Business
Privia Health Reports First Quarter 2021 Financial Results
ARLINGTON, Va., May 27, 2021 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA), a technology-driven, national physician enablement company that
About this update from Privia Health Group, Inc.
[{"type":"text","content":"ARLINGTON, Va., May 27, 2021 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA), a technology-driven, national physician enablement company that collaborates with medical groups, health plans and health systems, today announced financial results for the first quarter ended March 31, 2021. “We started 2021 with strong first quarter results that were at or above the high end of the guidance we provided in April as part of our IPO process,” said Shawn Morris, Chief Executive Officer, Privia Health. “We are continuing to add attributed lives across a number of value-based reimbursement programs, while organically adding providers in our existing markets. We will also remain focused on entering new markets, leveraging our capital-efficient operating structure to drive profit margin expansion, and executing on multiple opportunities to drive future growth.” Total revenue for the first quarter of 2021 was $213.6 million, compared to total revenue of $212.9 million for the prior year first quarter (+0.3%). Operating income for the first quarter of 2021 was $7.9 million, compared to operating income of $6.5 million for the prior year first quarter (+21.7%). Net income for the first quarter of 2021 was $5.4 million, or $0.06 per diluted share, compared to net income of $5.4 million, or $0.06 per diluted shares, for the first quarter of 2020. The first quarter of 2021 included approximately $1.4 million of one-time legal and other expenses related to the Company’s initial public offering (IPO). First Quarter 2021 Financial and Operating Highlights Practice Collections were $344.1 million, compared to $327.4 million in 1Q’20 (+5.1%)Care Margin was $52.5 million, compared to $47.8 million in 1Q’20 (+9.7%)Platform Contribution was $25.5 million, compared to $20.3 million in 1Q’20 (+25.9%)Adjusted EBITDA was $9.9 million, compared to $7.1 million in 1Q’20 (+41.0%)Implemented Providers were 2,648, compared to 2,528 at the end of 1Q’20 (+4.7%)Value-Based Care Attributed Lives were approximately 721,000, compared to 752,000 at the end of 1Q’20 (-4.1%) and to 682,000 at December 31, 2020 (+5.7%) Financial and Business OutlookThe Company provided full year 2021 guidance, as follows: ($ in millions)FY 2020 Actual FY 2021 Guidance Y - Y % Change from FY 2020 Low High Low HighImplemented Providers2,550 2,850 2,900 11.8% 13.7%Attributed Lives...