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Sep 30, 2023
Privia Health Q3 2023 Earnings Report
Privia Health's Q3 2023 financial performance was reported, marked by revenue growth and increased profitability.
Key Takeaways
Privia Health reported a strong third quarter with a 21.7% increase in revenue compared to the prior year, reaching $417.3 million. The company also saw improvements in profitability, with operating income of $5.5 million compared to an operating loss in the previous year. Net income increased to $5.6 million, and non-GAAP adjusted net income rose to $21.1 million.
Total revenue increased by 21.7% year-over-year to $417.3 million.
Operating income improved to $5.5 million, compared to an operating loss of $(4.6) million in the prior year.
Net income rose to $5.6 million, or $0.05 per share, compared to $1.6 million, or $0.01 per share, in the prior year.
Non-GAAP adjusted net income increased by 26.3% year-over-year to $21.1 million, or $0.17 per diluted share.
Revenue by Segment
Forward Guidance
Privia Health updated its full-year 2023 guidance
Positive Outlook
- Implemented Providers: Above High End
- Attributed Lives: Midpoint
- Practice Collections: Midpoint
- GAAP Revenue: Mid to High End
- Care Margin: Mid to High End
Challenges Ahead
- Practice Collections guidance includes impact of paused capitated agreement previously announced
- Adjusted EBITDA guidance includes approximately $10 million in start-up costs for new geographies and ACOs, and higher than initially forecasted sales and marketing costs due to record in-market sales
- Capital expenditures expected to be less than $1 million in full-year 2023
- Approximately 80-90% of Adjusted EBITDA expected to convert to free cash flow (defined as net cash provided by operating activities less capital expenditures) in FY 2023
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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