Contradictions Unveiled: Navigating the Complex Landscape of Shared Savings and Market Strategy in 2025Q2

Strong Financial Performance and Growth:
- Privia Health reported Practice Collections growth of 18.5% in Q2 2025, driven by implemented provider growth and value-based lives attribution growth.
- The company's adjusted EBITDA increased by 31.6%, with EBITDA margin as a percentage of Care Margin expanding by 310 basis points.
- The growth was attributed to strong operational execution and efficient cost management across both cost of platform and G&A expenses.

Market Expansion and Provider Growth:
- Privia Health's footprint expanded to 5,125 implemented providers, caring for over 5.3 million patients across 15 states and DC.
- The company's value-based care organization serves 1.38 million attributed lives across over 100 commercial and government programs.
- The expansion was driven by new provider growth across programs and strategic market entries, such as Arizona.

Raised Guidance Outlook:
- Privia Health raised its 2025 outlook above the high end of its initial guidance ranges for Practice Collections, GAAP revenue, platform contribution, and adjusted EBITDA.
- This raise is due to strong first-half performance, implemented provider growth, and positive trends in ambulatory utilization.
- The company expects continued visibility into 2026, supported by robust market expansion opportunities and a healthy balance sheet.

Platform and Economic Model:
- Privia's value proposition includes a stable, recurring earnings stream from its tech and services platform, combined with shared savings and care management fees.
- The company's medical group structure and integrated risk management strategy enable it to manage risk effectively and maintain consistent financial performance.
- This unique model provides a significant competitive advantage, driving consistent provider retention and sustained growth in market penetration.