Financial Data and Key Metrics Changes - The net loss for Q3 2025 was $5.3 million, or $0.15 per basic and diluted share, consistent with the prior quarter and in line with expectations [15][16] - Net cash used in operating activities was under $3.2 million, representing an 8% decrease quarter over quarter, building on a 23% decrease from the prior quarter [16] - Cash and cash equivalents at September 30, 2025, were $1.9 million, with a focus on maintaining a tight balance sheet [16][17] Business Line Data and Key Metrics Changes - The HeartBeam System is positioned as the first portable, cable-free ECG capable of synthesizing a 12-lead ECG, aimed at enhancing patient confidence in heart health [4][5] - The company has achieved significant milestones, including FDA 510(k) clearance for arrhythmia assessment and submission for 12-lead ECG synthesis software [10][11] Market Data and Key Metrics Changes - The initial commercial launch is anticipated to focus on prominent concierge and preventive cardiology practices in two U.S. regions, Southern California and South Florida, targeting approximately 75,000 patients [28][29] - Market research indicates strong interest from both physicians and patients, with a willingness to pay a premium for the HeartBeam System's functionality [9] Company Strategy and Development Direction - The company aims to create a new product category with the HeartBeam System, differentiating itself by combining an easy-to-use device with on-demand cardiologist support [13][14] - A controlled market entry strategy will be implemented, starting with a small number of practices to gather feedback before broader expansion [14] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about FDA interactions, categorizing them as productive, and anticipates clearance by year-end [22] - The company is focused on user experience and operational readiness ahead of commercialization, with plans to hire key commercial team members post-FDA clearance [11][17] Other Important Information - HeartBeam has been recognized as a global leader in portable cardiac diagnostics, ranking second worldwide in 12-lead ECG innovation [12][20] - The company has added three new patents, bringing the total to 24 issued patents worldwide [12][20] Q&A Session Summary Question: Can you discuss the FDA discussions and what factors need to be addressed for clearance? - Management described interactions with the FDA as productive and anticipates clearance before year-end [22] Question: What territories will be focused on for initial market launch? - The initial focus will be on prominent concierge and preventive cardiology practices in Southern California and South Florida [28][29] Question: How will pricing be structured for symptomatic versus asymptomatic readings? - A subscription model is planned, with details on pricing and the number of cardiology reads to be finalized [24] Question: How is inventory management and manufacturing capability being handled? - The company has a U.S.-based contract manufacturer and is confident in its manufacturing capabilities with off-the-shelf components [26] Question: What are the expectations for sales following commercialization? - Management indicated that while initial sales may be slow, significant growth is expected in the second half of 2026 [36] Question: Will the company work exclusively with HeartNexus for cardiology services? - While HeartNexus is a key partner, the company is open to expanding its network based on demand [39][40] Question: Are there plans for additional strategic partnerships to enhance production or operational capabilities? - The company is exploring various strategic partnerships to scale efficiently and enhance operational capabilities [42]

Core Insights - The report highlights a significant shift in public health awareness post-pandemic, moving from a passive approach of seeking medical help only when ill to a proactive stance on health management, leading to an overall upgrade in health content consumption [1][2]. Group 1: Health Awareness and Content Consumption Trends - By 2024, 63% of users regularly check health content, with health check rates and participation in primary healthcare services on the rise [1][2]. - 73% of users acquire health knowledge online, with 55% relying on social media as a primary source, indicating a shift towards digital platforms for health information [1][2]. - The topics of interest among users span health monitoring, disease detection, prevention, and healthy living, with disease prevention and scientific knowledge becoming central to consumption [1][2]. Group 2: Challenges in Health Information Consumption - The rise in health content consumption has led to information anxiety, characterized by the mixing of true and false information, algorithm-driven echo chambers, and content homogeneity, making it difficult for users to filter effective information [2]. - Users are increasingly seeking authoritative sources, such as government accounts and medical professionals, to validate information and build personalized health knowledge maps [2]. Group 3: Future Trends in Health Content Consumption - The future of health content consumption is expected to focus on "more worry-free" experiences, with artificial intelligence and advanced technologies gaining attention in the medical field [2]. - There is a growing emphasis on disease prevention and personalized health consultations, with expectations for a streamlined "one-stop consultation-service" process, facilitated by the expansion of online medical services [2].

