Matt Hawkins-Led Waystar Hits $268 Million in Q3 Revs, as the Healthcare Leader Projects its Annual Revenue Will Surpass $1 Billion for 2025

Although the headline was almost boring in its approach — "Waystar Reports Third Quarter 2025 Results" — it is the underlying information and data that tells the true story of what's going on with Waystar (NASDAQ:WAY), the Revenue Cycle Management industry leader headquartered in Lehi, Utah.

In a nutshell, the company's numbers for the third quarter of 2025 (ended 30 September 2025) showed

• Q3 revenue of $268.7 million, up 12% on a Year-over-Year basis from Q3 2024,
• Net income (aka, profit) of $30.6 million, and
• Projected annual revenue of $1.089 billion (at the estimated midpoint), an increase of ~15% on a YoY basis.

The quarterly results announcement came nearly a month after Waystar reported that it had completed its $1.25 billion acquisition of Austin, Texas-based Iodine Technologies from private equity firm, Advent International.

With the purchase, Waystar's AI-empowered Revenue Cycle Management software is now used by over 1 million medical professionals working for 30,000 healthcare provider organizations.

[NOTE: As defined by ChatGPT-5, "... RCM software helps healthcare providers get paid faster and more accurately by automating the entire billing process—from scheduling and insurance checks to claims, payments, and collections. It reduces errors, speeds reimbursements, and connects financial and patient data to improve overall cash flow and efficiency."]

According to the company, Waystar's RCM platform

• "... processes over 6 billion healthcare payment transactions (annually),
• "(for) ... over $1.8 trillion in annual gross claims, and
• "span(s) approximately 50% of U.S. patients."

Waystar: The Birth and Beginning Under Matt Hawkins

It was September 2017 when Bain Capital announced that it had agreed to merge its Duluth, Georgia-based portfolio company, Navicure, with venture capital backed ZirMed out of Louisville, Kentucky in a $750 million transaction.

Both firms were emerging yet smaller players in the RCM software category, even though PE Hub's headline at the time suggested the merger would create an "RCM giant," one with "... annual revenue ... north of $300 million."

Whether that unconfirmed figure was accurate or not, the merging entities announced one month later that Utah native, and feted HealthTech software executive, Matt Hawkins, had been selected as Chief Executive Officer of the combined firm that was being renamed Waystar.

Prior to taking the reins of Waystar, Hawkins had served as

• President of Sunquest Information Systems for 3.5 years;
• A member of the team of private equity firm, Vista Equity Partners for a term of serveral, but not disclosed, years;
• CEO of Vitera Healthcare Solutions for 2.5 years; as
• CEO of SirsiDynix for nearly 5 years;
• Vice President and General Manager of the Technology Division of Henry Schein for over 3 years; as well as also serving as a Board Member for
  — Sunquest,
  — Vitera,
  — SirsiDynix, and
  — Viewpoint.

Under Hawkins' direction, Waystar sold a majority stake in 2019 for $2.7 billion to Stockholm, Sweden-based private equity firm, EQT, and Canada's government-owned, but independently managed, investment fund now known as CPP Investments. [NOTE: Bain Capital retained a minority stake in Waystar at the time.]

In August 2020, Waystar announced it was opening an office in Lehi, Utah, something not surprising given Hawkins' roots in the state, plus Utah's strength as a Software-as-a-Service hotbed.

But less than two years later, it was clear that Lehi had become Waystar's de facto home base, whether formally announced or not (as reported in our 29 May 2024 writeup titled "Another 'Sneaky' IPO is Pending for Utah as 'Recent' Transplant Waystar Holdings Announces its Forthcoming Initial Public Offering.")

From the 7th amendment of Waystar's Prospectus filing for its Initial Public Offering with the U.S. Securities and Exchange Commission, readers learned that the company had generated over $790 million in 2023, most of it Annually Occurring Revenue (ARR).

Waystar officially became a publicly traded company on 07 June 2024 on the Nasdaq Stock Market, raising gross proceeds of $968 million in the process.

With its Q3 2025 results now published, Waystar's market cap stands at ~$7.0 billion (as of intraday trading at 10:20am MT), a valuation jump of over 9.3X since Hawkins was tapped as CEO back in 2017.

So what's next for Waystar and Matt Hawkins?

Officially, neither can divulge much in the way of forward-looking plans as the company is in a Quiet Period following the release of its quarterly earnings.

But when I asked ChatGPT-5 to identify for me the top RCM companies in the industry (based upon publicly available data), it came up with the following list:

1. Optum Insight (UnitedHealth Group) — $18.8B (FY2024);
2. Epic Systems — $5.7B (FY2024, private; company-confirmed to Becker's Hospital Review);
3. Oracle Health (Cerner) — ≈$5.9B (FY2024, analyst/media estimate; Oracle doesn’t break out separately);
4. R1 RCM — $2.25B (FY2023 actual, company taken private in November 2024); and
5. Waystar — $944M (FY2024).

In other words, under Hawkins' leadership, Waystar has steadily clawed its way up the ranks from an RCM player in the industry's Top 20 to now place in the Top 5, at least according to GPT-5 given publicly disclosed information.

So what's next?

Honestly, I'm not sure.

But I'll tell you this — I would NOT bet against Matt Hawkins or Team Waystar.

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