IPO Stock Privia Smashes Two Key Second-Quarter Expectations, And Shares Soar

Early Thursday, recent initial public offering Privia Health (PRVA) reported a 10-cent per-share loss on $335.5 million in second-quarter sales. In response, the IPO stock flew higher.




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On average, analysts surveyed by FactSet expected medical software-maker to report no earnings, but $313 million in sales.

In the year-earlier period, the IPO stock lost $1.68 per share and posted $226 million in sales.

Practice collections soared 68% to $615.5 million and topped expectations for $531.4 million. Due to tax rules, Privia’s revenue does not include sales from every state — practice collections do.

Gain In Practice Collections For IPO Stock

For the year, Privia expects practical collections to come in at the high end of its guidance for $2.05 billion to $2.2 billion. Analysts following the IPO stock were predicting a loss of 19 cents per share, $1.28 billion in revenue and $2.19 billion in practical collections.

In premarket action on the stock market today, the IPO stock jumped 8.4%, trading near 39.50. Privia shares have now roared well above a profit-taking zone north of a cup base and buy point at 29.07, according to MarketSmith.com.

Shares have a strong Relative Strength Rating of 98, putting Privia stock in the leading 2% of all stocks in terms of 12-month performance. The IPO stock also has a perfect Composite Rating of 99, meaning Privia shares rank in the top 1% of all stocks for fundamental and technical measures, according to IBD Digital.

More to follow.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

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