Privia Health Group Inc (PRVA, Financial) announced its financial results for the third quarter and nine-month periods ended September 30, 2023, on November 3, 2023. The company reported significant growth in revenue and net income compared to the same period in the previous year.
Financial Performance Highlights
Privia Health Group Inc (PRVA, Financial) reported total revenue for the third quarter of 2023 at $417.3 million, marking a 21.7% increase from the prior year's third quarter revenue of $342.9 million. The company's net income for the third quarter of 2023 was $5.6 million, or $0.05 per share, compared to a net income of $1.6 million, or $0.01 per share, for the third quarter of 2022.
Privia Health Group Inc (PRVA, Financial) also reported an increase in Practice Collections for the third quarter of 2023, which were $723.5 million, compared to $611.9 million for the same period in 2022, marking an 18.2% increase. The number of Implemented Providers for the third quarter of 2023 was 4,105, a 14.2% increase compared to 3,595 for the same period in 2022.
Full Year 2023 Guidance
Privia Health Group Inc (PRVA, Financial) updated its full-year 2023 guidance, reflecting the company's positive financial performance. The company expects Practice Collections to be between $2.7 billion and $2.85 billion, and GAAP Revenue to be between $1.55 billion and $1.65 billion. Adjusted EBITDA is expected to be between $70 million and $74 million.
Expansion into South Carolina
Privia Health Group Inc (PRVA, Financial) announced its entry into South Carolina in partnership with Greenville ENT and Allergy Associates (GENTA), a practice with approximately 20 providers. GENTA will serve as the anchor partner for Privia Medical Group South Carolina, and is expected to be implemented in the first half of 2024.
Capital Resources
As of September 30, 2023, the company's balance sheet included cash and cash equivalents of $330.4 million and no debt. This does not include $91.2 million in cash received in October 2023 from the Centers for Medicare and Medicaid Services (CMS) as payment for Privia Health’s portion of the shared savings generated in the 2022 performance year of the Medicare Shared Savings Program (MSSP).
Explore the complete 8-K earnings release (here) from Privia Health Group Inc for further details.
