p strong Privia Health Group Inc Reports Second Quarter 2024 Financial Results strongpp Privia Heal
Intellectia.AI Updated: 1970-01-01
Privia Health Group, Inc. Reports Second Quarter 2024 Financial Results
Privia Health Group, Inc. (NASDAQ: PRVA) announced its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | 2Q 2024 | 2Q 2023 | YoY Change | Consensus Estimates | QoQ Change |
|---|---|---|---|---|---|
| Revenue | $706.44M | N/A | N/A | $706.44M | N/A |
| Earnings Per Share (EPS) | $0.05 | N/A | N/A | $0.05 | N/A |
| Adjusted EBITDA | $22.0M | $19.3M | +14.0% | N/A | N/A |
| Practice Collections | $728.0M | $700.0M | +4.0% | N/A | N/A |
| Cash and Cash Equivalents | $387.4M | $317.9M | +21.8% | N/A | N/A |
Privia Health reported strong financial performance in the second quarter, with revenue matching Wall Street consensus estimates. Adjusted EBITDA grew by 14.0% year-over-year, demonstrating improved operational efficiency. The company also showed a 4.0% increase in practice collections and a significant growth in cash and cash equivalents.
Revenue Performance by Segment
| Segment | 2Q 2024 Actual | Previous Guidance | YoY Change |
|---|---|---|---|
| Practice Collections | $728.0M | N/A | +4.0% |
| Adjusted EBITDA | $22.0M | N/A | +14.0% |
| Same-Store Growth | N/A | N/A | +16.4% |
The revenues from Practice Collections and Adjusted EBITDA showed steady year-over-year growth. The significant increase in Same-Store Growth (+16.4%) underscores the company’s success in retaining existing business while expanding new provider additions.
Operational Data
| Operational Metric | 2Q 2024 | 2Q 2023 | YoY Change |
|---|---|---|---|
| Non-cash Stock Compensation | $14.4M | $9.2M | +56.5% |
The increase in non-cash stock compensation expense reflects the company's growing investment in talent as it continues to scale operations.
Executive Commentary
Company management emphasized strong execution across all business and financial metrics, leading to raised full-year 2024 guidance. The company highlighted continued strength in same-store growth and new provider additions.
Forward Guidance
Privia Health has raised its full-year 2024 guidance across all key metrics and expects significant free cash flow conversion in FY 2024, projecting adjusted EBITDA to convert to approximately 80% free cash flow.
Stock Price Movement
Following the earnings release, Privia Health’s stock price saw a decrease of -5.29%.
Summary
To conclude, Privia Health Group exhibited a robust quarterly performance with significant revenue, strong adjusted EBITDA growth, and an optimistic full-year guidance adjustment. The company also maintained a strong cash position, setting a positive tone for future growth and operational excellence. However, the market reacted with a stock price decline of -5.29% post-earnings release.
