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- All 2024 Operating and Financial Metrics Above High End of Guidance Ranges
- Very strong New Provider Signings with Implemented Providers +11.2% from Year-end 2023
- Full-year 2024 Net Cash Provided by Operating Activities of $109.3 million, +35.3% from 2023, with De Minimis Capital Expenditures
- Year-end 2024 Cash Balance of $491.1 million and No Debt
- 2025 Guidance Reflects Continued Momentum and Profitable Growth Despite Challenging Medicare Advantage and Value-based Environment
ARLINGTON, Va., Feb. 27, 2025 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial and operating results for the fourth quarter and full year ended December 31, 2024. Each of the Company's operating and financial performance metrics were above the high end of its guidance ranges for 2024, as highlighted below.
Full-Year Performance
| For the Years Ended December 31, | ||||||||||||
| ($ in millions, except per share amounts) | 2024 | 2023 | Change (%)* | |||||||||
| Total revenue | $ | 1,736.4 | $ | 1,657.7 | 4.7 | % | ||||||
| Gross profit | $ | 397.7 | $ | 353.8 | 12.4 | % | ||||||
| Operating income | $ | 17.0 | $ | 20.6 | (17.8 | )% | ||||||
| Net income a | $ | 14.4 | $ | 23.1 | (37.7 | )% | ||||||
| Non-GAAP adjusted net income b | $ | 97.6 | $ | 81.5 | 19.8 | % | ||||||
| Net income per share | $ | 0.11 | $ | 0.19 | (42.1 | )% | ||||||
| Non-GAAP adjusted net income per share b | $ | 0.78 | $ | 0.64 | 21.9 | % | ||||||
| * Any slight variations in totals are due to rounding.
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Sign up for The Manila Times newsletters By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy. a. Net income for full-year 2024 included $56.7 million in non-cash stock compensation expense and $9.5 million in legal, non-recurring, and other expenses. Net income for full-year 2023 included $37.1 million in non-cash stock compensation expense and $7.9 million in legal, non-recurring, and other expenses. 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. | ||||||||||||
Highlights from 2024 include:
- Very strong new provider signings with Implemented Providers increasing +11.2% from 2023;
- Fee-for-service collections growth of +13.6% year over year and strong value-based care performance;
- Shared savings of $176.6 million through the Medicare Shared Savings Program (MSSP) for the 2023 performance year, a +34.1% increase from 2022;
- Adjusted EBITDA growth of +25.2% over full-year 2023; and
- Full-year 2024 Net Cash Provided by Operating Activities was $109.3 million compared to $80.8 million in 2023 (+35.3%) with de minimis capital expenditures. Free cash flow (defined as net cash provided by operating activities less capital expenditures, primarily purchases of property and equipment) of $109.3 million (+35.4% year over year), approximately 121% of Adjusted EBITDA.
Key Operating and Non-GAAP Financial Metrics d
| For the Years Ended December 31, | ||||||||||||
| ($ in millions) | 2024 | 2023 | Change (%) | |||||||||
| Implemented Providers | 4,789 | 4,305 | 11.2 | % | ||||||||
| Attributed Lives | 1,256,000 | 1,120,000 | 12.1 | % | ||||||||
| Practice Collections | $ | 2,968.0 | $ | 2,839.0 | 4.5 | % | ||||||
| Care Margin | $ | 403.9 | $ | 359.2 | 12.4 | % | ||||||
| Platform Contribution | $ | 195.6 | $ | 173.5 | 12.8 | % | ||||||
| Adjusted EBITDA | $ | 90.5 | $ | 72.2 | 25.2 | % | ||||||
Full-Year 2024 Actual Performance versus Guidance d
| Initial FY 2024 Guidance c | Updated FY 2024 Guidance c | FY 2024 | |||||||||||
| ($ in millions) | Low | High | at January 13, 2025 | Actual | |||||||||
| Implemented Providers | 4,650 | 4,750 | High End | 4,789 | |||||||||
| Attributed Lives | 1,150,000 | 1,200,000 | Above High End | 1,256,000 | |||||||||
| Practice Collections | $ | 2,775 | $ | 2,875 | High End | $ | 2,968.0 | ||||||
| GAAP Revenue | $ | 1,600 | $ | 1,675 | High End | $ | 1,736.4 | ||||||
| Care Margin | $ | 388 | $ | 400 | High End | $ | 403.9 | ||||||
| Platform Contribution | $ | 180 | $ | 188 | High End | $ | 195.6 | ||||||
| Adjusted EBITDA | $ | 85 | $ | 90 | High End | $ | 90.5 | ||||||
| c. Management had not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures of Gross Profit and Net Income. This is because the Company could not have predicted with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions not within our control as well as certain legal or advisory costs, tax costs or other costs that have arisen. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the directly comparable GAAP measures.
