Apollo Medical Holdings, Q3 2026 Earnings Call Transcript

Astrana Health reported record third-quarter revenue of $1.02 billion and adjusted EBITDA of $77.2 million, with EBITDA growing faster than revenue on organic gains, improving medical costs and operating efficiencies. The company narrowed its 2026 outlook while maintaining its midpoint, generated $105 million in free cash flow year to date and reduced net leverage to 2.2x. Management expects at least mid-teens annual adjusted EBITDA growth over the medium term, supported by maturing risk cohorts, new Medicare Advantage partnerships, care-enablement clients and AI-driven operating leverage. Medicare Advantage margins are expected to remain stable in 2027; Medicaid membership is forecast to decline 10–15%, creating a headwind alongside higher-than-expected medical costs. Astrana plans to manage these pressures conservatively while expanding full-risk arrangements and investing in growth.