Henderson, NV, March 15, 2024–(BUSINESS WIRE)–P3 Health Partners Inc. (“P3” or the “Company”) (NASDAQ: PIII), a patient-centered, physician-driven population health management company, announced that it plans to continue operating in the fourth quarter of 2023 and for the full year. 's financial results will be announced on March 28, 2024, reaffirming its 2024 guidance.
The Company plans to file its Annual Report on Form 10-K for the year ended December 31, 2023 with the SEC within the extension period established by Rule 12b-25 of the Securities Exchange Act of 1934, as amended, and the conference We are planning to host the event. We plan to discuss our full financial results and current business outlook after the stock market closes on March 28, 2024.
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Title and webcast |
P3 Health Fourth Quarter and Full Year 2023 Financial Results Conference Call |
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Date Time |
March 28, 2024, 4:30 PM ET |
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Conference call details |
Toll Free 1-833-316-0546 (USA) |
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The conference call will also be webcast live on the Investor page of the P3 website (ir.p3hp.org) under the “Events and Presentations” section. Our press release will be published on the Investor page of the P3 website prior to the conference call. An archived recording of the webcast will be available on the Investor page of P3's website for 90 days following the conference call. |
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We are reaffirming our 2024 guidance based on stable usage trends in early 2024 compared to prior periods. He saw no increase in health care costs in October and November, but a slight increase in December before returning to normal seasonally adjusted levels in January. We remain confident in our current estimates of healthcare spending for the full year 2024. In addition, membership increased significantly in early 2024, with Medicare risk membership totaling approximately 121,000, up from 108,900 at the end of 2023.
We started 2024 with approximately $40 million in cash. The Company is in the process of raising approximately $25 million of additional debt capital to meet its anticipated growth pipeline and for general corporate purposes. The resulting post-financing cash balance is approximately $55 million and is expected to close in late March or early April 2024. .
Full-year 2024 guidance reaffirmed:
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Medicare Advantage members from 125,000 to 135,000
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Revenue from $1.45 billion to $1.55 billion
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Medical profit from $230 million to $250 million
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PMPM for medical benefits from $165 to $175
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Adjusted EBITDA from $20 million to $40 million
About P3 Health Partners (NASDAQ: PIII)
P3 Health Partners Inc. is a leading national health care company dedicated to transforming health care by improving the lives of both patients and providers. Founded and led by physicians, his P3 has an extensive network of more than 2,750 affiliated primary care providers nationwide. A local team of medical professionals manages the care of thousands of patients in her 18 counties across five states. P3 supports primary care providers with value-based care coordination and management services that improve patient outcomes and reduce costs. Through partnerships with these local providers, P3 care teams create an enhanced patient experience by navigating, coordinating, and integrating patient care within the health system. For more information, please visit www.p3hp.org and follow us on LinkedIn and Facebook.com/p3healthpartners.
Non-GAAP financial measures
In addition to financial results prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), this press release includes certain financial statements as defined by SEC rules, including adjusted EBITDA, medical margin, and medical profit. Contains non-GAAP financial measures. Margin PMPM. EBITDA is defined as GAAP net income (loss) before (i) interest, (ii) income taxes, and (iii) depreciation and amortization. We believe that Adjusted EBITDA is not indicative of (i) mark-to-market warrant gains and losses, (ii) reserve for premium deficiencies, (iii) stock-based compensation expense, and (iv) our core operating results. Any other specific items that may be considered. The Company believes that these non-GAAP financial measures provide additional tools for investors to use in assessing ongoing performance and trends and comparing the Company's financial measures to other similar companies. Medical margin represents the amount earned from head revenue after medical claim costs are deducted, and medical margin PMPM is the medical margin divided by the number of Medicare Advantage members in each month divided by the number of months in the period. is defined as a thing. Medical billing costs refer to the costs of medical services provided to members. As our platform grows and matures over time, we expect our medical benefits to increase in absolute terms. However, the medical margin PMPM may fluctuate as the percentage of new members introduced to the platform fluctuates. New memberships added to the platform typically dilute the medical margin PMPM. We do not consider these non-GAAP measures in isolation or as a substitute for financial measures determined in accordance with GAAP. These non-GAAP financial measures are subject to inherent limitations because they reflect management's exercise of judgment as to which expenses and revenues are excluded or included in determining non-GAAP financial measures. . Additionally, other companies may calculate non-GAAP financial measures differently or use other measures to measure their performance, all of which affect the use of our non-GAAP financial measures as a comparison tool. May reduce usefulness.
