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• Like Optum Health, but focused on empowering independent physician networks for value-based care.
• Similar to Humana's integrated care delivery, but as an independent company managing physician groups.

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• Physician Enablement Services: Provides administrative, technological, and clinical support to independent physicians and physician groups to enhance practice efficiency and patient care.
• Value-Based Care Solutions: Assists healthcare providers in transitioning to and managing risk-based, value-based care models, focusing on quality outcomes and cost containment.
• Healthcare Technology Platform: Offers proprietary software and data analytics tools designed to facilitate care coordination, population health management, and operational efficiency for healthcare providers.

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Astrana Health (symbol: ASTH) primarily sells its healthcare services directly to **individuals** (patients) rather than to other companies.

The up to three categories of individual customers that Astrana Health serves are:

• Seniors and Medicare Advantage Members: A significant portion of Astrana Health's customer base consists of seniors, particularly those enrolled in Medicare Advantage plans. The company operates medical centers focused on providing comprehensive primary care and value-based care services to this demographic.
• Individuals with Chronic Health Conditions: Astrana Health's care model is specifically designed to manage and improve health outcomes for patients with complex and chronic health conditions, often within the senior population, to reduce hospitalizations and overall healthcare costs.
• Other Vulnerable Populations: Depending on specific clinic locations and payer contracts, Astrana Health may also serve other vulnerable populations, which can include individuals eligible for Medicaid or other government-sponsored healthcare programs, though their core focus remains on the Medicare segment.

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Brandon K. Sim, President & Chief Executive Officer

Brandon K. Sim leads Astrana Health in its mission to enable providers in delivering accessible, high-quality, and high-value care, overseeing the company's strategy, growth, operations, and technology innovation. He joined Astrana Health (formerly ApolloMed) in 2019, holding various roles including Chief Operating Officer, Chief Technology Officer, and the company's first software engineer. Prior to Astrana Health, he was a Quantitative Researcher at Citadel Securities from 2015 to 2019. He also co-founded and served as Chief Technology Officer at Theratech, a medical device startup. Sim has served on the board of directors for Cardio Diagnostics Holdings Inc. and previously Clinigence Health.

Chan Basho, Chief Financial Officer & Chief Operating Officer

Chan Basho is responsible for the development and execution of Astrana Health's finance, strategy, and operations, focusing on improving operating discipline to ensure scalable growth. He possesses 15 years of experience in strategy, finance, and operations within reputable healthcare companies. Most recently, he served as Vice President of Strategy and Corporate Development at Alignment Healthcare since 2018. From 2017 to 2018, Basho served as Chief Financial Officer at Alsana, a private equity-backed behavioral health company. He also held various positions at HealthCare Partners, a DaVita Medical Group company, and DaVita Kidney Care.

Dinesh Kumar, MD, Chief Medical Officer

Dr. Dinesh Kumar is a visionary healthcare leader with over 25 years of experience across clinical, provider group, and payer settings. Before joining Astrana Health, he served as Chief Medical and Chief Operating Officer at Alignment Healthcare. He also led value-based care and population health efforts as Senior Vice President of Clinical Transformation at DaVita and was Chief Medical Officer of HealthCare Partners within the California market. Dr. Kumar founded D.K. Healthcare Advisors, where he provided strategic guidance to private equity-backed healthcare startups.

Glenn Sobotka, Chief Accounting Officer

Glenn Sobotka brings over 25 years of accounting and finance experience from diverse business environments. For the past six years, he has worked in healthcare, serving as CFO at Arkos Health and Chief Accounting Officer at both Carbon Health and Agilon Health. At Agilon Health, he successfully guided the accounting team through their IPO. Sobotka is a Certified Public Accountant.

Sherry McBride, Chief Operating Officer of Astrana Health MSO

Sherry McBride has over a decade of C-suite experience in healthcare, with a proven track record of driving profitable growth, optimizing performance, and scaling operations in complex and highly regulated environments. Prior to joining Astrana Health, she was Chief Operating Officer of Providence Health Network, where she led the Medicare Advantage global risk entity. She also served as Chief Operations Officer at Prospect Medical Systems, overseeing a $920 million portfolio and 480,000 risk lives across multiple states and product lines.

