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Sep 30, 2024
P3 Health Q3 2024 Earnings Report
P3 Health Partners' third quarter performance was affected by lower risk adjustments, higher medical expenses, and retroactive adjustments.
Key Takeaways
P3 Health Partners reported a 26% year-over-year increase in revenue to $362.1 million. However, the quarter was impacted by lower risk adjustments, higher medical expenses, and retroactive adjustments, leading to a net loss of $102.9 million and the withdrawal of the company's previous fiscal year guidance.
Total revenue increased by 26% year-over-year, reaching $362.1 million.
Capitated revenue grew by 25% year-over-year, totaling $357.7 million.
Gross profit was a loss of $39.8 million, compared to a gross profit of $9.1 million in the prior year.
Net loss was $102.9 million, compared to a net loss of $37.3 million in the prior year.
Forward Guidance
In light of a lower-than-expected 2024 risk adjustment, negative prior year developments, and continued elevated medical cost pressures, the Company is withdrawing its previous guidance for fiscal year ending December 31, 2024, provided on its second quarter 2024 earnings call on August 7, 2024, and investors should no longer rely on it.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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