Business
P3 Health Partners Announces Third Quarter 2025 Results
P3 Reports Continued Operational Progress and Expansion of Care Enablement Model in a Transitional Year $120 to $170 Million EBITDA Expansion Opportunity
About this update from P3 Health Partners Inc.
[{"type":"text","content":"\nP3 Reports Continued Operational Progress and Expansion of Care Enablement Model in a Transitional Year\n\n\n$120 to $170 Million EBITDA Expansion Opportunity Strengthens Path to Meaningful Profitability\n\n\nManagement to Host Conference Call and Webcast November 14, 2025 at 8:00 AM 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 third quarter ended September 30, 2025.\n\n\n“Our core business continues to demonstrate positive momentum in the third quarter, driven by the expansion of our Care Enablement Model,” said Aric Coffman, CEO of P3. “Medical cost trends, normalized for prior-year adjustments, remain stable, operating discipline is strengthening, and we’re seeing continued traction in the markets where our model is most aligned. With the progress underway, we’re confident in our ability to execute on the $120 to $170 million in EBITDA expansion opportunities identified, positioning us for sustainable profitability in 2026 and beyond.”\n\n\nThird Quarter 2025 Financial Results\n\n\n\nAverage at-risk membership was approximately 116,000 members for the third quarter, a decrease of 10% compared to prior year. The decrease reflects previously disclosed intentional network and payer rationalization.\n\n\n\nTotal revenue was $345.3 million, a decrease of 5% compared to the third quarter of the prior year, driven by the intentional reduction in membership and the recognition of unfavorable mid-year settlement adjustments. On a per-member basis, funding improved 6% from the prior year when adjusted for prior-period items.\n\n\n\nMedical margin(1) for the quarter was $4.4 million, or $13 PMPM. The results reflect the impact of unfavorable mid-year settlement adjustments recognized in capitated revenue; excluding these effects, underlying medical cost trend, normalized for prior-year items, remained stable.\n\n\n\nAdjusted EBITDA loss(1) for the quarter was $45.9 million, or $132 PMPM. Year-to-date Normalized Adjusted EBITDA(1) was a loss of $70.1 million, or $67 PMPM.\n\n\n\nRevised Fiscal 2025 Guidance\n\n\n\n\n \n\n\n\n\n\n\nYear Ended December 31, 2025\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nLow\n\n\n\n\n\n\n \n\n\n\n\n\n\nHigh\n\n\n\n\n\n\n\n\nAt-risk Me...