Earnings summaries and quarterly performance for P3 Health Partners.
Executive leadership at P3 Health Partners.
Board of directors at P3 Health Partners.
Research analysts who have asked questions during P3 Health Partners earnings calls.
Ryan Langston
TD Cowen
5 questions for PIII
Also covers: ACHC, ADUS, AGL +15 more
David Larsen
BTIG
4 questions for PIII
Also covers: ACCD, AGL, AMWL +19 more
Josh Raskin
Nathron Research
3 questions for PIII
Also covers: CNC, MOH, THC +1 more
Joshua Raskin
Nephron Research
3 questions for PIII
Also covers: AIRS, BKD, CI +13 more
Jack Senft
William Blair
2 questions for PIII
Also covers: AMWL, HCSG, LFST +3 more
Aaron Wukmir
Lake Street Capital Markets
1 question for PIII
Also covers: ELMD, LFVN, ORGO +2 more
Arun Mokmir
Lake Street Capital Markets
1 question for PIII
Brooks O'Neil
Lake Street Capital Markets
1 question for PIII
Also covers: ARAY, ATEC, BBNX +11 more
Jenny Shen
TD Cowen
1 question for PIII
Also covers: AGL, CCSI, CYRX +8 more
Recent press releases and 8-K filings for PIII.
P3 Health Partners Reports Q3 2025 Results and Updates Full-Year Guidance
PIII
Earnings
Guidance Update
Profit Warning
- P3 Health Partners reported a Q3 2025 Adjusted EBITDA loss of $45.9 million and a year-to-date Adjusted EBITDA loss of $85.2 million.
- The company revised its full-year 2025 Adjusted EBITDA guidance to a range of -$110 million to -$95 million loss, reflecting current performance and improved controls.
- Capitated revenue for Q3 2025 was $341.6 million, or $982 per member per month, with medical margin at $4.4 million, or $13 PMPM.
- Management highlighted over $100 million in EBITDA improvement year-over-year from 2024 to 2025 and identified $120 million-$170 million in EBITDA expansion opportunities for 2026, positioning the company for meaningful profitability.
- The company ended Q3 2025 with $37.7 million in cash.
Nov 14, 2025, 1:00 PM
P3 Health Partners Reports Q3 2025 Results and Updates Full-Year Guidance
PIII
Earnings
Guidance Update
Revenue Acceleration/Inflection
- P3 Health Partners reported an adjusted EBITDA loss of $45.9 million for Q3 2025, with a year-to-date adjusted EBITDA loss of $85.2 million.
- The company revised its full-year 2025 adjusted EBITDA guidance to a loss range of $110 million to $95 million.
- For Q3 2025, total capitated revenue was $341.6 million, yielding a medical margin of $4.4 million. Operating expenses decreased by 33% to $21.1 million compared to the prior year period.
- Management highlighted $120 million to $170 million in adjusted EBITDA opportunities for 2026, driven by operational improvements and a stable medical cost trend year over year, with the aim of achieving meaningful profitability next year.
Nov 14, 2025, 1:00 PM
P3 Health Partners Reports Q3 2025 Results and Updates Full-Year Guidance
PIII
Earnings
Guidance Update
Revenue Acceleration/Inflection
- P3 Health Partners reported a Q3 2025 adjusted EBITDA loss of $45.9 million and a year-to-date adjusted EBITDA loss of $85.2 million.
- The company revised its full-year adjusted EBITDA guidance to a range of minus $110 million to minus $95 million.
- For Q3 2025, capitated revenue was $341.6 million, or approximately $982 per member per month (PMPM), with membership at approximately 116,000 members.
- The Q3 results included an unfavorable $24 million impact from mid-year settlement adjustments and prior period decrements.
- Despite current losses, the company highlighted over $100 million in year-over-year EBITDA improvement from 2024 to 2025 and identified $120 million to $170 million in EBITDA expansion opportunities for 2026, with normalized medical cost trend remaining flat year over year.
Nov 14, 2025, 1:00 PM
P3 Health Partners Announces Q3 2025 Results and Revised FY 2025 Guidance
PIII
Earnings
Guidance Update
- P3 Health Partners reported total revenue of $345.3 million for Q3 2025, marking a 5% decrease compared to the prior year, with average at-risk membership of approximately 116,000 members, a 10% decrease year-over-year.
- For the third quarter of 2025, the company recorded a medical margin of $4.4 million and an Adjusted EBITDA loss of $45.9 million.
- The company provided revised fiscal year 2025 guidance, projecting total revenues between $1,400 million and $1,450 million and an Adjusted EBITDA loss between $(110) million and $(95) million.
- Management identified $120 million to $170 million in EBITDA expansion opportunities, aiming for sustainable profitability in 2026 and beyond.
Nov 13, 2025, 11:14 PM
P3 Health Partners Provides Business Update and Financial Guidance
PIII
Guidance Update
Revenue Acceleration/Inflection
New Projects/Investments
- P3 Health Partners is a physician-led organization focused on transforming healthcare for seniors, currently managing 120,000 full-risk lives and working with 2,800 primary care providers across four states.
- The company has identified $120 million to $170 million in EBITDA improvement opportunities for 2026, following a $130 million EBITDA improvement plan for 2025 where operational efficiencies and contract rationalization have been achieved.
- For full year 2025, P3 Health Partners expects adjusted EBITDA in the range of minus $69 million to minus $39 million and total revenue between $1.35 billion and $1.5 billion.
- Membership decline is anticipated to trend positively in 2026 and 2027, with the Oregon market targeted to reach breakeven or better in 2026.
Sep 16, 2025, 6:00 PM
Quarterly earnings call transcripts for P3 Health Partners.
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