Financial Performance - Total operating revenue for Q3 2024 was $362.1 million, a 25.6% increase from $288.4 million in Q3 2023[32] - Capitated revenue reached $357.7 million in Q3 2024, up 25.4% from $285.2 million in the same quarter last year[32] - Operating loss for Q3 2024 was $107.0 million, compared to a loss of $33.8 million in Q3 2023, reflecting a significant increase in operating expenses[32] - Total operating expenses for Q3 2024 were $469.1 million, a 45.6% increase from $322.2 million in Q3 2023[32] - Net loss attributable to controlling interest for Q3 2024 was $46.5 million, compared to a loss of $13.3 million in Q3 2023[32] - For the nine months ended September 30, 2024, the company reported a net loss of $181.2 million, compared to a net loss of $117.3 million for the same period in 2023, reflecting an increase in losses of approximately 54.5%[43] - The company reported a comprehensive loss that was consistent with its net loss, indicating no significant changes in equity from transactions other than those with stockholders[50] - The company reported net losses of $102.9 million and $181.2 million for the three and nine months ended September 30, 2024, respectively[170] Cash and Liquidity - Cash and cash equivalents increased to $62.9 million as of September 30, 2024, up from $36.3 million at the end of 2023[29] - The company had $63.0 million in unrestricted cash and cash equivalents as of September 30, 2024, compared to $36.3 million at the end of 2023, showing improved liquidity[44] - As of September 30, 2024, the company had cash and restricted cash of $68.1 million, including a $15 million refundable good faith deposit for the sale of its Florida operations[169] - Cash at the end of the period was $68.1 million, an increase from $57.4 million at the end of the same period in 2023[199] Assets and Liabilities - Total current assets rose to $215.1 million as of September 30, 2024, compared to $166.0 million at the end of 2023[29] - Total liabilities increased to $569.4 million as of September 30, 2024, up from $427.3 million at the end of 2023[30] - The company reported a premium deficiency reserve of $29.4 million as of September 30, 2024, compared to $13.7 million at the end of 2023[30] - Long-term debt as of September 30, 2024, was $134.5 million, an increase from $109.1 million as of December 31, 2023[72] Revenue Composition - Capitated revenue accounted for 98.8% of total revenue in Q3 2024, slightly down from 98.9% in Q3 2023, indicating stable revenue composition[54] - Capitated revenue for the nine months ended September 30, 2024, was $1,116.1 million, an increase of $206.7 million, or 23%, compared to $909.5 million for the same period in 2023[163] - Total revenue for the nine months ended September 30, 2024, was $1,129.8 million, a 23% increase from $919.5 million in the prior year[163] Membership and Growth - At-risk membership increased to 128,900 members as of September 30, 2024, compared to 105,600 members in the same period of 2023, reflecting a growth of 22%[136] - The number of affiliate primary care physicians rose to 3,100 as of September 30, 2024, up from 2,700 in the same period of 2023, marking an increase of 14.8%[137] - The company experiences the largest portion of at-risk member growth during the first quarter due to new contracts with payors starting on January 1[118] Medical Expenses - Medical expenses for the three months ended September 30, 2024, were $401.9 million, up $122.7 million, or 44%, from $279.2 million in the same period last year[159] - Medical expenses rose by $282.1 million, or 33%, to $1,149.1 million for the nine months ended September 30, 2024, compared to $867.1 million for the same period in 2023[164] - Medical claims expenses for Q3 2024 totaled $357,166 thousand, compared to $248,918 thousand in Q3 2023, an increase of 43.5%[130] Internal Controls and Compliance - Material weaknesses in internal control over financial reporting were identified, impacting the reliability of financial statements[208] - The company has identified material weaknesses in internal control over financial reporting, including inadequate policies and insufficient qualified resources[207] - The company is actively engaged in a comprehensive remediation plan, having completed the design phase and enhanced existing controls[209] - There were no changes in internal control over financial reporting during the quarter ended September 30, 2024, that materially affected the internal control[212] Legal and Regulatory Matters - A Confidential Settlement and Mutual Release Agreement was executed on August 22, 2024, resolving legal disputes related to business combinations[217] - The company maintains general and professional liability insurance to mitigate risks associated with legal proceedings[214] - The company believes that the disposition of ongoing legal matters will not have a material adverse effect on its consolidated financial position[214]

