Waystar (WAY) 44th Annual J.P. Morgan Healthcare Conference summary

Industry leadership, trends, and market opportunity

• Healthcare faces $440B in annual administrative losses and $1–1.5T in waste, driving demand for automation and efficiency.

• The addressable RCM software market is projected to grow from $20B in 2025 to $25B by 2030, with ambitions to capture a significant share of the $100B RCM services market through automation.

• Leadership established with a cloud-native, AI-powered platform delivering hundreds of feature improvements each quarter.

• Proprietary data advantage with 7.5B insurance transactions and one-third of US hospital discharges processed annually.

• Over 30,000 clients, including 16 of the top 20 U.S. News Best Hospitals, and a Net Promoter Score of 74.

Platform innovation, AI deployment, and technology

• Cloud-native platform integrates clinical, financial, and administrative data, supporting continuous AI-driven automation.

• Over 150 AI-trained models filter unstructured clinical notes, reducing claim denials and manual errors.

• Altitude AI and agentic AI automate documentation, coding, and claim resolution, with human oversight for accuracy.

• Platform achieves a 99% first-pass claim acceptance rate and has prevented up to $16B in denied claims in 2025.

• Acquisition of Iodine in 2025 enhances clinical data integration and supports new AI solutions.

Operational and financial performance

• Six consecutive quarters of revenue and EBITDA beats through Q3 2025, with Q3 2025 YTD revenue at $796M, up 14% YoY.

• 2025 revenue guidance midpoint is $1.089B with a 42% adjusted EBITDA margin.

• Net revenue retention rate stands at 113%, with gross retention at 97% and net retention averaging 108-110%.

• Achieved a 4.82% denial rate (down 21% from the previous month) and an average of 32 days to pay (up 5.3%).

• 11% YoY growth in clients generating over $100K in trailing twelve-month revenue.