NASDAQ$PRVA
Privia Health Group, Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Privia Health's financial performance for Q4 2023 was reported, showing revenue growth and progress in key operating metrics, while also outlining the company's strategic initiatives for 2024.
Privia Health reported a 21.0% increase in total revenue for Q4 2023, reaching $440.8 million, and a net income of $2.8 million. The company achieved growth in practice collections, care margin, and platform contribution. They are proactively addressing challenges in the Medicare Advantage market and focusing on strategic initiatives for 2024.
- Total revenue increased by 21.0% year-over-year, reaching $440.8 million.
- Net income was $2.8 million, compared to $17.8 million in the same quarter of the previous year.
- Non-GAAP adjusted net income increased by 26.1% to $20.3 million.
- Implemented providers reached 4,305, a 19.4% increase compared to the end of 2022.
Headline financials
Revenue & EPS history
Privia Health · Revenue · Quarterly
$441M
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 anticipates revenue between $1.600 billion and $1.675 billion and Adjusted EBITDA between $85 million and $90 million.
Tailwinds
- Increasing density and scale in existing geographies through organic provider growth.
- Achieving operating leverage to drive Adjusted EBITDA growth, and converting 80% of Adjusted EBITDA to Free Cash Flow.
- Continuing to pursue business development efforts to enter new states and increase overall addressable market.
- Care Margin between $388 million and $400 million
- Platform Contribution between $180 million and $188 million
Headwinds
- Limiting downside-risk arrangements in a challenging Medicare Advantage (MA) market.
- Renegotiating MA capitation arrangements for more favorable contract structures and margin contribution expected to reduce capitated practice collections by approximately $198 million year-over-year due to revenue recognition rules as 19,900 attributed lives move to upside/downside risk arrangements.
- Exiting Delaware ACO (~12,000 attributed lives in the Medicare Shared Savings Program), effective January 1, 2024.
- Practice Collections guidance includes reduction of approximately $198 million from renegotiated Medicare Advantage capitation agreements, and assumes minimal year-over-year increase in Shared Savings accruals
- Adjusted EBITDA guidance includes approximately $10-12 million in start-up costs for new geographies announced in last 15 months
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 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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