P3 Health Partners Announces Third-Quarter and Year-to-Date 2023 Results
- 16% YTD total revenue growth demonstrates strong performance
- Re-affirmation of 2023 guidance indicates stability and confidence in outlook
- Positive preliminary 2024 Full-Year Adjusted EBITDA guidance of +$20 million to +$40 million
- Net loss of $37.3 million in the third quarter
- Adjusted EBITDA loss of $22.3 million in the third quarter
- Net loss of $117.3 million in year-to-date 2023
- Adjusted EBITDA loss of $41.2 million in year-to-date 2023
YTD total revenue growth of
Continued strong performance across markets, re-affirming 2023 guidance
Provides preliminary 2024 Full-Year Adjusted EBITDA guidance of
Management to Host Conference Call and Webcast November 8, 2023 at 4:30 PM ET
“Our results for the third quarter show the continued improvement of the business as providers and patients mature on our platform. All key metrics are tracking as expected and net cash used in operating activities has improved to negative
Third-Quarter 2023 Financial Results
-
Total revenue was
, an increase of$288.4 million 16% compared to in the third quarter of the prior year. Net loss was$248.3 million , an increase of approximately$37.3 million 43% compared to a net loss of in the third quarter of the prior year. Net loss PMPM was$65.3 million compared to a net loss PMPM of$119 the third quarter of the prior year$218 -
Adjusted EBITDA(1) loss was
, compared to an Adjusted EBITDA loss of$22.3 million in the third quarter of the prior year. Adjusted EBITDA PMPM(1) was a loss of$40.3 million , compared to an Adjusted EBITDA loss PMPM of$71 in the third quarter of the prior year$135 -
Gross profit was
, as compared to negative$9.1 million in the prior year. Gross profit PMPM was$6.5 million , compared to a loss of$29 PMPM in the prior year$22 -
Medical margin(1) was
, an increase of$36.2 million 306.1% compared to in the third quarter of the prior year. Medical margin PMPM(1) was$8.9 million , an increase of$115 286.3% compared to a medical margin PMPM of in the prior year$30
Key Financial and Operating Metrics as Reported ($millions): |
Three Months Ended September 30, |
Change |
|||
2023 |
|
2022 |
%YOY |
||
Capitated Revenue |
|
|
|
|
|
Total Revenues |
|
|
|
|
|
Gross Profit |
|
|
( |
|
|
Medical Margin |
|
|
|
||
Net Loss |
( |
|
( |
|
|
Adjusted EBITDA |
( |
( |
|
Year-to-Date 2023 Financial Results
-
Total revenue was
, an increase of$919.5 million 16% compared to in the same period in the prior year. Net loss was$791.3 million , compared to a net loss of$117.3 million in the same period of the prior year. The year-to-date results of 2022 were negatively impacted by a goodwill impairment charge of$1,029.2 million . Net loss PMPM was$851 million compared to a net loss PMPM of$126 in the same period of the prior year$1,148 -
Adjusted EBITDA(1) loss was
, compared to an Adjusted EBITDA loss of$41.2 million in the same period of the prior year. Adjusted EBITDA PMPM(1) loss was$87.9 million , compared to an Adjusted EBITDA loss of$44 PMPM in the same period of the prior year$98 -
Gross profit was
, compared to$52.5 million in the same period of the prior year. Gross profit PMPM was$3.2 million , compared to$56 in the same period of the prior year$4 -
Medical margin(1) was
, an increase of$126.0 million 127.0% compared to in the same period of the prior year. Medical margin PMPM(1) was$55.5 million , an increase of$135 118.1% compared to a medical margin PMPM of in the same period of the prior year$62
Key Financial and Operating Metrics as Reported ($millions): |
Nine Months Ended September 30, |
Change |
|||
2023 |
|
2022 |
%YOY |
||
Capitated Revenue |
|
|
|
|
|
Total Revenues |
|
|
|
||
Gross Profit |
|
|
|
|
|
Medical Margin |
|
|
|
||
Net Loss |
( |
|
( |
|
|
Adjusted EBITDA |
( |
( |
|
Full-Year 2023 Guidance |
||
|
Year Ending December 31, 2023 |
|
|
||
|
Low |
High |
Medicare Advantage Members |
115,000 |
120,000 |
Total Revenues (in millions) |
|
|
Medical margin(2) (in millions) |
|
|
Medical margin(2) PMPM |
|
|
Adjusted EBITDA(2) Loss (in millions) |
( |
( |
(1) Adjusted EBITDA, Adjusted EBITDA per member, per month (“PMPM”), medical margin and medical margin PMPM are non-GAAP financial measures. For reconciliations of these measures to the most directly comparable GAAP measures and more information regarding the Company’s use of non-GAAP financial measures, please see the section titled “Non-GAAP Financial Measures” and the tables at the end of this press release.
(2) The Company is not able to provide a quantitative reconciliation of full-year 2023 or 2024 guidance for Adjusted EBITDA loss to net income, or quantitative reconciliations for full-year 2023 guidance for medical margin and medical margin PMPM to net income (loss), gross profit and gross profit PMPM, the most directly comparable GAAP measures, respectively, and has not provided forward-looking guidance for net income (loss), gross profit (loss) or gross profit (loss) PMPM because of the uncertainty around certain items that may impact net income (loss), gross profit (loss) or gross profit (loss) PMPM that are not within our control or cannot be reasonably predicted without unreasonable effort. For more information regarding the non-GAAP financial measures discussed in this press release, please see “Non-GAAP Financial Measures” below.
