P3 Health Q4 2024 Earnings Report
Key Takeaways
In Q4 2024, P3 Health saw revenue grow 7% year-over-year to $370.7 million, while net loss widened to $129.1 million. Medical margin decreased to $7.3 million, with a higher premium deficiency reserve impacting results. The company grew its at-risk membership to nearly 124,000.
Total revenue reached $370.7 million, a 7% YoY increase.
Capitated revenue was $367.5 million, up 7% YoY.
Medical margin dropped to $7.3 million from $9.1 million YoY.
Net loss widened to $129.1 million versus $69.1 million in Q4 2023.
P3 Health
P3 Health
P3 Health Revenue by Segment
Forward Guidance
P3 reaffirmed its 2025 guidance, expecting $1.35B to $1.5B in revenue and up to $210M in medical margin as it continues executing strategic initiatives to reach financial sustainability.
Positive Outlook
- 2025 revenue guidance set at $1.35B to $1.5B.
- Medical margin forecasted between $174M to $210M.
- PMPM medical margin expected between $133 and $147.
- Path to profitability supported by $130M+ programmatic opportunities.
- 14% YoY growth in at-risk membership.
Challenges Ahead
- Net loss widened significantly compared to prior year.
- Medical margin and PMPM metrics declined YoY.
- High premium deficiency reserve impacted quarterly results.
- Adjusted EBITDA loss increased by over 50% YoY.
- Continued reliance on non-GAAP metrics for profitability outlook.
Revenue & Expenses
Visualization of income flow from segment revenue to net income