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Sep 30, 2021
Privia Health Q3 2021 Earnings Report
Announced financial results for the third quarter and nine-month periods ended September 30, 2021, and raised full-year 2021 guidance on all metrics.
Key Takeaways
Privia Health reported strong growth in Q3 2021, with practice collections increasing by 18.1%, care margin growing by 31.5%, and adjusted EBITDA up by 51.9% compared to the third quarter last year. The company also saw a 15.2% growth of implemented providers and a 17.6% increase in attributed lives.
Total revenue for the third quarter of 2021 was $251.5 million, compared to $207.2 million for the prior year third quarter, representing a 21.4% increase.
Operating loss for the third quarter of 2021 was $12.8 million, compared to operating income of $8.5 million for the prior year third quarter.
Non-GAAP adjusted net income was $15.0 million, or $0.13 per diluted share, for the third quarter of 2021, compared to $8.4 million, or $0.09 per diluted share, for the prior year third quarter, representing a 78.8% increase.
Implemented Providers increased by 15.2% and Value-Based Care Attributed Lives increased by 17.6% compared to the third quarter of 2020.
Privia Health
Privia Health
Forward Guidance
Privia Health is updating its full-year 2021 guidance to reflect management’s expectation of the fourth quarter impact of the Company’s recent entry into the California and West Texas markets as well as its strong year-to-date performance and positive business momentum in existing markets.
Positive Outlook
- Implemented Providers: 3,300 - 3,330
- Attributed Lives: 760,000 - 765,000
- Practice Collections: $1,520 - $1,540 million
- GAAP Revenue: $900 - $920 million
- Care Margin: $225 - $230 million
Challenges Ahead
- Platform Contribution: $102 - $105 million
- Adjusted EBITDA: $39 - $41 million
- Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures of 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.
- Adjusted EBITDA guidance does not add back actual or estimated new market entry and development costs.