Core Viewpoint - Privia Health Group, Inc. is set to release its financial results for the second quarter and six-month periods ending June 30, 2025, on August 7, 2025, before market open [1] Financial Results Announcement - The press release will be available at 7:00 am ET on August 7, 2025, on the Company's Investor Relations website [2] - A conference call will be hosted by Privia Health management at 8:00 am ET on the same day to discuss the financial results and future outlook [2][3] Company Overview - Privia Health is one of the largest physician enablement companies in the U.S., operating in 15 states and the District of Columbia [4] - The company builds scaled provider networks with a focus on primary-care centric medical groups and risk-bearing entities [4] - Privia collaborates with medical groups, health plans, and health systems to optimize over 1,200 physician practices, enhancing the patient experience for more than 5.2 million patients [4] - The company rewards over 4,800 physicians and advanced practitioners for delivering high-value care [4] Mission Statement - Privia's mission is to transform healthcare delivery to achieve better outcomes, lower costs, and improve community health and provider well-being [5]

Group 1 - Privia Health Group, Inc. appointed Lance V. Berberian to its Board of Directors, effective July 15, 2025, increasing the Board to 10 directors [1][2] - Berberian brings over 30 years of experience in technology strategy and digital transformation, having previously served as EVP and Chief Information and Technology Officer at Labcorp Holdings Inc. [2] - His expertise includes IT governance, infrastructure management, and cybersecurity, which is expected to support Privia Health's growth and development of provider networks across the U.S. [2] Group 2 - Privia Health is one of the largest physician enablement companies in the U.S., operating in 15 states and the District of Columbia [4] - The company optimizes over 1,200 physician practices, enhancing patient experiences for more than 5.2 million patients and rewarding over 4,800 physicians and advanced practitioners [4] - Privia's mission focuses on transforming healthcare delivery to achieve better outcomes, lower costs, and improve community health and provider well-being [5]

Privia Health (PRVA) reported $480.1 million in revenue for the quarter ended March 2025, representing a year-over-year increase of 15.6%. EPS of $0.03 for the same period compares to $0.02 a year ago.The reported revenue represents a surprise of +5.37% over the Zacks Consensus Estimate of $455.65 million. With the consensus EPS estimate being $0.06, the EPS surprise was -50.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to deter ...

Part I [Financial Statements](index=5&type=section&id=Item%201.%20Condensed%20Financial%20Statements%20(Unaudited)) Privia Health reported Q1 2025 total revenue of $480.1 million, a 15.6% increase, with net income of $4.2 million and total assets of $1.18 billion, while operating cash outflow improved to $24.1 million [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $1.18 billion as of March 31, 2025, driven by higher accounts receivable, while cash and equivalents decreased to $469.3 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $469,331 | $491,149 | | Accounts receivable | $388,727 | $316,179 | | Total current assets | $886,467 | $834,823 | | Goodwill | $141,615 | $141,615 | | Total assets | $1,183,538 | $1,135,783 | | **Liabilities & Equity** | | | | Provider liability | $400,288 | $364,607 | | Total current liabilities | $470,810 | $449,146 | | Total liabilities | $474,012 | $452,336 | | Total stockholders' equity | $709,526 | $683,447 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 revenue increased 15.6% to $480.1 million, with operating income surging to $5.2 million and net income attributable to Privia Health growing to $4.2 million Q1 2025 vs. Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $480,097 | $415,243 | | Provider expense | $374,809 | $320,336 | | Total operating expenses | $474,879 | $414,420 | | Operating income | $5,218 | $823 | | Net income attributable to Privia Health Group, Inc. | $4,220 | $2,984 | | Diluted EPS | $0.03 | $0.02 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved to $24.1 million in Q1 2025, with no cash used in investing activities and $2.2 million provided by financing activities Q1 2025 vs. Q1 2024 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(24,061) | $(33,137) | | Net cash used in investing activities | $0 | $(5,713) | | Net cash provided by financing activities | $2,243 | $475 | | **Net decrease in cash and cash equivalents** | **$(21,818)** | **$(38,375)** | [Notes to Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Key notes detail revenue sources, assets, liabilities, and debt, with a significant subsequent event being the April 2025 entry into the Arizona market for approximately $95 million - The company operates in 15 markets as of March 31, 2025, providing management services to Medical Groups through Management Services Organizations (MSOs)[25](index=25&type=chunk)[26](index=26&type=chunk) Disaggregated Revenue by Source (in thousands) | Revenue Source | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | FFS-patient care | $311,761 | $274,823 | | FFS-administrative services | $32,255 | $29,076 | | Capitated revenue | $70,690 | $51,304 | | Shared savings | $47,912 | $47,464 | | Care management fees (PMPM) | $15,201 | $10,603 | | **Total revenue** | **$480,097** | **$415,243** | - The company's provider liability for unpaid medical claims under at-risk capitation arrangements increased to **$86.4 million** at the end of Q1 2025, up from $74.5 million in the prior-year period[62](index=62&type=chunk) - As of March 31, 2025, no amounts were outstanding under the **$125 million Revolving Credit Facility**[65](index=65&type=chunk) - In April 2025, the company entered the Arizona market through a partnership with a multi-specialty practice, paying approximately **$95 million** in cash at closing[85](index=85&type=chunk) [Management's Discussion and Analysis (MD&A)](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes 15.6% Q1 revenue growth to FFS and VBC streams, with Implemented Providers up 11.7% and Adjusted EBITDA rising 35.1% to $26.9 million [Key Metrics and Non-GAAP Financial Measures](index=20&type=section&id=Key%20Metrics%20and%20Non-GAAP%20Financial%20Measures) Key operational metrics show strong growth, with Implemented Providers up 11.7% and Attributed Lives up 11.1%, while Adjusted EBITDA increased 35.1% to $26.9 million Key Operational Metrics | Metric | As of March 31, 2025 | As of March 31, 2024 | % Change | | :--- | :--- | :--- | :--- | | Implemented Providers | 4,871 | 4,359 | 11.7% | | Attributed Lives (in thousands) | 1,270 | 1,143 | 11.1% | | Practice Collections ($ in millions) | $798.6 | $707.7 | 12.8% | Non-GAAP Financial Measures (in thousands) | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Care Margin | $105,288 | $94,907 | 10.9% | | Platform Contribution | $51,733 | $44,737 | 15.6% | | Adjusted EBITDA | $26,915 | $19,922 | 35.1% | - Adjusted EBITDA increased **35.1%** due to organic growth, growth in Attributed Lives, and expansion of the value-based care business[128](index=128&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Total revenue for Q1 2025 increased 15.6% to $480.1 million, driven by FFS-patient care and capitated revenue, leading to a significant improvement in operating income to $5.2 million Results of Operations Comparison (in thousands) | Line Item | Q1 2025 | Q1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$480,097** | **$415,243** | **$64,854** | **15.6%** | | Provider expense | $374,809 | $320,336 | $54,473 | 17.0% | | Cost of platform | $59,526 | $54,057 | $5,469 | 10.1% | | General and administrative | $31,721 | $32,121 | $(400) | (1.2)% | | **Operating income** | **$5,218** | **$823** | **$4,395** | **534.0%** | | **Net income attributable to Privia** | **$4,220** | **$2,984** | **$1,236** | **41.4%** | - The **15.6% revenue growth** was primarily driven by a **13.4% increase in FFS-patient care revenue** and a **37.8% increase in capitated revenue**, reflecting growth in providers, visit volume, and Attributed Lives in at-risk arrangements[140](index=140&type=chunk)[141](index=141&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company held $469.3 million in cash and equivalents, with management confident in sufficient liquidity to meet both short-term and long-term capital requirements - The company ended