Financial Data and Key Metrics Changes - New Health reported adjusted EBITDA of $19 million for Q2 2025, contributing to a total of $32.5 million for the first half of the year, indicating continued profitability [5][13] - Consolidated revenue for Q2 was $209.1 million, slightly lower than the prior year due to a shift in membership mix [13] - Gross margin for Q2 was $62.7 million, maintaining adjusted EBITDA profitability for the sixth consecutive quarter [13] Business Line Data and Key Metrics Changes - In the New Care segment, revenue was $91.6 million with an operating income of $23.2 million, serving 504,000 value-based consumers [14][15] - The New Solutions segment generated $120 million in revenue with an operating income of $2.6 million, serving 148,000 consumers in the Provider Enablement business [15] - Overall, the company served 694,000 consumers in Q2, reflecting a 45% increase compared to the same quarter last year [14] Market Data and Key Metrics Changes - The ACA marketplace segment served 485,000 consumers, performing better than the market in terms of medical loss ratio [7] - The Senior Care business served 65,000 consumers across Medicare Advantage, ACO REACH, and MSSP [8] - Medicaid consumers served totaled 144,000, primarily in the provider enablement business [9] Company Strategy and Development Direction - The company is focused on a consumer-centric care model that aligns the interests of consumers, payers, and providers, supporting the shift to value-based care [6] - New Health is advancing its data and analytics capabilities through a platform called NewPulse, aimed at integrating care delivery solutions and administrative functions [10][11] - The company is expanding partnerships with Walgreens to enhance access to care through in-store clinics [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's market position and the ability to deliver value through coordinated care experiences [17] - The company anticipates closing a transaction to go private in mid to late 2025, pending necessary conditions [12] - Management is optimistic about building on successes and continuing momentum for the remainder of 2025 and beyond [17] Other Important Information - The company emphasizes the importance of preventative care and community engagement, as demonstrated by partnerships for mobile mammogram screenings [8] - NewPulse is expected to eliminate the need for pre-authorizations and align financing with care delivery [11] Q&A Session Summary - No specific questions or answers were documented in the provided content.

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]