Business
P3 Health Partners Announces Fourth Quarter and Full-Year 2022 Results
Affirming 2023 guidance – introducing year-end medical margin guidance Anticipates reaching Adjusted EBITDA positive in early 2024 Management to Host
About this update from P3 Health Partners Inc.
[{"type":"text","content":"\nAffirming 2023 guidance – introducing year-end medical margin guidance\nAnticipates reaching Adjusted EBITDA positive in early 2024\nManagement to Host Conference Call and Webcast March 31, 2023 at 8:30 AM ET\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 fourth quarter and full year ended December 31, 2022.\n\n“Results for 2022 are a testament to the strength of the P3 team and its commitment to improving clinical outcomes,” said Dr. Sherif Abdou, CEO of P3 Health Partners. “We achieved revenue growth and a network contribution improvement of 65% versus 2021. 2023 is an inflection point for P3, as we shift to a higher percentage of persistent lives than new, reduce operating expenses and provide a clear path to reach Adjusted EBITDA positive results in early 2024.\n\nFourth Quarter 2022 Financial Results\n\n\nCapitated revenue was $254.0 million, an increase of 40% compared to $181.4 million in the fourth quarter of the prior year\n\n\nNet loss was $532.3 million compared to a net loss of $118.2 million in the fourth quarter of the prior year, primarily due to a goodwill impairment charge of $463.5 million in the fourth quarter of 2022\n\n\nNet loss PMPM was $1,766, compared to a net loss of $587.1 in the prior year, due to a goodwill impairment charge of $463.5 million in the fourth quarter of 2022\n\n\nAdjusted EBITDA loss(1) was $40.1 million compared to an Adjusted EBITDA loss of $35.6 million in the fourth quarter of the prior year\n\n\nAdjusted EBITDA PMPM(1) loss was $133, an improvement of $44 PMPM compared to the fourth quarter of the prior year\n\n\nIn order to provide a greater level of insight into our model and comparability with other companies in our industry, we are introducing two additional non-GAAP financial metrics, medical margin and network contribution. For more information regarding the Company’s use of non-GAAP financial measures, please see the section titled “Non-GAAP Financial Measures.”\n\nFull-Year 2022 Financial Results\n\n\nAt-risk Medicare Advantage membership at December 31, 2022 of 100,400, an increase of approximately 50% compared to 67,000 in the prior year(2)\n\n\nCapitated revenue was $1.0 billion, an increase of...