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Dec 31, 2023
P3 Health Q4 2023 Earnings Report
Announced fourth quarter and full year 2023 results, with total revenue growth of 21% year-over-year, beating 2023 guidance, and affirmed 2024 guidance.
Key Takeaways
P3 Health Partners reported strong top-line results for 2023, with revenue of approximately $1.27 billion, representing 21% growth and exceeding the top end of the guidance range. The company reaffirms its 2024 outlook based on strong growth in membership, increased funding, and stabilized medical cost trends. P3 experienced higher medical expenses in December due primarily to increased hospital admissions with the combination of COVID-19 and flu exacerbations.
Total revenue was $346.9 million, an increase of 34% compared to the fourth quarter of the prior year.
Capitated revenue was $342.8 million, an increase of 35% compared to the fourth quarter of the prior year.
Net loss was $69.1 million compared to a net loss of $532.3 million in the fourth quarter of the prior year.
Adjusted EBITDA loss was $44.3 million compared to an Adjusted EBITDA loss of $40.0 million in the fourth quarter of the prior year.
Forward Guidance
P3 Health Partners anticipates reaching Adjusted EBITDA positive in 2024.
Positive Outlook
- Anticipates reaching Adjusted EBITDA positive in 2024.
- Strong growth in membership
- Increased funding
- Stabilized medical cost trends
- Demand for the P3 model is as high as ever
Challenges Ahead
- Experienced higher medical expenses in December due primarily to increased hospital admissions with the combination of COVID-19 and flu exacerbations. The company expects a return to a more normalized seasonally adjusted utilization beginning in January 2024.
- Uncertainty around certain items that may impact net income (loss), gross profit (loss) or gross profit (loss) PMPM that are not within our control or cannot be reasonably predicted without unreasonable effort.
- Our potential need to raise additional capital to fund our existing operations or develop and commercialize new services or expand our operations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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