Loading...
•
Mar 31, 2024
Privia Health Q1 2024 Earnings Report
Privia Health's financial performance for Q1 2024 was reported, highlighting revenue growth and strategic shifts.
Key Takeaways
Privia Health reported a 7.5% increase in total revenue, reaching $415.2 million, and a gross profit increase of 12.5% to $93.4 million. The company reiterated its full-year 2024 guidance, focusing on growth in implemented providers and value-based care attributed lives.
Total revenue increased by 7.5% year-over-year, reaching $415.2 million.
Gross profit increased by 12.5% year-over-year, reaching $93.4 million.
Implemented Providers increased by 17.3% year-over-year, totaling 4,359.
Practice Collections increased by 7.4% year-over-year, amounting to $707.7 million.
Privia Health
Privia Health
Privia Health Revenue by Segment
Revenue by Segment
FFS Patient Care Revenue
CapyFin.comFFS Admin Services Revenue
CapyFin.comCapitated Revenue
CapyFin.comShared Savings Revenue
CapyFin.comCare Mgmt Fees (PMPM) Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Privia Health reiterated its full-year 2024 guidance, focusing on growth in implemented providers and value-based care attributed lives, while anticipating impacts from renegotiated Medicare Advantage capitation agreements and start-up costs in new geographies.
Positive Outlook
- Implemented Providers between 4,650 and 4,750.
- Attributed Lives between 1,150,000 and 1,200,000.
- Care Margin between $388 million and $400 million.
- Platform Contribution between $180 million and $188 million.
- Adjusted EBITDA between $85 million and $90 million.
Challenges Ahead
- Practice Collections guidance includes reduction of approximately $198 million from renegotiated Medicare Advantage capitation agreements.
- Assumes minimal year-over-year increase in Shared Savings accruals.
- Adjusted EBITDA guidance includes approximately $10-12 million in start-up costs for new geographies announced in last 18 months.
- Capital expenditures are expected to be less than $1 million in full-year 2024.
- Effective tax rate expected to be approximately 27-28%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income