Privia Health Reports Second Quarter 2025 Financial Results
Privia Health (Nasdaq: PRVA) reported strong Q2 2025 financial results, with significant growth across key metrics. Total revenue increased 23.4% to $521.2 million, while Practice Collections grew 18.5% to $862.9 million. The company achieved Adjusted EBITDA of $29.0 million, up 31.6% year-over-year.
Notable operational highlights include a 13.8% increase in Implemented Providers to 5,125 and a 15.2% growth in Value-Based Care Attributed Lives to 1.38 million. Following the IMS transaction in Arizona, Privia maintains a strong balance sheet with $390.1 million in cash and no debt.
Based on strong performance, Privia raised its FY2025 guidance above the high end of previous ranges for Practice Collections, GAAP Revenue, Platform Contribution, and Adjusted EBITDA.
Privia Health (Nasdaq: PRVA) ha riportato risultati finanziari solidi nel secondo trimestre del 2025, con una crescita significativa nei principali indicatori. Il fatturato totale 猫 aumentato del 23,4% raggiungendo i 521,2 milioni di dollari, mentre le Entrate da Pratiche sono cresciute del 18,5% arrivando a 862,9 milioni di dollari. L'azienda ha registrato un EBITDA rettificato di 29,0 milioni di dollari, in crescita del 31,6% rispetto all'anno precedente.
Tra i punti salienti operativi si segnala un aumento del 13,8% dei Fornitori Implementati, arrivati a 5.125 e una crescita del 15,2% delle Vite Attribuite a Cure Basate sul Valore, raggiungendo 1,38 milioni. Dopo la transazione IMS in Arizona, Privia mantiene un bilancio solido con 390,1 milioni di dollari in contanti e nessun debito.
Grazie a queste performance positive, Privia ha rivisto al rialzo le previsioni per l'intero anno fiscale 2025, superando la fascia alta delle precedenti stime per Entrate da Pratiche, Ricavi GAAP, Contributo della Piattaforma e EBITDA Rettificato.
Privia Health (Nasdaq: PRVA) report贸 s贸lidos resultados financieros en el segundo trimestre de 2025, con un crecimiento significativo en los principales indicadores. Los ingresos totales aumentaron un 23,4% hasta 521,2 millones de d贸lares, mientras que las Colecciones de Pr谩cticas crecieron un 18,5% alcanzando 862,9 millones de d贸lares. La compa帽铆a logr贸 un EBITDA Ajustado de 29,0 millones de d贸lares, un aumento del 31,6% interanual.
Entre los aspectos operativos destacados se encuentra un aumento del 13,8% en Proveedores Implementados, llegando a 5,125 y un crecimiento del 15,2% en Vidas Atribuidas a Atenci贸n Basada en Valor, alcanzando 1,38 millones. Tras la transacci贸n IMS en Arizona, Privia mantiene un balance s贸lido con 390,1 millones de d贸lares en efectivo y sin deuda.
Bas谩ndose en este s贸lido desempe帽o, Privia elev贸 sus previsiones para el a帽o fiscal 2025, superando el rango superior de las estimaciones anteriores para Colecciones de Pr谩cticas, Ingresos GAAP, Contribuci贸n de la Plataforma y EBITDA Ajustado.
Privia Health (雮橃姢雼�: PRVA)電� 2025雲� 2攵勱赴 臧曤牓頃� 鞛 鞁れ爜鞚� 氤搓碃頄堨溂氅�, 欤检殧 歆�響� 鞝勲皹鞐� 瓯胳硱 靸侂嫻頃� 靹膘灔鞚� 旮半頄堨姷雼堧嫟. 齑� 毵れ稖鞚� 23.4% 歃濌皜頃橃棳 5鞏� 2,120毵� 雼煬毳� 旮半頄堦碃, 歆勲 靾橃澋鞚� 18.5% 歃濌皜頃橃棳 8鞏� 6,290毵� 雼煬鞐� 雼枅鞀惦媹雼�. 須岇偓電� 鞝勲厔 雽�牍� 31.6% 歃濌皜頃� 2,900毵� 雼煬鞚� 臁办爼 EBITDA毳� 雼劚頄堨姷雼堧嫟.
欤茧頃� 毵岉暅 鞖挫榿 靹标臣搿滊姅 霃勳瀰霅� 鞝滉车鞛� 靾橁皜 13.8% 歃濌皜頃橃棳 5,125氇�鞐� 鞚措ゴ霠�瓿�, 臧�旃� 旮半皹 旃橂 雽�靸� 鞚胳洂鞚� 15.2% 歃濌皜頃橃棳 138毵� 氇�鞐� 雼枅鞀惦媹雼�. 鞎犽Μ臁半倶鞐愳劀 IMS 瓯半灅 鞚错泟 Privia電� 3鞏� 9,010毵� 雼煬鞚� 順勱笀瓿� 氍措秬毂�霛茧姅 瓴碃頃� 鞛 靸來儨毳� 鞙犾頃橁碃 鞛堨姷雼堧嫟.
臧曤牓頃� 鞁れ爜鞚� 氚旐儠鞙茧 Privia電� 2025 須岅硠鞐半弰 臧�鞚措崢鞀るゼ 旮办〈 氩旍渼 靸侂嫧鞚� 雱橃柎 歆勲 靾橃澋, GAAP 毵れ稖, 頂岆灚韽� 旮办棳霃� 氚� 臁办爼 EBITDA鞐� 雽�頃� 靸來枼 臁办爼頄堨姷雼堧嫟.