Q1 2025 with **$469.3 million in cash and cash equivalents**[151](index=151&type=chunk) - Net cash used in operating activities improved to **$24.1 million** in Q1 2025 from $33.1 million in Q1 2024, mainly due to higher net income and changes in working capital[157](index=157&type=chunk) - Management believes existing cash and operational cash flow will be adequate to meet anticipated cash requirements for both the short term (next 12 months) and long term (beyond 12 months)[154](index=154&type=chunk) [Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk stems from interest rate fluctuations on its variable-rate credit agreement, though no debt was outstanding, and inflation has not materially impacted operating results - The company's primary market risk is from changing interest rates on its Credit Agreement, which has a variable rate. However, as of March 31, 2025, there was **no outstanding debt**[165](index=165&type=chunk) - Management believes that inflation has not had a material effect on operating results for the periods presented[166](index=166&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2025[167](index=167&type=chunk) - No changes were made during Q1 2025 that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[168](index=168&type=chunk) Part II [Legal Proceedings and Risk Factors](index=33&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary legal proceedings not expected to have a material adverse effect, with no material changes to previously disclosed risk factors - The company is involved in legal proceedings in the ordinary course of business but does not believe the final outcome of current matters will have a **material adverse effect**[169](index=169&type=chunk) - There have been **no material changes** to the risk factors disclosed in the Company's Annual Report[170](index=170&type=chunk)

Privia Health Group (PRVA) Q1 2025 Earnings Call May 08, 2025 08:00 AM ET Company Participants Robert Borchert - SVP, Investor and Corporate CommunicationsParth Mehrotra - CEODavid Mountcastle - EVP & CFOJailendra Singh - Managing DirectorJoshua Raskin - Partner - Managed Care & ProvidersRichard Close - Managing DirectorAlberta Massey - Equity Research AssociateA.J. Rice - Managing DirectorThomas Walsh - Equity Research AssociateConstantine Davides - Managing DirectorJack Slevin - VP - Healthcare Services E ...

Core Viewpoint - Privia Health (PRVA) reported quarterly earnings of $0.03 per share, missing the Zacks Consensus Estimate of $0.06 per share, representing a 50% earnings surprise [1][6] - The company posted revenues of $480.1 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 5.37% and showing a year-over-year increase from $415.24 million [2] Group 1: Earnings Performance - Privia Health's earnings of $0.03 per share for the recent quarter is an increase from $0.02 per share a year ago, but still below expectations [1] - The company has not surpassed consensus EPS estimates over the last four quarters [2][6] Group 2: Revenue Performance - The reported revenue of $480.1 million for the quarter represents a 15.6% increase compared to the previous year's revenue of $415.24 million [2] - Privia Health has exceeded consensus revenue estimates in all four quarters over the past year [2] Group 3: Stock Performance and Outlook - Privia Health shares have increased by approximately 19.3% since the beginning of the year, contrasting with a decline of 4.3% in the S&P 500 [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] Group 4: Earnings Estimates and Industry Outlook - The current consensus EPS estimate for the upcoming quarter is $0.06 on revenues of $461.1 million, and for the current fiscal year, it is $0.24 on revenues of $1.88 billion [7] - The Medical Info Systems industry, to which Privia Health belongs, is currently ranked in the top 32% of Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

1 st Quarter 2025 Results May 8, 2025 Parth Mehrotra, CEO David Mountcastle, CFO Disclaimer Forward-Looking Statements Strong First Quarter Performance and Operating Execution 4 1 For reconciliations of Adjusted EBITDA to Net Income, please see Appendix. In order to provide investors with greater insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, the Company supplements its condensed consolida ...

