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Jun 30, 2023
P3 Health Q2 2023 Earnings Report
P3 Health experienced solid improvement across all key metrics, demonstrating the power and trajectory of the P3 model.
Key Takeaways
P3 Health Partners reported a 21.9% increase in capitated revenue, reaching $325.6 million, and a significant reduction in net loss to $27.6 million compared to the prior year. The company's adjusted EBITDA improved to $0.2 million, and gross profit increased to $26.8 million, reflecting the effectiveness of P3's model and increasing membership maturity.
Capitated revenue increased by 21.9% to $325.6 million.
Net loss decreased significantly to $27.6 million, compared to $903.1 million in the prior year.
Adjusted EBITDA improved to $0.2 million, compared to a loss of $28.7 million in the prior year.
Gross profit increased to $26.8 million, an improvement of $24.8 million compared to prior year.
Forward Guidance
P3 Health Partners provided full-year 2023 guidance, projecting total revenues between $1.2 billion and $1.25 billion, medical margin between $155 million and $175 million, medical margin PMPM between $120 and $130, and an adjusted EBITDA loss between $50 million and $30 million.
Positive Outlook
- Total Revenues (in millions): $1,200 - $1,250
- Medical margin (in millions): $155 - $175
- Medical margin PMPM: $120 - $130
Challenges Ahead
- Adjusted EBITDA Loss (in millions): $(50) - $(30)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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