Business
Privia Health Reports First Quarter 2022 Financial Results
Updated financial guidance reflects strong Q1 performance and business momentumPractice Collections +63.3% compared to 1Q’21Implemented Providers +27.3%
About this update from Privia Health Group, Inc.
[{"type":"text","content":"Updated financial guidance reflects strong Q1 performance and business momentumPractice Collections +63.3% compared to 1Q’21Implemented Providers +27.3% compared to 1Q’21Value-Based Care Attributed Lives +17.6% compared to 1Q’21 ARLINGTON, Va., May 12, 2022 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the first quarter ended March 31, 2022. Total revenue for the first quarter of 2022 was $313.8 million, compared to total revenue of $213.6 million for the prior year first quarter (+46.9%). Operating loss for the first quarter of 2022 was $11.5 million, compared to operating income of $7.9 million for the prior year first quarter. Net loss for the first quarter of 2022 was $17.5 million, or a loss of $0.16 per share, compared to net income of $5.4 million, or $0.06 per share, for the first quarter of 2021. Net loss for the first quarter of 2022 included $24.9 million in non-cash stock compensation expense and $0.3 million in other non-recurring expenses. Net loss for the first quarter of 2021 included $0.1 million in non-cash stock compensation expense and $1.5 million in other non-recurring expenses. Non-GAAP adjusted net income was $14.8 million, or $0.12 per diluted share, for the first quarter of 2022, compared to $9.2 million, or $0.10 per diluted share, for the prior year first quarter (+61.3%). Reconciliation of net (loss) income to adjusted net income, as well as other non-GAAP reconciliations, are presented in tables near the end of this press release. Key operating and non-GAAP financial metrics include: Implemented Providers for the first quarter of 2022 were 3,370, compared to 2,648 at the end of the first quarter of 2021 (+27.3%).Value-Based Care Attributed Lives for the first quarter of 2022 were approximately 848,000, compared to 721,000 at the end of the first quarter of 2021 (+17.6%).Practice Collections for the first quarter of 2022 were $561.9 million, compared to $344.1 million for the same period in 2021 (+63.3%).Care Margin for the first quarter of 2022 was $71.6 million, compared to $52.5 million for the same period in 2021 (+36.4%).Platform Contribution for the first quarter of 2022 was $35.0 million, compared to $25.5 million for the same period in 2021 (+36.9%).Adjusted EBITDA for the first quarter of 2022 was $14.8 million, compared to $9.9 million fo...