On August 8, 2024, Privia Health Group Inc (PRVA, Financial) released its 8-K filing detailing the financial results for the second quarter and six months ended June 30, 2024. 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 care settings.
Second Quarter 2024 Financial Performance
Privia Health Group Inc (PRVA, Financial) reported total revenue of $422.3 million for Q2 2024, a 2.2% increase from $413.4 million in Q2 2023. However, the company’s net income decreased significantly by 52.3% to $3.5 million, or $0.03 per share, compared to $7.3 million, or $0.06 per share, in the same period last year. This decline was primarily due to higher non-cash stock compensation expenses.
Despite the drop in net income, Privia Health Group Inc (PRVA, Financial) achieved a non-GAAP adjusted net income of $23.5 million, up 13.0% from $20.8 million in Q2 2023. The non-GAAP adjusted net income per share was $0.19, an 11.8% increase from $0.17 in the previous year.
Key Metrics and Operational Highlights
Privia Health Group Inc (PRVA, Financial) saw a 16.4% increase in implemented providers, reaching 4,504 compared to 3,870 in Q2 2023. The value-based care attributed lives also grew by 10.7% to 1.2 million. Practice collections rose by 4.0% to $728.0 million, while the care margin increased by 8.9% to $99.8 million.
| Metric | Q2 2024 | Q2 2023 | Change (%) |
|---|---|---|---|
| Total Revenue ($ millions) | 422.3 | 413.4 | 2.2% |
| Gross Profit ($ millions) | 98.3 | 90.2 | 8.9% |
| Operating Income ($ millions) | 5.1 | 7.0 | (27.1%) |
| Net Income ($ millions) | 3.5 | 7.3 | (52.1%) |
| Non-GAAP Adjusted Net Income ($ millions) | 23.5 | 20.8 | 13.0% |
| Net Income Per Share | 0.03 | 0.06 | (50.0%) |
| Non-GAAP Adjusted Net Income Per Share | 0.19 | 0.17 | 11.8% |
Six-Month Performance
For the first half of 2024, Privia Health Group Inc (PRVA, Financial) reported total revenue of $837.6 million, a 4.7% increase from $799.6 million in the same period last year. The company’s net income for the six months was $6.5 million, down 55.5% from $14.6 million in the first half of 2023. Non-GAAP adjusted net income for the six months was $46.1 million, a 15.0% increase from $40.1 million in the previous year.
Financial and Business Outlook
Privia Health Group Inc (PRVA, Financial) raised its full-year 2024 guidance to the mid to high end for all metrics. The company expects practice collections to be between $2.775 billion and $2.875 billion, GAAP revenue between $1.6 billion and $1.675 billion, and adjusted EBITDA between $85 million and $90 million.
“We are pleased with our strong execution across all business and financial metrics, which has allowed us to raise our full-year 2024 guidance,” said the company in its earnings release.
Privia Health Group Inc (PRVA, Financial) continues to demonstrate robust growth in key operational metrics, including a strong sales and business development pipeline, and a significant increase in cash and cash equivalents, which stood at $387.4 million, up 21.8% from Q2 2023, with no debt.
For more detailed financial information and to access the full earnings release, visit the 8-K filing.
Explore the complete 8-K earnings release (here) from Privia Health Group Inc for further details.
