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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.
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 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
- Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures of gross margin, operating income and net income.
Revenue & Expenses
Visualization of income flow from segment revenue to net income