Business
Privia Health Reports Fourth Quarter 2021 Financial Results
FY 2021 Financial Results Above High End of GuidanceFY 2022 Guidance Highlights Practice Collections Growth of 30.7% at MidpointEntries into California,
About this update from Privia Health Group, Inc.
[{"type":"text","content":"FY 2021 Financial Results Above High End of GuidanceFY 2022 Guidance Highlights Practice Collections Growth of 30.7% at MidpointEntries into California, Montana and West Texas help to Accelerate 2022 GrowthLaunches Three New ACOs; Four Existing ACOs participating in MSSP Enhanced TrackEnters Two New Capitated Arrangements with Potential Upside and Downside RiskJeff Sherman Resigns as CFO; David Mountcastle Reappointed CFOConference Call Moved to Wednesday, March 23, 2022, at 8:30 am ET ARLINGTON, Va., March 22, 2022 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial and operating results for the fourth quarter and full year ended December 31, 2021. “Our exceptional operating execution throughout 2021 generated excellent fourth quarter and full-year financial performance, with practice collections, care margin and adjusted EBITDA all beating the high end of our most recent full-year financial guidance,” said Shawn Morris, Chief Executive Officer, Privia Health. “In addition, with 30.1% growth in implemented providers and a 15.2% increase in attributed lives across a number of value-based reimbursement programs, our outlook highlights our continued momentum into 2022. “Privia Health’s highly-aligned provider partnership model and our recent successes have created opportunities to enter new markets, grow within our existing practice partners and expand our number of new provider partners in existing geographies. These efforts and achievements are expected to drive an acceleration of top-line growth and increasing profitability in 2022 as we continue to invest in our operations, talent and technology capabilities to support this growth,” Morris added. Fourth QuarterTotal revenue for the fourth quarter of 2021 was $275.3 million, compared to total revenue of $213.7 million for the prior year fourth quarter (+28.8%). Operating loss for the fourth quarter of 2021 was $19.3 million, compared to operating income of $4.2 million for the prior year fourth quarter. Net loss for the fourth quarter of 2021 was $12.0 million, or a loss of $0.11 per share, compared to net income of $3.9 million, or $0.04 per share, for the fourth quarter of 2020. Net loss for the fourth quarter of 2021 included $25.1 million in non-cash stock compensation expense and $0.7 million in other non-recurring expenses. Non-GAAP adju...