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P3 Health Partners Announces Second-Quarter 2023 Results
Management to Host Conference Call and Webcast August 7, 2023 at 4:30 PM ET HENDERSON, Nev.--(BUSINESS WIRE)-- P3 Health Partners Inc. (“P3” or the
About this update from P3 Health Partners Inc.
[{"type":"text","content":"\nManagement to Host Conference Call and Webcast August 7, 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 second quarter ended June 30, 2023.\n\n\n“The results for the second quarter of 2023 show the power and trajectory of the P3 model. I’m delighted to say we had solid improvement across all key metrics. The strength we have seen in 2023 has given us the stability and momentum to drive our next phase of success in 2024, and beyond,” said Dr. Sherif Abdou, CEO of P3.\n\n\n“We experienced approximately 1% medical cost trend for the quarter. That is a reflection of the effectiveness of P3’s model and the increasing maturity of the membership on P3’s platform. The value we deliver and demand for P3’s model is rooted in our ability to bend the cost curve for our patients, providers, and payor clients,” said Bill Bettermann, COO of P3.\n\n\nSecond-Quarter 2023 Financial Results\n\n\n\nCapitated revenue was $325.6 million, an increase of 21.9% compared to $267.1 million in the second quarter of the prior year\n\n\n\nNet loss was $27.6 million, compared to a net loss of $903.1 million in the second quarter of the prior year. The second quarter of 2022 was negatively impacted by a goodwill impairment charge of $851.5 million\n\n\n\nNet loss PMPM was $88 compared to a net loss PMPM of $2,995 the second quarter of the prior year\n\n\n\nAdjusted EBITDA(1) was $0.2 million, compared to an Adjusted EBITDA loss of $28.7 million in the second quarter of the prior year\n\n\n\nAdjusted EBITDA PMPM(1) was roughly breakeven, compared to an Adjusted EBITDA loss PMPM of $95 in the second quarter of the prior year\n\n\n\nGross profit was $26.8 million, an improvement of $24.8 million compared to $2.0 million in the second quarter of the prior year\n\n\n\nGross profit PMPM was $86, an improvement of $79 compared to $7 in the prior year\n\n\n\nMedical margin(1) was $50.5 million, an increase of 132.1% compared to $21.8 million in the second quarter of the prior year\n\n\n\nMedical margin PMPM(1) was $161, an increase of 123.2% compared to a medical margin PMPM of $72 in the prior year\n\n\n\nFirst-Half 2023 Financial Results\n\n\n\nCapitated revenue was $6...