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Waystar Q2 earnings call highlights. July 29, 2026 Key points. * Strong second-quarter performance: Waystar's revenue rose 18% year over year to $320 million, while adjusted EBITDA increased 21.5% to $137 million, maintaining a 43% margin. The company raised its 2026 revenue and adjusted EBITDA guidance. * Platform adoption and AI momentum continued: Large providers signed multi-million-dollar engagements, subscription revenue grew 34%, and more than $6 million in quarterly bookings came from existing clients purchasing Iodine capabilities. Waystar is expanding AI tools aimed at preventing denials and identifying revenue leakage. * Financial position and leadership transition: Waystar generated $64 million in unlevered free cash flow and reduced net leverage to 2.5 times, while repurchasing $13 million of stock. CFO Steve Oreskovich will transition to an advisory role, with Alpana Wegner becoming the company's new CFO. * Interested in Waystar? Here are five stocks we like better. Waystar NASDAQ: WAY reported second-quarter 2026 revenue of $320 million, up 18% from a year earlier, and adjusted EBITDA of $137 million, representing a 43% margin. Chief Executive Officer Matt Hawkins said the company's results reflected continued client expansion, demand for its AI-powered revenue-cycle tools and momentum in larger platform deployments. Organic revenue increased 7% year over year, while normalized organic growth was approximately 10% after excluding previously disclosed items affecting comparability, Chief Financial Officer Steve Oreskovich said. The company also raised the low end of its full-year revenue outlook and increased its adjusted EBITDA guidance. Large deals and platform adoption. Waystar said bookings included a double-digit number of engagements with annual contract values exceeding $1 million. Hawkins said providers are increasingly seeking to consolidate fragmented revenue-cycle point solutions onto connected platforms that span functions including claims management, patient financial care, clinical documentation integrity and revenue capture. The company cited a nonprofit health system in central New Jersey and southeastern Pennsylvania that selected Waystar to replace three vendors across several workflows. It also highlighted an expanded relationship with one of the country's largest nonprofit health systems, which is implementing Waystar's eligibility-verification and insurance-coverage detection tools. The additional solutions are expected to generate more than $1 million in incremental annual revenue, according to Hawkins. Clients generating more than $100,000 in trailing-12-month revenue totaled 1,453 at quarter end, up 15% year over year. Net revenue retention was 108%, within the company's historical 108% to 110% range. Oreskovich said gross revenue retention remained strong at 97%. Subscription revenue rose 34% year over year to $176 million, or 55% of total revenue. On an organic basis, subscription revenue grew 12%. Volume-based revenue was $142 million, up 3% year over year and 2% sequentially; Oreskovich said normalized volume-based revenue growth was closer to 8% after accounting for comparison items. AI, Iodine cross-selling and market conditions. Waystar continued to emphasize its effort to build what Hawkins called an "autonomous revenue cycle," using AI within provider payment workflows. The company said it processes more than 7.5 billion transactions annually and uses the resulting network, workflow and payment data to support automation and payment intelligence. More than $6 million of quarterly bookings came from existing Waystar clients purchasing Iodine capabilities, an early indicator of cross-selling opportunities following the acquisition. Hawkins said the combined clinical and financial data capabilities are intended to help providers prevent denials before claims are submitted and identify potential revenue leakage. More than a dozen clients committed to Waystar's next-generation anomaly-detection solution during the first half of the year, according to Hawkins. The company said early adopters have recovered approximately $3 million in incremental revenue per 10,000 admissions through automated revenue-leakage detection. Waystar also cited results from U.S. Renal Care, which operates more than 500 dialysis centers across 32 states. The provider achieved an 88% autonomous match rate between recoupments and original claims using a Waystar AltitudeAI-powered payer-takeback solution, reducing time spent managing recoupments by about 80%, Hawkins said. During the question-and-answer session, Hawkins said healthcare transaction utilization has returned toward its long-term annual growth range of about 1% to 2%, after elevated growth of roughly 3% to 4% in recent years. He said declines in Medicaid coverage and growth in uninsured or self-pay populations could increase demand for tools that identify available insurance coverage, improve collection rates and lower providers' cost to collect. Hawkins also said Waystar is seeing more requests for proposals, including larger opportunities involving multiple front-, middle- and back-office revenue-cycle solutions. He said implementation timelines for larger contracts generally remain in the six- to 18-month range, although single-solution purchases can move more quickly. Margins, cash flow and updated outlook. Adjusted EBITDA increased 21.5% year over year, with the 43% margin unchanged from the prior quarter. Oreskovich attributed the margin performance to the company's scalable platform model, cost discipline and a favorable mix of higher-margin bookings. Waystar generated $64 million in unlevered free cash flow during the quarter, converting 47% of adjusted EBITDA into unlevered free cash flow. The company ended June with $192 million in cash equivalents and short-term investments and $1.5 billion in gross debt. Net leverage declined to 2.5 times from 2.7 times at the end of the first quarter. The board had previously authorized up to $200 million in share repurchases. During the second quarter, Waystar repurchased $13 million of stock at an average price of $19.24 per share. The company increased its 2026 revenue guidance to $1.276 billion to $1.294 billion, lifting the low end by $2 million. The midpoint of $1.285 billion would represent 17% year-over-year growth. Adjusted EBITDA guidance was raised to $535 million to $545 million, up $5 million at the midpoint. Management said it expects to continue investing in AI platform capabilities and capitalized software development, which Oreskovich said was roughly double the prior-year level during the first half. He said the company expects such investment to continue through the remainder of 2026 while maintaining its focus on free-cash-flow generation. CFO transition. Waystar also announced that Oreskovich will transition out of the CFO role after eight years with the company and remain as an adviser during the coming months. Alpana Wegner joined Waystar during the week as its next CFO. Hawkins said Wegner brings public-company finance and software-industry leadership experience, including prior CFO roles at several public software companies. About Waystar (NASDAQ:WAY). Waystar NASDAQ: WAY is a leading provider of cloud-based revenue cycle management and payment solutions for healthcare organizations. The company's unified platform streamlines the entire financial continuum of patient care, from eligibility verification and claim submission to payment reconciliation and patient billing. By automating key processes and improving claim accuracy, Waystar helps providers reduce administrative overhead, accelerate cash flow and enhance overall revenue performance. At the core of Waystar's offering is a SaaS-based architecture that integrates seamlessly with existing electronic health record (EHR) systems and payer networks. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Before you consider Waystar, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Waystar wasn't on the list. While Waystar currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys. The AI wave will soon hit public markets with Anthropic and OpenAI set to go public later this year. However, you don't have to wait to invest. This report shows seven AI stocks that you can buy today while the big model providers get ready to go public.

