P3 Health Partners Announces Third Quarter 2025 Results

Core Insights - P3 Health Partners reported continued operational progress and expansion of its Care Enablement Model, with a projected EBITDA expansion opportunity of $120 to $170 million, positioning the company for sustainable profitability in 2026 and beyond [2][4]. Financial Performance - For Q3 2025, P3 Health Partners had approximately 116,000 at-risk members, a 10% decrease from the previous year, attributed to intentional network and payer rationalization [5]. - Total revenue for the quarter was $345.3 million, reflecting a 5% decrease compared to the same quarter last year, primarily due to the reduction in membership and unfavorable mid-year settlement adjustments [5]. - The medical margin for Q3 2025 was $4.4 million, or $13 PMPM, with stable underlying medical cost trends when normalized for prior-year items [5][23]. - Adjusted EBITDA loss for the quarter was $45.9 million, or $132 PMPM, with a year-to-date normalized adjusted EBITDA loss of $70.1 million, or $67 PMPM [5][21]. Revised Fiscal Guidance - The company revised its fiscal 2025 guidance, projecting total revenues between $1.4 billion and $1.45 billion, with an adjusted EBITDA loss expected to range from $(110) million to $(95) million [4][6]. - The medical margin is anticipated to be between $67 million and $82 million for the year, with a per-member-per-month (PMPM) medical margin ranging from $48 to $59 [4]. Conference Call Announcement - Management will host a conference call and webcast on November 14, 2025, at 8:00 AM ET to discuss the financial results and operational updates [7]. Company Overview - P3 Health Partners is a physician-led population health management company with a network of over 2,700 affiliated primary care providers across four states, focusing on value-based care coordination to improve patient outcomes and lower costs [8].