Dafinchi AI

AdaptHealth Corp.

AHCO

Healthcare

1w

Major Capitated Contract with National Healthcare System

AdaptHealth signed a 5-year definitive agreement to become the exclusive provider for a major national healthcare system covering over 10 million members across multiple states.
The contract is projected to generate over $1 billion in revenue during its term, with adjusted EBITDA margins aligned with the company's enterprise margins.
Once fully ramped, this partnership will elevate capitated revenue to at least 10% of total revenue, significantly increasing recurring revenue.
The contract is expected to start generating revenue 2-3 months after infrastructure setup, with full ramp-up by 2027.
Management emphasized this as a historic, transformative deal that supports long-term growth and market consolidation.

Evolent Health, Inc.

EVH

Healthcare

1w

Strategic Partnership with Aetna and Expansion Plans

Evolent announced a new partnership with Aetna covering 250,000 Medicare Advantage members in Florida, with plans to expand to additional states.
The partnership is aligned with Aetna's focus on interoperability, clinical data exchange, and reducing provider administrative burden.
Management expects total new revenue from this partnership to exceed $250 million by Q1 2026.
The launch of the partnership is scheduled for Q1 2026, with a focus on data exchange and interoperability to facilitate scaling.
Florida was chosen as the initial market due to existing relationships and strategic fit, but the partnership aims to expand nationally.
The margin profile in the initial Florida market is expected to follow the typical Performance Suite margin ramp, reaching around 10% over two years.
Management views this partnership as a marquee opportunity that could lead to multiple additional state expansions, emphasizing the strategic importance of the deal.

ANI Pharmaceuticals, Inc.

ANIP

Healthcare

1w

Record-Setting Quarter and Broad-Based Momentum

ANI achieved all-time highs in net revenue, adjusted non-GAAP EBITDA, and EPS in Q2 2025, driven by strong growth across Rare Disease and Generics units.
The company highlighted broad momentum, with Rare Disease demand accelerating, especially for Cortrophin Gel, and positive results in their retina franchise.
Management emphasized that the quarter's performance was driven by underlying demand rather than seasonality or one-time benefits, with new patient starts more than doubling year-over-year.

LifeStance Health Group, Inc.

LFST

Healthcare

1w

Long-term Margin Expansion and Growth Outlook

Management is confident in achieving mid-teens revenue growth and expanding margins into the future.
Long-term, the company targets 15% to 20% EBITDA margins through center margin expansion, rate growth, and operating leverage.
Margin expansion in 2025 was driven by operational efficiencies despite payer dynamic challenges.
The growth algorithm includes increasing visit volumes, rate improvements, and leveraging G&A efficiencies for sustained margin growth.

Select Medical Holdings Corporation

SEM

Healthcare

2w

Recognition of Top-Ranked Rehabilitation Hospitals and Strategic Development Achievements

Eight hospitals recognized among the nation's best by U.S. News & World Report, with Kessler Institute for Rehabilitation ranked #4 for 33rd consecutive year.
Opened new facilities including a 12-bed hospital with UPMC in Pennsylvania, a neuro transitional care unit in Missouri, and expansions in Florida.
Plans to open multiple new hospitals in 2026 and 2027, including partnerships with Banner Health and Cox Health Systems, with a focus on high-demand markets.

Oscar Health, Inc.

OSCR

Healthcare

1w

Financial Performance Summary

Capital position remains strong with $5.4 billion in cash and investments and $579 million in excess capital at insurance subsidiaries.
Loss from operations was $230 million in Q2, a $298 million decrease year-over-year; adjusted EBITDA loss was $199 million, a $304 million decrease year-over-year.
Membership grew 28% year-over-year to over 2 million members, supported by strong retention and SEP additions.
Oscar Health reported Q2 2025 total revenue of $2.9 billion, a 29% year-over-year increase driven by higher membership.
SG&A expense ratio improved by 90 basis points year-over-year to 18.7%, driven by lower exchange fee rates and fixed cost leverage.
The medical loss ratio (MLR) increased 12 points year-over-year to 91.1%, impacted by a $316 million increase in risk adjustment payable due to higher market morbidity.

Oscar Health, Inc.

