Privia Health Group reported strong fourth-quarter and full-year 2024 financial results, surpassing the high end of all guidance metrics. The company demonstrated continued growth in its provider network, improved financial performance, and strong cash flow generation.

Full-year 2024 highlights:
- Revenue: $1.74 billion, a 4.7% increase year-over-year
- Gross profit: $397.7 million, up 12.4% from 2023
- Operating income: $17.0 million, compared to $20.6 million in 2023
- Net income: $14.4 million, a 37.7% decrease due to higher stock-based compensation expenses
- Adjusted net income: $97.6 million, up 19.8% year-over-year
- Adjusted EBITDA: $90.5 million, a 25.2% increase from the prior year
- Net cash provided by operating activities: $109.3 million, up 35.3% year-over-year
- Cash balance: $491.1 million with no debt

Privia saw an 11.2% increase in implemented providers, bringing the total to 4,789 by year-end. The company also grew attributed lives by 12.1%, reaching 1.26 million patients. Its Medicare Shared Savings Program (MSSP) generated $176.6 million in shared savings, a 34.1% increase over the previous year.

Fourth-quarter 2024 performance:
- Revenue: $460.9 million, up 4.6% from the prior year
- Gross profit: $106.1 million, an 18% increase
- Operating income: $5.2 million, up 269.6% from Q4 2023
- Net income: $4.4 million, a 55% increase
- Adjusted net income: $26.5 million, up 30.5%
- Adjusted EBITDA: $24.9 million, a 44% increase

The company’s practice collections reached $792.5 million in Q4 and $2.97 billion for the full year, reflecting 4.5% year-over-year growth.

2025 financial guidance:
- Revenue expected between $1.8 billion and $1.9 billion, a year-over-year increase of 3.7% to 9.4%
- Adjusted EBITDA projected between $105 million and $110 million, up 16.1% to 21.6%
- Implemented providers expected to reach between 5,200 and 5,300, reflecting 8.6% to 10.7% growth
- Attributed lives forecasted between 1.3 million and 1.4 million, a 3.5% to 11.5% increase
- Care margin expected between $435 million and $445 million, a growth of 7.7% to 10.2%
- Free cash flow conversion projected at 80% of adjusted EBITDA

Privia expects continued growth in provider density, expansion in value-based care models, and strong financial performance despite challenges in the Medicare Advantage and value-based care markets. The company remains focused on increasing scale, expanding its addressable market, and maintaining financial discipline with minimal capital expenditures.

A conference call to discuss the results and outlook is scheduled for today at 8:00 AM ET.