NASDAQ$PRVA
Privia Health Group, Inc · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Privia Health's Q4 2022 performance was strong, marked by revenue growth and strategic expansions.
Privia Health reported a strong fourth quarter in 2022, with a 32.4% increase in revenue compared to the previous year. The company's operating income turned positive, and net income significantly improved. Key operating metrics such as practice collections, care margin, and platform contribution also showed substantial growth.
- Total revenue increased by 32.4% year-over-year, reaching $364.4 million.
- Operating income was $2.2 million, a significant improvement from the prior year's operating loss of $19.3 million.
- Net income was $17.8 million, or $0.14 per diluted share, compared to a net loss of $12.0 million, or $(0.11) per share in the prior year.
- The company announced new market entries in Connecticut, Delaware, North Carolina, and Ohio, expanding its national presence.
Headline financials
Revenue & EPS history
Privia Health · Revenue · Quarterly
$364M
Revenue by segment
Privia Health · $364M total across 6 segments · Q4 2022
- FFS-patient care$232M—63.6%
- Capitated revenue$57.7M—15.8%
- Shared savings$42.3M—11.6%
- FFS-administrative services$23M—6.3%
- Care management fees (PMPM)$8.02M—2.2%
- Other revenue$1.75M—0.5%
Forward guidance
Privia Health provided full-year 2023 guidance, reflecting management's expectations for growth from existing markets, new market entries, capitated agreements, and investments in operations and technology.
Tailwinds
- Implemented Providers are expected to be between 4,050 and 4,150, representing a 12.3% to 15.1% increase from FY 2022.
- Attributed Lives are projected to be between 1,050,000 and 1,150,000, a 22.7% to 34.3% increase from FY 2022.
- Practice Collections are anticipated to be between $2.7 billion and $2.85 billion, an 11.4% to 17.6% increase from FY 2022.
- GAAP Revenue is expected to range from $1.55 billion to $1.65 billion, a 14.3% to 21.6% increase from FY 2022.
- Adjusted EBITDA is projected to be between $70 million and $74 million, a 15.0% to 21.6% increase from FY 2022.
Headwinds
- Guidance includes approximately $8-10 million in start-up costs for new geographies and ACOs.
- Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures due to the uncertainty of predicting certain market-related assumptions and potential legal or advisory costs.
- Capital expenditures are expected to be less than $1 million in full-year 2023.
- Approximately 80-90% of Adjusted EBITDA is expected to convert to free cash flow in FY 2023.
- The partnership with OhioHealth is subject to the negotiation and execution of definitive agreements by both parties.
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 Q4 2022
+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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