Financial Performance - Total revenue for Q3 2024 was $362.1 million, a 26% increase from $288.4 million in Q3 2023[3] - Capitated revenue reached $357.7 million, up 25% compared to $285.2 million in the same quarter last year[3] - Gross profit was a loss of $39.8 million, compared to a profit of $9.1 million in the prior year[3] - Net loss for the quarter was $102.9 million, worsening from a net loss of $37.3 million in Q3 2023[3] - Adjusted EBITDA loss was $71.0 million, compared to a loss of $22.3 million in the prior year[3] - Medical margin was $0.5 million, significantly down from $36.2 million in the prior year[3] - Total operating revenue for the three months ended September 30, 2024, was $362,124, a 25.6% increase from $288,351 in the same period of 2023[15] - Medical expenses for the three months ended September 30, 2024, were $401,920, up 43.8% from $279,220 in the prior year[15] - The net loss attributable to controlling interest for the three months ended September 30, 2024, was $46,512, compared to a net loss of $13,296 in the same period of 2023[15] - Adjusted EBITDA loss for the three months ended September 30, 2024, was $(71,000), compared to $(22,332) in the same period of 2023[17] - Capitated revenue for Q3 2024 reached $357,706 thousand, up from $285,153 thousand in Q3 2023, representing a 25.4% increase[18] - Medical claims expense for Q3 2024 was $357,166 thousand, compared to $248,918 thousand in Q3 2023, reflecting a 43.4% increase[18] - Medical margin for Q3 2024 decreased to $540 thousand from $36,235 thousand in Q3 2023, indicating a significant decline[18] - Total operating expense for Q3 2024 was $469,114 thousand, compared to $322,171 thousand in Q3 2023, marking a 45.6% increase[20] - Nine months ended September 30, 2024, capitated revenue totaled $1,116,146 thousand, compared to $909,473 thousand for the same period in 2023, a 22.8% increase[18] - Nine months ended September 30, 2024, medical margin was $78,181 thousand, down from $125,976 thousand in the same period of 2023[18] Cash and Liabilities - Cash and cash equivalents increased to $62.96 million as of September 30, 2024, up from $36.32 million at the end of 2023[12] - Total current liabilities increased to $405,318 as of September 30, 2024, from $299,372 in the previous year[13] - Long-term debt, net, rose to $133,228 as of September 30, 2024, compared to $108,319 in the prior year[13] - Cash and restricted cash at the end of the period was $68,098, an increase from $57,440 at the end of September 2023[16] - The company reported a net cash used in operating activities of $(52,890) for the nine months ended September 30, 2024, compared to $(60,150) in the prior year[16] Operational Insights - The company has identified over $130 million in potential improvement opportunities for future growth[2] - P3 Health Partners is withdrawing its previous guidance for fiscal year 2024 due to lower-than-expected risk adjustments and elevated medical cost pressures[3] - The company operates with a network of over 3,100 affiliated primary care providers across five states[5] - The weighted average common shares outstanding for the three months ended September 30, 2024, was 161,890, up from 114,198 in the same period of 2023[14] - Adjusted operating expense for Q3 2024 was $31,552 thousand, slightly up from $31,461 thousand in Q3 2023[20] - Other medical expense for Q3 2024 was $44,754 thousand, up from $30,302 thousand in Q3 2023[19] - Medical margin PMPM (per member per month) for Q3 2024 was $1, down from $115 in Q3 2023[18] - Gross profit (loss) for Q3 2024 was $(39,796) thousand, compared to $9,131 thousand in Q3 2023, indicating a negative shift[19]

Group 1 - The stock price of P3 Health Partners Inc. (PIII) has experienced a bearish trend, losing 14.2% over the past two weeks, but a hammer chart pattern suggests a potential trend reversal as buying interest may be increasing [1] - The hammer chart pattern indicates a possible bottoming out of the stock price, with reduced selling pressure, signaling that bulls may be gaining control [2] - There has been a significant upward trend in earnings estimate revisions for PIII, with a 17.9% increase in the consensus EPS estimate over the last 30 days, indicating improved earnings expectations from analysts [3] Group 2 - PIII holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [3] - The Zacks Rank serves as a timing indicator, suggesting that the company's prospects are beginning to improve, further supporting the case for a potential trend reversal [3]

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P3 Health Partners Inc. (NASDAQ:PIII) Q2 2024 Earnings Call August 7, 2024 4:30 PM ET Company Participants Ryan Halsted - Investor Relations Aric Coffman - Chief Executive Officer Atul Kavthekar - Chief Financial Officer Amir Bacchus - Chief Medical Officer Bill Bettermann - Chief Operating Officer Conference Call Participants Brooks O’Neil - Lake Street Capital Markets Josh Raskin - Nephron Research Jenny Shen - BTIG Ryan Langston - TD Cowen Jack Senft - William Blair Operator Good day, and welcome to the ...

P3 Health Partners Inc. (PIII) came out with a quarterly loss of $0.15 per share versus the Zacks Consensus Estimate of a loss of $0.08. This compares to loss of $0.09 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -87.50%. A quarter ago, it was expected that this company would post a loss of $0.19 per share when it actually produced a loss of $0.16, delivering a surprise of 15.79%. Over the last four quarters, the company h ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40033 P3 Health Partners Inc. (Exact name of registrant as specified in its charter) | --- | --- | --- | |--------------------------------- ...

Exhibit 99.1 P3 Health Partners Announces Second Quarter 2024 Results Management to Host Conference Call and Webcast August 7, 2024 at 4:30 PM ET HENDERSON, NV—August 7, 2024—P3 Health Partners Inc. ("P3" or the "Company") (NASDAQ: PIII), a patient-centered and physician-led population health management company, today announced its financial results for the second quarter ended June 30, 2024. "In the second quarter, we experienced continued growth in our top line while simultaneously enhancing our balance s ...

P3 Health Partners (NASDAQ:PIII) stock is falling on Tuesday after the company sold shares and warrants to institutional investors in a recent offering. P3 Health Partners reveals in a filing with the Securities and Exchange Commission (SEC) that it issued roughly 67.4 million shares of PIII stock to institutional investors. These were sold at a price of $0.6270 each. Investors will note that each of these shares also comes with one warrant to purchase another share of PIII stock. These warrants have an exe ...

P3 Health Partners Inc. (NASDAQ:PIII) Q1 2024 Earnings Conference Call May 8, 2024 4:30 PM ET Company Participants Ryan Halsted - Gilmartin Group Sherif Abdou - Strategic Advisor Atul Kavthekar - CFO Amir Bacchus - CMO Aric Coffman - CEO Bill Bettermann - COO Conference Call Participants Brooks O'Neil - Lake Street Capital Markets Josh Raskin - Nephron Research Jenny Shen - BTIG Gary Taylor - TD Cowen Jack Senft - William Blair Operator Hello and welcome to the P3 Health Partners' First Quarter 2024 Earning ...