As of September 30, 2024, Astrana Health, Inc. (formerly Apollo Medical Holdings, Inc.) reported significant financial growth, with total revenue reaching $1,369.3 million for the nine months ended, a 32% increase from $1,033.6 million in the same period of 2023. For the third quarter alone, revenue was $478.7 million, up 37% from $348.2 million year-over-year. This growth was primarily driven by a $333.5 million increase in capitation revenue, attributed to recent acquisitions in the Care Partners segment, including the CFC IPA assets and Restricted Knox-Keene licensed health plans.

Despite the revenue increase, net income for the nine months ended September 30, 2024, was $57.7 million, slightly down from $57.9 million in 2023. Net income attributable to Astrana Health, Inc. for the same period rose to $50.1 million, a 4% increase from $48.4 million in 2023. However, net income for the third quarter decreased to $19.0 million from $28.0 million in the prior year, reflecting a 32% decline.

Total operating expenses for the nine months ended September 30, 2024, were $1,280.7 million, a 36% increase from $945.1 million in 2023. This rise was driven by higher costs associated with patient care, general and administrative expenses, and increased depreciation and amortization. Operating income for the nine months was $88.6 million, slightly up from $88.5 million in 2023.

The company’s balance sheet showed total assets of $1,285.4 million as of September 30, 2024, up from $933.4 million at the end of 2023. Total liabilities also increased significantly to $778.3 million from $522.6 million, primarily due to a rise in long-term debt, which reached $423.1 million compared to $258.9 million at the end of 2023.

Strategically, Astrana Health has been active in acquisitions, including the purchase of Airline Complete and other healthcare entities, which contributed to the increase in goodwill to $409.7 million. The company also announced plans to acquire Collaborative Health Systems for $37.5 million and signed an agreement to acquire Prospect Health Services for $745 million, expected to close in mid-2025.

Cash flow from operating activities improved to $63.1 million for the nine months ended September 30, 2024, compared to $48.9 million in 2023. However, cash used in investing activities surged to $159.1 million, primarily due to business acquisitions. The company’s financing activities generated $150.4 million, a significant turnaround from cash used in financing activities in the previous year.

Overall, Astrana Health's performance reflects robust revenue growth driven by strategic acquisitions, despite challenges in profitability and rising operational costs.