Loading...
•
Dec 31, 2022
Privia Health Q4 2022 Earnings Report
Privia Health's Q4 2022 performance was strong, marked by revenue growth and strategic expansions.
Key Takeaways
Privia Health reported a strong fourth quarter in 2022, with a 32.4% increase in revenue compared to the previous year. The company's operating income turned positive, and net income significantly improved. Key operating metrics such as practice collections, care margin, and platform contribution also showed substantial growth.
Total revenue increased by 32.4% year-over-year, reaching $364.4 million.
Operating income was $2.2 million, a significant improvement from the prior year's operating loss of $19.3 million.
Net income was $17.8 million, or $0.14 per diluted share, compared to a net loss of $12.0 million, or $(0.11) per share in the prior year.
The company announced new market entries in Connecticut, Delaware, North Carolina, and Ohio, expanding its national presence.
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 provided full-year 2023 guidance, reflecting management's expectations for growth from existing markets, new market entries, capitated agreements, and investments in operations and technology.
Positive Outlook
- Implemented Providers are expected to be between 4,050 and 4,150, representing a 12.3% to 15.1% increase from FY 2022.
- Attributed Lives are projected to be between 1,050,000 and 1,150,000, a 22.7% to 34.3% increase from FY 2022.
- Practice Collections are anticipated to be between $2.7 billion and $2.85 billion, an 11.4% to 17.6% increase from FY 2022.
- GAAP Revenue is expected to range from $1.55 billion to $1.65 billion, a 14.3% to 21.6% increase from FY 2022.
- Adjusted EBITDA is projected to be between $70 million and $74 million, a 15.0% to 21.6% increase from FY 2022.
Challenges Ahead
- 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 due to the uncertainty of predicting certain market-related assumptions and potential legal or advisory costs.
- Capital expenditures are expected to be less than $1 million in full-year 2023.
- Approximately 80-90% of Adjusted EBITDA is expected to convert to free cash flow in FY 2023.
- The partnership with OhioHealth is subject to the negotiation and execution of definitive agreements by both parties.
Revenue & Expenses
Visualization of income flow from segment revenue to net income