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) [First Quarter 2025 Financial Performance](index=1&type=section&id=First%20Quarter%202025%20Financial%20Performance) Privia Health reported strong financial results for the first quarter of 2025, with significant year-over-year growth across key metrics First Quarter 2025 Financial Performance (Millions USD) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | Change (%) | | :--- | :--- | :--- | :--- | | **Total revenue** | $480.1 | $415.2 | 15.6% | | **Gross profit** | $103.6 | $93.4 | 11.0% | | **Operating income** | $5.2 | $0.8 | 534.0% | | **Net income** | $4.2 | $3.0 | 41.4% | | **Non-GAAP adjusted net income** | $27.8 | $22.5 | 23.3% | | **Net income per share** | $0.03 | $0.02 | 50.0% | | **Non-GAAP adjusted net income per share** | $0.22 | $0.18 | 22.2% | - Net income for Q1 2025 included **$17.8 million** in non-cash stock compensation expense, an increase from **$11.9 million** in Q1 2024[3](index=3&type=chunk) [First Quarter 2025 Operating Metrics](index=1&type=section&id=First%20Quarter%202025%20Operating%20Metrics) The company demonstrated robust operational growth in Q1 2025, driving increased practice collections and Adjusted EBITDA First Quarter 2025 Operating Metrics (in millions, except as noted) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Implemented Providers | 4,871 | 4,359 | 11.7% | | Value-Based Care Attributed Lives | 1,270,000 | 1,143,000 | 11.1% | | Practice Collections (Millions USD) | $798.6 | $707.7 | 12.8% | | Care Margin (Millions USD) | $105.3 | $94.9 | 10.9% | | Platform Contribution (Millions USD) | $51.7 | $44.7 | 15.6% | | Adjusted EBITDA (Millions USD) | $26.9 | $19.9 | 35.1% | [Strategic Developments & Financial Outlook](index=2&type=section&id=Strategic%20Developments%20%26%20Financial%20Outlook) [Arizona Market Entry](index=2&type=section&id=Arizona%20Market%20Entry) Privia Health expanded into Arizona by acquiring Integrated Medical Services (IMS) for $95 million in cash, with profitability expected in Q4 2025 - Privia Health entered the Arizona market through a partnership with Integrated Medical Services (IMS), one of the state's largest independent multi-specialty practices[6](index=6&type=chunk) - The transaction involved a **$95 million** cash payment at closing[6](index=6&type=chunk) - IMS has approximately **70 physicians** and advanced practice providers, managing over **28,000 patient lives** in value-based care arrangements[6](index=6&type=chunk) - The transaction and launch in Arizona are expected to be profitable starting in the **fourth quarter of 2025**[7](index=7&type=chunk) [Updated FY'25 Guidance](index=2&type=section&id=Updated%20FY%2725%20Guidance) Reflecting strong Q1 performance and the Arizona market entry, Privia Health raised its full-year 2025 outlook for most key metrics - The full-year 2025 outlook was raised to the **mid- to high end** of guidance ranges for all metrics except for Attributed Lives, which remains unchanged[4](index=4&type=chunk)[8](index=8&type=chunk) Updated Full-Year 2025 Guidance (in millions, except as noted) | Metric | FY 2024 Actual (Millions USD) | Initial FY 2025 Guidance (Low) (Millions USD) | Initial FY 2025 Guidance (High) (Millions USD) | Updated FY 2025 Guidance (5.8.25) | | :--- | :--- | :--- | :--- | :--- | | Implemented Providers | 4,789 | 5,200 | 5,300 | Mid to High End | | Attributed Lives | 1,256,000 | 1,300,000 | 1,400,000 | Unchanged | | Practice Collections (Millions USD) | $2,968.0 | $3,150 | $3,250 | Mid to High End | | GAAP Revenue (Millions USD) | $1,736.4 | $1,800 | $1,900 | Mid to High End | | Care Margin (Millions USD) | $403.9 | $435 | $445 | Mid to High End | | Platform Contribution (Millions USD) | $195.6 | $208 | $218 | Mid to High End | | Adjusted EBITDA (Millions USD) | $90.5 | $105 | $110 | Mid to High End | - Guidance assumes at least **80% of Adjusted EBITDA** is expected to convert to free cash flow in full-year 2025[8](index=8&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's condensed consolidated statements of operations, balance sheets, and cash flows for the reporting period [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2025, Privia Health reported total revenue of $480.1 million, operating income of $5.2 million, and net income of $4.2 million Condensed Consolidated Statements of Operations (in thousands) | Metric | For the Three Months Ended March 31, 2025 (Thousands USD) | For the Three Months Ended March 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | **Revenue** | **$480,097** | **$415,243** | | Total operating expenses | $474,879 | $414,420 | | **Operating income** | **$5,218** | **$823** | | Income before provision for income taxes | $8,149 | $3,807 | | **Net income attributable to Privia Health Group, Inc.