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Privia Health Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing shows revenue of $437.9 million for the quarter, an increase from $417.3 million in the same quarter the previous year. This growth was driven by increases in fee-for-service patient care and administrative services revenue.
Provider expenses for the quarter were $336.5 million, up from $325.2 million in the previous year, reflecting growth in implemented providers.
Cost of platform expenses increased to $56.1 million from $50.3 million, primarily due to higher salaries, benefits, and stock-based compensation expenses.
General and administrative expenses rose to $30.7 million from $27.2 million, driven by increased stock-based compensation expenses.
Net income attributable to Privia Health Group, Inc. for the quarter was $3.5 million, down from $5.6 million in the previous year, reflecting higher operating expenses.
Cash provided by operating activities was $34.5 million, up from $16.7 million in the previous year. This increase was primarily due to changes in provider liability and accounts receivable.
Privia Health entered the state of Indiana in partnership with a multi-specialty practice, expanding its market presence.
As of September 30, 2024, Privia Health had cash and cash equivalents of $422.0 million, indicating a strong liquidity position.
The company does not anticipate any material changes to its risk factors as previously disclosed in its Annual Report.
Privia Health continues to focus on expanding its provider base and attributed lives, with a reported 4,642 implemented providers and 1,247,000 attributed lives as of the end of the period.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Privia Health Group Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.