Business
Privia Health Reports Second Quarter 2024 Financial Results
Strong Execution Across All Business and Financial MetricsRaised Full-Year 2024 Guidance to Mid to High End for All Metrics ARLINGTON, Va., Aug. 08, 2024
About this update from Privia Health Group, Inc.
[{"type":"text","content":"Strong Execution Across All Business and Financial MetricsRaised Full-Year 2024 Guidance to Mid to High End for All Metrics ARLINGTON, Va., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the second quarter and six months ended June 30, 2024. Second Quarter Performance For the Three Months Ended June 30, ($ in millions, except per share amounts) 2024 2023 Change (%) Total revenue $422.3 $413.4 2.2%Gross profit $98.3 $90.2 8.9%Operating income $5.1 $7.0 (27.0)%Net income a $3.5 $7.3 (52.3)%Non-GAAP adjusted net income b $23.5 $20.8 13.0%Net income per share $0.03 $0.06 (50.0)%Non-GAAP adjusted net income per share $0.19 $0.17 11.8% Net income for the three months ended June 30, 2024, included $14.4 million in non-cash stock compensation expense. Net income for the three months ended June 30, 2023 included $9.2 million in non-cash stock compensation expense.Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. Key Operating and Non-GAAP Financial Metrics For the Three Months Ended June 30, ($ in millions) 2024 2023 Change (%) Implemented Providers 4,504 3,870 16.4%Value-Based Care Attributed Lives 1,200,000 1,084,000 10.7%Practice Collections $728.0 $700.0 4.0%Care Margin $99.8 $91.6 8.9%Platform Contribution $47.4 $44.6 6.2%Adjusted EBITDA $22.0 $19.3 14.0% Second Quarter 2024 highlights include: Practice Collections of $728.0 million, +4.0% versus 2Q’23, which included a year-over-year reduction due to a shift of capitation risk exposure for improved economic terms;Adjusted EBITDA of $22.0 million, +14.0% versus 2Q’23;Continued strength in same-store growth and new provider additions, +16.4% versus 2Q’23;Cash and cash equivalents of $387.4 million, +21.8% versus 2Q’23, and no debt; andStrong sales and business development pipeline. Six-Month Performance For the Six Months Ended June 30, ($ in millions, except per share amounts) 2024 2023 Change (%) Total revenue $837.6 $799.6 4.7%Gross profit $191.6 $173.2 10.6%Operating income $5.9 $13.7 (56.8)%Net income a $6.5 $14.6 (55.8)%Non-GAAP adjusted net income b $46.1 $40.1 15.0%Net income per share $0.05 $0.12 (58.3)%Non-GAAP adjusted net income per share $0.37 $0.32 15.6% Net income for the six months ended June 30, 2024 include...