Financial Data and Key Metrics Changes - Consolidated revenue grew 23% year over year to $62.2 million [17] - Telehealth revenue increased 30% to $48.6 million [17] - Adjusted EBITDA totaled $7.1 million, up from $2.2 million in the prior year [18] - GAAP net loss attributable to common stockholders was $2.9 million, compared to a loss of $7.7 million in the previous year [18] - Gross margin for the second quarter was 88%, a decline of 210 basis points year over year [17] Business Line Data and Key Metrics Changes - Telehealth business saw a 30% increase in revenue and adjusted EBITDA growth of 560% [4] - Weight management program continued to attract over 400 new patient sign-ups per day [6] - Work Simply generated nearly $3.7 million in adjusted EBITDA on a standalone basis, growing 119% [17] - Active telehealth subscribers increased 16% year over year to over 297,000 [17] - Active subscribers for Work Simply contracted by 6% to 149,000 [17] Market Data and Key Metrics Changes - The company is contracted with over 100 insurance plans across 40 states, covering just under 80 million lives [26] - The weight management segment has been impacted by a higher than anticipated refund rate due to patients lacking insurance coverage [7] Company Strategy and Development Direction - Focus on expanding the weight management program and enhancing patient experience [5] - Plans to return the RexMD brand to double-digit growth by scaling various treatment programs [5] - Expansion into behavioral health and women's health programs to address large underserved markets [5][11] - Investment in LifeMD plus membership service to drive deeper patient engagement and retention [6][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of RexMD despite recent challenges [21] - The company is optimistic about scaling its behavioral health offering and women's health program in the upcoming quarters [11][52] - Management highlighted the importance of integrating AI to improve operational efficiency and patient care [14] Other Important Information - The company fully repaid its senior venture debt, saving approximately $1.1 million in future interest payments [19] - Revised consolidated 2025 revenue guidance to $250 million to $255 million from $268 million to $275 million previously [19] Q&A Session Summary Question: Can you speak more about the insurance opportunity? - The company is contracted with over 100 insurance plans across 40 states, covering nearly 80 million lives, with expectations to double this by year-end [26] Question: Any comments on your relationships with Novo and Lilly? - Integrations with Lilly Direct and NovoCare are in place, with a growing number of patients accessing self-pay branded therapies [30] Question: Can you provide more color on REX customer acquisition costs? - Customer acquisition costs increased by 15% to 25% sequentially during the quarter, leading to a pullback in volume [34] Question: What drove the higher refund rates in the quarter? - Higher refund rates were primarily due to patients lacking insurance coverage for expensive branded therapies [58] Question: What percentage of patients with insurance for GLP-1s are being approved for coverage? - The company expects that by year-end, approximately 75% of new patients will be on an insurance-covered GLP-1 medication or a self-pay product [48] Question: How is the initial launch of your Medicare fee-for-service initiatives progressing? - The company is on track to expand to 49 states by year-end, with scaling expected in the back half of the year [52]

Financial Data and Key Metrics Changes - Privia Health reported a total practice collections growth of 12.8% year over year, reaching $798.6 million [9][16] - Adjusted EBITDA increased by 35.1% to $26.9 million, representing an EBITDA margin of 25.6%, which is a 460 basis point improvement from the previous year [9][16] - The company ended the first quarter with $469 million in cash and no debt, following typical quarterly cash outflows [16][17] Business Line Data and Key Metrics Changes - Implemented provider growth was 11.7% year over year, reaching 4,871 providers [9][16] - Value-based attribution growth was 11.1% year over year, contributing to the overall growth in practice collections [9][16] - The number of attributed lives increased by 11.1% year over year, with commercial attributed lives up 13.6% [14][16] Market Data and Key Metrics Changes - Privia Health now operates across 15 states and the District of Columbia, serving over 5.2 million patients [13] - The company serves 1.27 million attributed lives across more than 100 commercial and government value-based care programs [13][14] - Lives attributed to Medicare Advantage and Medicaid increased by over 811% year over year [14] Company Strategy and Development Direction - The company is pursuing disciplined growth, recently entering the Arizona market with a strategic partnership with IMS, a large independent multi-specialty practice [10][11] - The focus remains on generating positive contribution margins in value-based care contracts while managing risk and enhancing clinical operations [15] - The company aims for 20% EBITDA growth and continues to evaluate moving to greater downside risk when appropriate [12][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve consistent and sustainable earnings growth despite challenges in the healthcare environment [15][17] - The strong performance in Q1 has led to an increase in the 2025 guidance to the mid to high end of the initial ranges [17] - Management noted that the Arizona market is expected to be EBITDA positive by Q4 2025, contributing meaningfully to adjusted EBITDA in 2026 [11][12] Other Important Information - The company maintains a robust pipeline for market expansion and potential new opportunities, with capital expenditures expected to be minimal [17][18] - The company has delivered consistent growth in profitability across various economic and regulatory cycles over the past seven years [18] Q&A Session Summary Question: Can you discuss the IMS transaction and its prospects? - Management highlighted the strategic importance of the Arizona market and the cultural alignment with IMS, which is expected to contribute significantly to EBITDA [24][25] Question: What is the PCP versus specialist mix at IMS? - IMS is a multi-specialty practice with a healthy mix, slightly skewed towards specialists, and has a significant attributed life base [29][31] Question: How did ambulatory utilization perform relative to guidance? - Management noted strong ambulatory utilization trends, which have positively impacted practice collections and are expected to continue [35][36] Question: Are there new market entry costs included in the guidance? - Guidance includes new market entry costs, but the transaction is expected to be EBITDA positive upon implementation [39][41] Question: What is the growth in capitated lives? - Growth was primarily organic, with existing providers seeing more patients and new providers joining existing contracts [44][46] Question: Any updates on the AI partnership for physician productivity? - Adoption of the AI solution has been significant, improving clinical documentation and workflow for providers [86][87] Question: How have conversations with providers changed this year? - Providers are more receptive to joining the Privia platform due to the comprehensive nature of the services offered [118][120]