Privia Health (Nasdaq : PRVA) a annonc茅 de solides r茅sultats financiers pour le deuxi猫me trimestre 2025, avec une croissance significative sur les principaux indicateurs. Le chiffre d'affaires total a augment茅 de 23,4 % pour atteindre 521,2 millions de dollars, tandis que les encaissements des pratiques ont progress茅 de 18,5 % pour atteindre 862,9 millions de dollars. L'entreprise a r茅alis茅 un EBITDA ajust茅 de 29,0 millions de dollars, en hausse de 31,6 % par rapport 脿 l'ann茅e pr茅c茅dente.
Parmi les faits marquants op茅rationnels, on note une augmentation de 13,8 % des prestataires mis en 艙uvre, atteignant 5 125, ainsi qu'une croissance de 15,2 % des vies attribu茅es aux soins bas茅s sur la valeur, atteignant 1,38 million. Suite 脿 la transaction IMS en Arizona, Privia maintient un bilan solide avec 390,1 millions de dollars en liquidit茅s et aucune dette.
Gr芒ce 脿 cette performance solide, Privia a relev茅 ses pr茅visions pour l'exercice 2025 au-dessus de la fourchette haute des estimations pr茅c茅dentes concernant les encaissements des pratiques, les revenus GAAP, la contribution de la plateforme et l'EBITDA ajust茅.
Privia Health (Nasdaq: PRVA) meldete starke Finanzergebnisse f眉r das zweite Quartal 2025 mit erheblichen Zuw盲chsen bei wichtigen Kennzahlen. Der Gesamtumsatz stieg um 23,4 % auf 521,2 Millionen US-Dollar, w盲hrend die Praxisabrechnungen um 18,5 % auf 862,9 Millionen US-Dollar zunahmen. Das Unternehmen erzielte ein bereinigtes EBITDA von 29,0 Millionen US-Dollar, ein Plus von 31,6 % gegen眉ber dem Vorjahr.
Zu den bemerkenswerten operativen Highlights z盲hlen ein 13,8 % Anstieg der implementierten Anbieter auf 5.125 sowie ein 15,2 % Wachstum bei den auf wertbasierte Versorgung entfallenden Leben auf 1,38 Millionen. Nach der IMS-Transaktion in Arizona verf眉gt Privia 眉ber eine starke Bilanz mit 390,1 Millionen US-Dollar in bar und keiner Verschuldung.
Aufgrund der starken Leistung hat Privia die Prognose f眉r das Gesch盲ftsjahr 2025 眉ber die obere Grenze der bisherigen Spannen f眉r Praxisabrechnungen, GAAP-Umsatz, Plattformbeitrag und bereinigtes EBITDA angehoben.
- Total revenue increased 23.4% year-over-year to $521.2 million
- Practice Collections grew 18.5% to $862.9 million in Q2
- Adjusted EBITDA increased 31.6% to $29.0 million
- Strong balance sheet with $390.1 million cash and no debt
- Implemented Providers grew 13.8% to 5,125
- Value-Based Care Attributed Lives up 15.2% to 1.38 million
- Guidance raised above high end for multiple key metrics
- Operating income decreased 34.6% to $3.3 million
- Net income declined 22.5% to $2.7 million
- Net income per share decreased 33.3% to $0.02
Insights
Privia Health shows exceptional growth with double-digit increases across key metrics and raised guidance, despite lower operating income.
Privia Health's Q2 2025 results demonstrate robust growth momentum across multiple fronts. The company achieved
The company's value-based care strategy is gaining traction with attributed lives growing
Despite these strong top-line metrics, GAAP operating income declined
Most significantly, management has raised guidance to above the high end of their previous range for Practice Collections, GAAP Revenue, Platform Contribution, and Adjusted EBITDA. The guidance now incorporates their Arizona market entry through the IMS transaction while maintaining a strong cash position of
- Very Strong First Half Performance Across All Key Operating and Financial Metrics
- Implemented Providers +
13.8% and Practice Collections +18.5% compared to 2Q鈥�24 - Guidance Raised to Above High End of Range for Practice Collections, GAAP Revenue, Platform Contribution and Adjusted EBITDA c
ARLINGTON, Va., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the second quarter ended June听30, 2025.
Second Quarter Performance
| 听 | 听 | For the Three Months Ended June 30, | 听 | 听 | |||||
| ($ in millions, except per share amounts) | 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | Change (%) | |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||
| Total revenue | 听 | $ | 521.2 | 听 | $ | 422.3 | 听 | 23.4 | % |
| Gross profit | 听 | $ | 112.8 | 听 | $ | 98.3 | 听 | 14.8 | % |
| Operating income | 听 | $ | 3.3 | 听 | $ | 5.1 | 听 | (34.6)% | |
| Net income a | 听 | $ | 2.7 | 听 | $ | 3.5 | 听 | (22.5)% | |
| Non-GAAP adjusted net income b d e | 听 | $ | 30.6 | 听 | $ | 23.5 | 听 | 30.1 | % |
| Net income per share | 听 | $ | 0.02 | 听 | $ | 0.03 | 听 | (33.3)% | |
| Non-GAAP adjusted net income per share b d e | 听 | $ | 0.24 | 听 | $ | 0.19 | 听 | 26.3 | % |
| a. | Net income for the three months ended June听30, 2025, included |
| b. | Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. |
Second Quarter 2025 highlights include:
- Continued strength in same-store growth and new provider additions, +
13.8% versus 2Q鈥�24; - Practice Collections of
$862.9 million , +18.5% versus 2Q鈥�24; - Adjusted EBITDA b d e of
$29.0 million , +31.6% versus 2Q鈥�24; - Strong sales and business development pipeline; and
- Cash of
$390.1听million and no debt following$95 million deployed for IMS transaction in Arizona.
