Waystar (WAY) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024 summary

Key business highlights

• Achieved 20% year-over-year revenue growth and 12% EBITDA growth in Q2, with strong free cash flow.

• Completed a successful IPO and celebrated team contributions.

• Operates a recurring revenue model with high visibility and durability.

• Targets low double-digit revenue growth and 40% adjusted EBITDA margin.

• De-levered to a 3.4x leverage ratio post-IPO, with plans to reduce further.

Product and technology differentiation

• Offers a modern, multi-tenant, cloud-based platform with AI-driven automation and intuitive UI.

• Addresses a $15B and growing market by simplifying provider-payer and provider-patient payment interactions.

• Delivers nearly 99% first-pass claim acceptance, reducing denials and accelerating payments.

• Provides in-app training, task prioritization, and knowledge retention to improve staff efficiency.

• Integrates with over 200 channel partners, including major EHR vendors.

Cybersecurity and market impact

• Benefited from the Change Healthcare cyberattack by onboarding over 30,000 providers on standard, multi-year agreements.

• Demonstrates strong cybersecurity credentials (HITRUST, SOC 2, NIST 2.0) and rapid restoration capabilities.

• Cybersecurity is now a top decision criterion for clients, driving technology replacement and platform adoption.

• Multi-factor authentication and end-to-end encryption are standard.

• Platform approach reduces risk compared to fragmented point solutions.