Astrana Health, Inc. reported significant financial growth in its latest quarterly filing, with total revenue reaching $965.1 million for the three months ended March 31, 2026, a 56% increase from $620.4 million in the same period last year. This growth was primarily driven by a substantial rise in capitation revenue, which increased by 53% to $892.9 million, and a notable contribution from the acquisition of Prospect Medical Holdings, which added approximately $300.2 million in revenue since its acquisition date. The company also saw a marked increase in management fee income, which surged to $15.7 million from $2.3 million, reflecting a 573% increase.
Operating expenses also rose significantly, totaling $936.6 million, up 56% from $599.8 million in the prior year. The cost of services, excluding depreciation and amortization, accounted for the largest portion of these expenses, increasing by 57% to $859.4 million. General and administrative expenses rose by 41% to $61.7 million, largely due to the inclusion of Prospect's operational costs. Despite the increase in expenses, Astrana reported an operating income of $28.5 million, a 39% increase from $20.6 million in the previous year.
In terms of operational metrics, Astrana managed approximately 1.55 million patients as of March 31, 2026, up from 1.0 million a year earlier, reflecting the company's expanding reach in the healthcare market. The number of independent risk-bearing organizations under management also increased from 20 to 29, indicating a strategic expansion in its service offerings. The company’s employee headcount has also grown, supporting its operational needs as it integrates new acquisitions.
Looking ahead, Astrana Health expressed optimism about its future performance, particularly in light of the recent changes in Medicare Advantage payment rates announced by the Centers for Medicare & Medicaid Services (CMS). The company believes that the stability in risk adjustment for 2027 will benefit its operations. Additionally, Astrana's management is focused on addressing a material weakness in internal controls identified in previous filings, which they are actively working to remediate. The company maintains a strong liquidity position, with cash and cash equivalents totaling $478.4 million as of March 31, 2026, and believes it has sufficient resources to fund operations in the foreseeable future.
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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