Key Operating and Non-GAAP Financial Metrics b, d, e
| 听 | 听 | For the Three Months Ended June 30, | 听 | 听 | |||||
| ($ in millions) | 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | Change (%) | |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||
| Implemented Providers | 听 | 听 | 5,125 | 听 | 听 | 4,504 | 听 | 13.8 | % |
| Value-Based Care Attributed Lives | 听 | 听 | 1,382,000 | 听 | 听 | 1,200,000 | 听 | 15.2 | % |
| Practice Collections | 听 | $ | 862.9 | 听 | $ | 728.0 | 听 | 18.5 | % |
| Care Margin b d | 听 | $ | 115.2 | 听 | $ | 99.8 | 听 | 15.4 | % |
| Platform Contribution b d | 听 | $ | 57.5 | 听 | $ | 47.4 | 听 | 21.3 | % |
| Adjusted EBITDA b d e | 听 | $ | 29.0 | 听 | $ | 22.0 | 听 | 31.6 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||
Six-Month Performance
| 听 | 听 | For the Six Months Ended June 30, | 听 | 听 | |||||
| ($ in millions, except per share amounts) | 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | Change (%) | |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||
| Total revenue | 听 | $ | 1,001.3 | 听 | $ | 837.6 | 听 | 19.5 | % |
| Gross profit | 听 | $ | 216.4 | 听 | $ | 191.6 | 听 | 12.9 | % |
| Operating income | 听 | $ | 8.6 | 听 | $ | 5.9 | 听 | 44.5 | % |
| Net income a | 听 | $ | 6.9 | 听 | $ | 6.5 | 听 | 7.1 | % |
| Non-GAAP adjusted net income b d e | 听 | $ | 58.4 | 听 | $ | 46.1 | 听 | 26.8 | % |
| Net income per share | 听 | $ | 0.05 | 听 | $ | 0.05 | 听 | 鈥� | % |
| Non-GAAP adjusted net income per share b d e | 听 | $ | 0.46 | 听 | $ | 0.37 | 听 | 24.3 | % |
| a. | Net income for the six months ended June 30, 2025 included |
| b. | Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. |
Key Operating and Non-GAAP Financial Metrics b d e
| 听 | 听 | For the Six Months Ended June 30, | 听 | 听 | |||||
| ($ in millions) | 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | Change (%) | |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||
| Practice Collections | 听 | $ | 1,661.5 | 听 | $ | 1,435.7 | 听 | 15.7 | % |
| Care Margin b d | 听 | $ | 220.4 | 听 | $ | 194.7 | 听 | 13.2 | % |
| Platform Contribution b d | 听 | $ | 109.2 | 听 | $ | 92.1 | 听 | 18.5 | % |
| Adjusted EBITDA b d e | 听 | $ | 55.9 | 听 | $ | 41.9 | 听 | 33.3 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||
Updated FY鈥�25 Guidance c d e f
Privia Health raised its full-year 2025 outlook as follows:
| 听 | FY 2024 | 听 | Initial FY 2025 Guidance at 2.27.25 c | 听 | Updated FY 2025 Guidance at 8.7.25 | |||||
| ($ in millions) | Actual | 听 | Low | 听 | High | 听 | ||||
| Implemented Providers | 听 | 4,789 | 听 | 听 | 5,200 | 听 | 听 | 5,300 | 听 | High End |
| Attributed Lives | 听 | 1,256,000 | 听 | 听 | 1,300,000 | 听 | 听 | 1,400,000 | 听 | High End |
| Practice Collections | $ | 2,968.0 | 听 | $ | 3,150 | 听 | $ | 3,250 | 听 | Above High End |
| GAAP Revenue | $ | 1,736.4 | 听 | $ | 1,800 | 听 | $ | 1,900 | 听 | Above High End |
| Care Margin c d | $ | 403.9 | 听 | $ | 435 | 听 | $ | 445 | 听 | High End |
| Platform Contribution c d | $ | 195.6 | 听 | $ | 208 | 听 | $ | 218 | 听 | Above High End |
| Adjusted EBITDA c d e | $ | 90.5 | 听 | $ | 105 | 听 | $ | 110 | 听 | Above High End |
- Guidance includes impact of Arizona market entry, and assumes no other new business development activity
- De minimis capital expenditures expected in full-year 2025
- At least
80% of Adjusted EBITDA expected to convert to free cash flow in full-year 2025
| c. | Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures of gross margin, operating income and net income. This is because the Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures. |
| d. | See 鈥淜ey Metrics and Non-GAAP Financial Measures鈥� for more information as to how the Company defines and calculates Implemented Providers, Attributed Lives, Practice Collections, Care Margin, Platform Contribution, and Adjusted EBITDA, and for a reconciliation of the most comparable GAAP measures to Care Margin, Platform Contribution, Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income Per Share. |
| e. | Certain non-recurring or non-cash and other expenses will be treated as an add back in the reconciliation of Net Income to Adjusted EBITDA, and the reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share, the details of which can be found in the Reconciliation schedules near the end of this and in future quarterly press releases. |
| f. | Any slight variations in totals due to rounding. |
Webcast and Conference Call Information
The Company will host a conference call on August听7, 2025, at 8:00 am ET to discuss these results and management鈥檚 outlook for future financial and operational performance. You can visit听 to listen to the call via webcast. The webcast will be archived and available for replay for on-demand listening shortly after the completion of the call under the same link. If you wish to participate in the live conference call, then please dial 888-596-4144 (or 646-968-2525 for international callers) and provide Conference ID 5704885.
This news release and the financial statements contained herein, and the slide presentation for the webcast, are also available on the Privia Health Investor Relations website at .