d. Reconciliations of Care Margin, Platform Contribution, Adjusted EBITDA and other non-GAAP financial measures are presented in tables near the end of this press release. | |||||||||||||
Fourth Quarter Performance
| For the Three Months Ended December 31, | |||||||||||
| ($ in millions, except per share amounts) | 2024 | 2023 | Change (%)* | ||||||||
| Total revenue | $ | 460.9 | $ | 440.8 | 4.6 | % | |||||
| Gross profit | $ | 106.1 | $ | 90.0 | 18.0 | % | |||||
| Operating income | $ | 5.2 | $ | 1.4 | 269.6 | % | |||||
| Net income e | $ | 4.4 | $ | 2.8 | 55.0 | % | |||||
| Non-GAAP adjusted net income f | $ | 26.5 | $ | 20.3 | 30.5 | % | |||||
| Net income per share | $ | 0.03 | $ | 0.02 | 50.0 | % | |||||
| Non-GAAP adjusted net income per share f | $ | 0.21 | $ | 0.15 | 40.0 | % | |||||
| * Any slight variations in totals are due to rounding. e. Net income for the fourth quarter of 2024 included $15.3 million in non-cash stock compensation expense and $2.5 million in legal and other expenses. Net income for the fourth quarter of 2023 included $11.7 million in non-cash stock compensation expense and $2.4 million in legal and other expenses.
f .Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. | |||||||||||
Key Operating and Non-GAAP Financial Metrics g
| For the Three Months Ended December 31, | ||||||||||||
| ($ in millions) | 2024 | 2023 | Change (%) | |||||||||
| Practice Collections | $ | 792.5 | $ | 756.6 | 4.7 | % | ||||||
| Care Margin | $ | 107.7 | $ | 91.5 | 17.8 | % | ||||||
| Platform Contribution | $ | 53.2 | $ | 42.3 | 25.9 | % | ||||||
| Adjusted EBITDA | $ | 24.9 | $ | 17.3 | 44.0 | % | ||||||
g. Reconciliations of Care Margin, Platform Contribution, Adjusted EBITDA and other non-GAAP financial measures are presented in tables near the end of this press release.
Capital Resources and Cash Flow
The Company's balance sheet at December 31, 2024 included $491.1 million of cash and cash equivalents and no debt, compared to cash and cash equivalents of $389.5 million and no debt at December 31, 2023 (+26.1%). Full-year 2024 Net Cash Provided by Operating Activities was $109.3 million compared to $80.8 million in 2023 (+35.3%) with de minimis capital expenditures. Free Cash flow for the year ended December 31, 2024 was $109.3 million compared to $80.7 million in the prior year (+35.4%).
2025 Financial and Business Outlook g h i
Privia Health's key actions and areas of focus in 2025 include:
- Increasing density and scale in existing states through organic provider growth;
- Continuing to perform in value-based risk arrangements for positive margin contribution in challenging Medicare Advantage (MA) market;
- Achieving operating leverage to drive Adjusted EBITDA growth, and converting at least 80% of Adjusted EBITDA to Free Cash Flow; and
- Pursuing business development efforts to enter new states and expand in existing states to increase overall addressable market.
The Company's 2025 operating and financial guidance is as follows g h i:
| FY 2024 | FY 2025 Guidance g | Y-Y % Change from FY 2024 | |||||||||||||||||
| ($ in millions) | Actual | Low | High | Low | High | ||||||||||||||
| Implemented Providers | 4,789 | 5,200 | 5,300 | 8.6 | % | 10.7 | % | ||||||||||||
| Attributed Lives |
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