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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from ___ to ___.\n\nCommission File No. 001-37392\n\nAstrana Health, Inc.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware\n\n95-4472349\n\n(State or Other Jurisdiction\n\n(I.R.S. Employer\n\nof Incorporation or Organization)\n\nIdentification Number)\n\n1668 S. Garfield Avenue, 2nd Floor, Alhambra, California 91801\n\n(Address of principal executive offices and zip code)\n\n(626) 282-0288\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of Each Class\n\n \n\nTrading Symbol\n\n \n\nName of Each Exchange on Which Registered\n\nCommon Stock, $0.001 par value per share\n\n \n\nASTH\n\n \n\nThe Nasdaq Stock Market LLC\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\n☒\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☐\n\nSmaller reporting company\n\n☐\n\n \n\n \n\nEmerging growth company\n\n☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No\n\nAs of May 4, 2026, there were 55,716,220 shares of common stock of the registrant, $0.001 par value per share, issued and outstanding, which includes 6,132,802 treasury shares that are owned by Allied Physicians of California, a Professional Medical Corporation d.b.a. Allied Pacific of California IPA (“APC”), a consolidated affiliate of Astrana Health, Inc. These shares are legally issued and outstanding but treated as treasury shares for accounting purposes.\n\n \n\n \n\n \n\nAstrana Health, Inc.\n\nINDEX TO FORM 10-Q FILING\n\nTABLE OF CONTENTS\n\n \n\n \n\nPAGE\n\n \n\n[Glossary](#glossary)\n\n[3](#glossary)\n\n \n\n[Introductory Note](#introductory_note)\n\n[4](#introductory_note)\n\n \n\n[Note About Forward-Looking Statements](#forward_looking_statements)\n\n[4](#forward_looking_statements)\n\n \n\n \n\n \n\n \n\n[PART I](#part_i)\n\n \n\n \n\n \n\n \n\n[ITEM 1](#condensed_consolidated_financial_stmt)\n\n[Condensed Consolidated Financial Statements](#condensed_consolidated_financial_stmt)\n\n[6](#condensed_consolidated_financial_stmt)\n\n \n\n[Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#balance_sheets)\n\n[6](#balance_sheets)\n\n \n\n[Condensed Consolidated Statements of Income for the three months ended March 31, 2026 and 2025](#statement_of_income)\n\n[7](#statement_of_income)\n\n \n\n[Condensed Consolidated Statements of Mezzanine Deficit and Stockholders’ Equity for the three months ended March 31, 2026 and 2025](#stockholers_equity)\n\n[8](#stockholers_equity)\n\n \n\n[Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#statement_of_cash_flow)\n\n[9](#statement_of_cash_flow)\n\n \n\n[Notes to Condensed Consolidated Financial Statements](#notes_to_condensed_financial_statements)\n\n[10](#notes_to_condensed_financial_statements)\n\n[ITEM 2](#managements_discussion_and_analysis)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#managements_discussion_and_analysis)\n\n[37](#managements_discussion_and_analysis)\n\n[ITEM 3](#disclosures_about_market_risk)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#disclosures_about_market_risk)\n\n[48](#disclosures_about_market_risk)\n\n[ITEM 4](#controls_and_procedures)\n\n[Controls and Procedures](#controls_and_procedures)\n\n[48](#controls_and_procedures)\n\n \n\n \n\n \n\n \n\n[PART II](#part_ii)\n\n \n\n \n\n \n\n \n\n[ITEM 1](#legal_proceedings)\n\n[Legal Proceedings](#legal_proceedings)\n\n[49](#legal_proceedings)\n\n[ITEM 1A](#risk_factors)\n\n[Risk Factors](#risk_factors)\n\n[49](#risk_factors)\n\n[ITEM 2](#securities_and_use_of_proceeds)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#securities_and_use_of_proceeds)\n\n[50](#securities_and_use_of_proceeds)\n\n[ITEM 3](#defaults_upon_senior_securities)\n\n[Defaults Upon Senior Securities](#defaults_upon_senior_securities)\n\n[50](#defaults_upon_senior_securities)\n\n[ITEM 4](#mine_safety_disclosures)\n\n[Mine Safety Disclosures](#mine_safety_disclosures)\n\n[50](#mine_safety_disclosures)\n\n[ITEM 5](#other_information)\n\n[Other Information](#other_information)\n\n[50](#other_information)\n\n[ITEM 6](#exhibits)\n\n[Exhibits](#exhibits)\n\n[51](#exhibits)\n\n[SIGNATURES](#signatures)\n\n \n\n[53](#signatures)\n\n \n\n2\n\n \n\nGlossary\n\nThe following abbreviations or acronyms that may be used in this document shall have the adjacent meanings set forth below:\n\nACO LEAD\n\n \n\nACO Long-Term Enhanced ACO Design\n\nACO REACH\n\n \n\nACO Realizing Equity, Access, and Community Health\n\nAHM\n\n \n\nAstrana Health Management, Inc. (f/k/a Network Medical Management Inc.)\n\nAHMC\n\n \n\nAHMC Healthcare Inc.\n\nAHMS\n\n \n\nAdvanced Health Management Systems, L.P.\n\nAPC\n\n \n\nAllied Physicians of California, a Professional Medical Corporation\n\nAstrana\n\n \n\nAstrana Health, Inc. (f/k/a Apollo Medical Holdings, Inc.)\n\nAstrana Medical\n\n \n\nAstrana Health Medical Corporation (f/k/a AP-AMH Medical Corporation)\n\nAstrana Care Partners Medical\n\n \n\nAstrana Care Partners Medical Corporation (f/k/a AP-AMH 2 Medical Corporation)\n\nCFC\n\n \n\nCommunity Family Care Medical Group IPA, Inc.\n\nCHS\n\n \n\nCollaborative Health Systems, LLC, Golden Triangle Physician Alliance, and Heritage Physician Networks\n\nCMS\n\n \n\nCenters for Medicare & Medicaid Services\n\nDMHC\n\n \n\nCalifornia Department of Managed Health Care\n\nIPA\n\n \n\nIndependent Practice Association\n\nMSSP\n\n \n\nMedicare Shared Savings Program\n\nProspect\n\n \n\nCertain businesses and assets of Prospect Medical Holdings, Inc. acquired by the Company\n\nSun Labs\n\n \n\nSun Clinical Laboratories, a California corporation\n\nVIE\n\n \n\nVariable Interest Entity\n\n \n\n3\n\n[Table of Contents](#table_of_contents)\n\nINTRODUCTORY NOTE\n\nUnless the context dictates otherwise, references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us,” “our,” and similar words are references to Astrana Health, Inc., a Delaware corporation (“Astrana” or “Astrana Health”), and its consolidated subsidiaries and affiliated entities, as appropriate, including its consolidated variable interest entities (“VIEs”).