Privia Health Reports Second Quarter 2021 Financial Results

About this update from Privia Health Group, Inc.

[{"type":"text","content":"ARLINGTON, Va., Aug. 09, 2021 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the second quarter and six-month periods ended June 30, 2021. Second Quarter Total revenue for the second quarter of 2021 was $225.8 million, compared to total revenue of $183.3 million for the prior year second quarter (+23.2%). Operating loss for the second quarter of 2021 was $193.2 million, compared to operating income of $6.2 million for the prior year second quarter. Net loss for the second quarter of 2021 was $172.5 million, or a loss of $1.68 per diluted share, compared to net income of $5.3 million, or $0.06 per diluted share, for the second quarter of 2020. The operating and net losses in the second quarter of 2021 were due to $202.6 million in non-cash stock compensation expense as well as $0.2 million of one-time legal and other expenses, both related to the Company’s initial public offering (IPO) completed on May 3, 2021. Excluding these non-cash or non-recurring expenses, non-GAAP adjusted net income was $10.4 million, or $0.09 per diluted share, for the second quarter of 2021 (+69.0%). Key operating and non-GAAP financial metrics include: Practice Collections were $367.2 million, compared to $281.7 million for the three months ended in 2Q’20 (+30.3%).Care Margin was $55.8 million, compared to $41.7 million for the three months ended in 2Q’20 (+33.7%).Platform Contribution was $23.1 million, compared to $17.4 million for the three months ended in 2Q’20 (+32.8%).Adjusted EBITDA was $10.0 million, compared to $7.0 million for the three months ended in 2Q’20 (+43.0%).Implemented Providers were 2,692, compared to 2,531 at the end of 2Q’20 (+6.4%).Value-Based Care Attributed Lives were approximately 739,000, compared to 749,000 at the end of 2Q’20 (-1.3%) and to 682,000 at December 31, 2020 (+8.3%). “We delivered strong growth in the second quarter, with practice collections increasing 30.3%, care margin growing 33.7% and adjusted EBITDA up 43.0% when compared to the Q2 last year,” said Shawn Morris, Chief Executive Officer, Privia Health. “We continue to gain momentum with greater awareness of our uniquely aligned provider partnership model, which is highlighted by 6.4% growth of implemented providers and an 8.3% increase in attributed lives across a number of value-based reimbursement progra...

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