Premier is a healthcare technology and services company that helps U.S. hospitals and health systems reduce costs and improve clinical quality. Premier operates through two segments. The first is Supply Chain Services, which is anchored by a group purchasing organization (GPO) that aggregates purchasing volume across more than 4,250 acute care hospitals to negotiate discounted pricing with suppliers across medical, pharmaceutical, food, and other categories. Premier does not buy or distribute products itself — it acts as a contracting intermediary, earning administrative fees from suppliers based on member purchasing volume. The second segment, Performance Services, sells SaaS analytics tools, enterprise data licenses, and consulting services to help health systems manage costs, improve clinical outcomes, and succeed in value-based care reimbursement models. Premier's core data asset — de-identified claims and clinical data from 1,000+ hospitals spanning 20+ years — underpins both the analytics products and a real-world evidence research business serving life science companies. Premier also offers AI-enabled clinical decision support tools for prior authorization and clinical coding, integrated into EMR workflows. Near-term, Premier faces headwinds from GPO contract renewals that have increased the share of administrative fees rebated to members, compressing net revenue. Management expects this dynamic to stabilize by end of FY26, with FY27 expected to mark a return to growth. Capital allocation has recently shifted toward tuck-in acquisitions and organic investment in the Performance Services business.