Business
Privia Health Reports First Quarter 2023 Financial Results
Practice Collections +17.3% compared to 1Q’22Implemented Providers +10.3% compared to 1Q’22Company Reiterated Full Year 2023 Guidance ARLINGTON, Va., May 04,
About this update from Privia Health Group, Inc.
[{"type":"text","content":"Practice Collections +17.3% compared to 1Q’22Implemented Providers +10.3% compared to 1Q’22Company Reiterated Full Year 2023 Guidance ARLINGTON, Va., May 04, 2023 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the first quarter ended March 31, 2023. Total revenue for the first quarter of 2023 was $386.3 million, compared to total revenue of $313.8 million for the prior year first quarter (+23.1%). Gross Profit for the first quarter of 2023 was $83.0 million, compared to $70.8 million for the prior year first quarter. Operating income for the first quarter of 2023 was $6.7 million, compared to operating loss of $(11.5) million for the prior year first quarter. Net income for the first quarter of 2023 was $7.3 million, or $0.06 per share, compared to net loss of $(17.5) million, or $(0.16) per share, for the first quarter of 2022. Net income for the first quarter of 2023 included $5.4 million in non-cash stock compensation expense and $3.4 million in other expenses. Net loss for the first quarter of 2022 included $24.9 million in non-cash stock compensation expense and $0.3 million in other expenses. Non-GAAP adjusted net income was $19.3 million, or $0.16 per diluted share, for the first quarter of 2023, compared to $14.8 million, or $0.12 per diluted share, for the prior year first quarter (+30.4%). Reconciliation of net income (loss) 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: Practice Collections for the first quarter of 2023 were $658.9 million, compared to $561.9 million for the same period in 2022 (+17.3%).Care Margin for the first quarter of 2023 was $84.0 million, compared to $71.6 million for the same period in 2022 (+17.3%).Platform Contribution for the first quarter of 2023 was $41.4 million, compared to $35.0 million for the same period in 2022 (+18.4%).Adjusted EBITDA for the first quarter of 2023 was $16.9 million, compared to $14.8 million for the same period in 2022 (+13.9%).Implemented Providers for the first quarter of 2023 were 3,716, compared to 3,370 for the same period in 2022 (+10.3%).Value-Based Care Attributed Lives for the first quarter of 2023 were approximately 1,037,000, compared to 848,000 for the same period in 20...