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Astrana Health, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $478.7 million from $348.2 million in the same quarter the previous year. This increase is primarily attributed to growth in capitation revenue due to recent acquisitions.
Cost of services for the quarter was $405.2 million, compared to $275.4 million in the same quarter of the previous year. This increase is linked to the expansion in the Care Partners segment.
General and administrative expenses rose to $37.8 million from $29.4 million, reflecting increased expenses to support operational growth.
Depreciation and amortization expenses increased to $7.3 million from $4.3 million, primarily due to the amortization of acquired intangibles.
Net income attributable to Astrana Health, Inc. was $16.1 million, down from $22.1 million in the previous year, with the decline attributed to higher interest expenses and costs associated with acquisitions.
Interest expense for the quarter was $8.9 million, up from $3.8 million, due to increased borrowings under the Amended Credit Facility.
Cash provided by operating activities was $63.1 million, while cash used in investing and financing activities was $159.1 million and $150.4 million, respectively.
Astrana Health had a working capital of $284.1 million as of September 30, 2024. The company maintains sufficient liquidity to fund operations through the foreseeable future.
The filing also details a definitive agreement to acquire Collaborative Health Systems, LLC and related entities for $37.5 million, with additional earnout payments possible.
Astrana Health entered into an Asset and Equity Purchase Agreement to acquire certain assets and businesses of Prospect for $745.0 million, subject to customary closing conditions.
The company anticipates no cash dividend payments to common stockholders in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Astrana Health Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.