Business
P3 Health Partners Announces Third-Quarter and Year-to-Date 2023 Results
YTD total revenue growth of 16% Continued strong performance across markets, re-affirming 2023 guidance Provides preliminary 2024 Full-Year Adjusted EBITDA
About this update from P3 Health Partners Inc.
[{"type":"text","content":"\nYTD total revenue growth of 16%\n\n\nContinued strong performance across markets, re-affirming 2023 guidance\n\n\nProvides preliminary 2024 Full-Year Adjusted EBITDA guidance of +$20 million to +$40 million\n\n\nManagement to Host Conference Call and Webcast November 8, 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 third quarter ended September 30, 2023.\n\n\n“Our results for the third quarter show the continued improvement of the business as providers and patients mature on our platform. All key metrics are tracking as expected and net cash used in operating activities has improved to negative $8 million for the quarter. We are re-affirming our existing full-year 2023 guidance and providing preliminary 2024 full-year Adjusted EBITDA guidance of $20 million to $40 million,” said Dr. Sherif Abdou, CEO of P3.\n\n\nThird-Quarter 2023 Financial Results\n\n\n\nTotal revenue was $288.4 million, an increase of 16% compared to $248.3 million in the third quarter of the prior year. Net loss was $37.3 million, an increase of approximately 43% compared to a net loss of $65.3 million in the third quarter of the prior year. Net loss PMPM was $119 compared to a net loss PMPM of $218 the third quarter of the prior year\n\n\n\nAdjusted EBITDA(1) loss was $22.3 million, compared to an Adjusted EBITDA loss of $40.3 million in the third quarter of the prior year. Adjusted EBITDA PMPM(1) was a loss of $71, compared to an Adjusted EBITDA loss PMPM of $135 in the third quarter of the prior year\n\n\n\nGross profit was $9.1 million, as compared to negative $6.5 million in the prior year. Gross profit PMPM was $29, compared to a loss of $22 PMPM in the prior year\n\n\n\nMedical margin(1) was $36.2 million, an increase of 306.1% compared to $8.9 million in the third quarter of the prior year. Medical margin PMPM(1) was $115, an increase of 286.3% compared to a medical margin PMPM of $30 in the prior year\n\n\n\n\n\nKey Financial and Operating Metrics as Reported ($millions):\n\n\n\n\n\n\nThree Months Ended September 30,\n\n\n\n\n\n\n\nChange\n\n\n\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n\n%YOY\n\n\n\n\n\n\n\n\nCapitated Revenue\n\n...