- Very Strong Third Quarter and Year-to-Date Performance Across the Business
- Net Income +94.1% and Adjusted EBITDA +61.6% compared to 3Q'24
- Implemented Providers +13.1% and Practice Collections +27.1% compared to 3Q'24
- FY'25 Guidance Raised Above High End for All Key Operating and Financial Metrics
ARLINGTON, Va., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the third quarter ended September 30, 2025.
Third Quarter Performance
| For the Three Months Ended September 30, | |||||||||||||
| ($ in millions, except per share amounts) | 2025 | 2024 | Change | (179,229 | ) | ||||||||
| Total Privia Health Group, Inc. stockholders' equity | 709,124 | 635,183 | |||||||||||
| Non-controlling interest | 53,637 | 48,264 | |||||||||||
| Total stockholders' equity | 762,761 | 683,447 | |||||||||||
| Total liabilities and stockholders' equity | $ | 1,350,987 | $ | 1,135,783 | |||||||||
(h) Any slight variations in totals are due to rounding.
Privia Health Group, Inc.
Condensed Consolidated Statements of Cash Flows(i)
(unaudited)
(in thousands)
| For the Nine Months Ended September 30, | |||||||
| 2025 | 2024 | ||||||
| Cash flows from operating activities | |||||||
| Net income | $ | 19,141 | $ | 11,677 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation | 580 | 876 | |||||
| Amortization of intangibles | 6,670 | 4,560 | |||||
| Stock-based compensation | 55,616 | 41,401 | |||||
| Deferred tax expense | 9,337 | 7,631 | |||||
| Changes in asset and liabilities: | |||||||
| Accounts receivable | (176,544 | ) | (118,191 | ) | |||
| Prepaid expenses and other current assets | (3,038 | ) | (4,272 | ) | |||
| Other non-current assets and right-of-use asset | 2,345 | (70 | ) | ||||
| Accounts payable and accrued expenses | 2,682 | 7,810 | |||||
| Provider liability | 118,815 | 85,174 | |||||
| Operating lease liabilities | (1,187 | ) | (2,112 | ) | |||
| Other long-term liabilities | 1,487 | - | |||||
| Net cash provided by operating activities | 35,904 | 34,484 | |||||
| Cash from investing activities | |||||||
| Business acquisitions, net of cash acquired | (89,058 | ) | (707 | ) | |||
| Other | (1,200 | ) | (5,006 | ) | |||
| Net cash used in investing activities | (90,258 | ) | (5,713 | ) | |||
| Cash flows from financing activities | |||||||
| Proceeds from exercised stock options | 4,557 | 2,062 | |||||
| Proceeds from non-controlling interest | - | 1,653 | |||||
| Net cash provided by financing activities | 4,557 | 3,715 | |||||
| Net (decrease) increase in cash and cash equivalents | (49,797 | ) | 32,486 | ||||
| Cash and cash equivalents at beginning of period | 491,149 | 389,511 | |||||
| Cash and cash equivalents at end of period | $ | 441,352 | $ | 421,997 | |||
| Supplemental disclosure of cash flow information: | |||||||
| Interest paid | $ | 188 | $ | 222 | |||
| Income taxes paid, net of refunds | $ | 5,771 | $ | 3,525 | |||
| Supplemental disclosure of non-cash operating activities: | |||||||
| Lease liabilities obtained in exchange for right-of-use assets | $ | 1,832 | $ | - | |||
(i) Any slight variations in totals are due to rounding.
Additional Financial Information
Revenues disaggregated by source:
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||
| (Dollars in Thousands) | 2025 | 2024 | 2025 | 2024 | |||||||
| FFS-patient care | $ | 352,604 | $ | 283,278 | $ | 995,829 | $ | 833,862 | |||
| FFS-administrative services | 33,616 | 30,697 | 100,986 | 91,906 | |||||||
| Capitated revenue | 90,906 | 53,393 | 237,108 | 161,135 | |||||||
| Shared savings | 79,994 | 47,438 | 187,927 | 134,720 | |||||||
| Care management fees (PMPM) | 20,992 | 21,060 | 53,113 | 47,826 | |||||||
| Other revenue | 2,307 | 2,055 | 6,706 | 6,041 | |||||||
| Total Revenue | $ | 580,419 | $ | 437,921 | $ | 1,581,669 | $ | 1,275,490 | |||
The Company's liabilities for unpaid medical claims under at-risk capitation arrangements:
| September 30, | ||||||||
| (Dollars in Thousands) | 2025 | 2024 | ||||||
| Balance, beginning of period | $ | 66,355 | $ | 67,138 | ||||
| Incurred health care costs: | ||||||||
| Current year | 228,352 | 156,899 | ||||||
| Prior years | (9,349 | ) | 1,384 | |||||
| Total claims incurred | $ | 219,003 | $ | 158,283 | ||||
| Claims paid: | ||||||||
| Current year | (159,911 | ) | (97,883 | ) | ||||
| Prior year | (49,013 | ) | (52,461 | ) | ||||
| Total claims paid | $ | (208,924 | ) | $ | (150,344 | ) | ||
| Balance, end of period | $ | 76,434 | $ | 75,077 | ||||
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's business, measure performance, identify trends affecting the Company's business, formulate business plans, and make strategic decisions.
