Business
Privia Health Reports Third Quarter 2023 Financial Results; Announces New Market Entry in South Carolina
Practice Collections +18.2% compared to 3Q’22Implemented Providers +14.2% compared to 3Q’22Company Updated Full Year 2023 Guidance ARLINGTON, Va., Nov. 03,
About this update from Privia Health Group, Inc.
[{"type":"text","content":"Practice Collections +18.2% compared to 3Q’22Implemented Providers +14.2% compared to 3Q’22Company Updated Full Year 2023 Guidance ARLINGTON, Va., Nov. 03, 2023 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the third quarter and nine month periods ended September 30, 2023. Third Quarter Total revenue for the third quarter of 2023 was $417.3 million, compared to total revenue of $342.9 million for the prior year third quarter (+21.7%). Gross Profit for the third quarter of 2023 was $90.6 million, compared to $76.9 million for the prior year third quarter. Operating income for the third quarter of 2023 was $5.5 million, compared to operating loss of $(4.6) million for the prior year third quarter. Net income for the third quarter of 2023 was $5.6 million, or $0.05 per share, compared to net income of $1.6 million, or $0.01 per share, for the third quarter of 2022. Net income for the third quarter of 2023 included $10.8 million in non-cash stock compensation expense and $0.7 million in other expenses. Net income for the third quarter of 2022 included $14.8 million in non-cash stock compensation expense and $4.2 million in other expenses. Non-GAAP adjusted net income was $21.1 million, or $0.17 per diluted share, for the third quarter of 2023, compared to $16.7 million, or $0.13 per diluted share, for the prior year third quarter (+26.3%). 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 third quarter of 2023 were $723.5 million, compared to $611.9 million for the same period in 2022 (+18.2%).Care Margin for the third quarter of 2023 was $92.1 million, compared to $77.7 million for the same period in 2022 (+18.4%).Platform Contribution for the third quarter of 2023 was $45.2 million, compared to $37.0 million for the same period in 2022 (+22.2%).Adjusted EBITDA for the third quarter of 2023 was $18.8 million, compared to $15.7 million for the same period in 2022 (+20.0%).Implemented Providers for the third quarter of 2023 were 4,105, compared to 3,595 for the same period in 2022 (+14.2%).Value-Based Care Attributed Lives for the third quarter of 2023 were approximately 1,094,000, compare...