Privia Health Reports Third Quarter 2025 Financial Results

• Very Strong Third Quarter and Year-to-Date Performance Across the Business
• Net Income +94.1% and Adjusted EBITDA +61.6% compared to 3Q’24
  
• Implemented Providers +13.1% and Practice Collections +27.1% compared to 3Q’24
• FY’25 Guidance Raised Above High End for All Key Operating and Financial Metrics

ARLINGTON, Va., Nov. 06, 2025 (GLOBE NEWSWIRE) — Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the third quarter ended September 30, 2025.

Third Quarter Performance

Third Quarter 2025 highlights include:

• Strong results in the Medicare Shared Savings Program (MSSP) and other value-based care arrangements for 2024 performance year;
• Continued strength in same-store growth and new provider additions, +13.1% versus 3Q’24;
• Practice Collections of $940.4 million, +27.1% versus 3Q’24;
• Adjusted EBITDA ^{b d e} of $38.2 million, +61.6% versus 3Q’24; and
• Strong sales and business development pipeline.

Key Operating and Non-GAAP Financial Metrics ^{b, d, e}

Nine-Month Performance

Key Operating and Non-GAAP Financial Metrics ^{b d e}

MSSP 2024 Performance

Privia’s Accountable Care Organizations (ACOs) delivered strong 2024 performance results for the Medicare Shared Savings Program (MSSP). The nine Privia ACOs achieved aggregate shared savings of $234.1 million, a 32.6% increase from 2023.

Privia Health to Expand VBC Footprint with Acquisition of ACO Business

On September 23, 2025, the Company signed a definitive agreement to acquire an ACO business from Evolent Health, Inc., which cares for over 120,000 attributed lives through the MSSP as well as various commercial and Medicare Advantage programs. With this transaction, Privia Health will serve more than 1.5 million attributed lives in value-based care (VBC) arrangements across commercial, Medicare, Medicare Advantage and Medicaid. This strategic transaction will increase VBC attributed lives in existing Privia states, add lives in new states, and also offer a compelling synergy opportunity for the ACO-participating providers to join Privia’s Medical Groups for a full suite of services and technology platform.

The transaction is expected to close in the fourth quarter of 2025 subject to applicable regulatory approvals and other customary closing conditions, and is expected to positively contribute to Adjusted EBITDA in 2026. Privia Health will pay $100 million in cash at closing from its balance sheet, and up to an additional $13 million subject to final MSSP performance for 2025.

Capital Resources

The Company’s balance sheet at September 30, 2025, included cash and cash equivalents of $441.4 million and no debt. Privia Health’s cash balance does not include approximately $68.5 million in cash received in October 2025 from the Centers for Medicare & Medicaid Services (CMS) as payment for Privia Health’s portion of the shared savings generated for the 2024 performance year of MSSP. Pro forma for the net cash receipt from CMS, and the expected payment to Evolent Health of $100 million for the acquisition of its ACO business, the Company’s cash balance would be $409.9 million.

Updated FY’25 Guidance ^{c d e f}

Privia Health raised its full-year 2025 outlook as follows:

• Guidance does not assume any impact from pending Evolent ACO business transaction
• More than 80% of Adjusted EBITDA expected to convert to free cash flow in full-year 2025
• Expect to end FY’25 with at least $410 million in cash and equivalents pro forma for ACO transaction

Webcast and Conference Call Information

The Company will host a conference call on November 6, 2025, at 8:00 am ET to discuss these results and management’s outlook for future financial and operational performance. You can visit ir.priviahealth.com/news-and-events/events-and-presentations to listen to the call via webcast. The webcast will be archived and available for replay for on-demand listening shortly after the completion of the call under the same link. If you wish to participate in the live conference call, then please dial 888-596-4144 (or 646-968-2525 for international callers) and provide Conference ID 5704885.

This news release and the financial statements contained herein, and the slide presentation for the webcast, are also available on the Privia Health Investor Relations website at ir.priviahealth.com.

About Privia Health

Privia Health™ is one of the largest physician enablement companies in the United States with a presence in 15 states and the District of Columbia. Privia builds scaled provider networks with primary-care centric medical groups, risk-bearing entities, a physician-led governance structure, and the Privia Platform comprising an extensive suite of technology and service solutions. Privia collaborates with medical groups, health plans and health systems to optimize 1,340+ physician practices, improve the patient experience for 5.6+ million patients, and reward 5,200+ physicians and advanced practitioners for delivering high-value care.

Privia’s mission is to transform healthcare delivery to achieve better outcomes, lower costs, and improve the health of communities and the well-being of providers. For more information, visit priviahealth.com and connect with us on LinkedIn.

