Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Waystar reported solid results for the second quarter of 2026, demonstrating continued growth across key financial and operational metrics.</li><li>Revenue increased 18% year-over-year to $320 million, driven by both client expansion and sustained demand for the company’s AI-powered revenue cycle management platform.</li><li>Subscription revenue grew robustly by 34% year-over-year to $176 million, representing 55% of total revenue and reflecting the health of Waystar’s core recurring business.</li></ul>

Waystar reported solid results for the second quarter of 2026, demonstrating continued growth across key financial and operational metrics.Revenue increased 18% year-over-year to $320 million, driven by both client expansion and sustained demand for the company’s AI-powered revenue cycle management platform.Subscription revenue grew robustly by 34% year-over-year to $176 million, representing 55% of total revenue and reflecting the health of Waystar’s core recurring business.

<ul><li>Waystar’s first quarter of 2026 results reflect growth driven by strong execution across its healthcare revenue cycle platform and accelerated adoption of AI-powered capabilities.</li><li>The company reported revenue of $314 million, marking a 22% year-over-year increase, supported by solid organic growth of 11%.</li><li>Subscription revenue, making up 55% of total sales, grew 38% year-over-year, while volume-based revenue rose 7%.</li></ul>

Waystar’s first quarter of 2026 results reflect growth driven by strong execution across its healthcare revenue cycle platform and accelerated adoption of AI-powered capabilities.The company reported revenue of $314 million, marking a 22% year-over-year increase, supported by solid organic growth of 11%.Subscription revenue, making up 55% of total sales, grew 38% year-over-year, while volume-based revenue rose 7%.

Waystar: The AI-Powered Revenue Cycle Story Wall Street May Be Underestimating!

<ul><li>Waystar reported strong financial and operational results for the fourth quarter and full fiscal year 2025, highlighting its sustained revenue growth and strategic expansion within the healthcare revenue cycle management (RCM) market.</li><li>Total revenue for the quarter reached $304 million, a 24% year-over-year increase driven by both subscription and volume-based revenue, with organic growth of 12%.</li><li>Full-year revenue surpassed $1 billion, up 17% year-over-year, consistent with the company’s low double-digit growth target.</li></ul>

Waystar reported strong financial and operational results for the fourth quarter and full fiscal year 2025, highlighting its sustained revenue growth and strategic expansion within the healthcare revenue cycle management (RCM) market.Total revenue for the quarter reached $304 million, a 24% year-over-year increase driven by both subscription and volume-based revenue, with organic growth of 12%.Full-year revenue surpassed $1 billion, up 17% year-over-year, consistent with the company’s low double-digit growth target.

Waystar: How the Iodine Acquisition Is Reshaping Margins and Growth Behind the Scenes!

<ul><li>Waystar's third-quarter 2025 financial results highlight both opportunities and challenges as the company continues its mission to modernize the healthcare payment process through its AI-powered, cloud-based platform.</li><li>The company demonstrated significant growth, with revenue reaching $269 million, a 12% increase year-over-year, and an adjusted EBITDA margin of 42%.</li><li>This performance surpasses its guidance, suggesting effective execution and strong client retention and expansion.</li></ul>

Waystar's third-quarter 2025 financial results highlight both opportunities and challenges as the company continues its mission to modernize the healthcare payment process through its AI-powered, cloud-based platform.The company demonstrated significant growth, with revenue reaching $269 million, a 12% increase year-over-year, and an adjusted EBITDA margin of 42%.This performance surpasses its guidance, suggesting effective execution and strong client retention and expansion.

Waystar Unleashes Game-Changing Cross-Sell Power—Can The Management Up Its Game In Healthcare Tech?

<ul><li>Waystar, in its second quarter of 2025, showcased a blend of strategic expansion and steady financial performance.</li><li>A key highlight is Waystar's acquisition of Iodine Software for $1.25 billion, a move poised to significantly enhance its capabilities in AI-powered clinical intelligence.</li><li>This acquisition is anticipated to amplify Waystar's gross and adjusted EBITDA margins while expanding its total addressable market by over 15%.</li></ul>

Waystar, in its second quarter of 2025, showcased a blend of strategic expansion and steady financial performance.A key highlight is Waystar's acquisition of Iodine Software for $1.25 billion, a move poised to significantly enhance its capabilities in AI-powered clinical intelligence.This acquisition is anticipated to amplify Waystar's gross and adjusted EBITDA margins while expanding its total addressable market by over 15%.

Waystar Holding’s 50% Revenue Bet on Provider Solutions—Is This High-Stakes Strategy Paying Off Big?

United States

Waystar Holding Corp. operates as a holding company. The Company, through its subsidiaries, provides healthcare organizations with mission-critical cloud software that automate payment-related workflow tasks and drive continuous improvement, which enhances claim and billing accuracy, enriches data integrity, and reduces labor costs for providers.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Waystar Holding (WAY US)

Waystar’s Client Base Deepens as 1

Waystar reported solid results for the second quarter of 2026, demonstrating continued growth across key financial and operational...

Baptista Research

Waystar: The AI-Powered Revenue Cycle Story Wall Street May Be Underestimating!

Waystar’s first quarter of 2026 results reflect growth driven by strong execution across its healthcare revenue cycle platform and accelerated...

Baptista Research

Waystar: How the Iodine Acquisition Is Reshaping Margins and Growth Behind the Scenes!

Waystar reported strong financial and operational results for the fourth quarter and full fiscal year 2025, highlighting its sustained revenue...

Baptista Research

Waystar Unleashes Game-Changing Cross-Sell Power—Can The Management Up Its Game In Healthcare Tech?

Waystar's third-quarter 2025 financial results highlight both opportunities and challenges as the company continues its mission to modernize the...

Baptista Research

Waystar Holding’s 50% Revenue Bet on Provider Solutions—Is This High-Stakes Strategy Paying Off Big?

Waystar, in its second quarter of 2025, showcased a blend of strategic expansion and steady financial performance. A key highlight is Waystar's...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)