\n\nThis Quarterly Report on Form 10-Q includes the financial statements for the quarter ended March 31, 2026, and provides management’s discussion and analysis of the Company’s financial condition, results of operations, and other required disclosures, as mandated by the Securities and Exchange Commission (the “SEC”).\n\nThe Centers for Medicare & Medicaid Services (“CMS”) have not reviewed any statements contained in this Report, including statements describing the Company’s participation in the ACO Realizing Equity, Access, and Community Health Model (“ACO REACH Model”), in the ACO Long-Term Enhanced ACO Design Model (“ACO LEAD Model”), or in the Medicare Shared Savings Program (“MSSP”).\n\nTrade names and trademarks of Astrana and its subsidiaries referred to herein, and their respective logos, are our property. This Quarterly Report on Form 10-Q may contain additional trade names and/or trademarks of other companies, which are the property of their respective owners. We do not intend our use or display of other companies’ trade names and/or trademarks, if any, to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies.\n\nNOTE ABOUT FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any statements about our business, financial condition, operating results, plans, objectives, expectations, and intentions; any projections of earnings, revenue, earnings before interest, taxes, depreciation, and amortization (“EBITDA”), Adjusted EBITDA, Adjusted EBITDA margin, adjusted earnings per share (“EPS”) - diluted, free cash flow, or other financial items, such as our projected capitation from CMS, our forward-looking guidance, and our future liquidity; any statements of any plans, strategies, and objectives of management for future operations, such as the material opportunities that we believe exist for our Company; any statements concerning proposed services, developments, mergers, acquisitions, or dispositions; any statements relating to our completed Prospect acquisition; any statements with respect to dividends or stock repurchases and timing, methods, and payment of same; any statements regarding the outlook of the ACO REACH Model, the ACO LEAD Model, the MSSP, or strategic transactions; any statements relating to delayed payments under, or potential cuts to, Medicaid and/or Medicaid programs and/or changes in federal or state funding policies; any statements regarding management’s view of future expectations and prospects for us; any statements about prospective adoption of new accounting standards or effects of changes in accounting standards; any statements regarding our ability to remediate the material weakness in our internal control over financial reporting and maintain effective internal control over financial reporting and disclosure controls and procedures; any statements regarding potential changes to our tax structure; any statements regarding future economic conditions or performance; any statements relating to the potential impact of cybersecurity breaches or disruptions to our management information systems or widespread outages, interruptions, or other failures of operational, communication, and other systems; any statements of belief; any statements of assumptions underlying any of the foregoing; and other statements that are not historical facts. Forward-looking statements may be identified by the use of forward-looking terms, such as “anticipate,” “could,” “can,” “may,” “might,” “potential,” “predict,” “should,” “estimate,” “expect,” “project,” “believe,” “think,” “plan,” “envision,” “intend,” “continue,” “target,” “seek,” “contemplate,” “budgeted,” “will,” or “would,” and the negative of such terms, other variations on such terms or other similar or comparable words, phrases, or terminology. These forward-looking statements present our estimates and assumptions only as of the date of this Quarterly Report on Form 10-Q and are subject to change.\n\n4\n\n[Table of Contents](#table_of_contents)\n\nForward-looking statements involve risks and uncertainties, many of which are difficult to predict, are outside of our control, and are based on the current beliefs, expectations, and certain assumptions of management. Some or all of such beliefs, expectations, and assumptions may not materialize or may vary significantly from actual results. Such statements are qualified by important economic, competitive, governmental, and technological factors that could cause our business, strategy, or actual results or events to differ materially from those in our forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 12, 2026, including the risk factors discussed under the heading “Risk Factors” in Part I, Item 1A thereof. Although we believe the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change. Significant risks and uncertainties could cause actual conditions, outcomes, and results to differ materially from those indicated by such statements. Any forward-looking statement made by the Company in this Quarterly Report on Form 10-Q speaks only as of the date it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by any applicable securities laws.\n\n5\n\n[Table of Contents](#table_of_contents)\n\nPART I – FINANCIAL INFORMATION"}