PRVAMEDIUM SIGNALOPERATIONAL10-K

PRVA expanded its healthcare platform meaningfully, adding 591 providers and growing its patient base to 5.8 million while strengthening financial performance.

The company demonstrated solid operational execution with substantial growth in provider network and patient attribution across all major payer categories, suggesting successful market expansion. The improved profitability and strong cash generation indicate the platform scaling benefits are materializing, positioning PRVA well for continued growth in the value-based care market.

Comparing 2026-02-27 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

PRVA delivered strong financial performance with net income growing substantially and operating cash flow approaching $163.4M, reflecting improved operational efficiency. The balance sheet expanded significantly with total assets reaching $1.4B, driven primarily by higher accounts receivable as the business scaled. The combination of reduced interest expense, growing stockholder equity, and robust cash generation signals healthy financial momentum across the platform.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+59.3%
$14.4M$22.9M

Net income grew 59.3% — bottom-line growth signals improving overall business health.

Interest Expense
P&L
-54.5%
$1.1M$500K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Operating Cash Flow
Cash Flow
+49.5%
$109.3M$163.4M

Operating cash flow surged 49.5% — exceptional cash generation, highest quality earnings signal.

Total Liabilities
Balance Sheet
+27.9%
$452.3M$578.4M

Liabilities increased 27.9% — monitor debt-to-equity ratio and interest coverage.

Accounts Receivable
Balance Sheet
+26.8%
$316.2M$400.9M

Receivables grew 26.8% — monitor days sales outstanding for collection efficiency.

Current Liabilities
Balance Sheet
+26.6%
$449.1M$568.5M

Current liabilities rose 26.6% — increased short-term obligations, watch current ratio.

Total Assets
Balance Sheet
+20.6%
$1.1B$1.4B

Asset base grew 20.6% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+16.1%
$635.2M$737.2M

Equity base grew 16.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-27
ADDED
Our technology and service solutions (collectively, the Privia Platform ) are powered by our Privia Technology Solution that integrates both Privia-developed and third-party applications into a seamless interface and workflow that manages all aspects of our Privia Providers provision of healthcare services.
As of December 31, 2025, we had 5,380 Privia Providers who are credentialed and bill for medical services, in both Owned and Non-Owned Medical Groups (as defined below), ( implemented providers ).
Our implemented providers operate in over 1,300 practice locations.
Privia cares for over 5.8 million patients, including in VBC arrangements approximately 910,000 commercial patients, as measured at the end of a particular period ( attributed lives ), approximately 212,000 Medicare Advantage attributed lives, 298,000 Medicare Shared Savings / Maryland PCP+ Program attributed lives, and approximately 120,000 Medicaid attributed lives.
For those practices, we furnish population health services, reporting and analytics, along with certain management services.
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REMOVED
Our platform (the Privia Platform ) is powered by our Privia Technology Solution that integrates both Privia-developed and third-party applications into a seamless interface and workflow that manages all aspects of our Privia Providers provision of healthcare services.
We believe our technology-enabled platform is differentiated and well positioned to drive sustainable long-term growth.
As of December 31, 2024, we had 4,789 Privia Providers on the Privia Platform who are credentialed and bill for medical services, in both Owned and Non-Owned Medical Groups (as defined below), ( implemented providers ).
Our implemented providers operate in over 1,200 care center locations.
Privia cares for over 5.2 million patients, including in VBC arrangements approximately 782,000 commercial patients who have selected one of our Medical Groups as their provider of primary care services, as measured at the end of a particular period ( attributed lives ), approximately 185,000 Medicare Advantage attributed lives, 196,000 Medicare Shared Savings / Maryland PCP+ Program attributed lives, and approximately 97,000 Medicaid attributed lives.
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