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Jun 30, 2023
Privia Health Q2 2023 Earnings Report
Privia Health's financial performance improved in Q2 2023 with increased revenue and profitability.
Key Takeaways
Privia Health reported a strong second quarter in 2023, with a 23.2% increase in revenue to $413.4 million. The company achieved net income of $7.3 million, a significant improvement from the net loss of $(10.5) million in the same quarter last year. Key metrics, including practice collections, care margin, and attributed lives, also showed substantial growth.
Total revenue increased by 23.2% year-over-year to $413.4 million.
Net income was $7.3 million, a significant improvement from the prior year's net loss.
Practice collections grew by 13.7% year-over-year to $700.0 million.
Value-Based Care Attributed Lives increased by 26.6% year-over-year to approximately 1,084,000.
Privia Health
Privia Health
Forward Guidance
Privia Health updated its full-year 2023 guidance with increased expectations across several key metrics.
Positive Outlook
- Implemented Providers: Expecting mid to high end of 4,050-4,150 range.
- Attributed Lives: Expecting midpoint of 1,050,000-1,150,000 range.
- Practice Collections: Expecting midpoint of $2,700 million - $2,850 million range.
- GAAP Revenue: Expecting mid to high end of $1,550 million - $1,650 million range.
- Adjusted EBITDA: Expecting mid to high end of $70 million - $74 million range.
Challenges Ahead
- Practice Collections guidance includes impact of paused capitated agreement previously announced
- Adjusted EBITDA guidance includes approximately $8-10 million in start-up costs for new geographies and ACOs
- Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures of gross margin, operating income and net income
- The Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise
- For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures.