PRVA - Privia Health raises 2021 guidance ahead of forecasts after strong Q3 beat

Privia Health Group (PRVA +13.0%) has recorded its second-biggest intraday gain ever after the company managed to beat consensus estimates for revenue by as much as $36.9M with its Q3 2021 financials. Total revenue for the quarter grew ~21.4% YoY to reach $251.5M, with Practice Collections rising ~18.1% YoY to $401.5M. However, the company reported a net loss of $9.1M compared to ~$16.7M of net income in the previous year as general and administrative expenses more than trebled to $33.9M. “We expect to accelerate top-line growth and continue to expand our profit margin as we execute on our multiple market opportunities in the coming year,” CEO Shawn Morris remarked, noting a ~31.5% YoY increase in care margin and ~51.9% YoY rise in adj. EBITDA. For 2021, the company has raised its guidance with newly projected GAAP revenue standing at $900M – $920M, well ahead of $876.8M in the consensus.

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Privia Health raises 2021 guidance ahead of forecasts after strong Q3 beat