About Privia Health
Privia Health鈩� is one of the largest physician enablement companies in the United States with a presence in 15 states and the District of Columbia. Privia builds scaled provider networks with primary-care centric medical groups, risk-bearing entities, a physician-led governance structure, and the Privia Platform comprising an extensive suite of technology and service solutions. Privia collaborates with medical groups, health plans and health systems to optimize 1,300+ physician practices, improve the patient experience for 5.3+ million patients, and reward 5,100+ physicians and advanced practitioners for delivering high-value care.
Privia鈥檚 mission is to transform healthcare delivery to achieve better outcomes, lower costs, and improve the health of communities and the well-being of providers. For more information, visit priviahealth.com and connect with us on LinkedIn.
Non-GAAP Financial Measures
The Company reports and discusses its operating results using financial measures consistent with accounting principles generally accepted in the United States ("GAAP"). From time to time, in press releases, financial presentations, earnings conference calls or otherwise, the Company may disclose certain non-GAAP financial measures. The non-GAAP financial measures presented in this press release should not be viewed as alternatives or substitutes for the Company's reported GAAP results. A reconciliation to the most directly comparable GAAP financial measure is set forth in the tables that accompany this release.
The Company believes that the non-GAAP financial measures presented in this press release are relevant and provide useful information to the Company's management, investors, and other interested parties about the Company's operating performance because the measures allow them to understand and compare the Company's actual and expected operating results during the prior, current and future periods in a more consistent manner. The non-GAAP measures presented in this press release may not be comparable to similarly titled measures used by other companies. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provides a more complete understanding of the results of operations and trends affecting the Company's business. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to financial measures calculated in accordance with GAAP.
Safe Harbor Statement
The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company鈥檚 Form 10-Q is filed with the Securities and Exchange Commission (鈥淪EC鈥�). This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements relate to our current expectations, projections and assumptions about our business, the economy and future events or conditions. They do not relate strictly to historical or current facts. Forward-looking statements can be identified by words such as 鈥渁ims,鈥� 鈥渁nticipates,鈥� "assumes," 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥渆xpects,鈥� 鈥渇orecasts,鈥� 鈥渇uture,鈥� 鈥渋ntends,鈥� 鈥渓ikely,鈥� 鈥渕ay,鈥� 鈥渙utlook,鈥� 鈥減lans,鈥� 鈥減otential,鈥� 鈥減rojects,鈥� 鈥渟eeks,鈥� 鈥渟trategy,鈥� 鈥渢argets,鈥� 鈥渢rends,鈥� 鈥渨ill,鈥� 鈥渨ould,鈥� 鈥渃ould,鈥� 鈥渟hould,鈥� and variations of such terms and similar expressions and references to guidance, although some forward-looking statements may be expressed differently. In particular, these include statements relating to, among other things: our future actions, business plans, objectives and prospects; and our future operating or financial performance and projections, including our full-year guidance for 2025. Factors or events that could cause actual results to differ may emerge from time to time and are difficult to predict. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results may differ materially from past results and those anticipated, estimated or projected. We caution you not to place undue reliance upon any of these forward-looking statements.
Factors related to these risks and uncertainties include, but are not limited to: the heavily regulated industry in which we operate, and any failure by us or our medical groups to comply with the extensive applicable healthcare laws and government regulations; the complexity of the legal framework governing our relationships with Medical Groups, some of which we do not own, and Privia providers, and the impact of legal challenges or shifting interpretations of applicable laws; the execution of our growth strategy, which may not prove viable and we may not realize expected results; difficulties timely implementing our proprietary end-to-end, cloud-based technology solution for Privia physicians and new medical groups; the high level of competition in our industry; challenges in successfully establishing a presence in new geographic markets; the impact of failures by or service disruptions at key third-party vendors, such as our primary electronic medical record vendor, athenahealth, Inc.; potential decreases in reimbursement rates by governmental and third-party payers, changes to payment terms or challenges negotiating and retaining favorable contracts with private third-party payers, and changes impacting our patient population; the financial and operational impact of our compliance with various complex and changing federal and state privacy and security laws and regulations related to our use, disclosure, and other processing of personal information and protected health information, including the Health Insurance Portability and Accountability Act of 1996; the impact of actual and potential security threats, cybersecurity incidents or privacy or other forms of data breaches involving us, our vendors or other third parties; the continued availability of qualified workforce, including staff at our medical groups, and the continued upward pressure on compensation for such workforce; and other risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2024 and the Company鈥檚 subsequent Quarterly Reports on Form 10-Q. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information unless required by law.
