Privia Health (US:PRVA)2025-11-06 11:09Financial Performance - Total revenue for Q3 2025 was $580.4 million, a 32.5% increase from $437.9 million in Q3 2024[2] - Net income for Q3 2025 reached $6.9 million, up 94.1% from $3.5 million in Q3 2024[2] - Adjusted EBITDA for Q3 2025 was $38.2 million, reflecting a 61.6% increase compared to $23.6 million in Q3 2024[3] - Operating income for Q3 2025 was $14,403,000, compared to $5,813,000 in Q3 2024, reflecting a 147.5% increase[26] - Net income attributable to Privia Health Group, Inc. for Q3 2025 was $6,861,000, up from $3,535,000 in Q3 2024, representing a 94.5% increase[26] - The adjusted net income for the three months ended September 30, 2025, was $37.3 million, compared to $25.1 million in 2024, representing a growth of 48.9%[41] - The adjusted net income per share attributable to Privia Health Group, Inc. stockholders was $0.30 for the three months ended September 30, 2025, compared to $0.21 in 2024, an increase of 42.9%[41] Revenue Growth - Practice collections for Q3 2025 totaled $940.4 million, a 27.1% increase from $739.9 million in Q3 2024[5] - The company raised its full-year 2025 guidance for practice collections to between $3,450 million and $3,500 million[13] - Capitated revenue for Q3 2025 was $90,906,000, a significant increase of 70.2% from $53,393,000 in Q3 2024[31] - The company experienced a 33.5% increase in total revenue for the nine months ended September 30, 2025, reaching $1,581,669,000 compared to $1,275,490,000 in 2024[31] - For the three months ended September 30, 2025, the revenue was $580.4 million, an increase from $437.9 million in the same period of 2024, representing a growth of 32.4%[38] - The practice collections for the nine months ended September 30, 2025, totaled $2,601.9 million, up from $2,175.6 million in 2024, indicating a growth of 19.5%[34] Provider and Attributed Lives Growth - Implemented providers increased by 13.1% to 5,250 in Q3 2025 from 4,642 in Q3 2024[3] - Attributed lives reached 1,406,000 as of September 30, 2025, compared to 1,247,000 in 2024, marking an increase of 12.7%[34] Asset and Cash Position - Cash and cash equivalents at September 30, 2025, were $441.4 million, with no debt reported[12] - The company expects to end FY 2025 with at least $410 million in cash and equivalents after the ACO transaction[15] - Total current assets increased to $970,926,000 as of September 30, 2025, compared to $834,823,000 at the end of 2024, a growth of 16.3%[28] - Total assets rose to $1,350,987,000 as of September 30, 2025, up from $1,135,783,000 at the end of 2024, marking an increase of 18.9%[28] - Cash and cash equivalents decreased to $441,352,000 from $491,149,000, a decline of 10.2%[30] - The company reported a net cash provided by operating activities of $35,904,000 for the nine months ended September 30, 2025, compared to $34,484,000 for the same period in 2024[30] Margin Improvements - The platform contribution margin improved to 56.3% for the three months ended September 30, 2025, compared to 49.6% in 2024[35] - The care margin for the three months ended September 30, 2025, was $125.2 million, an increase from $101.4 million in 2024, reflecting a growth of 23.5%[38] - The adjusted EBITDA margin for the three months ended September 30, 2025, was 30.5%, compared to 23.3% in 2024, showing an improvement of 7.2 percentage points[35] ACO and Shared Savings - Privia's ACOs achieved shared savings of $234.1 million in the MSSP for 2024, a 32.6% increase from 2023[8] - The company signed an agreement to acquire an ACO business from Evolent Health, which will add over 120,000 attributed lives[9] Unpaid Medical Claims - The balance for unpaid medical claims under at-risk capitation arrangements increased to $76,434,000 as of September 30, 2025, from $75,077,000 in 2024[32]