Privia Health Group, Inc. (PRVA) shares surged 5.10% in pre-market trading on Thursday following the release of its impressive first-quarter 2025 financial results and an upbeat full-year outlook. The healthcare company reported better-than-expected earnings and raised its guidance, despite a revenue miss.

For Q1 2025, Privia Health posted non-GAAP earnings of $0.22 per share, surpassing the FactSet analyst consensus of $0.19 and marking a 22.22% increase from the same period last year. The company's adjusted EBITDA reached $26.9 million, significantly beating the estimated $23.4 million. However, revenue came in at $480.1 million, falling short of the $777.1 million forecast but still representing a 15.62% year-over-year growth.

Investors were particularly encouraged by Privia Health's decision to raise its full-year 2025 outlook to the mid- to high-end of its guidance ranges for all metrics, with attributed lives remaining unchanged. This optimistic forecast, coupled with the company's recent expansion into the Arizona market through a strategic acquisition, signals strong growth potential and operational execution. The positive sentiment surrounding these developments appears to be the primary driver behind the stock's pre-market rally.