由于 Iodine 收购和平台扩张，Waystar 将 2025 年收入指导提高至 $1.089B

收益电话会议洞察：Waystar Holding Corp.(WAY) 2025 年第三季度管理层观点 * 首席执行官 Matthew Hawkins 报告了第三季度的强劲势头，强调了客户保留和扩张推动的“稳健的收入增长和盈利能力”，并形容该公司“超出了我们对这两项指标的指导”。收入增长至 2.69 亿美元，调整后 EBITDA 利润率为 42%。Hawkins 强调了 10 月 1 日完成的 Iodine Software 收购，并指出 Waystar 的覆盖范围和总目标市场扩大了 15% 以上。“我们还欢迎近 150 个医疗系统，代表 1,000 多家医院加入我们的客户群。” * Hawkins detailed new AI-powered product capabilities, including advancements in denial prevention and recovery, and patient financial care, showcased at the Waystar True North client conference.He stated, "Waystar AltitudeAI targets the 60% of denials that are preventable, reducing time related to critical prevention work by 95% for a midsized health system and building on our industry-leading 98.5% plus first pass clean claim rate." * William Chan, Iodine Founder, was appointed Chief AI and Product Officer, joined by several senior leaders from Iodine. * CFO Steven Oreskovich stated, "Revenue increased 12% year-over-year in the third quarter to $269 million, driven by healthy client retention and expansion, highlighting our durable, predictable model of low double-digit revenue growth annually on a normalized basis."奥雷斯科维奇还报告称，“第三季度调整后 EBITDA 为 1.13 亿美元，同比增长 17%。”展望 * 奥雷斯科维奇宣布将 2025 年全年收入指导上调至 10.85 亿美元至 10.93 亿美元之间，“中位数为 10.89 亿美元，同比增长率为 15%。”这比之前的指导中点增加了 5300 万美元，即 5%。调整后的 EBITDA 指导上调至 4.51 亿美元至 4.55 亿美元，中点为 4.53 亿美元。调整后的 EBITDA 利润率目前预计 2025 年约为 42%。“我们对 2025 年全年碘收入的预期约为 1.2 亿美元。” * 管理层表示，碘 will not be reported separately going forward due to integration progress. * Oreskovich stated, "We look forward to providing 2026 guidance on our next earnings call."FINANCIAL RESULTS * Subscription revenue was reported at $134 million, increasing 14% year-over-year and 3% sequentially.Volume-based revenue totaled $132 million, up 10% year-over-year but down 4% sequentially, "in line with our seasonality expectations associated with revenue from patient payment solutions." * Net retention rate was 113% for the last 12 months.The number of clients generating more than $100,000 in trailing 12-month revenue increased to 1,306 at quarter end, up 11% year-over-year. * Unlevered free cash flow was $96 million, with a conversion ratio of 85% for the季度末现金及等价物总计 4.21 亿美元，总债务为 12 亿美元。Oreskovich 指出，“高现金流转换的趋势，加上我们过去 12 个月调整后 EBITDA 的扩张，在 9 月 30 日产生了 1.9 倍的杠杆率。” * 第三季度没有反映收购 Iodine 的成本协同效应，但“我们已经通知了约 70% 的年化成本并采取了行动 cost synergies."Q&A * Ryan Daniels, William Blair: Asked about client feedback on the Iodine acquisition at True North.Hawkins: "The client sentiment was 100% positive...we feel like it's a perfect strategic fit and it's helping us toward our ultimate goal of creating that perfect undeniable insurance claim." * Brian Peterson, Raymond James: Asked about the impact of Iodine on platform sales and replacing legacy RCM processes.Hawkins discussed cross-selling opportunities and the high volume of patient encounters handled by Iodine, noting, "We're headed toward more platform sales opportunities, and we're very excited by it." * Adam Hotchkiss, Goldman Sachs: Questioned patient utilization trends and the decline in volume-based revenue. 奥雷斯科维奇：“我们开始看到患者达到免赔额的时间比去年更早出现在第三季度......如果我们基于数量的结果和患者利用率继续保持相同的趋势率......