P3 Health Q2 2024 Earnings Report
Key Takeaways
P3 Health Partners reported a revenue increase of 15% compared to the prior year, driven by growth in capitated revenue. However, gross profit and medical margin decreased, leading to a net loss. The company is focusing on initiatives to enhance capabilities and achieve sustainable profitability.
Total revenue increased by 15% to $379.2 million compared to the second quarter of the prior year.
Capitated revenue increased by 15% to $374.3 million compared to the second quarter of the prior year.
Gross profit was $14.0 million, compared to $26.8 million in the prior year.
Net loss was $28.8 million, compared to a net loss of $27.6 million in the second quarter of the prior year.
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P3 Health Revenue by Segment
Forward Guidance
P3 Health Partners provided financial guidance for the year ending December 31, 2024.
Positive Outlook
- Total Revenues (in millions): $1,450 - $1,550
- Medical margin (in millions): $230 - $250
- Medical margin PMPM: $165 - $175
- Adjusted EBITDA (in millions): $20 - $40
Revenue & Expenses
Visualization of income flow from segment revenue to net income