Waystar Holding Corp. (WAY)

Waystar Holding Corp. went public on June 10, 2024, raising $968 million in its U.S. IPO. In July 2025, Waystar reported its Q2 earnings, with an EPS of $0.36 and revenue of $270.65 million, exceeding analyst estimates. In October 2025, Waystar is scheduled to release its Q3 2025 earnings, with analysts anticipating earnings of $0.34 per share and revenue of $256.12 million. Several analysts have recently upgraded their ratings on Waystar, with a consensus target price of $45.50. A Forrester Consulting study commissioned by Waystar in 2025 highlighted the increasing importance of AI in healthcare revenue cycle management. In June 2025, Waystar announced the appointment of Aashima Gupta and Michael Roman to its Board of Directors.

The provided information does not explicitly detail the demand seasonality for Waystar Holding Corp.'s products and services. However, demand for its services is likely tied to the ongoing operations and financial cycles of healthcare providers, suggesting a relatively stable demand. The continuous need for efficient financial processes in healthcare suggests a consistent, rather than highly seasonal, demand for RCM solutions.

Waystar Holding Corp. is a healthcare technology company specializing in revenue cycle management (RCM) solutions. It offers cloud-based software platforms to streamline healthcare financial processes, including patient access, claims management, and payment processing. The company's core focus is simplifying healthcare payments to enable providers to prioritize patient care and optimize financial performance. Its flagship product, the Waystar Platform, integrates patient financial clearance, claims management, and payments into a unified workflow. Waystar leverages AI, generative AI, and advanced automation to enhance efficiency and achieve meaningful outcomes for healthcare providers.

Waystar Holding Corp. has a significant global presence, operating in over 50 countries and serving approximately 30,000 clients, representing over 1 million distinct providers. It serves over 3,000 healthcare organizations across the United States, Canada, and Europe. The company is headquartered in Louisville, Kentucky, with additional offices in Atlanta, Chicago, and Salt Lake City.

Waystar maintains a strong brand reputation within the healthcare technology sector, boasting a customer satisfaction score of over 90%. A Third-Party Provider Satisfaction Survey indicated high client satisfaction with Waystar's automation and EHR integrations. Waystar has received industry recognition, including being ranked #1 in product innovation + vision and client satisfaction. The company has been recognized by Forbes as one of the "Most Trusted Companies In America" and has received an IBA Gold Winner award and a Fast Company Award. In March 2024, Waystar launched its Accelerated Implementation Ramp Program to assist healthcare organizations impacted by a cybersecurity attack.

Waystar Holding Corp. is backed by Swedish private equity firm EQT AB and Canadian pension fund giant CPPIB. Several institutional investors and hedge funds have recently adjusted their stakes in Waystar, including EverSource Wealth Advisors LLC, which significantly boosted its holdings in Waystar in the second quarter of 2025.