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    Ryan Langshon

    Director and Senior Equity Research Analyst at TD Cowen

    Ryan Langston is a Director and Senior Equity Research Analyst at TD Cowen, specializing in healthcare services and managed care companies. He covers publicly traded firms such as Centene, UnitedHealth Group, Agilon Health, Acadia Healthcare, Universal Health Services, Elevance Health, Astrana Health, Addus HomeCare, and Enhabit, with a coverage track record that includes a 25% success rate and an average return of -20.82%, though his most profitable call generated a 98.9% return on ALHC. Langston began his equity research career at Cowen Inc. in late 2021 and advanced from Vice President to Director at TD Cowen in 2025, following several strategic and supply chain roles at Aurubis Buffalo. He is FINRA-registered through TD Securities (USA) LLC and maintains all necessary securities licenses to practice as an analyst.

    Ryan Langshon's questions to P3 Health Partners (PIII) leadership

    Ryan Langshon's questions to P3 Health Partners (PIII) leadership • Q2 2025

    Question

    Ryan Langshon from TD Cowen asked for a breakdown of the revised full-year guidance, questioning the delta between the prior period development and the total reduction. He also inquired about the EBITDA profile of the three performing markets and the potential to exit the one underperforming market.

    Answer

    CFO Leif explained the guidance revision by starting with the original midpoint of a $15 million loss, adding approximately $18 million for prior period adjustments, and factoring in a $20 to $30 million impact from the underperformance of the Oregon market. CEO Eric Hoffman stated that P3 does not disclose market-by-market EBITDA but affirmed that the company has worked closely with the partner in the underperforming market on structural fixes and is confident in a 2026 turnaround, while reserving the option to take further steps if needed.

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