P3 Health Partners Announces Second Quarter 2024 Results

About this update from P3 Health Partners Inc.

[{"type":"text","content":"\nManagement to Host Conference Call and Webcast August 7, 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 second quarter ended June 30, 2024.\n\n\n“In the second quarter, we experienced continued growth in our top line while simultaneously enhancing our balance sheet through a successful capital raise,” said Aric Coffman, CEO of P3. “Building on P3’s key strengths, I have identified several initiatives during my first 90 days as CEO that will further enhance our capabilities and help achieve sustainable profitability.”\n\n\nSecond Quarter 2024 Financial Results\n\n\n\nTotal revenue was $379.2 million, an increase of 15% compared to $329.1 million in the second quarter of the prior year\n\n\n\nCapitated revenue was $374.3 million, an increase of 15% compared to $325.6 million in the second quarter of the prior year\n\n\n\nGross profit was $14.0 million, as compared to $26.8 million in the prior year. Gross profit PMPM was $36, compared to $86 PMPM in the prior year\n\n\n\nMedical margin1 was $41.1 million compared to $50.5 million in the prior year. Medical margin PMPM1 was $107, compared to a medical margin PMPM of $161 in the prior year\n\n\n\nNet loss was $28.8 million compared to a net loss of $27.6 million in the second quarter of the prior year. Net loss PMPM was $75 compared to a net loss PMPM of $88 in the prior year\n\n\n\nAdjusted EBITDA loss1 was $8.8 million compared to Adjusted EBITDA of $0.2 million in the second quarter of the prior year. Adjusted EBITDA loss PMPM1 was $23, compared to Adjusted EBITDA PMPM of $1 in the second quarter of the prior year\n\n\n\n\n\nFiscal 2024 Guidance\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nYear Ended\n\n\n\n\nDecember 31, 2024\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nLow\n\n\n\n\n\n\nHigh\n\n\n\n\n\n\n\n\nAt-Risk Members(2)\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n125,000\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n135,000\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nTotal Revenues (in millions)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,450\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,550\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nMedical Margin(1)(3) (in millions)\n\n\n\n\n\...

More updates from P3 Health Partners Inc.