Business
Privia Health Reports Third Quarter 2021 Financial Results
Raises Full-Year 2021 Guidance on All MetricsRecord New Provider GrowthStrong Performance in 2020 MSSP and Other Value-based Programs Entry into California
About this update from Privia Health Group, Inc.
[{"type":"text","content":"Raises Full-Year 2021 Guidance on All MetricsRecord New Provider GrowthStrong Performance in 2020 MSSP and Other Value-based Programs Entry into California and West Texas Markets to Accelerate Growth ARLINGTON, Va., Nov. 08, 2021 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the third quarter and nine-month periods ended September 30, 2021. Third QuarterTotal revenue for the third quarter of 2021 was $251.5 million, compared to total revenue of $207.2 million for the prior year third quarter (+21.4%). Operating loss for the third quarter of 2021 was $12.8 million, compared to operating income of $8.5 million for the prior year third quarter. Net loss for the third quarter of 2021 was $9.1 million, or a loss of $0.09 per share, compared to net income of $16.7 million, or $0.17 per share, for the third quarter of 2020. Net loss for the third quarter of 2021 included $25.8 million in non-cash stock compensation expense and $0.4 million in other non-recurring expenses. Non-GAAP adjusted net income was $15.0 million, or $0.13 per diluted share, for the third quarter of 2021, compared to $8.4 million, or $0.09 per diluted share, for the prior year third quarter (+78.8%). Reconciliation of net (loss) income 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 third quarter of 2021 were $401.5 million, compared to $339.9 million for the same period in 2020 (+18.1%).Care Margin for the third quarter of 2021 was $61.5 million, compared to $46.7 million for the same period in 2020 (+31.5%).Platform Contribution for the third quarter of 2021 was $31.1 million, compared to $21.5 million for the same period in 2020 (+44.7%).Adjusted EBITDA for the third quarter of 2021 was $13.9 million, compared to $9.1 million for the same period in 2020 (+51.9%).Implemented Providers for the third quarter of 2021 were 2,826, compared to 2,454 at the end of the third quarter of 2020 (+15.2%).Value-Based Care Attributed Lives for the third quarter of 2021 were approximately 760,000, compared to 646,000 at the end of the third quarter of 2020 (+17.6%). “We delivered another quarter of strong growth, with practice collections in the third quarter increas...