Business
P3 Health Partners Announces Fourth Quarter and Full Year 2023 Results
Total revenue growth of 21% year-over-year, beating our 2023 guidance Affirming 2024 guidance Anticipates reaching Adjusted EBITDA positive in 2024
About this update from P3 Health Partners Inc.
[{"type":"text","content":"\nTotal revenue growth of 21% year-over-year, beating our 2023 guidance\n\n\nAffirming 2024 guidance\n\n\nAnticipates reaching Adjusted EBITDA positive in 2024\n\n\nManagement to Host Conference Call and Webcast March 28, 2024 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 fourth quarter and full year ended December 31, 2023, and affirmed its 2024 guidance.\n\n\n“Top line results for 2023 were strong as the team executed and delivered with revenue of approximately $1.27 billion, representing 21% growth and exceeding the top end of our guidance range. We are reaffirming our 2024 outlook based on several key observations in the early part of the year including strong growth in membership, increased funding, and stabilized medical cost trends,” said Dr. Sherif Abdou, CEO of P3. “We believe that demand for the P3 model is as high as ever and that our demonstrated ability to bend the cost curve is driving this demand.”\n\n\nFourth Quarter 2023 Financial Results\n\n\n\nTotal revenue was $346.9 million, an increase of 34% compared to $258.2 million in the fourth quarter of the prior year\n\n\n\nCapitated revenue was $342.8 million, an increase of 35% compared to $254.0 million in the fourth quarter of the prior year\n\n\n\nGross profit was negative $20.8 million, as compared to negative $11.0 million in the prior year. Gross profit PMPM was a loss of $65, compared to a loss of $36 PMPM in the prior year\n\n\n\nMedical margin(1) was $9.1 million, an increase of 38% compared to $6.6 million in the prior year. Medical margin PMPM(1) was $28, an increase of 27% compared to a medical margin PMPM of $22 in the prior year\n\n\n\nNet loss was $69.1 million compared to a net loss of $532.3 million in the fourth quarter of the prior year\n\n\n\nAdjusted EBITDA loss(1) was $44.3 million compared to an Adjusted EBITDA loss of $40.0 million in the fourth quarter of the prior year. Adjusted EBITDA PMPM(1) loss was $138, compared to a loss of $133 in the prior year\n\n\n\nFull-Year 2023 Financial Results\n\n\n\nAt-risk membership of 108,900, an increase of approximately 8% compared to 100,400 in the prior year(2)\n\n\n\nTotal revenue was $1.27 billion, an incr...