AdvancedMD has expanded its Waystar-powered revenue cycle offerings to help independent medical practices improve financial performance. The cloud-based healthcare software provider introduced AI-driven capabilities including Coverage Detection, Denial and Appeal Management, and Paper-to-Electronic EOB Conversion. The expansion addresses challenges facing ambulatory care providers. A Physicians Practice survey found 85% of medical groups rated payers as below average or poor for payment issues. The Medical Group Management Association reported nearly 30% of medical group owners said patient balance collections worsened in 2025. The new tools, available through the AdvancedMD portal, aim to increase payment collections and improve clean-claim submissions. AdvancedMD serves over 13,000 practices and 850 billing companies, processing more than 9.5 million claims monthly with a 95% first-pass acceptance rate.

Waystar earns overall "A" Rating from KLAS for Revenue Cycle suites, cementing its platform advantage in a fragmented market. Jul 21, 2026, 17:00 ET Report finds that clients using multiple Waystar capabilities achieve the strongest outcomes, highlighting the value of a single, connected platform LEHI, Utah and LOUISVILLE, Ky., July 21, 2026 /PRNewswire/ - Waystar (Nasdaq: WAY), a provider of leading healthcare payment software, today announced that it earned an overall "A" satisfaction score among revenue cycle management (RCM) platform vendors in KLAS Research's inaugural Revenue Cycle Management Suites 2026 report. The study examines the experiences of "deep adopters," which KLAS defines as healthcare organizations using at least three distinct RCM technology solutions from a single vendor. As healthcare organizations confront rising administrative costs and mounting payer complexity, end-to-end platforms provide a distinct advantage over disconnected point solutions. KLAS found that Waystar clients were the most likely to report lower cost-to-collect and improved collections performance, with 76%-100% of interviewed clients reporting those outcomes. "Intelligent, connected platforms are shaping the future of the revenue cycle," said Matt Hawkins, Chief Executive Officer of Waystar. "Waystar's scale, differentiated proprietary data, and advanced AI capabilities connect workflows across the payment journey, so clients see more value with each solution they adopt. These findings reinforce the durability of our platform advantage and our ability to turn it into meaningful financial outcomes for providers." More broadly, KLAS found that vendor consolidation and stronger vendor partnerships were the top reasons for adopting integrated RCM suites, with 57% of respondents citing each. Deep adopters also reported improved workflow efficiency and faster cash collections. Clients attributed these gains in part to integrations that streamline operations and enable them to work through a single, connected platform. Waystar clients highlighted the company's partnership-oriented approach and its ability to continuously identify opportunities to improve revenue cycle workflows. Waystar also scored above the market average for both strategic partnership and continual suite improvement, reflecting the company's ability to drive innovation and value across its platform over time. Read the full report here. About Waystar Waystar's mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Waystar serves over 30,000 clients, representing over 1 million distinct providers, including 16 of 20 institutions on the U.S. News Best Hospitals list. Waystar's enterprise-grade platform annually processes over 7.5 billion healthcare payment transactions, including over $2.4 trillion in annual gross claims and spanning approximately 60% of U.S. patients and one in three U.S. hospital discharges. Waystar strives to transform healthcare payments so providers can focus on what matters most: their patients and communities. Discover the way forward at waystar.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the future of the revenue cycle, the anticipated benefits, value, and competitive advantages of Waystar's platform, and Waystar's ability to deliver financial and operational outcomes for its clients. Forward-looking statements are based on Waystar's current expectations and assumptions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks include those described under "Risk Factors" in Waystar's most recent Annual Report on Form 10-K and its subsequent filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date of this release, and Waystar undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. SOURCE Waystar