Waystar Holding Corp. ( (WAY) ) has released its Q3 earnings. Here is a breakdown of the information Waystar Holding Corp. presented to its investors.
Waystar Holding Corp. is a leading provider of healthcare payment software, offering solutions that simplify and optimize financial performance for healthcare providers. In its recent third-quarter earnings report for 2024, Waystar announced a robust 22% increase in revenue compared to the previous year, reaching $240 million. The company’s net income stood at $5.4 million, with a notable adjusted EBITDA margin of 40%.
Key financial highlights include a net income margin of 2%, and a non-GAAP net income reaching $25.3 million. The company also reported a strong cash flow from operations totaling $79 million, and an unlevered free cash flow of $89 million. Subscription revenue rose by 16% to $118 million, while volume-based revenue saw a 28% increase, amounting to $120.7 million. Significantly, Waystar’s client base contributing over $100,000 in revenue grew by 14% year-over-year.
Waystar continues to expand its investment in AI-driven automation, enhancing its cloud-based platform to deliver substantial return on investment for clients. This strategic focus is reflected in its high net revenue retention rate of 109%, indicating effective growth and customer retention strategies.
Looking ahead, Waystar projects its full fiscal year 2024 revenue to be in the range of $926 million to $934 million, with adjusted EBITDA expected between $374 million and $378 million. The company’s forward-looking statements suggest confidence in sustained growth and innovation in the healthcare payment sector.
