Privia Health Group Inc Reports Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Privia Health Group, Inc. Reports Q2 2024 Financial Results
Privia Health Group, Inc. announced its financial results for the quarter ended June 30, 2024.
1. Key Financial Metrics
| Metrics | Q2 2024 | Q2 2023 | YoY Growth | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $422.3M | $413.4M | +2.1% | $706.44M |
| Earnings Per Share (EPS) | $0.05 | $0.06 | -16.7% | $0.05 |
Interpretation : Privia Health reported a total revenue of $422.3 million for Q2 2024, representing a year-over-year increase of 2.1%. Earnings per share (EPS) matched the consensus estimate at $0.05, although this represented a 16.7% decrease compared to the same quarter last year.
2. Segment Revenue Performance
| Segment | Q2 2024 | Q2 2023 | YoY Growth |
|---|---|---|---|
| FFS Patient Care | $275.8M | $231.0M | +19.3% |
| FFS Administrative Services | $32.1M | $27.1M | +18.5% |
| Capitated Revenue | $40.0M | $70.3M | -43.1% |
| Shared Savings Revenue | $62.0M | $75.0M | -17.3% |
| PMPM Revenue | $12.2M | $9.6M | +27.1% |
Interpretation : - FFS Patient Care and Administrative Services : Both segments showed significant year-over-year growth, with patient care revenue increasing by 19.3%, and administrative services up by 18.5%. - Capitated Revenue and Shared Savings : Both segments experienced declines, with capitated revenue dropping 43.1% and shared savings revenue decreasing by 17.3%. This decline was partially attributed to the renegotiation of capitated agreements to more favorable contract structures. - Per Member Per Month (PMPM) Revenue : This segment saw a robust 27.1% growth.
3. Comments from Company's Officers
Privia Health Group’s CEO, Parth Mehrotra, highlighted the following: - Continued growth in implemented providers and attributed lives. - Organic growth was driven by higher visit volumes and new provider additions. - Positive outlook on new market entries and renegotiated capitated agreements expected to contribute favorably to future performance.
4. Stock Price Movement
The company’s stock price experienced a positive change of 5.67% following the earnings release.
Summary
Privia Health Group, Inc. reported stable financial performance for Q2 2024 with revenue meeting analyst expectations and EPS matching the consensus estimate. The company experienced growth across its fee-for-service segments but faced declines in capitated and shared savings revenues. The positive stock price movement indicates market approval of the reported results and future outlook.
