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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Waystar
Waystar (WAY) investor relations material
Waystar 44th Annual J.P. Morgan Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.44th Annual J.P. Morgan Healthcare Conference summary12 Jan, 2026
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.
Describe Waystar's evolving AI data moat
Waystar's strategy to capture >$100B market
Update on Phase 2 opportunities from cyberattack
Partial view of Summaries dataset, powered by Quartr API
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Next Waystar earnings date
Q4 202517 Feb, 2026
Waystar
Next Waystar earnings date
Q4 202517 Feb, 2026
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Frequently asked questions
Waystar Holding Corp. provides healthcare organizations with mission-critical cloud software designed to simplify healthcare payments. The company's enterprise-grade platform automates and streamlines complex payment processes, enhancing accuracy in claims and billing, improving data integrity, and reducing labor costs for providers. Waystar serves approximately 30,000 clients, including physician practices, clinics, surgical centers, laboratories, and large hospitals, and is used by around one million providers across the United States. Waystar is headquartered in Lehi, Utah, and its shares are listed on the NASDAQ.
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