What technology is driving Waystar's growth?

Waystar's adoption of AI-driven claims denial tools is a key contributor to the company's above-consensus performance.

How did Waystar's Q3 2025 results compare to expectations?

Waystar reported a 12% increase in revenue to $268.7M and kept adjusted EBITDA strong at $112.7M with a 42% margin, exceeding market expectations.

What is Waystar's outlook for 2026?

Waystar's management raised the company's full-year revenue and adjusted EBITDA targets, signaling confidence that the Iodine Software integration and pipeline can carry momentum into 2026.

Home / Business and Economy / Waystar's AI-Driven Claims Denial Tools Propel Q3 Growth, Lifting Full-Year Outlook

Waystar's AI-Driven Claims Denial Tools Propel Q3 Growth, Lifting Full-Year Outlook

17 Nov

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Summary

Waystar's Q3 revenue up 12% to $268.7M, adjusted EBITDA at $112.7M with 42% margin
Adoption of AI-driven claims denial tools a key contributor to above-consensus performance
Management raises full-year revenue and adjusted EBITDA targets

Waystar's AI-Driven Claims Denial Tools Propel Q3 Growth, Lifting Full-Year Outlook

On October 29, 2025, Waystar Holding Corp. (NASDAQ:WAY) released its Q3 financial results, showcasing impressive growth. The company reported a 12% increase in revenue to $268.7M, driven by steady transaction volume, expanding client adoption, and early success with the Iodine Software cross-sell. Adjusted EBITDA remained strong at $112.7M, with a healthy 42% margin.

Waystar's performance exceeded market expectations, with Mizuho Securities subsequently lifting its price target from $48 to $50 and reiterating an Outperform rating on October 30, 2025. The firm highlighted that the adoption of AI-driven claims denial tools was a key contributor to Waystar's above-consensus results.