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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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