** | **$4,220** | **$2,984** | | Net income per share – diluted | $0.03 | $0.02 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets reached $1.18 billion, with cash and cash equivalents at $469.3 million, and total stockholders' equity at $709.5 million Condensed Consolidated Balance Sheets (in thousands) | Metric | March 31, 2025 (Thousands USD) | December 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | **Total current assets** | **$886,467** | **$834,823** | | Cash and cash equivalents | $469,331 | $491,149 | | **Total assets** | **$1,183,538** | **$1,135,783** | | **Total current liabilities** | **$470,810** | **$449,146** | | **Total liabilities** | **$474,012** | **$452,336** | | **Total stockholders' equity** | **$709,526** | **$683,447** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved to $24.1 million in Q1 2025, with cash and cash equivalents ending at $469.3 million Condensed Consolidated Statements of Cash Flows (in thousands) | Metric | For the Three Months Ended March 31, 2025 (Thousands USD) | For the Three Months Ended March 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | Net cash used in operating activities | ($24,061) | ($33,137) | | Net cash used in investing activities | — | ($5,713) | | Net cash provided by financing activities | $2,243 | $475 | | **Net decrease in cash and cash equivalents** | **($21,818)** | **($38,375)** | | Cash and cash equivalents at end of period | $469,331 | $351,136 | [Supplemental Financial Information & Non-GAAP Reconciliations](index=8&type=section&id=Supplemental%20Financial%20Information%20%26%20Non-GAAP%20Reconciliations) This section provides further detail on the company's financial performance, including revenue breakdown and reconciliations of non-GAAP financial measures [Disaggregated Revenue](index=8&type=section&id=Disaggregated%20Revenue) In Q1 2025, Fee-for-Service patient care remained the primary revenue driver, while capitated revenue showed strong growth Disaggregated Revenue (in thousands) | Revenue Source | For the Three Months Ended March 31, 2025 (Thousands USD) | For the Three Months Ended March 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | FFS-patient care | $311,761 | $274,823 | | FFS-administrative services | $32,255 | $29,076 | | Capitated revenue | $70,690 | $51,304 | | Shared savings | $47,912 | $47,464 | | Care management fees (PMPM) | $15,201 | $10,603 | | **Total Revenue** | **$480,097** | **$415,243** | [Non-GAAP Reconciliations](index=9&type=section&id=Non-GAAP%20Reconciliations) The company provides reconciliations for its key non-GAAP metrics to bridge the gap with reported GAAP figures [Reconciliation of Gross Profit to Care Margin](index=10&type=section&id=Reconciliation%20of%20Gross%20Profit%20to%20Care%20Margin) Care Margin is calculated by adding back the amortization of intangible assets to Gross Profit Reconciliation of Gross Profit to Care Margin (in thousands) | Metric | For the Three Months Ended March 31, 2025 (Thousands USD) | For the Three Months Ended March 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | Gross Profit | $103,615 | $93,380 | | Amortization of intangibles assets | 1,673 | 1,527 | | **Care margin** | **$105,288** | **$94,907** | [Reconciliation of Gross Profit to Platform Contribution](index=10&type=section&id=Reconciliation%20of%20Gross%20Profit%20to%20Platform%20Contribution) Platform Contribution is derived from Gross Profit by adjusting for amortization, stock-based compensation, and the cost of the platform Reconciliation of Gross Profit to Platform Contribution (in thousands) | Metric | For the Three Months Ended March 31, 2025 (Thousands USD) | For the Three Months Ended March 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | Gross Profit | $103,615 | $93,380 | | Amortization of intangibles assets | 1,673 | 1,527 | | Cost of platform | (59,526) | (54,057) | | Stock-based compensation | 5,971 | 3,887 | | **Platform