Astrana Health, Inc. reported significant financial growth in its latest quarterly filing, with total revenue reaching $956.0 million for the three months ended September 30, 2025, a 100% increase from $478.7 million in the same period last year. This surge in revenue was largely driven by the acquisition of Prospect Medical Holdings, which contributed approximately $308.0 million since its acquisition date. For the nine months ending September 30, 2025, total revenue was $2.23 billion, up 63% from $1.37 billion in the prior year. However, net income attributable to Astrana fell sharply to $373,000 from $16.1 million year-over-year, reflecting a 98% decline.
The company’s operating expenses also saw a substantial rise, totaling $936.8 million for the third quarter, compared to $450.3 million in the previous year, marking a 108% increase. The cost of services, excluding depreciation and amortization, accounted for the majority of this increase, rising to $858.9 million from $405.2 million. General and administrative expenses also increased significantly, driven by the inclusion of Prospect's operations and transaction costs associated with the acquisition.
In terms of operational metrics, Astrana managed over 1.6 million patients as of September 30, 2025, an increase from approximately 1.0 million in the previous year. The company operates 28 independent risk-bearing organizations, up from 18, indicating a strategic expansion in its healthcare delivery capabilities. The acquisition of Prospect has notably enhanced Astrana's provider network, which now includes over 11,000 providers, allowing for improved access to care and quality of services.
Looking ahead, Astrana's management expressed optimism about navigating regulatory changes introduced by the One Big Beautiful Bill Act, which includes new Medicaid work-requirement pilots. The company believes its diversified operations and strong Medicaid performance will help mitigate potential impacts. Additionally, Astrana's liquidity position remains strong, with cash and cash equivalents totaling $462.2 million as of September 30, 2025, compared to $288.5 million at the end of 2024, providing a solid foundation for future growth and operational investments.
About Astrana Health, Inc.
Astrana Health, Inc. operates an integrated, provider-centric healthcare delivery platform focused on value-based care. It manages a network of over 10,000 physicians across multiple states, serving approximately 1.1 million patients primarily covered by Medicare, Medicaid, and commercial insurers. Astrana’s business segments include Care Partners (provider networks), Care Delivery (clinics and ancillary services), and Care Enablement (technology and management services), enabling coordinated, cost-effective, high-quality care through risk-bearing arrangements.
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