我们预计会达到指导的较高水平。” * 美国银行的 Allen Lutz：询问有关将付款从邮件转移到移动设备以及相对利润影响的问题。Hawkins 描述了正在进行的数字化转型，并表示：“我们认为这一情况不会在 1 季度或 1 季度或 1 季度内发生显着变化。 2 个季度。这是转型和机遇的长尾。”* 其他分析师问题集中在 Iodine 产品路线图的加速、对特定模块的需求、新的 AI 进入者的竞争压力、AI 功能的货币化策略、与 EHR 供应商的互操作性以及内部使用 AI 来提高运营效率。情绪分析* 分析师大多持积极态度，祝贺该公司并寻求整合的明确性， margins, and strategic product initiatives.There was particular interest in the competitive landscape and the impact of Iodine. * Management's tone was confident and expansive during prepared remarks, frequently referencing strong results and future growth.Hawkins was upbeat when discussing integration and product innovation, while Oreskovich provided detailed financial context.The Q&A revealed continued confidence with some defensiveness when discussing seasonality and longer-term digital transitions. * Compared to the previous quarter, analysts remain constructive but are进一步探讨整合和竞争威胁的细节。管理层信心依然高涨，更加重视收购和平台扩张的影响。季度与季度比较 * 收入同比增长从第二季度的 15% 放缓至 12%，基于数量的收入环比下降 4%，而此前环比增长 6%。 * 净保留率从第二季度下降至 113% 115% in Q2. * The number of clients generating more than $100,000 in revenue increased to 1,306 from 1,268. * Full year guidance for revenue and adjusted EBITDA was raised more sharply this quarter, reflecting the Iodine acquisition and stronger Q3 performance.The prior quarter's guidance did not include Iodine. * The tone of management remained optimistic but more focused on integration and realizing 风险和担忧 * 霍金斯强调了诸如“利用率上升、拒绝率加速和持续的劳动力短缺等挑战，这些都继续对利润率造成压力。” * 数据碎片和缺乏互操作性被认为是人工智能有效性的障碍。霍金斯引用了麻省理工学院的一项研究，指出，“近 95% 的人工智能计划依赖于不完整或不一致的数据。” * 作为人工智能，安全性和合规性仍然是关键问题 is further embedded into workflows. * Oreskovich addressed patient payment seasonality and the risk of volume-based revenue fluctuations. * Analysts asked about the competitive threat from new AI entrants and the sustainability of margin gains.FINAL TAKEAWAYWaystar emphasized its strengthened position following the Iodine Software acquisition, delivering double-digit revenue growth, expanding its client base, and raising full year guidance.Management highlighted the acceleration of its product road map, ongoing innovation in AI-powered automation, and a disciplined approach to realizing synergies and cross-sell opportunities.The company reinforced its commitment to platform expansion, client retention, and operational efficiencies, signaling confidence in achieving long-term growth and profitability targets.Read the full Earnings Call Transcript [https://seekingalpha.com/symbol/way/earnings/transcripts]MORE ON WAYSTAR * Waystar Holding Corp.(WAY) Q3 2025 Earnings Call Transcript [https://seekingalpha.com/article/4835046-waystar-holding-corp-way-q3-2025-earnings-call-transcript] * Waystar Holding Corp.2025 Q3 - Results - Earnings Call Presentation [https://seekingalpha.com/article/4834999-waystar-holding-corp-2025-q3-results-earnings-call-presentation] * Waystar 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(WAY) 出席高盛 Communacopia + 技术会议 2025 年会议记录 [https://seekingalpha.com/article/4821838-waystar-holding-corp-way-presents-at-goldman-sachs-communacopia-technology-conference-2025] * 寻求 Alpha 在 Waystar 上的量化评级[https://seekingalpha.com/symbol/WAY/Ratings/Quant-Ratings] * Waystar 的历史盈利数据 [https://seekingalpha.com/symbol/WAY/earnings]