---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-089230"
form_type: "8-K/A"
ticker: "ASTH"
cik: "0001083446"
company_name: "Astrana Health, Inc."
filed_at: "2025-09-11T23:59:59+00:00"
generated_at: "2026-05-17T06:49:38.823444+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Acquired PHP Holdings reports FY2024 net loss of $78.7M on $1.19B revenue; high leverage

## Summary
- PHP Holdings net loss $78.7M in FY2024 vs net income $30.5M in FY2023, driven by $138.3M interest expense.
- Total revenue $1.19B in FY2024, up 14.5% from $1.04B in FY2023; gross margin $324.6M.
- Total assets $296.6M, total liabilities $1.49B, members' deficit $1.27B as of Sep 30, 2024.
- Long-term debt $1.13B, including PIK interest; operating income only $103.8M.
- Astrana Health (ASTH) closed acquisition Jul 2, 2025; pro forma financials filed as Exhibit 99.3.

## SEC filing metadata
- accession: 0001104659-25-089230
- form_type: 8-K/A
- ticker: ASTH
- cik: 0001083446
- company_name: Astrana Health, Inc.
- filed_at: 2025-09-11T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1083446/000110465925089230/0001104659-25-089230-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1083446/000110465925089230/tm2525148d1_8ka.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-089230
- JSON: https://secwatch.observer/filing/0001104659-25-089230.json
- Plain text: https://secwatch.observer/filing/0001104659-25-089230.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.