"Revenue grew to $269 million, representing 12% year-over-year growth with an adjusted EBITDA margin of 42%."（CEO）
"We are raising revenue guidance for 2025 to a range of $1.085 billion to $1.093 billion, with the midpoint of $1.089 billion, representing a 15% year-over-year growth rate."（CFO）
"Our net retention rate, or NRR, was 113% for the last 12 months."（CEO）
"Unlevered free cash flow was $96 million in the third quarter of 2025 with an unlevered free cash flow to adjusted EBITDA conversion ratio of 85%."（CFO）
"We estimate that Iodine accelerates portions of our product road map by nearly 2 years."（CEO）
Topic: Hospital demand environment and module preference shifts
Key points:
Providers prioritize efficiency, faster/accurate payment, cybersecurity, and denial rate reduction.
Waystar’s claims management suite has a first-pass claim acceptance rate >98.5% across its network.
Hot areas: eligibility automation, coverage detection, prior authorization automation, and denial/appeal management with autonomous generative AI.
Mgmt stance: Bullish — demand is strong and increasing; providers see compounding benefit of using multiple Waystar modules.
Q7 — Daniel Grosslight
Topic: Competitive intensity in AI-powered RCM and go-to-market strategy
Key points:
Pipeline includes a healthy mix of new and cross-sell opportunities; new AltitudeAI products are making a meaningful contribution to pipeline and year-to-date results.
Win rates are consistently high and have increased modestly since the S-1 publication.
Waystar is cloud-native, has a data-rich rules engine, is AI-enabled, and has high client satisfaction.
Mgmt stance: Bullish — imitation is flattery; Waystar focuses on ROI reality, not hype, and has a platform (not point solution) with lowest total cost of ownership and highest ROI.
Q8 — Saket Kalia
Topic: Monetization strategy for AltitudeAI
Key points:
Monetization comes in three forms: (1) retention and long-term relationships, (2) annual price uplift program pricing to value for incremental AI benefits, (3) introduction of new SKUs/software modules (not publicly specified).
Waystar has been a long-time deployer of AI; AI is deployed across the workflow platform, often with a human in the loop.
Providers want AI but don’t know how it fits into workflow; Waystar conditions end users to consume AI intuitively.
Mgmt stance: Bullish — encouraged by launched products, achieved pricing, and long-term client relationships.
Q9 — Charles Rhyee
Topic: Competition from EHR vendors (Epic, Oracle/Cerner) building AI into RCM
Key points:
Waystar has well over 1,000 hospital clients; majority are on Epic; also has many Cerner and Meditech clients.
Waystar is connected to >500 different instances of EHR, practice management, and hospital information system vendors.
Waystar uses every modern LLM; value is in access to data to train models (large object models consuming lab charts, PDFs, images).
Mgmt stance: Bullish — Waystar is “doing RCM” while others are “talking” about it; Waystar can be a linchpin partner for EHR systems.
Q10 — Jailendra Singh
Topic: EBITDA margin trends and internal AI-driven efficiencies
Key points:
Long-term target: adjusted EBITDA margins of 40%; recent quarter was slightly higher than that.
Company could run at >40% but chooses to invest in innovation, cybersecurity, and go-to-market.
Internal AI team (“Kaizen AI team”) identifies use cases for operating leverage; every team member has a Copilot license with certification/training.
Development teams use GitHub and Copilot for code writing and review.
Mgmt stance: Neutral — will continue to invest at ~40% margin level; AI is a productivity augmentation tool to scale future growth.