P3 Health Partners(PIII)

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P3 Health Partners(PIII) - 2024 Q1 - Quarterly Results
2024-05-08 20:08
Exhibit 99.1 P3 Health Partners Announces First Quarter 2024 Results Dr. Aric Cof man joins P3 Health Partners as CEO Total revenue growth of 29% year-over-year Reaf irming 2024 guidance Anticipates reaching Adjusted EBITDA positive in 2024 Management to Host Conference Call and Webcast May 8, 2024 at 4:30 PM ET HENDERSON, NV—May 8, 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 res ...
P3 Health Partners(PIII) - 2023 Q4 - Earnings Call Transcript
2024-03-29 02:04
P3 Health Partners Inc. (NASDAQ:PIII) Q4 2023 Results Conference Call March 28, 2024 4:30 PM ET Company Participants Ryan Halsted - Gilmartin Group Sherif Abdou - Co-Founder, CEO Atul Kavthekar - CFO Amir Bacchus - CMO Bill Bettermann - COO Conference Call Participants Brooks O'Neil - Lake Street Capital Partners David Larsen - BTIG Jack Senft - William Blair Josh Raskin - Nephron Research Operator Good day, and welcome to the P3 Health Partners Fourth Quarter 2023 Earnings Conference Call. [Operator Instr ...
P3 Health Partners(PIII) - 2023 Q4 - Annual Report
2024-03-28 20:25
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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) Delaware 85-2992794 (State or other jurisdiction of incorp ...
P3 Health Partners(PIII) - 2023 Q3 - Earnings Call Transcript
2023-11-11 12:38
Financial Data and Key Metrics Changes - Revenue for Q3 2023 was $288 million, a 16% increase year-over-year, with year-to-date revenue of $920 million also growing 16% compared to the prior year [27][47] - Adjusted EBITDA for the quarter was a loss of $22.3 million, an improvement from a loss of $40.3 million in the prior year, with year-to-date adjusted EBITDA loss of $41.2 million compared to a loss of $87.9 million in the previous year, representing a 53% improvement [21][29][52] - Medical margin for Q3 was $36 million, with a year-to-date total of $126 million, on track to meet the annual guidance of $155 million to $175 million [20][54] - Cash burn for Q3 was $8 million, with expectations to reach cash flow breakeven in 2024 [26][55] Business Line Data and Key Metrics Changes - Medical margin per member per month (PMPM) for persistent lives was $241 year-to-date, consistent with mature market ranges [20] - Revenue PMPM growth for the quarter was 11%, with year-to-date revenue PMPM at $985, compared to Agilon's $945 [34] - Gross profit PMPM for the year-to-date was $56, compared to Agilon's $45 PMPM [36] Market Data and Key Metrics Changes - Persistent lives, defined as those on the platform in December 2022 and January 2023, showed a medical claim expense PMPM decrease of approximately negative 2% year-to-date [28] - In California, revenue PMPM increased to $1,134 year-to-date, a 16% increase from the prior year, while medical margin PMPM improved from negative $45 to positive $244 [43] Company Strategy and Development Direction - The company aims to grow its fully delegated lives from 20% to approximately 30%-35% by converting existing contracts and signing new ones [99] - Focus on existing and adjacent markets while leveraging existing infrastructure for capital-efficient growth in 2024 [30] - The company is optimistic about the opportunities for strategic partnerships and joint ventures with payers and providers [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive adjusted EBITDA in 2024, with a preliminary guidance range of $20 million to $40 million [19][57] - The company is on track to meet its 2023 guidance, with strong momentum and improvements in medical costs and margins [25][60] - Management highlighted the importance of physician engagement and patient maturation in driving future performance [68] Other Important Information - The average age of persistent lives is reported to be 73 years old [105] - The company ended the quarter with approximately $58 million in cash, indicating a solid liquidity position [55] Q&A Session Summary Question: What is the expected EBITDA for 2024? - Management expects a positive EBITDA between $20 million and $40 million for 2024, driven by revenue growth and improved medical margins [19][57] Question: How confident is the company in bringing in new lives while maintaining performance? - Management is confident in adding new lives in 2024, leveraging existing infrastructure and seeing shorter timeframes for achieving successful medical margins [68] Question: Can you elaborate on the negotiations with payers for 2024? - The company signed a multiyear contract with SCAN Health and expanded relationships with Aetna and Atrio, with protections in place for medical benefits changes [77][80] Question: What is the current number of affiliated PCPs and at-risk members? - The company has over 2,700 affiliated PCPs and approximately 110,000 Medicare at-risk members [72][74] Question: How does the company plan to manage medical costs moving forward? - Management is focused on improving risk adjustment coding and managing medical costs through better data utilization and care management strategies [70][104]
P3 Health Partners(PIII) - 2023 Q3 - Quarterly Report
2023-11-08 21:04
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q P3 Health Partners Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2370 Corporate Ci ...
