NASDAQ$PRVA
Privia Health Group, Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Privia Health's Q3 2023 financial performance was reported, marked by revenue growth and increased profitability.
Privia Health reported a strong third quarter with a 21.7% increase in revenue compared to the prior year, reaching $417.3 million. The company also saw improvements in profitability, with operating income of $5.5 million compared to an operating loss in the previous year. Net income increased to $5.6 million, and non-GAAP adjusted net income rose to $21.1 million.
- Total revenue increased by 21.7% year-over-year to $417.3 million.
- Operating income improved to $5.5 million, compared to an operating loss of $(4.6) million in the prior year.
- Net income rose to $5.6 million, or $0.05 per share, compared to $1.6 million, or $0.01 per share, in the prior year.
- Non-GAAP adjusted net income increased by 26.3% year-over-year to $21.1 million, or $0.17 per diluted share.
Headline financials
Revenue & EPS history
Privia Health · Revenue · Quarterly
$417M
Revenue by segment
Privia Health · $417M total across 6 segments · Q3 2023
- FFS-patient care$246M—58.8%
- Capitated revenue$88.5M—21.2%
- Shared savings$33.5M—8.0%
- FFS-administrative services$29.8M—7.2%
- Care management fees (PMPM)$17.8M—4.3%
- Other revenue$2.03M—0.5%
Forward guidance
Privia Health updated its full-year 2023 guidance
Tailwinds
- Implemented Providers: Above High End
- Attributed Lives: Midpoint
- Practice Collections: Midpoint
- GAAP Revenue: Mid to High End
- Care Margin: Mid to High End
Headwinds
- Practice Collections guidance includes impact of paused capitated agreement previously announced
- Adjusted EBITDA guidance includes approximately $10 million in start-up costs for new geographies and ACOs, and higher than initially forecasted sales and marketing costs due to record in-market sales
- Capital expenditures expected to be less than $1 million in full-year 2023
- Approximately 80-90% of Adjusted EBITDA expected to convert to free cash flow (defined as net cash provided by operating activities less capital expenditures) in FY 2023
- Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures of gross margin, operating income and net income.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+3.5%
Avg return
Earnings day
+4.1%
Avg return
5 days after
+1.3%
Avg return
30 days after
64%
16 / 25 earnings
Positive
+28.3%
Q1 2022
Best reaction
-8.8%
Q2 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.1% | -4.1% | -9.9% | |
| Q4 2025 | +9.9% | +4.9% | -11.6% | |
| Q3 2025 | -4.3% | -2.8% | -4.7% | |
| Q1 2025 | +7.3% | +4.2% | -0.6% | |
| Q4 2024 | +5.8% | +6.1% | -6.1% | |
| Q3 2024 | +0.7% | +6.7% | +0.1% | |
| Q2 2024 | +4.4% | +9.7% | +2.1% | |
| Q1 2024 | -4.7% | -4.3% | -9.1% | |
| Q4 2023 | +9.4% | +11.6% | -2.0% | |
| Q3 2023 | +9.7% | +9.0% | +6.0% | |
| Q2 2023 | +1.6% | -1.2% | -2.3% | |
| Q1 2023 | +7.3% | +7.2% | -8.3% | |
| Q4 2022 | +4.6% | +6.3% | +1.7% | |
| Q3 2022 | +5.3% | +6.2% | -9.7% | |
| Q2 2022 | +0.6% | -4.6% | +13.3% | |
| Q1 2022 | +28.3% | +25.1% | +41.0% | |
| Q4 2019 | -2.0% | +6.4% | -3.5% | |
| Q4 2021 | +3.3% | +7.5% | +10.4% | |
| Q3 2020 | +12.3% | +18.3% | -14.5% | |
| Q3 2021 | +12.3% | +18.3% | -14.5% | |
| Q2 2020 | -8.8% | -14.8% | -26.5% | |
| Q2 2021 | -8.8% | -14.8% | -26.5% | |
| Q4 2020 | -2.2% | +0.7% | +34.8% | |
| Q1 2020 | -2.2% | +0.7% | +34.8% | |
| Q1 2021 | -1.1% | +0.9% | +39.1% |
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