Business
P3 Health Partners Affirms 2023 Outlook and Schedules Earnings Call for 2022 Results
HENDERSON, Nev.--(BUSINESS WIRE)-- P3 Health Partners Inc. (“P3” or the “Company”) (NASDAQ: PIII), a patient-centered and physician-led population health
About this update from P3 Health Partners Inc.
[{"type":"text","content":" HENDERSON, Nev.--(BUSINESS WIRE)--\nP3 Health Partners Inc. (“P3” or the “Company”) (NASDAQ: PIII), a patient-centered and physician-led population health management company, today announced that it expects to file the Company’s Annual Report on Form 10-K on or before the close of business on March 30th, 2023 and that it plans to host an Earnings Call to review those results following the market close on the same day.\n\nIn order to accommodate this schedule, the Company plans to file a timely Notification of Late Filing on Form 12b-25 with respect to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “Form 10-K”).\n\nDr. Sherif Abdou, CEO of P3 Health Partners stated, “The Form 10-K filing delay is administrative in nature and a result of the delayed audit for 2021, causing a late start for the 2022 audit. We still believe we will meet the 2022 full-year and 2023 guidance we have previously disclosed and expect to file the Form 10-K on or before March 30th. We look forward to sharing our full-year 2022 earnings with you at that time.”\n\nReaffirmed full-year 2022 Guidance:\n\n\nP3 expects to report revenue of between $1.025 billion and $1.075 billion, representing a 61% to 69% increase over 2021, consistent with the previously disclosed guidance.\n\n\nThe at-risk Medicare Advantage membership is still expected to be greater than 100,000 for the full-year 2022, representing a roughly 35% increase over prior year.\n\n\nAdjusted EBITDA loss is expected to be between $118 million and $128 million, consistent with the previously disclosed guidance.\n\n\nReaffirmed Preliminary 2023 guidance:\n\n\nAt-risk Medicare Advantage membership is expected to be in a range of 115,000 to 120,000\n\n\nRevenue is expected to be in a range of $1.20 billion to $1.25 billion\n\n\nThe Company expects that 2023 Adjusted EBITDA loss will be between $40 million and $60 million.\n\n\nThe Company anticipates that its Adjusted EBITDA will be positive in 2024.\n\n\nFinancial Disclosure Advisory\n\nThe preliminary 2022 financial results are estimates and represent the most current information available to the Company’s management, as financial closing procedures for the fourth quarter and fiscal year ended December 31, 2022 are not yet complete. The Company expects that its actual results to be reported in its Form 10-K...