The Company has revised its 2024 guidance for Adjusted EBITDA (Loss), Medical Margin and Medical Margin PMPM and Net Income (Loss), Gross Margin and Gross Margin PMPM, respectively, which are the most directly comparable GAAP measures. Unable to provide quantitative adjustments. Net Income (Loss), Gross Profit (Loss), or Gross Profit (Loss) Because there is uncertainty about certain items that may affect PMPM, (Loss) or Gross Profit (Loss) No forward-looking guidance is provided regarding PMPM. Gross Profit (Loss) PMPM is outside of our control or cannot be reasonably predicted without undue effort.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements will be subject to the forward-looking statement safe harbor provisions contained in Sec. Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended ”, “imagine'', “estimate'', “expect'', “instruct'', “suggest'', “intend'' and other words “may'', “could'', “plan “, “probably”, “could”, “predict”, “probably”, “estimated”, “plan”, “seek”, “should”, “target” or “schedule,” or the negative or other variations thereof, and similar words or phrases, or equivalent terminology, are intended to identify forward-looking statements. These forward-looking statements address various matters, including our anticipated future growth strategies and performance. All statements regarding expectations regarding utilization of medical expenses, financial outlook for the year ending December 31, 2024, anticipated additional debt capital financings and anticipated post-financing cash balances are based on information currently available. This reflects our expectations. information and data. Because such statements are based on expectations about future financial and operating results and are not statements of fact, actual results may differ materially from those projected or estimated, and you should not read these forward-looking statements unduly. Be careful not to rely on it. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are are beyond its control and may have actual consequences and consequences. The forward-looking statements differ materially from those described in the forward-looking statements.
Important risks and uncertainties that could cause our actual results of operations and financial condition to differ materially from those expressed in the forward-looking statements include, among other things, our ability to continue as a going concern; It is included. We have the ability to raise approximately $25 million of additional debt capital to meet our anticipated growth pipeline and for general corporate purposes. We may need to raise additional capital to fund our existing operations, develop and commercialize new services, and expand our operations. our ability to achieve or maintain profitability; If our ability to maintain compliance with future debt covenants or future results are lower than current expectations and if there are material changes in management's assumptions, we may be required to recognize non-cash amounts. There is a possibility that Charges to operating income for impairment of goodwill and/or other intangible assets. our ability to identify and develop successful new geographies, physician partners, payers and patients; changes in market or industry conditions, the regulatory environment, competitive conditions and receptivity to our services; our ability to fund our growth and expand our operations; changes in laws and regulations applicable to our business; our ability to maintain relationships with health plans and other major payers; the impact of the coronavirus disease (COVID-19), including the impact of new variants of the virus or other pandemics, epidemics or outbreaks of infectious diseases on our business and results of operations; Increase in personnel costs. our ability to recruit and retain qualified team members and independent physicians; and other factors are discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 31, 2023 (as updated by Part II, Item 1A). “Risk Factors” in our Quarterly Report on Form 10-Q for the period ended September 30, 2023 and our other filings with the SEC. All information in this press release is current as of the date of publication, and we undertake no obligation to update or correct this information unless required by law. You are cautioned not to place undue reliance on the forward-looking statements contained in this press release.
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contact address
Cassi Belz
Executive Vice President, Communications
P3 Health Partner
(904) 415-2744
kbelz@p3hp.org
ryan halstead
PR for investors
gilmartin group
Ryan@gilmartinir.com
