Welcome to our dedicated page for Waystar Holding news (Ticker: WAY), a resource for investors and traders seeking the latest updates and insights on Waystar Holding stock.
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 (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.
Waystar Holding Corp (Nasdaq: WAY), a healthcare payment software provider, has announced its participation in two upcoming investor conferences. CEO Matt Hawkins will present at the Evercore ISI HealthCONx Conference on December 4, 2024, at 1:20 p.m. ET, and the Barclays 22nd Annual Global Technology Conference on December 12, 2024, at 11:00 a.m. PT. Both presentations will be available via live webcasts on Waystar's Investor Relations website, with recordings accessible afterward.
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.
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