| Contact: |
| Robert Borchert |
| SVP, Investor & Corporate Communications |
| [email protected] |
| 817.783.4841 |
| 听 | |||||||||||
| Privia Health Group, Inc. Condensed Consolidated Statements of Operations(g) (unaudited) (in thousands, except share and per share data) | |||||||||||
| 听 | |||||||||||
| 听 | For the Three Months Ended June 30, | 听 | For the Six Months Ended June 30, | ||||||||
| 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2024 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Revenue | $ | 521,153 | 听 | $ | 422,326 | 听 | $ | 1,001,250 | 听 | $ | 837,569 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Operating expenses: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Provider expense | 听 | 405,992 | 听 | 听 | 322,536 | 听 | 听 | 780,801 | 听 | 听 | 642,872 |
| Cost of platform | 听 | 64,918 | 听 | 听 | 57,106 | 听 | 听 | 124,444 | 听 | 听 | 111,163 |
| Sales and marketing | 听 | 6,805 | 听 | 听 | 6,852 | 听 | 听 | 13,727 | 听 | 听 | 12,937 |
| General and administrative | 听 | 37,519 | 听 | 听 | 28,916 | 听 | 听 | 69,240 | 听 | 听 | 61,037 |
| Depreciation and amortization | 听 | 2,583 | 听 | 听 | 1,818 | 听 | 听 | 4,484 | 听 | 听 | 3,639 |
| Total operating expenses | 听 | 517,817 | 听 | 听 | 417,228 | 听 | 听 | 992,696 | 听 | 听 | 831,648 |
| Operating income | 听 | 3,336 | 听 | 听 | 5,098 | 听 | 听 | 8,554 | 听 | 听 | 5,921 |
| Interest income, net | 听 | 2,408 | 听 | 听 | 2,966 | 听 | 听 | 5,339 | 听 | 听 | 5,950 |
| Income before provision for income taxes | 听 | 5,744 | 听 | 听 | 8,064 | 听 | 听 | 13,893 | 听 | 听 | 11,871 |
| Provision for income taxes | 听 | 2,456 | 听 | 听 | 3,421 | 听 | 听 | 4,559 | 听 | 听 | 4,172 |
| Net income | 听 | 3,288 | 听 | 听 | 4,643 | 听 | 听 | 9,334 | 听 | 听 | 7,699 |
| Less: Net income attributable to non-controlling interests | 听 | 601 | 听 | 听 | 1,176 | 听 | 听 | 2,427 | 听 | 听 | 1,248 |
| Net income attributable to Privia Health Group, Inc. | $ | 2,687 | 听 | $ | 3,467 | 听 | $ | 6,907 | 听 | $ | 6,451 |
| Net income per share attributable to Privia Health Group, Inc. stockholders 鈥� basic | $ | 0.02 | 听 | $ | 0.03 | 听 | $ | 0.06 | 听 | $ | 0.05 |
| Net income per share attributable to Privia Health Group, Inc. stockholders 鈥� diluted | $ | 0.02 | 听 | $ | 0.03 | 听 | $ | 0.05 | 听 | $ | 0.05 |
| Weighted average common shares outstanding 鈥� basic | 听 | 122,132,245 | 听 | 听 | 119,301,350 | 听 | 听 | 121,370,949 | 听 | 听 | 118,902,095 |
| Weighted average common shares outstanding 鈥� diluted | 听 | 128,447,069 | 听 | 听 | 125,317,908 | 听 | 听 | 128,149,252 | 听 | 听 | 125,315,681 |
(g) Any slight variations in totals due to rounding.
| 听 | |||||||
| Privia Health Group, Inc. Condensed Consolidated Balance Sheets(h) (in thousands) | |||||||
| 听 | |||||||
| 听 | June 30, 2025 | 听 | December 31, 2024 | ||||
| Assets | (unaudited) | 听 | 听 | ||||
| Current assets: | 听 | 听 | 听 | ||||
| Cash and cash equivalents | $ | 390,127 | 听 | 听 | $ | 491,149 | 听 |
| Accounts receivable | 听 | 443,994 | 听 | 听 | 听 | 316,179 | 听 |
| Prepaid expenses and other current assets | 听 | 48,839 | 听 | 听 | 听 | 27,495 | 听 |
| Total current assets | 听 | 882,960 | 听 | 听 | 听 | 834,823 | 听 |
| Non-current assets: | 听 | 听 | 听 | ||||
| Property and equipment, net | 听 | 827 | 听 | 听 | 听 | 1,242 | 听 |
| Operating right-of-use asset | 听 | 6,038 | 听 | 听 | 听 | 4,828 | 听 |
| Intangible assets, net | 听 | 170,140 | 听 | 听 | 听 | 109,807 | 听 |
| Goodwill | 听 | 172,215 | 听 | 听 | 听 | 141,615 | 听 |
| Deferred tax asset | 听 | 23,712 | 听 | 听 | 听 | 26,383 | 听 |
| Other non-current assets | 听 | 16,650 | 听 | 听 | 听 | 17,085 | 听 |
| Total non-current assets | 听 | 389,582 | 听 | 听 | 听 | 300,960 | 听 |
| Total assets | $ | 1,272,542 | 听 | 听 | $ | 1,135,783 | 听 |
| 听 | 听 | 听 | 听 | ||||
| Liabilities and stockholders鈥� equity | 听 | 听 | 听 | ||||
| Current liabilities: | 听 | 听 | 听 | ||||
| Accounts payable and accrued expenses | $ | 74,299 | 听 | 听 | $ | 81,986 | 听 |
| Provider liability | 听 | 458,053 | 听 | 听 | 听 | 364,607 | 听 |
| Operating lease liabilities, current | 听 | 2,502 | 听 | 听 | 听 | 2,553 | 听 |
| Total current liabilities | 听 | 534,854 | 听 | 听 | 听 | 449,146 | 听 |
| Non-current liabilities: | 听 | 听 | 听 | ||||
| Operating lease liabilities, non-current | 听 | 4,142 | 听 | 听 | 听 | 3,037 | 听 |
| Other non-current liabilities | 听 | 鈥� | 听 | 听 | 听 | 153 | 听 |
| Total non-current liabilities | 听 | 4,142 | 听 | 听 | 听 | 3,190 | 听 |
| Total liabilities | 听 | 538,996 | 听 | 听 | 听 | 452,336 | 听 |
| Commitments and contingencies | 听 | 听 | 听 | ||||
| Stockholders鈥� equity: | 听 | 听 | 听 | ||||
| Common stock | 听 | 1,227 | 听 | 听 | 听 | 1,203 | 听 |
| Additional paid-in capital | 听 | 853,950 | 听 | 听 | 听 | 813,209 | 听 |
| Accumulated deficit | 听 | (172,322 | ) | 听 | 听 | (179,229 | ) |
| Total Privia Health Group, Inc. stockholders鈥� equity | 听 | 682,855 | 听 | 听 | 听 | 635,183 | 听 |
| Non-controlling interest | 听 | 50,691 | 听 | 听 | 听 | 48,264 | 听 |
| Total stockholders鈥� equity | 听 | 733,546 | 听 | 听 | 听 | 683,447 | 听 |
| Total liabilities and stockholders鈥� equity | $ | 1,272,542 | 听 | 听 | $ | 1,135,783 | 听 |
(h) Any slight variations in totals are due to rounding.
