of 2,000 evaluated public companies. The recognition was based on four key categories: customer trust, employee trust, investor trust, and media sentiment.
The healthcare payment software provider has demonstrated strong performance in client satisfaction, with 98% of clients rating Waystar's trust delivery as very well or extremely well. The company ranked #1 versus competitors in client satisfaction and product innovation.
In 2024, Waystar has received multiple accolades including Fortune's Best Workplaces in Health Care, the Healthcare Payments Innovation Award from MedTech Breakthrough, and multiple Gold Stevie® Awards for its cloud-based platform and AI leadership. The company serves over 1 million providers through its AI-driven automation and cloud-based software platform.
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