Privia Health Reports Fourth Quarter and Full-Year 2024 Financial Results

Core Insights - Privia Health Group, Inc. reported strong financial and operational results for the fourth quarter and full year ended December 31, 2024, exceeding the high end of its guidance ranges for 2024 [1] Full-Year Performance - Total revenue increased to $1,736.4 million in 2024, up 4.7% from $1,657.7 million in 2023 [2] - Gross profit rose to $397.7 million, reflecting a 12.4% increase from $353.8 million in 2023 [2] - Operating income decreased to $17.0 million, down 17.8% from $20.6 million in 2023 [2] - Net income fell to $14.4 million, a decline of 37.7% from $23.1 million in 2023 [2] - Non-GAAP adjusted net income increased to $97.6 million, up 19.8% from $81.5 million in 2023 [2] - Net income per share decreased to $0.11, down 42.1% from $0.19 in 2023 [2] - Non-GAAP adjusted net income per share increased to $0.78, up 21.9% from $0.64 in 2023 [2] Key Operating Metrics - Implemented Providers increased by 11.2% to 4,789 from 4,305 at year-end 2023 [5][7] - Attributed Lives grew by 12.1% to 1,256,000 from 1,120,000 in 2023 [7] - Practice Collections reached $2,968.0 million, a 4.5% increase from $2,839.0 million in 2023 [7] - Care Margin improved to $403.9 million, up 12.4% from $359.2 million in 2023 [7] - Adjusted EBITDA grew by 25.2% to $90.5 million from $72.2 million in 2023 [6][7] Fourth Quarter Performance - Total revenue for Q4 2024 was $460.9 million, a 4.6% increase from $440.8 million in Q4 2023 [9] - Gross profit for Q4 2024 was $106.1 million, up 18.0% from $90.0 million in Q4 2023 [9] - Operating income surged to $5.2 million, a 269.6% increase from $1.4 million in Q4 2023 [9] - Net income for Q4 2024 was $4.4 million, a 55.0% increase from $2.8 million in Q4 2023 [9] - Non-GAAP adjusted net income for Q4 2024 was $26.5 million, up 30.5% from $20.3 million in Q4 2023 [9] Capital Resources and Cash Flow - The cash balance at year-end 2024 was $491.1 million, a 26.1% increase from $389.5 million at year-end 2023 [12] - Net cash provided by operating activities for 2024 was $109.3 million, a 35.3% increase from $80.8 million in 2023 [12] - Free cash flow for 2024 was $109.3 million, up 35.4% from $80.7 million in 2023 [12] 2025 Financial and Business Outlook - The company expects to increase Implemented Providers to between 5,200 and 5,300, representing a year-over-year growth of 8.6% to 10.7% [13] - Attributed Lives are projected to grow to between 1,300,000 and 1,400,000, a 3.5% to 11.5% increase [13] - Practice Collections are expected to reach between $3,150 million and $3,250 million, reflecting a 6.1% to 9.5% increase [13] - GAAP Revenue guidance for 2025 is set between $1,800 million and $1,900 million, indicating a 3.7% to 9.4% increase [13]