Privia Health turned a profit in 2022's final quarter.
The Arlington, Virginia-based physician enablement company on Tuesday reported fourth-quarter net income of $17.8 million, or 14 cents per share, compared with a net loss of $12 million, or 11 cents per share, in the year-ago period. Fourth-quarter revenue increased 32.4%, to $364.4 million.
Privia is one of the few digital health companies to see its share price increase after going public in May 2021 at $23 per share. Shares were trading near $28 on Tuesday afternoon.
For the year, Privia posted a net loss of $8.6 million, or 8 cents per share but the trends are favorable. Last year, the company posted a net loss of more than $188 million, which equated to $1.83 per share. The company's annual revenue totaled $1.36 billion, compared with $966.2 million in 2021.
Privia operates in 12 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 that transition.
This year, Privia has launched three accountable care organization partnerships in Connecticut, Delaware and North Carolina. Its ACOs include approximately 2,700 providers caring for about 198,000 Medicare beneficiaries.
