Business
P3 Health Partners Provides Second-Quarter and Year-to-Date 2022 Financial Results; Increases 2022 Revenue Outlook
Strong First-Half 2022 revenue growth of 84% compared to the First-Half 2021At-risk Medicare Advantage members exceeded 100,000 at the end of the First Half
About this update from P3 Health Partners Inc.
[{"type":"text","content":"Strong First-Half 2022 revenue growth of 84% compared to the First-Half 2021At-risk Medicare Advantage members exceeded 100,000 at the end of the First Half of 2022Net loss PMPM increased to $1,580 in the First Half of 2022 from $135 in the First Half of 2021, primarily due to an $851.5 goodwill impairment chargeAdjusted EBITDA loss PMPM improved significantly in First Half of 2022 at a loss of $78 compared to a PMPM loss of $85 in the First Half of 2021Raising Full-Year 2022 revenue guidance Management to Host Conference Call and Webcast on October 20, 2022 at 4:30 PM ET HENDERSON, Nev., Oct. 20, 2022 (GLOBE NEWSWIRE) -- P3 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 and six months ended June 30, 2022. “We are pleased to report a solid first half of 2022, with strong revenue growth resulting from continued growth of our at-risk Medicare Advantage members. We recently reached an important milestone, with over 100,000 at-risk Medicare Advantage patients in our network and are now seeing the strength of our model at work, with an average of 11% annual reduction in cost per member per year for patients that we are honored and privileged to serve,” said Dr. Sherif Abdou, CEO of P3 Health Partners. “First-half revenue of $543 million, an increase of 84% from the first half of the prior year, was driven by membership increases from our recent entry into California, expanded relationships with our existing payor partners, and better than anticipated growth from the open and annual enrollment periods.” Dr. Abdou continued, “We are increasing our revenue guidance for 2022, and we now anticipate revenue will range between $1.025 billion and $1.075 billion at the end of 2022, compared to $637 million of revenue in 2021. The anticipated top-line increase is driven by our growth in our at-risk Medicare Advantage membership. Additionally, we recently announced an expansion of our partnership with Humana to include southern Nevada. Humana represents one of the largest Medicare Advantage payors in Nevada and is expected to be an important growth driver in 2023. We also recently acquired Pahrump Cardiology and Family Practice in Nevada and a new clinic in Cochise County, Arizona, both of which ...