Waystar Holding Corp. - WAY STOCK NEWS

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 For those unable to attend in real-time, an archived version of the webcast will be made available on the same platform.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.

Waystar Holding Corp. has announced its initial public offering (IPO) of 45,000,000 shares of common stock, with an estimated price range of $20.00 to $23.00 per share. The company has also granted underwriters a 30-day option to purchase an additional 6,750,000 shares at the IPO price, less the underwriting discount. The shares will be listed on Nasdaq under the symbol 'WAY.' Proceeds from the IPO will be used to repay outstanding debt. The registration statement has been filed with the SEC but is not yet effective. J.P. Morgan, Goldman Sachs, and Barclays are the lead book-running managers, among other financial entities involved in the offering.