Privia Health Group, Inc. ( (PRVA) ) has released its Q3 earnings. Here is a breakdown of the information Privia Health Group, Inc. presented to its investors.
Privia Health Group, Inc. is a technology-driven, national physician enablement company that collaborates with medical groups, health plans, and health systems to optimize physician practices, improve patient experiences, and reward doctors for delivering high-value care in both in-person and virtual settings.
Privia Health Group recently reported its financial results for the third quarter of 2024, highlighting strong execution across all business and financial metrics. The company has raised its full-year 2024 guidance to meet or exceed the high end for all metrics and announced a new market entry in Indiana.
Key financial highlights include a 4.9% increase in total revenue to $437.9 million and a 10.2% rise in gross profit. However, net income saw a decline of 37.4%, influenced by a rise in non-cash stock compensation expenses. The company achieved adjusted EBITDA growth of 25.8% and reported strong free cash flow generation. In the Medicare Shared Savings Program, Privia’s ACOs achieved shared savings of $176.6 million, marking a 34.1% increase from the previous year.
Strategically, Privia Health has expanded into Indiana through a partnership with a multi-specialty practice, set to anchor the new Privia Medical Group Indiana. The company also reported a healthy balance sheet with $422.0 million in cash and no debt, along with robust business development activities and record year-to-date provider signings.
Looking forward, Privia Health anticipates an upward trajectory in its financial performance, with expectations to maintain high adjusted EBITDA conversion to free cash flow and keeping capital expenditures below $1 million for the full year. The company remains focused on leveraging its technology platform to expand its market presence and optimize healthcare delivery.
