-- Very Strong First Half Performance Across All Key Operating and Financial
Metrics
-- Implemented Providers +13.8% and Practice Collections +18.5% compared to
2Q'24
-- Guidance Raised to Above High End of Range for Practice Collections, GAAP
Revenue, Platform Contribution and Adjusted EBITDA c
ARLINGTON, Va., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the second quarter ended June 30, 2025.
Second Quarter Performance
For the Three Months Ended June 30,
---------------------------------------
($ in millions,
except per share
amounts) 2025 2024 Change (%)
--- ------------- --- -------------- ------------
Total revenue $ 521.2 $ 422.3 23.4%
Gross profit $ 112.8 $ 98.3 14.8%
Operating income $ 3.3 $ 5.1 (34.6)%
Net income (a) $ 2.7 $ 3.5 (22.5)%
Non-GAAP adjusted
net income (b d
e) $ 30.6 $ 23.5 30.1%
Net income per
share $ 0.02 $ 0.03 (33.3)%
Non-GAAP adjusted
net income per
share (b d e) $ 0.24 $ 0.19 26.3%
a. Net income for the three months ended June 30, 2025,
included $18.8 million in non-cash stock compensation
expense. Net income for the three months ended June
30, 2024 included $14.4 million in non-cash stock
compensation expense.
b. Reconciliations of non-GAAP adjusted net income and
other non-GAAP financial measures are presented in
tables near the end of this press release.
Second Quarter 2025 highlights include:
-- Continued strength in same-store growth and new provider additions,
+13.8% versus 2Q'24;
-- Practice Collections of $862.9 million, +18.5% versus 2Q'24;
-- Adjusted EBITDA b d e of $29.0 million, +31.6% versus 2Q'24;
-- Strong sales and business development pipeline; and
-- Cash of $390.1 million and no debt following $95 million deployed for IMS
transaction in Arizona.
Key Operating and Non-GAAP Financial Metrics (b, d, e)
For the Three Months Ended June 30,
($ in millions) 2025 2024 Change (%)
-------------- --------------- ------------
Implemented
Providers 5,125 4,504 13.8%
Value-Based Care
Attributed
Lives 1,382,000 1,200,000 15.2%
Practice
Collections $ 862.9 $ 728.0 18.5%
Care Margin (b d) $ 115.2 $ 99.8 15.4%
Platform
Contribution (b
d) $ 57.5 $ 47.4 21.3%
Adjusted EBITDA
(b d e) $ 29.0 $ 22.0 31.6%
Six-Month Performance
For the Six Months Ended June 30,
($ in millions,
except per share
amounts) 2025 2024 Change (%)
--- ---------------- ----------- ------------
Total revenue $ 1,001.3 $ 837.6 19.5%
Gross profit $ 216.4 $ 191.6 12.9%
Operating income $ 8.6 $ 5.9 44.5%
Net income (a) $ 6.9 $ 6.5 7.1%
Non-GAAP adjusted
net income (b d
e) $ 58.4 $ 46.1 26.8%
Net income per
share $ 0.05 $ 0.05 --%
Non-GAAP adjusted
net income per
share (b d e) $ 0.46 $ 0.37 24.3%
a. Net income for the six months ended June 30, 2025
included $36.6 million in non-cash stock compensation
expense. Net income for the six months ended June
30, 2024 included $26.3 million in non-cash stock
compensation expense.
b. Reconciliations of non-GAAP adjusted net income and
other non-GAAP financial measures are presented in
tables near the end of this press release.
Key Operating and Non-GAAP Financial Metrics (b d e)
For the Six Months Ended June 30,
($ in millions) 2025 2024 Change (%)
--- -------------- -------------- ------------
Practice
Collections $ 1,661.5 $ 1,435.7 15.7%
Care Margin (b d) $ 220.4 $ 194.7 13.2%
Platform
Contribution (b
d) $ 109.2 $ 92.1 18.5%
Adjusted EBITDA
(b d e) $ 55.9 $ 41.9 33.3%
Updated FY'25 Guidance (c d e f)
Privia Health raised its full-year 2025 outlook as follows:
Updated
FY 2025
Guidance
Initial FY 2025 Guidance at at
FY 2024 2.27.25 (c) 8.7.25
---------- ----------------------------- ---------
($ in millions) Actual Low High
---------- ------------- -------------- ---------
Implemented
Providers 4,789 5,200 5,300 High End
Attributed Lives 1,256,000 1,300,000 1,400,000 High End
Practice Above
Collections $ 2,968.0 $ 3,150 $ 3,250 High End
Above
GAAP Revenue $ 1,736.4 $ 1,800 $ 1,900 High End
Care Margin (c
d) $ 403.9 $ 435 $ 445 High End
Platform
Contribution (c Above
d) $ 195.6 $ 208 $ 218 High End
Adjusted EBITDA Above
(c d e) $ 90.5 $ 105 $ 110 High End
-- Guidance includes impact of Arizona market entry, and assumes no other
new business development activity
-- De minimis capital expenditures expected in full-year 2025
-- At least 80% of Adjusted EBITDA expected to convert to free cash flow in
full-year 2025
c. Management has not reconciled forward-looking non-GAAP
measures to their most directly comparable GAAP measures
of gross margin, operating income and net income.
This is because the Company cannot predict with reasonable
certainty and without unreasonable efforts the ultimate
outcome of certain GAAP components of such reconciliations
due to market-related assumptions that are not within
our control as well as certain legal or advisory costs,
tax costs or other costs that may arise. For these
reasons, management is unable to assess the probable
significance of the unavailable information, which
could materially impact the amount of the future directly
comparable GAAP measures.
d. See "Key Metrics and Non-GAAP Financial Measures"
for more information as to how the Company defines
and calculates Implemented Providers, Attributed Lives,
Practice Collections, Care Margin, Platform Contribution,
and Adjusted EBITDA, and for a reconciliation of the
most comparable GAAP measures to Care Margin, Platform
Contribution, Adjusted EBITDA, Adjusted Net Income
and Adjusted Net Income Per Share.
e. Certain non-recurring or non-cash and other expenses
will be treated as an add back in the reconciliation
of Net Income to Adjusted EBITDA, and the reconciliation
of Net Income to Adjusted Net Income and Adjusted
Net Income Per Share, the details of which can be
found in the Reconciliation schedules near the end
of this and in future quarterly press releases.
f. Any slight variations in totals due to rounding.
Webcast and Conference Call Information
The Company will host a conference call on August 7, 2025, at 8:00 am ET to discuss these results and management's outlook for future financial and operational performance. You can visit ir.priviahealth.com/news-and-events/events-and-presentations to listen to the call via webcast. The webcast will be archived and available for replay for on-demand listening shortly after the completion of the call under the same link. If you wish to participate in the live conference call, then please dial 888-596-4144 (or 646-968-2525 for international callers) and provide Conference ID 5704885.
This news release and the financial statements contained herein, and the slide presentation for the webcast, are also available on the Privia Health Investor Relations website at ir.priviahealth.com.
About Privia Health
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