Astrana Health(NASDAQ) ASTH

Astrana Health, Inc. helps doctors coordinate medical care for their patients through a technology-driven system. The company manages services for 1.5 million people who use Medicare, Medicaid, or employer insurance plans. This approach lets healthcare providers focus on improving patient health while lowering total costs.

How Astrana Delivers Care

• Care Partners: Manages risk-bearing organizations and coordinates care for patients; revenue for this segment was $1.8 billion for the six-month period ended June 30, 2026.
• Care Delivery: Provides direct patient care through clinical practices including primary care and multispecialty centers.
• Care Enablement: Delivers administrative and technological support like claims processing, accounting, and utilization management to physician groups.

Growing Through Strategic Moves

• Rebranded from Apollo Medical Holdings, Inc. in Feb. 2024 to unify its corporate identity and reflect its evolving mission.
• Purchased Prospect Health in 2025 using a credit facility draw of $707.3 million to expand its geographic reach.
• Increased its managed patient base from 1 million to 1.5 million between June 2025 and June 2026.

A Tech-First Clinical Model

Astrana operates an integrated healthcare model that places physicians at the center of the patient experience. The company uses a proprietary technology platform and sophisticated risk management protocols to streamline administrative tasks and improve clinical outcomes.

Inside the Financial Performance

• Total revenue reached $1.9 billion for the six-month period ended June 30, 2026, up 52% year over year.
• Net income attributable to Astrana reached $34.2 million for the six-month period ended June 30, 2026, up 112% year over year.
• Adjusted EBITDA rose to $135.2 million for the six-month period ended June 30, 2026, up 60% year over year.
• Free cash flow was $92.9 million for the six-month period ended June 30, 2026, compared to $103.0 million for the prior-year period.

The Big Picture

Astrana has transitioned from a regional physician network into a technology-driven healthcare management firm. Its focus on value-based care and strategic acquisitions has significantly expanded its clinical reach and total revenue scale.