| 听 | |||||||
| Privia Health Group, Inc. Condensed Consolidated Statements of Cash Flows(i) (unaudited) (in thousands) | |||||||
| 听 | |||||||
| 听 | For the Six Months Ended June 30, | ||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Cash听flows听from听operating听activities | 听 | 听 | 听 | ||||
| Net income | $ | 9,334 | 听 | 听 | $ | 7,699 | 听 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | 听 | 听 | 听 | ||||
| Depreciation | 听 | 415 | 听 | 听 | 听 | 585 | 听 |
| Amortization of intangibles | 听 | 4,069 | 听 | 听 | 听 | 3,054 | 听 |
| Stock-based compensation | 听 | 36,639 | 听 | 听 | 听 | 26,295 | 听 |
| Deferred tax expense | 听 | 2,671 | 听 | 听 | 听 | 3,896 | 听 |
| Changes in asset and liabilities: | 听 | 听 | 听 | ||||
| Accounts receivable | 听 | (121,497 | ) | 听 | 听 | (79,287 | ) |
| Prepaid expenses and other current assets | 听 | (21,344 | ) | 听 | 听 | (1,739 | ) |
| Other non-current assets and right-of-use asset | 听 | 1,055 | 听 | 听 | 听 | (676 | ) |
| Accounts payable and accrued expenses | 听 | (7,687 | ) | 听 | 听 | 2,987 | 听 |
| Provider liability | 听 | 81,185 | 听 | 听 | 听 | 40,047 | 听 |
| Operating lease liabilities | 听 | (778 | ) | 听 | 听 | (1,531 | ) |
| Other long-term liabilities | 听 | (153 | ) | 听 | 听 | 鈥� | 听 |
| Net cash (used in) provided by operating activities | 听 | (16,097 | ) | 听 | 听 | 1,330 | 听 |
| Cash from investing activities | 听 | 听 | 听 | ||||
| Business acquisitions, net of cash acquired | 听 | (89,058 | ) | 听 | 听 | (707 | ) |
| Other | 听 | 鈥� | 听 | 听 | 听 | (5,006 | ) |
| Net cash used in investing activities | 听 | (89,058 | ) | 听 | 听 | (5,713 | ) |
| Cash flows from financing activities | 听 | 听 | 听 | ||||
| Proceeds from exercised stock options | 听 | 4,126 | 听 | 听 | 听 | 1,224 | 听 |
| Proceeds from non-controlling interest | 听 | 鈥� | 听 | 听 | 听 | 1,000 | 听 |
| Net cash provided by financing activities | 听 | 4,126 | 听 | 听 | 听 | 2,224 | 听 |
| Net decrease in cash and cash equivalents | 听 | (101,022 | ) | 听 | 听 | (2,159 | ) |
| Cash and cash equivalents at beginning of period | 听 | 491,149 | 听 | 听 | 听 | 389,511 | 听 |
| Cash and cash equivalents at end of period | $ | 390,127 | 听 | 听 | $ | 387,352 | 听 |
| 听 | 听 | 听 | 听 | ||||
| Supplemental disclosure of cash flow information: | 听 | 听 | 听 | ||||
| Interest paid | $ | 124 | 听 | 听 | $ | 156 | 听 |
| Income taxes paid | $ | 5,771 | 听 | 听 | $ | 2,881 | 听 |
| 听 | 听 | 听 | 听 | ||||
| Supplemental disclosure of non-cash operating activities: | 听 | 听 | 听 | ||||
| Lease liabilities obtained in exchange for right-of-use assets | $ | 1,832 | 听 | 听 | $ | 鈥� | 听 |
(i) Any slight variations in totals are due to rounding.
Additional Financial Information
Revenues disaggregated by source:
| 听 | For the Three Months Ended June 30, | 听 | For the Six Months Ended June 30, | ||||||||
| (Dollars听in听Thousands) | 听 | 2025 | 听 | 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2024 |
| FFS-patient care | $ | 331,464 | 听 | $ | 275,761 | 听 | $ | 643,225 | 听 | $ | 550,584 |
| FFS-administrative services | 听 | 35,116 | 听 | 听 | 32,132 | 听 | 听 | 67,371 | 听 | 听 | 61,208 |
| Capitated revenue | 听 | 75,511 | 听 | 听 | 56,438 | 听 | 听 | 146,201 | 听 | 听 | 107,742 |
| Shared savings | 听 | 60,021 | 听 | 听 | 39,818 | 听 | 听 | 107,933 | 听 | 听 | 87,282 |
| Care management fees (PMPM) | 听 | 16,919 | 听 | 听 | 16,163 | 听 | 听 | 32,121 | 听 | 听 | 26,766 |
| Other revenue | 听 | 2,122 | 听 | 听 | 2,014 | 听 | 听 | 4,399 | 听 | 听 | 3,987 |
| Total Revenue | $ | 521,153 | 听 | $ | 422,326 | 听 | $ | 1,001,250 | 听 | $ | 837,569 |
The Company鈥檚 liabilities for unpaid medical claims under at-risk capitation arrangements:
| 听 | 听 | June 30, | ||||||
| (Dollars听in听Thousands) | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Balance, beginning of period | 听 | $ | 66,355 | 听 | 听 | $ | 67,138 | 听 |
| Incurred health care costs: | 听 | 听 | 听 | 听 | ||||
| Current year | 听 | 听 | 144,840 | 听 | 听 | 听 | 104,610 | 听 |
| Prior years | 听 | 听 | (555 | ) | 听 | 听 | 3,305 | 听 |
| Total claims incurred | 听 | $ | 144,285 | 听 | 听 | $ | 107,915 | 听 |
| Claims paid: | 听 | 听 | 听 | 听 | ||||
| Current year | 听 | 听 | (63,025 | ) | 听 | 听 | (47,979 | ) |
| Prior year | 听 | 听 | (47,959 | ) | 听 | 听 | (52,877 | ) |
| Total claims paid | 听 | $ | (110,984 | ) | 听 | $ | (100,856 | ) |
| Balance, end of period | 听 | $ | 99,656 | 听 | 听 | $ | 74,197 | 听 |
Key Metrics and Non-GAAP Financial Measures
Privia Health reviews a number of operating and financial metrics, including the following key metrics and non-GAAP financial measures, to evaluate the Company鈥檚 business, measure performance, identify trends affecting the Company鈥檚 business, formulate business plans, and make strategic decisions.