Non-GAAP Financial Measures

The Company reports and discusses its operating results using financial measures consistent with accounting principles generally accepted in the United States (“GAAP”). From time to time, in press releases, financial presentations, earnings conference calls or otherwise, the Company may disclose certain non-GAAP financial measures. The non-GAAP financial measures presented in this press release should not be viewed as alternatives or substitutes for the Company’s reported GAAP results. A reconciliation to the most directly comparable GAAP financial measure is set forth in the tables that accompany this release.

The Company believes that each of the non-GAAP financial measures presented in this press release are relevant and provide useful information to the Company’s management, investors, and other interested parties about the Company’s operating performance because the measures allow them to understand and compare the Company’s actual and expected operating results during the prior, current and future periods in a more consistent manner. The non-GAAP measures presented in this press release may not be comparable to similarly titled measures used by other companies. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provides a more complete understanding of the results of operations and trends affecting the Company’s business. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to financial measures calculated in accordance with GAAP.

Safe Harbor Statement

The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company’s Form 10-Q is filed with the Securities and Exchange Commission (“SEC”). This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements relate to our current expectations, projections and assumptions about our business, the economy and future events or conditions. They do not relate strictly to historical or current facts. Forward-looking statements can be identified by words such as “aims,” “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “future,” “intends,” “likely,” “may,” “outlook,” “plans,” “potential,” “projects,” “seeks,” “strategy,” “targets,” “trends,” “will,” “would,” “could,” “should,” and variations of such terms and similar expressions and references to guidance, although some forward-looking statements may be expressed differently. In particular, these include statements relating to, among other things: our future actions, business plans, objectives and prospects; and our future operating or financial performance and projections, including our full-year guidance for 2025. Factors or events that could cause actual results to differ may emerge from time to time and are difficult to predict. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results may differ materially from past results and those anticipated, estimated or projected. We caution you not to place undue reliance upon any of these forward-looking statements.

Factors related to these risks and uncertainties include, but are not limited to: the heavily regulated industry in which we operate, and any failure by us or our medical groups to comply with the extensive applicable healthcare laws and government regulations; the complexity of the legal framework governing our relationships with Medical Groups, some of which we do not own, and Privia providers, and the impact of legal challenges or shifting interpretations of applicable laws; the execution of our growth strategy, which may not prove viable and we may not realize expected results; difficulties timely implementing our proprietary end-to-end, cloud-based technology solution for Privia physicians and new medical groups; the high level of competition in our industry; challenges in successfully establishing a presence in new geographic markets; the impact of failures by or service disruptions at key third-party vendors, such as our primary electronic medical record vendor, athenahealth, Inc.; potential decreases in reimbursement rates by governmental and third-party payers, changes to payment terms or challenges negotiating and retaining favorable contracts with private third-party payers, and changes impacting our patient population; the financial and operational impact of our compliance with various complex and changing federal and state privacy and security laws and regulations related to our use, disclosure, and other processing of personal information and protected health information, including the Health Insurance Portability and Accountability Act of 1996; the impact of actual and potential security threats, cybersecurity incidents or privacy or other forms of data breaches involving us, our vendors or other third parties; the continued availability of qualified workforce, including staff at our medical groups, and the continued upward pressure on compensation for such workforce; and other risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2024 and the Company’s subsequent Quarterly Reports on Form 10-Q. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information unless required by law.

Privia Health Group, Inc.
Condensed Consolidated Statements of Operations^(g)
(unaudited)
(in thousands, except share and per share data)

^(g) Any slight variations in totals due to rounding.

Privia Health Group, Inc. 
Condensed Consolidated Balance Sheets^(h)
(in thousands)

^(h) Any slight variations in totals are due to rounding.

Privia Health Group, Inc.
Condensed Consolidated Statements of Cash Flows⁽ⁱ⁾
(unaudited)
(in thousands)

⁽ⁱ⁾ Any slight variations in totals are due to rounding.

Additional Financial Information

Revenues disaggregated by source:

The Company’s liabilities for unpaid medical claims under at-risk capitation arrangements:

Key Metrics and Non-GAAP Financial Measures

Privia Health reviews a number of operating and financial metrics, including the following key metrics and non-GAAP financial measures, to evaluate the Company’s business, measure performance, identify trends affecting the Company’s business, formulate business plans, and make strategic decisions.

Key Metrics^(j)

Non-GAAP Financial Measures ^(4)(k)

Reconciliation of Gross Profit to Care Margin^(l)

Reconciliation of Gross Profit to Platform Contribution^(m)

Reconciliation of Net Income to Adjusted EBITDA⁽ⁿ⁾

Reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share^(o)