Shares of Privia Health Group, Inc. (PRVA) surged 5.03% on November 7th, 2024 after the physician enablement company reported strong third-quarter results and raised its full-year guidance. The stock movement followed the company's announcement of its financial results for the quarter ended September 30, 2024.
Privia Health's impressive performance was driven by robust growth across key metrics. The company reported a 4.9% year-over-year increase in revenue to $437.9 million, beating analysts' estimates. Adjusted EBITDA rose 25.8% to $23.6 million, while adjusted net income per share climbed 17.6% to $0.20, exceeding expectations.
The company's solid results were bolstered by a 13.1% increase in implemented providers to 4,642 and a 14% rise in value-based care attributed lives to 1,247,000. Privia Health also announced its entry into the Indiana market, further expanding its national footprint. Additionally, the company's Accountable Care Organizations (ACOs) achieved a 34.1% increase in shared savings from the Medicare Shared Savings Program (MSSP) for the 2023 performance year.
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