The following is a summary of the P3 Health Partners Inc. (PIII) Q1 2024 Earnings Call Transcript:
Financial Performance:
P3 Health Partners reported Q1 2024 revenue of approximately a 29% increase year-over-year.
Medicare lives increased by 23% year-over-year reaching 126,800.
The company saw a substantial decrease (26%) in operating expenses down to $26.2 million.
The reported adjusted EBIDTA loss was $19.8 million, same as in Q1 2023.
Total revenue reached $388 million including the capitated revenue for the quarter of $384 million, reflecting a 29% growth compared to the prior year.
However, an adjusted EBITDA loss of $52 per member per month was observed.
Business Progress:
The company reaffirmed its 2024 full-year guidance expecting to maintain Medicare Advantage members within the 125,000 and 135,000 range and predicting revenue to be within $1.45 billion and $1.55 billion.
They continue focusing on value-based care with a potential significant reserve release due to membership growth, increasing persistency, and funding.
P3 will be expanding into six new counties adding 8,000 to 10,000 more lives with an existing payer partner.
A strategic tie-up is announced with Innovaccer to implement an AI platform improving predictive modelling and quality.
Dr. Aric Coffman is now the new CEO replacing Sherif Abdou who will remain as an adviser.
The company anticipates its ACO REACH program, having had substantial growth, to contribute more significantly to future results with the goal of enhancing partnerships and outcomes in value-based care.
More details: P3 Health Partners IR
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