Waystar Holding Corp. reported a revenue of $943.5 million for the fiscal year ending December 31, 2024, marking a 19.3% increase from $791.0 million in 2023. The growth was driven by both subscription and volume-based revenues, with subscription revenue rising to $458.0 million and volume-based revenue reaching $479.9 million. The company also reported a net loss of $19.1 million, a significant improvement from the $51.3 million loss in the previous year. Adjusted EBITDA for the year was $383.5 million, reflecting a 14.9% increase compared to $333.7 million in 2023.
In terms of operational metrics, Waystar served over 30,000 clients, representing more than one million distinct providers, including 16 of the top 20 U.S. News Best Hospitals. The company facilitated over six billion healthcare payment transactions, amounting to more than $1.8 trillion in gross claims volume. The Net Revenue Retention Rate stood at 110.1%, indicating strong client retention and expansion within existing accounts. The number of clients generating over $100,000 in revenue increased to 1,203, up from 1,046 in 2023.
Strategically, Waystar completed its initial public offering (IPO) in June 2024, raising approximately $914.3 million in net proceeds. The funds were primarily used to pay down $1.0 billion of outstanding debt under its First Lien Credit Facility. The company also made two acquisitions in 2023, acquiring HealthPay24 and certain assets from Olive AI, which are expected to enhance its product offerings and market reach. The company has indicated plans to continue pursuing strategic acquisitions to bolster its growth.
Waystar's financial performance was also influenced by a cybersecurity incident involving a competitor in February 2024, which led to an influx of new clients and additional revenue of approximately $34 million. The company has emphasized its commitment to innovation, with a focus on expanding its product suite and leveraging artificial intelligence to enhance its platform. Looking ahead, Waystar anticipates continued growth driven by its existing client base and the potential for geographic expansion, although it acknowledges the competitive landscape and regulatory challenges in the healthcare technology sector.
About Waystar Holding Corp.
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