Ardent Health, Inc.

Company purpose

• Ardent Health, Inc. operates hospitals and health systems across multiple U.S. markets through a consumer-focused healthcare platform.
• The company owns, operates, or holds equity interests in acute care hospitals and related facilities, ambulatory and physician networks, and supports care delivery with a centralized, tech-enabled platform (Epic EHR, virtual/telehealth, remote monitoring).

Scale and footprint (as of December 31, 2025)

• Hospitals and facilities
  • 30 acute care hospitals (18 operated through joint ventures)
  • 4 rehabilitation/surgical facilities
• Beds and care sites
  • 4,281 licensed beds
  • 188 primary care and specialty clinics
  • 45 urgent care centers
  • 4 ambulatory surgery centers
  • 12 diagnostic imaging centers
  • 2 free-standing emergency departments
• Markets served
  • Texas, Oklahoma, New Mexico, New Jersey, Idaho, and Kansas
  • Market examples: UT Health East Texas (Tyler, TX); Hillcrest HealthCare System (Tulsa, OK); Lovelace Health System (Albuquerque, NM); Hackensack Meridian (NJ); BSA Health System (Amarillo, TX); Portneuf Medical Center (Pocatello, ID); UKHS St. Francis (Topeka, KS); Seton Medical Center Harker Heights (Killeen, TX)

Joint venture structure

• 18 hospitals operated via JVs; 9 of these are owned/operated through LLCs that are VIEs
• Examples:
  • UT Health East Texas JV: 70% Ardent / 30% UT Health Science Center Tyler (UTHSCT)
  • Portneuf Medical Center JV: 77% Ardent / 23% Portneuf Health Trust
  • Other JVs have varying ownership (example: 80% Ardent / 20% partner in Hackensack Meridian joint hospitals)

Customers and patient activity

• Daily patient volume: about 17,000 people across the ecosystem
• 2025 activity: approximately 1.2 million unique patients served and more than 6.1 million total visits
• Provider network: 2,020 providers total
  • 1,480 employed providers
  • 540 affiliated physicians and advanced practice providers
  • Provider mix: 400 primary care providers and 1,620 specialists

Technology and care delivery

• Epic is the system-wide clinical platform (Gold Star status, standardized system-wide data)
• Digital and remote care tools include biosensor/AI monitoring, BioButton wearable device testing in certain units, remote patient monitoring, and telehealth
• Consumer engagement and access tools: MyChart portal, on-demand video visits, and a care orchestration platform

Financial snapshot (highlights, 2025 vs 2024)

• Revenue attributable to JVs and VIEs: $1.8 billion (2025); $1.7 billion (2024)
• Net income attributable to JVs and VIEs: $248.4 million (2025); $242.5 million (2024)
• UT Health East Texas JV accounted for 19.4% of total revenue in 2025 (19.5% in 2024)
• Common stock: approximately 143 million shares outstanding as of December 31, 2025
• Selected debt
  • Senior notes: $294.6 million (net of discount and financing costs)
  • Senior secured term loan: $764.2 million (net of discount/costs)
  • Finance leases and other secured debt: $40.4 million
• Governance and ownership
  • Ardent is a “controlled company” under NYSE rules due to a controlling stockholder
  • Major stockholders include Equity Group Investments (EGI) and affiliates (EGI-AM), Pure Health, and Ventas/ALH Holdings, LLC
  • Extensive related-party ownership and agreements (including a Nomination Agreement with EGI-AM and Ventas relationships)

Revenue and payor mix (highlights)

• Government programs: Medicare ~38.6% of 2025 revenue; Medicaid ~9.6% of 2025 revenue (similar proportions in 2024)
• Private payors: ~44.3% of 2025 revenue (~43.5% in 2024)
• Private third-party payor dynamics include managed care, Medicare Advantage, Medicaid supplemental payments, and direct payer negotiations
• Exposure exists to policy changes in Medicare/Medicaid, state-directed payments, the No Surprises Act, and price-transparency initiatives

Growth and operating model

• Growth priorities: increase market share in existing markets, expand ambulatory and physician alignment, and pursue opportunistic entry into mid-sized urban markets (about 350 identified target markets)
• Emphasis on value-based care, risk-based contracts, population health, and a full care continuum (inpatient to outpatient and home/virtual care)
• Centralized operations and standardized policies aim to drive efficiency and scale; ongoing investment in Epic, digital engagement, and AI-enabled care tools
• Joint venture model underpins growth, providing access to capital and strategic alignment with academic medical centers, not-for-profit systems, and community foundations

People and organization

• Approximately 25,200 total employees as of December 31, 2025
  • More than 19,500 full-time employees
• Provider totals reiterate: 2,020 providers (1,480 employed; 540 affiliated)
• Local governance supported by hospital boards of trustees and centralized corporate functions (HR, IT, finance)

Corporate details

• Headquarters: 340 Seven Springs Way, Suite 100, Brentwood, Tennessee
• Website: ardenthealth.com (investor relations materials, SEC filings)

Summary

Ardent Health, Inc. operates a large, tech-enabled, multi-market healthcare platform focused on mid-sized urban markets. The company has a footprint of 30 acute care facilities (18 via joint ventures, 9 of which are VIEs), a broad ambulatory network, and a strategy centered on physician alignment, value-based care, and scalable JV partnerships. It combines a centralized operating model with a system-wide Epic foundation and expanding use of digital and remote-care tools to coordinate care across inpatient, outpatient, and home settings.