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1. Reliance on Government Healthcare Programs and Evolving Policy Changes: Astrana Health has a heavy reliance on government healthcare programs like Medicare Advantage and Medicaid. This exposes the company to considerable uncertainty and risk stemming from evolving policy changes and reimbursement rates, which can directly impact its earnings and revenue outlook.
2. Execution and Profitability Challenges in Full-Risk Contracts: The company is strategically shifting towards full-risk contracts, which now represent a significant portion of its capitation revenue. While this strategy is intended to drive higher-quality revenue, it introduces risks related to execution in these risk-bearing models, sensitivity to government payer economics, and utilization trends. Despite robust revenue growth, this shift has been accompanied by compressed margins and lower profitability metrics, raising investor concerns about the company's ability to translate expansion into improved profitability.
3. Financial Health and Debt Reliance: Astrana Health exhibits concerns regarding its financial health, particularly a significant reliance on debt financing. The company's debt-to-equity ratio suggests this reliance, and while its low debt-to-EBITDA ratio indicates modest debt use, its EBIT only covered interest expenses by a limited margin, suggesting a need to carefully monitor financing costs. Furthermore, its Altman Z-Score indicates some financial stress, and there have been concerns about potential financial manipulation.

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The primary clear emerging threat to Astrana Health is the aggressive expansion and consolidation of larger, well-capitalized healthcare and retail conglomerates into the value-based primary care market for seniors. Companies like CVS Health (with its acquisition of Oak Street Health), UnitedHealth Group (through Optum's continuous acquisitions), and even Amazon and Walmart are investing heavily and expanding rapidly into primary care and value-based care models. This creates an increasingly competitive landscape where Astrana Health, having recently emerged from Chapter 11 bankruptcy, faces significant challenges in terms of capital for growth, technological innovation, and patient acquisition/retention against rivals with vastly superior resources and established healthcare ecosystems.

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Astrana Health (symbol: ASTH) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Sustainable Membership Growth: The company is focused on expanding its membership base to deliver enhanced care to more individuals. Astrana Health reported approximately 1 million members as of September 30, 2024, and has been organically adding primary care providers and specialists to its network to support this growth.

2. Strategic Acquisitions and Integration: Astrana Health has demonstrated significant revenue growth through strategic acquisitions. For instance, the successful integration of Prospect Health has substantially expanded its market reach and contributed to a 100% year-over-year revenue increase in Q3 2025. The acquisition of Collaborative Health Systems (CHS) further expanded its patient base to over 1.1 million across 12 states. The company continues to prioritize the seamless integration of these acquired assets and new provider partners.

3. Transition to Full-Risk Arrangements: A core strategy involves increasing Astrana Health's responsibility for the total cost of care within value-based arrangements. As of October 1, 2024, full-risk business constituted approximately 61% of total capitation revenue, up from 46% in the prior year, with a goal of reaching two-thirds by January 1, 2025. Although some full-risk contract transitions have experienced timing shifts to early 2026, these are expected to reinforce long-term growth.

4. Geographic Expansion and Strategic Partnerships: Astrana Health is actively expanding its market presence and forging strategic alliances. Recent expansions include entering new markets such as Nevada and Texas. The company has also strengthened partnerships, like the one with Intermountain Health in Nevada, to combine clinical infrastructure with value-based care management, thereby enhancing healthcare access and outcomes in key regions.

5. Leveraging Technology (AI and Automation): The company's proprietary technology platform, which incorporates data analytics, machine learning, and artificial intelligence, is crucial for improving healthcare delivery, addressing pain points, and driving efficiencies. Astrana Health has further committed to this area with a $15 million investment in AI and automation technologies in Q4 2024.

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Share Repurchases

• On January 17, 2025, Astrana Health repurchased 300,000 shares of its common stock from Allied Physicians of California (APC), a consolidated affiliate, for approximately $10.551 million at a price of $35.17 per share.

Share Issuance

• As of February 22, 2024, Astrana Health had 55,423,408 shares of common stock issued and outstanding, including 7,132,698 treasury shares owned by Allied Physicians of California (APC), a consolidated affiliate.
• As of August 7, 2025, there were 56,060,330 shares of common stock issued and outstanding, including 6,132,802 treasury shares owned by APC.

Outbound Investments

• On July 1, 2025, Astrana Health completed the acquisition of Prospect Health for $708 million, a reduction from the originally announced price of $745 million. This acquisition was financed using proceeds from a five-year delayed draw term loan credit facility.
• The acquisition of Prospect Health is expected to contribute $1.2 billion in annual revenue and $81 million in adjusted EBITDA.
• Astrana Health has also completed acquisitions of other healthcare entities such as Collaborative Health Systems, Golden Triangle Physician Alliance, and Heritage Physician Networks to strengthen its portfolio.