Contribution** | **$51,733** | **$44,737** | [Reconciliation of Net Income to Adjusted EBITDA](index=10&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) Adjusted EBITDA is calculated by adjusting Net Income for items such as taxes, interest, depreciation & amortization, and stock-based compensation Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | For the Three Months Ended March 31, 2025 (Thousands USD) | For the Three Months Ended March 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | Net income | $4,220 | $2,984 | | Adjustments (taxes, interest, D&A, stock comp, etc.) | $22,695 | $16,938 | | **Adjusted EBITDA** | **$26,915** | **$19,922** | [Reconciliation of Net Income to Adjusted Net Income](index=11&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20Net%20Income) Adjusted Net Income excludes non-cash expenses like stock-based compensation and intangible amortization, as well as other non-recurring items Reconciliation of Net Income to Adjusted Net Income (in thousands) | Metric | For the Three Months Ended March 31, 2025 (Thousands USD) | For the Three Months Ended March 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | Net income | $4,220 | $2,984 | | Stock-based compensation | 17,790 | 11,904 | | Intangible amortization expense | 1,673 | 1,527 | | Provision for income tax | 2,103 | 751 | | Other expenses | 2,006 | 5,374 | | **Adjusted net income** | **$27,792** | **$22,540** |

Core Insights - Privia Health Group, Inc. reported strong financial results for Q1 2025, with total revenue increasing by 15.6% to $480.1 million compared to $415.2 million in Q1 2024 [2][21] - The company achieved a significant increase in operating income, rising 534.0% to $5.2 million from $0.8 million year-over-year [2][21] - Privia Health raised its full-year 2025 guidance to the mid- to high end of its previous estimates across various metrics, indicating confidence in continued growth [5][8] Financial Performance - Total revenue for Q1 2025 was $480.1 million, up from $415.2 million in Q1 2024, reflecting a 15.6% increase [2] - Gross profit increased by 11.0% to $103.6 million from $93.4 million [2] - Net income rose by 41.4% to $4.2 million compared to $3.0 million in the same quarter last year [2] - Non-GAAP adjusted net income was $27.8 million, a 23.3% increase from $22.5 million [2] Key Operating Metrics - The number of implemented providers increased by 11.7% to 4,871 from 4,359 [4] - Value-based care attributed lives grew by 11.1% to 1,270,000 from 1,143,000 [4] - Practice collections reached $798.6 million, a 12.8% increase from $707.7 million [4] - Adjusted EBITDA for Q1 2025 was $26.9 million, up 35.1% from $19.9 million in Q1 2024 [4][6] Strategic Developments - Privia Health entered the Arizona market in partnership with Integrated Medical Services, which includes approximately 70 physicians and advanced practice providers [5][7] - The Arizona launch is expected to be profitable starting in Q4 2025, contributing to the company's growth strategy [5][7] Updated Guidance - Full-year 2025 guidance was raised to the mid- to high end of previous estimates for implemented providers, practice collections, and GAAP revenue [8] - The updated guidance includes expectations for minimal year-over-year increases in value-based shared savings accruals and assumes no other new business development activity [10]

Group 1 - Analysts project that Privia Health (PRVA) will announce quarterly earnings of $0.06 per share, representing a 200% increase year over year [1] - Revenues are projected to reach $455.65 million, increasing by 9.7% from the same quarter last year [1] - The consensus EPS estimate has undergone a downward revision of 4% in the past 30 days, indicating a reassessment by covering analysts [2] Group 2 - Analysts estimate that 'Practice Collections' will likely reach $780.88 million, compared to $707.70 million in the same quarter of the previous year [5] - The consensus for 'Care Margin' is projected to be $106.25 million, up from $94.90 million a year ago [5] - The estimated 'Platform Contribution' is $50.60 million, an increase from $44.70 million in the previous year [6] Group 3 - Shares of Privia Health have experienced a change of +4.5% in the past month, compared to a +10.6% move of the Zacks S&P 500 composite [6] - With a Zacks Rank 4 (Sell), PRVA is expected to underperform the overall market in the near future [6]