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Mar 31, 2025
P3 Health Q1 2025 Earnings Report
Reported a net loss amid lower revenues and margin impact from prior year claims.
Key Takeaways
P3 Health Partners posted a net loss of $20.48 million in Q1 2025, with revenues down 4% year-over-year. Medical margin and operating income both declined, affected by prior-year claims. The company affirmed its full-year guidance, citing progress in its turnaround strategy.
Revenue for Q1 2025 was $373,225,000, down from $388,488,000 in Q1 2024.
Net loss attributable to controlling interest was $20,480,000.
Medical margin dropped to $17,200,000, impacted by a $23 million negative adjustment.
Free cash flow was negative, with net cash used in operations totaling $33,466,000.
Forward Guidance
P3 affirmed full-year 2025 guidance, anticipating revenue between $1.35B and $1.5B and targeting medical margin of $174M to $210M.
Positive Outlook
- 2025 revenue guidance remains between $1.35B and $1.5B
- Medical margin guidance is $174M to $210M
- Adjusted EBITDA expected between -$35M and +$5M
- Three of four markets at breakeven or better
- Enhanced complex care programs expected to drive value
Challenges Ahead
- Q1 revenue declined 4% YoY
- Medical margin significantly impacted by $23M in prior-year claims
- Adjusted EBITDA loss of $22.2M
- At-risk membership down 8% YoY
- Continued operational cash burn with $33.5M used in Q1
Historical Earnings Impact
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Avg. Return Before/After Earnings
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