P3 Health Partners(PIII) - 2023 Q2 - Earnings Call Transcript
2023-08-08 01:27
Financial Data and Key Metrics Changes - Adjusted EBITDA was positive at approximately $200,000 for Q2 2023, a significant improvement from a loss of $28.7 million in the same period last year [15][54] - Total revenue for Q2 2023 was $329.1 million, representing a growth of approximately 22% compared to the prior year [13][14] - Medical margin improved to $50.5 million, or $161 PMPM, a 132% increase year-over-year [66] - Operating expenses decreased to $85 PMPM, down approximately 20% from $102 PMPM in the prior year [6] Business Line Data and Key Metrics Changes - The medical cost ratio was 84% in Q2 2023, leading to a medical margin of about $50.5 million [6] - Medical cost trend for Medicare Advantage lives increased by roughly 1% year-over-year, significantly lower than the overall market trend [6][17] - Adjusted EBITDA PMPM was close to breakeven compared to negative $95 PMPM in the same period last year [6] Market Data and Key Metrics Changes - P3 onboarded over 100,000 Medicare risk lives in a short period, indicating effective growth in the market [9] - In Arizona, membership grew from 10,000 in 2018 to approximately 45,500 in Q2 2023, with revenue PMPM increasing from $628 to $921 [12] Company Strategy and Development Direction - The company aims to expand into adjacent counties with minimal costs by leveraging existing infrastructure [8] - P3's model is described as high growth and low capital expenditure, focusing on operational excellence to achieve profitability [62][64] - The company is committed to disciplined growth to reach profitability while managing costs effectively [34][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA profitability in 2024, with an increase in guidance reflecting improved performance [16][33] - The company noted strong demand from payer partners and clinicians, indicating a positive outlook for growth in the second half of the year [41] - Management emphasized the importance of operational discipline and continuous improvement in achieving financial goals [11][67] Other Important Information - The company reported a cybersecurity incident during the quarter, which was deemed immaterial with no ongoing impact expected [40] - The first half of 2023 saw capitated revenue of $624.3 million, an improvement of approximately 16% compared to the prior year [65] Q&A Session Summary Question: What drove the decrease in G&A expenses? - Management indicated that the decrease is sustainable and reflects a solid base for further efficiency improvements [26][27] Question: How does the company plan to expand into new counties? - The company plans to focus on contiguous counties to leverage existing infrastructure and relationships with payers [30] Question: What are the expectations for patient demand in the second half of the year? - Management remains bullish about growth, expecting continued high demand from both payer partners and clinicians [41] Question: Is the improvement in funding sustainable into 2024? - Management expressed optimism about sustaining funding improvements into 2024 due to increased engagement and operational focus [44][46] Question: What is the impact of the cybersecurity incident? - The incident was small and contained, with no expected ongoing impact on operations [40]
P3 Health Partners(PIII) - 2023 Q2 - Quarterly Report
2023-08-07 20:10
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, 2023 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) Delaware 85-2992794 (State or other jurisdiction of in ...
P3 Health Partners(PIII) - 2023 Q1 - Earnings Call Transcript
2023-05-12 18:01
P3 Health Partners Inc. (NASDAQ:PIII) Q1 2023 Earnings Conference Call May 10, 2023 4:30 PM ET Company Participants Karen Blomquist - Vice President, Investor Relations Sherif Abdou - Chief Executive Officer & Co-Founder Atul Kavthekar - Chief Financial Officer Amir Bacchus - Chief Medical Officer Conference Call Participants Brooks O'Neil - Lake Street Capital Markets Ryan Daniels - William Blair Josh Raskin - Nephron Research Gary Taylor - Cowen Operator Good afternoon, everyone, and welcome to the P3 Hea ...
P3 Health Partners(PIII) - 2023 Q1 - Quarterly Report
2023-05-10 20:11
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 March 31, 2023 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) Delaware 85-2992794 (State or other jurisdiction of i ...
P3 Health Partners(PIII) - 2022 Q4 - Earnings Call Transcript
2023-03-31 14:40
P3 Health Partners Inc. (NASDAQ:PIII) Q4 2022 Earnings Conference Call March 31, 2023 8:30 AM ET Company Participants Karen Blomquist - Director, IR Sherif Abdou - CEO Atul Kavthekar - CFO Conference Call Participants Brooks O'Neil - Lake Street Capital Markets Joshua Raskin - Nephron Research Operator Good day, and welcome to the P3 Health Partners Fourth Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded. I ...