Business
Privia Health Reports Fourth Quarter 2022 Financial Results
FY 2022 Financial Results At or Above High End of Guidance with Practice Collections Growth of 49.1% compared to FY 2021New Market Entries announced in
About this update from Privia Health Group, Inc.
[{"type":"text","content":"FY 2022 Financial Results At or Above High End of Guidance with Practice Collections Growth of 49.1% compared to FY 2021New Market Entries announced in Connecticut, Delaware, North Carolina and OhioLaunches Three New ACOs; Five ACOs now participating in MSSP Enhanced Track2023 Capitated Lives Increase 38%+ to 40,600 Patients ARLINGTON, Va., Feb. 28, 2023 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial and operating results for the fourth quarter and full year ended December 31, 2022. Fourth Quarter Total revenue for the fourth quarter of 2022 was $364.4 million, compared to total revenue of $275.3 million for the prior year fourth quarter (+32.4%). Operating income for the fourth quarter of 2022 was $2.2 million, compared to operating loss of $19.3 million for the prior year fourth quarter. Net income for the fourth quarter of 2022 was $17.8 million, or income of $0.14 per diluted share, compared to net loss of $(12.0) million, or $(0.11) per share, for the fourth quarter of 2021. Net income for the fourth quarter of 2022 included $9.2 million in non-cash stock compensation expense and $1.7 million in in legal and other expenses. Non-GAAP adjusted net income was $16.1 million, or $0.13 per diluted share, for the fourth quarter of 2022, compared to $7.0 million, or $0.06 per diluted share, for the prior year fourth quarter (+130.0%). Reconciliations of adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. Key operating and non-GAAP financial metrics include: Practice Collections for the fourth quarter of 2022 were $634.8 million, compared to $513.2 million for the same period in 2021 (+23.7%).Care Margin for the fourth quarter of 2022 was $80.1 million, compared to $68.6 million for the same period in 2021 (+16.7%).Platform Contribution for the fourth quarter of 2022 was $39.1 million, compared to $27.8 million for the same period in 2021 (+40.7%).Adjusted EBITDA for the fourth quarter of 2022 was $14.3 million, compared to $7.5 million for the same period in 2021 (+89.5%).Implemented Providers for the fourth quarter of 2022 were 3,606, compared to 3,317 at the end of the fourth quarter of 2021 (+8.7%).Value-Based Care Attributed Lives for the fourth quarter of 2022 were 856,000, compared to 786,000 at the end of the fourth quar...