Ryan Langshon's questions to P3 Health Partners Inc (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.