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Mar 31, 2021
Privia Health Q1 2021 Earnings Report
Privia Health's first quarter 2021 financial results were reported.
Key Takeaways
Privia Health Group, Inc. reported a slight increase in total revenue for the first quarter of 2021, with a more significant increase in operating income. Net income remained relatively stable compared to the prior year. The company is focused on expanding attributed lives, adding providers, entering new markets, and driving profit margin expansion.
Total revenue increased slightly to $213.6 million compared to $212.9 million in the prior year first quarter.
Operating income increased to $7.9 million, compared to $6.5 million for the prior year first quarter.
Net income was $5.4 million, or $0.06 per diluted share, similar to the first quarter of 2020.
Practice Collections, Care Margin, Platform Contribution and Adjusted EBITDA increased year-over-year.
Forward Guidance
The Company provided full year 2021 guidance.
Positive Outlook
- Implemented Providers between 2,850 and 2,900
- Attributed Lives between 730,000 and 750,000
- Practice Collections between $1,445 million and $1,465 million
- GAAP Revenue between $860 million and $880 million
- Adjusted EBITDA between $34 million and $38 million
Challenges Ahead
- Fully diluted weighted average shares outstanding of 110-120 million, including pre-IPO period
- Non-cash stock-based compensation expense of $245-$255 million
- An effective tax rate of 25-27%
- Capital expenditures of less than $1 million
- Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures of operating income and net income.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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