Business
Privia Health Reports Second Quarter 2023 Financial Results
Practice Collections +13.7% compared to 2Q’22Implemented Providers +9.3% compared to 2Q’22Company Updated Full Year 2023 Guidance ARLINGTON, Va., Aug. 03,
About this update from Privia Health Group, Inc.
[{"type":"text","content":"Practice Collections +13.7% compared to 2Q’22Implemented Providers +9.3% compared to 2Q’22Company Updated Full Year 2023 Guidance ARLINGTON, Va., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the second quarter and six month periods ended June 30, 2023. Second Quarter Total revenue for the second quarter of 2023 was $413.4 million, compared to total revenue of $335.5 million for the prior year second quarter (+23.2%). Gross Profit for the second quarter of 2023 was $90.2 million, compared to $75.4 million for the prior year second quarter. Operating income for the second quarter of 2023 was $7.0 million, compared to operating loss of $(5.3) million for the prior year second quarter. Net income for the second quarter of 2023 was $7.3 million, or $0.06 per share, compared to net loss of $(10.5) million, or $(0.10) per share, for the second quarter of 2022. Net income for the second quarter of 2023 included $9.2 million in non-cash stock compensation expense and $1.4 million in other expenses. Net loss for the second quarter of 2022 included $18.5 million in non-cash stock compensation expense and $1.1 million in other expenses. Non-GAAP adjusted net income was $20.8 million, or $0.17 per diluted share, for the second quarter of 2023, compared to $15.5 million, or $0.13 per diluted share, for the prior year second quarter (+34.2%). 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 second quarter of 2023 were $700.0 million, compared to $615.5 million for the same period in 2022 (+13.7%).Care Margin for the second quarter of 2023 was $91.6 million, compared to $76.2 million for the same period in 2022 (+20.2%).Platform Contribution for the second quarter of 2023 was $44.6 million, compared to $37.5 million for the same period in 2022 (+19.0%).Adjusted EBITDA for the second quarter of 2023 was $19.3 million, compared to $15.5 million for the same period in 2022 (+24.3%).Implemented Providers for the second quarter of 2023 were 3,870, compared to 3,541 for the same period in 2022 (+9.3%).Value-Based Care Attributed Lives for the second quarter of 2023 were approximately 1,084,...