Shares of Privia Health Group surged by 11% to reach $22.79, following the company’s impressive third-quarter revenue performance. This comes as a positive development after the stock hit its lowest point of $19.68 in the past year, experiencing a 24% decline.
Revenue and Earnings Update
Privia Health Group reported a revenue of $417.3 million for the third quarter, surpassing expectations. This is a notable increase from $342.9 million generated in the same period last year. Analysts, according to FactSet, had projected revenue of $410.5 million.
The company’s quarterly earnings stood at $5.6 million, or five cents per share, compared to $1.6 million, or one cent per share, in the previous year. However, analysts had anticipated earnings of $6.3 million, or five cents per share. On an adjusted basis, Privia achieved earnings of 17 cents per share, exceeding the forecasted 15 cents by analysts.
Impressive Growth in Practice Collections
Privia also revealed that practice collections for the third quarter amounted to $723.5 million, marking an 18% increase from the previous year.
Strong Financial Position
As of September 30th, Privia Health Group possessed cash and cash equivalents totaling $330.4 million, showing a debt-free status.
The company is optimistic about its future prospects and anticipates revenue for 2023 to fall within the higher range of its initial estimate of $1.55 billion to $1.65 billion. Industry analysts are also predicting revenue of around $1.63 billion for 2023.
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