Waystar (WAY) 7th Annual Evercore ISI HealthCONx Healthcare Conference summary

Business overview and market positioning

• Went public in June 2024 with a $1 billion IPO, serving over 1 million providers and processing $1 trillion in gross claim charges annually.

• Focuses on cloud-based software for healthcare providers to simplify payments and improve efficiency.

• Competes in a $15 billion addressable market, winning clients with easy-to-install software and high Net Promoter Scores.

• Not a services business; emphasizes a software-centric, vertically integrated approach.

• Leverages transaction insights to enhance patient engagement and payment accuracy.

Growth, sales pipeline, and product traction

• Sales pipeline grew throughout 2024, with over 70% win rates and momentum expected to continue into 2025.

• Saw increased demand for claims management and clearinghouse solutions after a competitor's cyber attack, with automation and AI modules gaining traction.

• Actively cross-sells and upsells software modules, with a focus on automation and eligibility detection.

• Most new contracts are two to three years with auto-renewal, positioning as the primary clearinghouse for clients.

Competitive landscape and cybersecurity

• Benefited from a competitor's cyber attack by onboarding over 30,000 providers quickly and efficiently.

• Strong focus on cybersecurity, with outside advisory and rapid recovery planning.

• Advocates for direct payer connections to improve network resiliency and reduce reliance on exclusive clearinghouse arrangements.

• Established dozens of new direct payer connections, enhancing network effects and operational efficiency.