Waystar(NASDAQ) WAY

Waystar Holding Corp. makes software that helps doctors get paid. It simplifies how hospitals handle bills and insurance claims. The system helps patients understand and pay their medical costs.

Simplifying the Business of Healthcare

• Provider Solutions: Software that handles insurance claims and billing for medical groups; subscription fees for these services accounted for approximately 70% of total revenue in the six months ended June 30, 2026.
• Patient Payments Solutions: Digital tools that help medical offices collect payments directly from patients and manage their billing experience.
• Waystar AltitudeAI: Proprietary engine that uses machine learning, large language models, and generative artificial intelligence to automate complex clinical tasks.
• Iodine Clinical Intelligence: Acquired technology that reviews patient records to find missing documentation and prevent revenue loss before a bill is sent.

Acquisitions and Artificial Intelligence

• Completed the acquisition of Iodine, a clinical intelligence leader, on Oct. 1, 2025, for a total purchase price of $1.26 billion.
• Integrated 10 different companies since 2018 to expand software capabilities and add more clients to the platform.
• Authorized a $200 million stock repurchase plan on May 19, 2026, to buy back outstanding shares of common stock.
• Increased the number of high-value clients generating over $100,000 in annual revenue to 1,453 as of June 30, 2026.

The Power of the Network

Waystar processes 7.5 billion transactions annually, covering approximately 60% of all patients in the United States. This scale supports its 108.3% Net Revenue Retention Rate, which measures the company's ability to keep and grow revenue from existing clients.

By the Numbers

• Revenue was $633.5 million for the six-month period ended June 30, 2026, up 20.2% year over year.
• Net income reached $84.2 million for the six months ended June 30, 2026, an increase of 36.9% year over year.
• Adjusted EBITDA was $272.1 million in the first half of 2026, up 23.5% from the same period in 2025.
• Non-GAAP net income per diluted share was $0.84 for the six months ended June 30, 2026.
• Net cash provided by operating activities was $144.3 million during the six-month period ended June 30, 2026.

Bottom Line

Waystar has evolved from a billing tool provider into a comprehensive healthcare intelligence platform. Its focus on recurring revenue and strategic software acquisitions supports its role in the medical sector.