Business
Privia Health Reports Third Quarter 2022 Financial Results
Results and outlook reflect strong year-to-date performance and business momentumImplemented Providers +27.2% compared to 3Q’21Practice Collections +52.4%
About this update from Privia Health Group, Inc.
[{"type":"text","content":"Results and outlook reflect strong year-to-date performance and business momentumImplemented Providers +27.2% compared to 3Q’21Practice Collections +52.4% compared to 3Q’21Shared savings of ~$100 million achieved through Medicare Shared Savings Program in 2021New market entries announced with health systems in North Carolina and Ohio ARLINGTON, Va., Nov. 10, 2022 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the third quarter and nine month periods ended September 30, 2022. Third Quarter Total revenue for the third quarter of 2022 was $342.9 million, compared to total revenue of $251.5 million for the prior year third quarter (+36.3%). Operating loss for the third quarter of 2022 was $(4.6) million, compared to operating loss of $(12.8) million for the prior year third quarter. Net income for the third quarter of 2022 was $1.6 million, or $0.01 per share, compared to net loss of $(9.1) million, or $(0.09) per share, for the third quarter of 2021. Net income for the third quarter of 2022 included $14.8 million in non-cash stock compensation expense and $4.2 million in legal and other expenses. Net loss for the third quarter of 2021 included $25.8 million in non-cash stock compensation expense and $0.4 million of legal and other expenses related to the Company’s initial public offering (IPO) completed on May 3, 2021. Excluding these non-cash or non-recurring and other expenses, non-GAAP adjusted net income was $16.7 million, or $0.13 per diluted share, for the third quarter of 2022, compared to $15.0 million, or $0.13 per diluted share, for the prior year third quarter (+10.9%). 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: Implemented Providers for the third quarter of 2022 were 3,595, compared to 2,826 at the end of the third quarter of 2021 (+27.2%).Value-Based Care Attributed Lives for the third quarter of 2022 were approximately 846,000, compared to 760,000 at the end of the third quarter of 2021 (+11.3%).Practice Collections for the third quarter of 2022 were $611.9 million, compared to $401.5 million for the same period in 2021 (+52.4%).Care Margin for the third quarter of 2022 was $77.7 million, compare...