Q2 2024 Privia Health Group Inc Earnings Call Transcript
Key Points
- Privia Health Group Inc (PRVA) reported a strong financial performance in Q2 2024, with adjusted EBITDA up 14% year over year.
- The company increased its implemented providers by 16.4% year over year, reaching a total of 4,504 providers.
- Privia Health Group Inc (PRVA) has a robust pipeline for growth, with $387 million in cash and no debt, positioning it well for long-term expansion.
- The company reported high patient satisfaction with a net promoter score of 85 and gross provider retention averaging over 98% in the past three years.
- Privia Health Group Inc (PRVA) increased its guidance for 2024, expecting attributed lives to be at the high end of its initial guidance range.
- Practice collections grew only 4% year over year, which may indicate slower growth compared to previous quarters.
- The company faces challenges in the Medicare Advantage (MA) environment, requiring proactive steps to navigate the situation.
- Stock-based compensation expenses have increased significantly, up 80% year to date, which could impact profitability.
- There is variability in shared savings revenue due to accrual true-ups over 100-plus value-based contracts, leading to potential fluctuations in quarterly results.
- The company is experiencing elevated utilization trends, particularly on the inpatient side, which could affect future financial performance.
Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Privia Health second-quarter 2024 conference call. (Operator Instructions)
I would now like to turn the conference over to Robert Borchert, SVP, Investor and Corporate Communications. Please go ahead.
Thank you, Regina. And good morning, everyone. Joining me are Parth Mehrotra, our Chief Executive Officer; and David Mountcastle, our Chief Financial Officer. This call is being webcast and can be accessed in the Investor Relations section of priviahealth.com.
Today's financial press release and slide presentation are posted in the Investor Relations section of priviahealth.com. And following our prepared comments, we will open the line for questions. So please limit yourself to one question only and return to the queue if you have a follow up, so we can get to as many questions as possible.
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