OSCR

Healthcare

1w

Long-term Earnings Levers and Strategic Flexibility

Oscar continues to accelerate cost reductions, including AI-driven efficiencies and operational improvements, to enhance long-term profitability.
Management emphasized ongoing opportunities in fraud, waste, and abuse reduction, provider contract renegotiations, and ICHRA expansion.
The company is actively pulling all available levers to set up 2026 and beyond as profitable years, with a focus on long-term growth.
There is an acknowledgment that some opportunities could be pulled forward if market conditions necessitate, to accelerate earnings growth.

Health Catalyst, Inc.

HCAT

Healthcare

1w

Financial Performance Summary

Adjusted operating expenses were $30.6 million, or 38% of revenue, improved from 40% in Q2 2024.
Adjusted professional services gross margin was 18%, down 190 basis points year-over-year but improved 250 basis points sequentially.
Adjusted technology gross margin was 66%, down 140 basis points year-over-year due to platform migration costs.
Adjusted total gross margin was 50%, slightly down 30 basis points year-over-year but up 30 basis points sequentially.
Cash and equivalents ended at $97 million, down from $392 million at year-end 2024, with term loan face value at $162 million after paying off $230 million convertible notes in April 2025.
Health Catalyst reported Q2 2025 revenue of $80.7 million, a 6% year-over-year increase, and adjusted EBITDA of $9.3 million, exceeding guidance and marking the highest adjusted EBITDA in company history.
Professional Services revenue declined 1% year-over-year to $27.8 million, impacted by contract restructuring and exits.
Technology segment revenue grew 11% year-over-year to $52.9 million, driven primarily by recurring revenue from new and acquired clients.

DCGO

Healthcare

1w

Financial Performance Summary

Adjusted EBITDA was a loss of $6.1 million compared to a positive $17.2 million in Q2 2024.
Adjusted gross margin was 31.6% in Q2 2025 versus 33.9% in Q2 2024, with Mobile Health margins improving sequentially but down year-over-year.
Medical Transportation Services revenue increased to $49.6 million from $48.2 million year-over-year, with a 7% underlying growth excluding Colorado exit.
Mobile Health revenue declined to $30.8 million from $116.7 million year-over-year, driven by reduced migrant-related revenues.
SG&A expenses decreased 7% year-over-year and 5% sequentially on an absolute basis, with recurring SG&A down 9% sequentially and 18% year-over-year.
Strong cash flow from operations of $33.6 million in Q2 2025, with total cash and equivalents rising to $128.7 million.
Total revenue for Q2 2025 was $80.4 million, down from $164.9 million in Q2 2024, primarily due to the wind down of migrant-related government programs.

Quest Diagnostics Incorporated

DGX

Healthcare

3w

Impact of US Healthcare Policy Changes and Uninsured Population on Quest Diagnostics

Management assesses the potential impact of the 'One Big Beautiful Bill' on Quest Diagnostics, estimating a maximum 30-40 basis point volume impact in 2026 due to increased uninsured individuals.
They highlight that the bill reduces US healthcare spending by approximately 1.5% of the total $5 trillion annual healthcare expenditure, with minimal immediate impact on Medicaid and exchange-based revenues.
Management emphasizes that most exchange enrollees are employed and have incomes, thus likely to maintain insurance coverage or pay higher premiums, mitigating volume loss.

Elevance Health Inc.

ELV

Healthcare

1mo

Financial Performance Summary

Adjusted operating expense ratio improved by 140 basis points to 10.0%.
Benefit expense ratio rose 260 basis points to 88.9%, mainly due to ACA and Medicaid cost pressures.
Carelon Rx revenue grew over 20%, while Carelon Services revenue and operating gain grew over 50%.
Debt-to-capital ratio was 40.8%, with $2 billion returned to investors year-to-date.
Elevance Health reported Q2 2025 GAAP diluted EPS of $7.72 and adjusted EPS of $8.84, consistent with expectations.
Medical membership declined by approximately 200,000 sequentially, primarily from Medicaid and ACA effectuation rates.
Operating cash flow was $2.1 billion for the quarter, with a full-year expectation of $6 billion reflecting revised outlook and working capital items.
Operating revenue increased 14% year-over-year to $49.4 billion, driven by higher premium yields and acquisitions.