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LEHI, Utah and LOUISVILLE, Ky. - Waystar Holding Corp. (NASDAQ:WAY), a healthcare technology company currently valued at $6.74 billion, announced Monday the appointment of two new members to its Board of Directors: Aashima Gupta, Global Director of Healthcare Strategy and Solutions at Google Cloud, and Michael Roman, former Executive Chairman and CEO of 3M. According to InvestingPro data, the company maintains a "GREAT" financial health score, indicating strong operational fundamentals.
Gupta brings expertise in AI strategy and digital transformation in healthcare. At Google Cloud, she has led healthcare AI initiatives using cloud and data technologies. She also serves on the boards of Neogen, Mölnlycke Health Care, and the HIMSS Global Health Advisory Board. Modern Healthcare recognized her as one of the Top 10 Executives to Watch in 2024.
Roman spent nearly 40 years at 3M, including roles as CEO, chairman, and executive chairman. During his tenure, he oversaw a global technology company with approximately $32 billion in annual revenue, with a quarter coming from its healthcare division. He currently serves on the board of Abbott Laboratories and the Board of Trustees for the University of Minnesota Foundation.
"They bring distinguished experience and expertise at the intersection of innovation, healthcare, and enterprise leadership," said Matt Hawkins, CEO at Waystar, in the press release.
Waystar provides healthcare payment software to approximately 30,000 clients representing over one million distinct healthcare providers. The company’s platform processes more than 6 billion healthcare payment transactions annually, handling over $1.8 trillion in gross claims spanning approximately 50% of U.S. patients. With a strong current ratio of 3.12, the company maintains robust liquidity to support its operations. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US equities with deep-dive analysis and actionable intelligence.
In other recent news, Waystar Holding Corp. has seen significant developments in its financial and operational landscape. The company received an upgrade from Fitch Ratings, which elevated its Long-Term Issuer Default Rating to ’BB’ from ’BB-’, citing reduced leverage and strong recurring revenues. Fitch also highlighted Waystar’s robust EBITDA margins, expected to reach the low 40% range, and anticipated free cash flow improvements. Similarly, S&P Global Ratings upgraded Waystar’s issuer credit rating to ’BB-’ from ’B+’, pointing to the company’s stronger market position and reduced leverage. This comes as major shareholders, including EQT Partners Inc. and Bain Capital L.P., reduced their stake through a public offering, signaling a potential shift in company control.
Additionally, Waystar announced a proposed public offering of 12.5 million shares by its investors, managed by leading financial institutions like J.P. Morgan and Goldman Sachs. In corporate governance news, Waystar’s CEO received a performance-based stock grant, linked to the company’s shareholder return relative to its peers. Truist Securities also raised its price target for Waystar shares to $50, maintaining a "Buy" rating, and noted the company’s successful integration of Change Healthcare clients, which contributed positively to revenue and retention rates. These developments underscore Waystar’s continued growth and strong position in the healthcare IT sector.
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