Privia Health | 10-Q: FY2025 Q3 Revenue Beats Estimate at USD 580.42 M

LB filings
2025.11.06 13:47
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Revenue: As of FY2025 Q3, the actual value is USD 580.42 M, beating the estimate of USD 495.91 M.

EPS: As of FY2025 Q3, the actual value is USD 0.05, missing the estimate of USD 0.0545.

EBIT: As of FY2025 Q3, the actual value is USD 12.13 M.

Financial Metrics by Segment

Revenue

  • Total Revenue: $580.4 million for the three months ended September 30, 2025, an increase from $437.9 million for the same period in 2024. For the nine months ended September 30, 2025, revenue was $1.58 billion, up from $1.28 billion for the same period in 2024.
  • FFS-Patient Care Revenue: $352.6 million for the three months ended September 30, 2025, up from $283.3 million for the same period in 2024. For the nine months ended September 30, 2025, FFS-patient care revenue was $995.8 million, up from $833.9 million for the same period in 2024.
  • FFS-Administrative Services Revenue: $33.6 million for the three months ended September 30, 2025, up from $30.7 million for the same period in 2024. For the nine months ended September 30, 2025, FFS-administrative services revenue was $101.0 million, up from $91.9 million for the same period in 2024.
  • Capitated Revenue: $90.9 million for the three months ended September 30, 2025, up from $53.4 million for the same period in 2024. For the nine months ended September 30, 2025, capitated revenue was $237.1 million, up from $161.1 million for the same period in 2024.
  • Shared Savings Revenue: $80.0 million for the three months ended September 30, 2025, up from $47.4 million for the same period in 2024. For the nine months ended September 30, 2025, shared savings revenue was $187.9 million, up from $134.7 million for the same period in 2024.
  • Care Management Fees (PMPM): $21.0 million for the three months ended September 30, 2025, relatively flat compared to $21.1 million for the same period in 2024. For the nine months ended September 30, 2025, care management fees were $53.1 million, up from $47.8 million for the same period in 2024.
  • Other Revenue: $2.3 million for the three months ended September 30, 2025, up from $2.1 million for the same period in 2024. For the nine months ended September 30, 2025, other revenue was $6.7 million, up from $6.0 million for the same period in 2024.

Operational Metrics

  • Gross Profit: $122.6 million for the three months ended September 30, 2025, up from $99.9 million for the same period in 2024. For the nine months ended September 30, 2025, gross profit was $339.0 million, up from $291.6 million for the same period in 2024.
  • Operating Income: $14.4 million for the three months ended September 30, 2025, up from $5.8 million for the same period in 2024. For the nine months ended September 30, 2025, operating income was $23.0 million, up from $11.7 million for the same period in 2024.
  • Net Income: $9.8 million for the three months ended September 30, 2025, up from $4.0 million for the same period in 2024. For the nine months ended September 30, 2025, net income was $19.1 million, up from $11.7 million for the same period in 2024.
  • Net Income Attributable to Privia Health Group, Inc.: $6.9 million for the three months ended September 30, 2025, up from $3.5 million for the same period in 2024. For the nine months ended September 30, 2025, net income attributable to Privia Health Group, Inc. was $13.8 million, up from $10.0 million for the same period in 2024.

Cash Flow

  • Net Cash Provided by Operating Activities: $35.9 million for the nine months ended September 30, 2025, up from $34.5 million for the same period in 2024.
  • Net Cash Used in Investing Activities: - $90.3 million for the nine months ended September 30, 2025, compared to - $5.7 million for the same period in 2024.
  • Net Cash Provided by Financing Activities: $4.6 million for the nine months ended September 30, 2025, up from $3.7 million for the same period in 2024.

Unique Metrics

  • Implemented Providers: 5,250 as of September 30, 2025, up from 4,642 as of September 30, 2024.
  • Attributed Lives: 1,406,000 as of September 30, 2025, up from 1,247,000 as of September 30, 2024.
  • Practice Collections: $940.4 million for the three months ended September 30, 2025, up from $739.9 million for the same period in 2024. For the nine months ended September 30, 2025, practice collections were $2.60 billion, up from $2.18 billion for the same period in 2024.

Future Outlook and Strategy

  • Core Business Focus: Privia Health Group, Inc. aims to continue expanding its provider base in existing and new markets, focusing on increasing patient volume and enhancing payer contracts. The company plans to leverage its technology-driven platform to improve patient outcomes and reduce costs, thereby driving revenue growth.
  • Non-Core Business: The company is exploring additional revenue streams through acquisitions and partnerships, such as the recent acquisition of PMG-AZ and the planned acquisition of an ACO business from Evolent Health, Inc. for $100.0 million in cash, with an additional $13.0 million subject to performance.
  • Priority: Emphasis on strategic investments in sales and marketing, technology, and operations to support long-term growth. The company also aims to increase its value-based care revenue by expanding its attributed lives and improving contract terms with payers.
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