Key Metrics(j)
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||
| (unaudited; $ in millions) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Implemented Providers (as of end of period) (1) | 5,250 | 4,642 | 5,250 | 4,642 | ||||||||
| Attributed Lives (as of end of period) (2) | 1,406,000 | 1,247,000 | 1,406,000 | 1,247,000 | ||||||||
| Practice Collections (3) | $ | 940.4 | $ | 739.9 | $ | 2,601.9 | $ | 2,175.6 | ||||
| (1) Implemented Providers is defined as the total of all service professionals on Privia Health's 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's 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)
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||
| (unaudited; $ in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Care Margin | $ | 125,210 | $ | 101,420 | $ | 345,659 | $ | 296,117 | ||||
| Platform Contribution | $ | 70,555 | $ | 50,257 | $ | 179,754 | $ | 142,388 | ||||
| Platform Contribution Margin | 56.3% | 49.6% | 52.0% | 48.1% | ||||||||
| Adjusted EBITDA | $ | 38,187 | $ | 23,624 | $ | 94,093 | $ | 65,568 | ||||
| Adjusted EBITDA Margin | 30.5% | 23.3% | 27.2% | 22.1% | ||||||||
(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)
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
| (unaudited; $ in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 580,419 | $ | 437,921 | $ | 1,581,669 | $ | 1,275,490 | ||||||||
| Provider expense | (455,209 | ) | (336,501 | ) | (1,236,010 | ) | (979,373 | ) | ||||||||
| Amortization of intangible assets | (2,601 | ) | (1,506 | ) | (6,670 | ) | (4,560 | ) | ||||||||
| Gross Profit | $ | 122,609 | $ | 99,914 | $ | 338,989 | $ | 291,557 | ||||||||
| Amortization of intangibles assets | 2,601 | 1,506 | 6,670 | 4,560 | ||||||||||||
| Care margin | $ | 125,210 | $ | 101,420 | $ | 345,659 | $ | 296,117 | ||||||||
| (l) Any slight variations in totals are due to rounding. | ||||||||||||||||
Reconciliation of Gross Profit to Platform Contribution(m)
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
| (unaudited; $ in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 580,419 | $ | 437,921 | $ | 1,581,669 | $ | 1,275,490 | ||||||||
| Provider expense | (455,209 | ) | (336,501 | ) | (1,236,010 | ) | (979,373 | ) | ||||||||
| Amortization of intangibles assets | (2,601 | ) | (1,506 | ) | (6,670 | ) | (4,560 | ) | ||||||||
| Gross Profit | $ | 122,609 | $ | 99,914 | $ | 338,989 | $ | 291,557 | ||||||||
| Amortization of intangibles assets | 2,601 | 1,506 | 6,670 | 4,560 | ||||||||||||
| Cost of platform | (61,440 | ) | (56,068 | ) | (185,884 | ) | (167,231 | ) | ||||||||
| Stock-based compensation(5) | 6,785 | 4,905 | 19,979 | 13,502 | ||||||||||||
| Platform Contribution | $ | 70,555 | $ | 50,257 | $ | 179,754 | $ | 142,388 | ||||||||
| (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)
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
| (unaudited; $ in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income attributable to Privia Health Group, Inc. | $ | 6,861 | $ | 3,535 | $ | 13,768 | $ | 9,986 | ||||||||
| Net income attributable to non-controlling interests | 2,946 | 443 | 5,373 | 1,691 | ||||||||||||
| Provision for income taxes | 6,867 | 3,999 | 11,426 | 8,171 | ||||||||||||
| Interest income, net | (2,271 | ) | (2,164 | ) | (7,610 | ) | (8,114 | ) | ||||||||
| Depreciation and amortization | 2,766 | 1,797 | 7,250 | 5,436 | ||||||||||||
| Stock-based compensation | 18,977 | 15,106 | 55,616 | 41,401 | ||||||||||||
| Other expenses(6) | 2,041 | 908 | 8,270 | 6,997 | ||||||||||||
| Adjusted EBITDA | $ | 38,187 | $ | 23,624 | $ | 94,093 | $ | 65,568 | ||||||||
| (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)
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||
| (unaudited; $ in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||
| Net income | $ | 6,861 | $ | 3,535 | $ | 13,768 | $ | 9,986 | |||
| Stock-based compensation | 18,977 | 15,106 | 55,616 | 41,401 | |||||||
| Intangible amortization expense | 2,601 | 1,506 | 6,670 | 4,560 | |||||||
| Provision for income tax | 6,867 | 3,999 | 11,426 | 8,171 | |||||||
| Other expenses(7) | 2,041 | 908 | 8,270 | 6,997 | |||||||
| Adjusted net income | $ | 37,347 | $ | 25,054 | $ | 95,750 | $ | 71,115 | |||
| Adjusted net income per share attributable to Privia Health Group, Inc. stockholders - basic | $ | 0.30 | $ | 0.21 | $ | 0.79 | $ | 0.60 | |||
| Adjusted net income per share attributable to Privia Health Group, Inc. stockholders - diluted | $ | 0.29 | $ | 0.20 | $ | 0.75 | $ | 0.57 | |||
| Weighted average common shares outstanding - basic | 122,768,890 | 119,658,574 | 121,840,638 | 119,156,368 | |||||||
| Weighted average common shares outstanding - diluted | 128,776,684 | 125,751,006 | 128,392,315 | 125,457,540 | |||||||
| (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. | |||||||||||
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