Business
P3 Health Partners Announces First-Quarter 2023 Results
-Capitated revenue increases 11% vs. the same period in the prior year -Q1 2023 operating loss improved 7% vs. the same period in the prior year -Q1 2023
About this update from P3 Health Partners Inc.
[{"type":"text","content":"\n-Capitated revenue increases 11% vs. the same period in the prior year\n\n\n-Q1 2023 operating loss improved 7% vs. the same period in the prior year\n\n\n-Q1 2023 medical margin improvement of 58% vs. the same period in the prior year\n\n\n-Increases Adjusted EBITDA guidance\n\n\n\n\nManagement to Host Conference Call and Webcast May 10, 2023 at 4:30 PM ET\n\n\n 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 its financial results for the first quarter ended March 31, 2023.\n\n\n“We are off to a strong start in 2023. We achieved a medical margin of $39.2 million or 13.1% as a percentage of capitated revenue for the quarter, a key metric for validating the effectiveness of P3’s model. As a result of the first quarter strength, we are increasing our Adjusted EBITDA guidance today,” said Dr. Sherif Abdou, CEO of P3.\n\n\n“It is the mission of P3 to provide every patient with comprehensive care. We work to ensure each patient has a 360-degree review of their health when we onboard them. We then engage with them to provide solutions and proactively address possible health risks. By improving the health of our patients, we can lower overall costs of care in a model where we believe the patient, providers, payors and ultimately our shareholders win,” Dr Abdou concluded.\n\n\nFirst-Quarter 2023 Financial Results\n\n\n\nCapitated revenue was $298.7 million, an increase of 11% compared to $269.7 million in the first quarter of the prior year, and an increase of 18% compared to the fourth quarter of 2022\n\n\n\nNet loss was $52.4 million, an improvement of 14% compared to a net loss of $60.8 million in the first quarter of the prior year, and an improvement compared to a loss of $532.3 million in the fourth quarter of the prior year.\n\n\n\nNet loss PMPM was $169 compared to a net loss PMPM of $203 in the first quarter of the prior year, and a net loss PMPM of $1,766 in fourth quarter of 2022\n\n\n\nAdjusted EBITDA(1) loss was $19.1 million, compared to an Adjusted EBITDA loss of $18.9 million in the first quarter of the prior year, and an Adjusted EBITDA loss of $40.1 million in fourth quarter of the prior year. Adjusted EBITDA loss in the first quarter of 2023 includes the impact of approximate...