Key Metrics(j)
| 听 | 听 | For the Three Months Ended June 30, | 听 | For the Six Months Ended June 30, | ||||||||
| (unaudited; $ in millions) | 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2024 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Implemented Providers (as of end of period) (1) | 听 | 听 | 5,125 | 听 | 听 | 4,504 | 听 | 听 | 5,125 | 听 | 听 | 4,504 |
| Attributed Lives (as of end of period) (2) | 听 | 听 | 1,382,000 | 听 | 听 | 1,200,000 | 听 | 听 | 1,382,000 | 听 | 听 | 1,200,000 |
| Practice Collections (3) | 听 | $ | 862.9 | 听 | $ | 728.0 | 听 | $ | 1,661.5 | 听 | $ | 1,435.7 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| (1) Implemented Providers is defined as the total of all service professionals on Privia Health鈥檚 platform at the end of a given period who are credentialed by Privia Health and billed for medical services, in both Owned and Non-Owned Medical Groups during that period. | ||||||||||||
| (2) Attributed Lives are defined as any patient that a payer deems attributed to Privia to deliver care as part of a value-based care arrangement through a provider of primary care services as of the end of a particular period. | ||||||||||||
| (3) Practice Collections are defined as the total collections from all practices in all markets and all sources of reimbursement that the Company receives for delivering care and providing Privia Health鈥檚 platform and associated services. Practice Collections differ from revenue by including collections from Non-Owned Medical Groups. | ||||||||||||
| (j) Any slight variations in totals are due to rounding. | ||||||||||||
Non-GAAP Financial Measures (4)(k)
| 听 | 听 | For the Three Months Ended June 30, | 听 | For the Six Months Ended June 30, | ||||||||||||
| (unaudited; $ in thousands) | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Care Margin | 听 | $ | 115,161 | 听 | 听 | $ | 99,790 | 听 | 听 | $ | 220,449 | 听 | 听 | $ | 194,697 | 听 |
| Platform Contribution | 听 | $ | 57,466 | 听 | 听 | $ | 47,394 | 听 | 听 | $ | 109,199 | 听 | 听 | $ | 92,131 | 听 |
| Platform Contribution Margin | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Adjusted EBITDA | 听 | $ | 28,992 | 听 | 听 | $ | 22,023 | 听 | 听 | $ | 55,907 | 听 | 听 | $ | 41,945 | 听 |
| Adjusted EBITDA Margin | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
(4) In addition to results reported in accordance with GAAP, Privia Health discloses Care Margin, Platform Contribution, Platform Contribution margin, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. Each are defined as follows:
| ||||||||||||||||
| (k) Any slight variations in totals are due to rounding. | ||||||||||||||||
Reconciliation of Gross Profit to Care Margin(l)
| 听 | 听 | For the Three Months Ended June 30, | 听 | For the Six Months Ended June 30, | ||||||||||||
| (unaudited; $ in thousands) | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Revenue | 听 | $ | 521,153 | 听 | 听 | $ | 422,326 | 听 | 听 | $ | 1,001,250 | 听 | 听 | $ | 837,569 | 听 |
| Provider expense | 听 | 听 | (405,992 | ) | 听 | 听 | (322,536 | ) | 听 | 听 | (780,801 | ) | 听 | 听 | (642,872 | ) |
| Amortization of intangible assets | 听 | 听 | (2,396 | ) | 听 | 听 | (1,527 | ) | 听 | 听 | (4,069 | ) | 听 | 听 | (3,054 | ) |
| Gross Profit | 听 | $ | 112,765 | 听 | 听 | $ | 98,263 | 听 | 听 | $ | 216,380 | 听 | 听 | $ | 191,643 | 听 |
| Amortization of intangibles assets | 听 | 听 | 2,396 | 听 | 听 | 听 | 1,527 | 听 | 听 | 听 | 4,069 | 听 | 听 | 听 | 3,054 | 听 |
| Care margin | 听 | $ | 115,161 | 听 | 听 | $ | 99,790 | 听 | 听 | $ | 220,449 | 听 | 听 | $ | 194,697 | 听 |
| (l) Any slight variations in totals are due to rounding. | ||||||||||||||||
Reconciliation of Gross Profit to Platform Contribution(m)
| 听 | 听 | For the Three Months Ended June 30, | 听 | For the Six Months Ended June 30, | ||||||||||||
| (unaudited; $ in thousands) | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Revenue | 听 | $ | 521,153 | 听 | 听 | $ | 422,326 | 听 | 听 | $ | 1,001,250 | 听 | 听 | $ | 837,569 | 听 |
| Provider expense | 听 | 听 | (405,992 | ) | 听 | 听 | (322,536 | ) | 听 | 听 | (780,801 | ) | 听 | 听 | (642,872 | ) |
