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Privia Health continues to impress investors as the company reached profitability in the fourth quarter of 2022, according to its earnings report released Tuesday morning.
The Arlington, Virginia-based physician enablement company posted a net income of $17.8 million or $0.14 per share in the fourth quarter compared to an operating loss of $19.3 million or ($0.11) per share in 2021. Privia’s fourth-quarter revenue increased 32.4% from $275.3 million last year to $364.4 million this year.
Privia is one of the few digital health companies to see its share price increase after going public. The company’s share price is trading at $28.20 per share as of press time, which is a 4.4% increase from its share price at the start of Tuesday of $26.58 per share. The company went public in May 2021 at $23 per share.
For the year, Privia posted a net income loss of $8.6 million or ($0.08) per share but the trends are favorable. Last year, the company posted net income losses more than $188 million or ($1.83) per share. The company’s revenue for the full year was $1.36 billion compared to $966.2 million last year.
Privia operates in 11 states and Washington D.C. Its business relies on provider partnerships that aim to funnel patients into value-based care contracts. The company supports its provider partners with a population health platform for this transition.
Privia has launched three accountable care organization partnerships in Connecticut, Delaware and North Carolina in 2023. Its ACOs include approximately 2,700 providers caring for about 198,000 Medicare beneficiaries.
This story first appeared in Digital Health Business & Technology.
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