| Amortization of intangibles assets | 听 | 听 | (2,396 | ) | 听 | 听 | (1,527 | ) | 听 | 听 | (4,069 | ) | 听 | 听 | (3,054 | ) |
| Gross Profit | 听 | $ | 112,765 | 听 | 听 | $ | 98,263 | 听 | 听 | $ | 216,380 | 听 | 听 | $ | 191,643 | 听 |
| Amortization of intangibles assets | 听 | 听 | 2,396 | 听 | 听 | 听 | 1,527 | 听 | 听 | 听 | 4,069 | 听 | 听 | 听 | 3,054 | 听 |
| Cost of platform | 听 | 听 | (64,918 | ) | 听 | 听 | (57,106 | ) | 听 | 听 | (124,444 | ) | 听 | 听 | (111,163 | ) |
| Stock-based compensation(5) | 听 | 听 | 7,223 | 听 | 听 | 听 | 4,710 | 听 | 听 | 听 | 13,194 | 听 | 听 | 听 | 8,597 | 听 |
| Platform Contribution | 听 | $ | 57,466 | 听 | 听 | $ | 47,394 | 听 | 听 | $ | 109,199 | 听 | 听 | $ | 92,131 | 听 |
| (m) Any slight variations in totals are due to rounding. | ||||||||||||||||
| (5) Amount represents stock-based compensation expense included in Cost of Platform. | ||||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA(n)
| 听 | 听 | For the Three Months Ended June 30, | 听 | For the Six Months Ended June 30, | ||||||||||||
| (unaudited; $听in听thousands) | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Net income | 听 | $ | 2,687 | 听 | 听 | $ | 3,467 | 听 | 听 | $ | 6,907 | 听 | 听 | $ | 6,451 | 听 |
| Net income attributable to non-controlling interests | 听 | 听 | 601 | 听 | 听 | 听 | 1,176 | 听 | 听 | 听 | 2,427 | 听 | 听 | 听 | 1,248 | 听 |
| Provision for income taxes | 听 | 听 | 2,456 | 听 | 听 | 听 | 3,421 | 听 | 听 | 听 | 4,559 | 听 | 听 | 听 | 4,172 | 听 |
| Interest income, net | 听 | 听 | (2,408 | ) | 听 | 听 | (2,966 | ) | 听 | 听 | (5,339 | ) | 听 | 听 | (5,950 | ) |
| Depreciation and amortization | 听 | 听 | 2,583 | 听 | 听 | 听 | 1,818 | 听 | 听 | 听 | 4,484 | 听 | 听 | 听 | 3,639 | 听 |
| Stock-based compensation | 听 | 听 | 18,849 | 听 | 听 | 听 | 14,391 | 听 | 听 | 听 | 36,639 | 听 | 听 | 听 | 26,295 | 听 |
| Other expenses(6) | 听 | 听 | 4,224 | 听 | 听 | 听 | 716 | 听 | 听 | 听 | 6,230 | 听 | 听 | 听 | 6,090 | 听 |
| Adjusted EBITDA | 听 | $ | 28,992 | 听 | 听 | $ | 22,023 | 听 | 听 | $ | 55,907 | 听 | 听 | $ | 41,945 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| (n) Any slight variations in totals are due to rounding. | ||||||||||||||||
| (6) Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs. | ||||||||||||||||
Reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share(o)
| 听 | For the Three Months Ended June 30, | 听 | For the Six Months Ended June 30, | ||||||||
| (unaudited; $听in听thousands) | 听 | 2025 | 听 | 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2024 |
| Net income | $ | 2,687 | 听 | $ | 3,467 | 听 | $ | 6,907 | 听 | $ | 6,451 |
| Stock-based compensation | 听 | 18,849 | 听 | 听 | 14,391 | 听 | 听 | 36,639 | 听 | 听 | 26,295 |
| Intangible amortization expense | 听 | 2,396 | 听 | 听 | 1,527 | 听 | 听 | 4,069 | 听 | 听 | 3,054 |
| Provision for income tax | 听 | 2,456 | 听 | 听 | 3,421 | 听 | 听 | 4,559 | 听 | 听 | 4,172 |
| Other expenses(7) | 听 | 4,224 | 听 | 听 | 716 | 听 | 听 | 6,230 | 听 | 听 | 6,090 |
| Adjusted net income | $ | 30,612 | 听 | $ | 23,522 | 听 | $ | 58,404 | 听 | $ | 46,062 |
| Adjusted net income per share attributable to Privia Health Group, Inc. stockholders 鈥� basic | $ | 0.25 | 听 | $ | 0.20 | 听 | $ | 0.48 | 听 | $ | 0.39 |
| Adjusted net income per share attributable to Privia Health Group, Inc. stockholders 鈥� diluted | $ | 0.24 | 听 | $ | 0.19 | 听 | $ | 0.46 | 听 | $ | 0.37 |
| Weighted average common shares outstanding 鈥� basic | 听 | 122,132,245 | 听 | 听 | 119,301,350 | 听 | 听 | 121,370,949 | 听 | 听 | 118,902,095 |
| Weighted average common shares outstanding 鈥� diluted | 听 | 128,447,069 | 听 | 听 | 125,317,908 | 听 | 听 | 128,148,252 | 听 | 听 | 125,315,681 |
| (o) Any slight variations in totals due to rounding. | |||||||||||
| (7) Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs. | |||||||||||
FAQ
What were Privia Health's (PRVA) Q2 2025 earnings results?
How many implemented providers does Privia Health have in Q2 2025?
What is Privia Health's updated guidance for FY 2025?
What is Privia Health's cash position in Q2 2025?
How many Value-Based Care Attributed Lives does Privia Health have?