Title & Webcast |
|
Date & Time |
November 8, 2023, 4:30pm Eastern Time |
Conference Call Details |
Toll-Free 1-833-316-0546 (US) International 1-412-317-0692 Ask to be joined into the P3 Health Partners call |
The conference call will also be webcast live in the "Events & Presentations" section of the Investor page of the P3 website (ir.p3hp.org). The Company’s press release will be available on the Investor page of P3’s website in advance of the conference call. An archived recording of the webcast will be available on the Investor page of P3’s website for a period of 90 days following the conference call. For supplemental financial information, including certain non-GAAP financial measures, and the reconciliations thereof, please visit the Company’s Investor Relations site (ir.p3hp.org).
|
About P3 Health Partners (NASDAQ: PIII):
P3 Health Partners Inc. is a leading population health management company committed to transforming healthcare by improving the lives of both patients and providers. Founded and led by physicians, P3 has an expansive network of more than 2,700 affiliated primary care providers across the country. Our local teams of health care professionals manage the care of thousands of patients in 18 counties across five states. P3 supports primary care providers with value-based care coordination and administrative services that improve patient outcomes and lower costs. Through partnerships with these local providers, the P3 care team creates an enhanced patient experience by navigating, coordinating, and integrating the patient’s care within the healthcare system. For more information, visit www.p3hp.org and follow us on LinkedIn and Facebook.com/p3healthpartners.
Non-GAAP Financial Measures
In addition to the financial results prepared in accordance accounting principles generally accepted in the
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the
Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, our ability to continue as a going concern; our potential need to raise additional capital to fund our existing operations or develop and commercialize new services or expand our operations; our ability to achieve or maintain profitability; our ability to maintain compliance with our debt covenants in the future, or obtain required waivers from our lenders if future operating performance were to fall below current projections of if there are material changes to management’s assumptions, we could be required to recognize non-cash charges to operating earnings for goodwill and/or other intangible asset impairment; our ability to identify and develop successful new geographies, physician partners, payors and patients; changes in market or industry conditions, 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 our relationships with health plans and other key payers; the impact of COVID-19, including the impact of new variants of the virus, or another pandemic, epidemic or outbreak of infectious disease on our business and results of operation; increased labor costs; our ability to recruit and retain qualified team members and independent physicians; and other factors discussed in Part I, Item 1A. “Risk Factors” of the Company’s 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 the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2023 to be filed with the SEC, and in the Company’s other filings with the SEC. All information in this press release is as of the date hereof, and we undertake no duty to update or revise this information unless required by law. You are cautioned not to place undue reliance on any forward-looking statements contained in this press release.
P3 HEALTH PARTNERS INC. and SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited) |
|||||||
|
September 30, 2023 |
|
December 31, 2022 |
||||
ASSETS |
|
|
|
||||
CURRENT ASSETS: |
|
|
|
||||
Cash |
$ |
52,562 |
|
|
$ |
17,537 |
|
Restricted cash |
|
4,878 |
|
|
|
920 |
|
Health plan receivable, net of allowance for credit losses of |
|
117,200 |
|
|
|
72,092 |
|
Clinic fees, insurance and other receivable |
|
2,225 |
|
|
|
7,500 |
|
Prepaid expenses and other current assets |
|
2,799 |
|
|
|
2,643 |
|
TOTAL CURRENT ASSETS |
|
179,664 |
|
|
|
100,692 |
|
Property and equipment, net |
|
9,360 |
|
|
|
8,839 |
|
Intangible assets, net |
|
687,875 |
|
|
|
751,050 |
|
Other long-term assets |
|
19,993 |
|
|
|
15,990 |
|
TOTAL ASSETS (1) |
$ |
896,892 |
|
|
$ |
876,571 |
|
LIABILITIES, MEZZANINE EQUITY and STOCKHOLDERS’ EQUITY |
|
|
|
||||
CURRENT LIABILITIES: |
|
|
|
||||
Accounts payable |
$ |
11,630 |
|
|
$ |
11,542 |
|
Accrued expenses and other current liabilities |
|
20,957 |
|
|
|
16,647 |
|
Accrued payroll |
|
5,629 |
|
|
|
8,224 |
|
Health plan settlements payable |
|
35,422 |
|
|
|
13,608 |
|
Claims payable |
|
155,497 |
|
|
|
151,207 |
|
Premium deficiency reserve |
|
17,014 |
|
|
|
26,375 |
|
Accrued interest |
|
21,153 |
|
|
|
14,061 |
|
TOTAL CURRENT LIABILITIES |
|
267,302 |
|
|
|
241,664 |
|
Operating lease liability |
|
13,556 |
|
|
|
11,516 |
|
Warrant liabilities |
|
1,844 |
|
|
|
1,517 |
|
Contingent consideration |
|
4,907 |
|
|
|
4,794 |
|
Long-term debt, net |
|
108,252 |
|
|
|
94,421 |
|
TOTAL LIABILITIES (1) |
|
395,861 |
|
|
|
353,912 |
|
COMMITMENTS AND CONTINGENCIES (Note 12) |
|
|
|
||||
MEZZANINE EQUITY: |
|
|
|
||||
Redeemable non-controlling interest |
|
313,088 |
|
|
|
516,805 |
|
STOCKHOLDERS’ EQUITY: |
|
|
|
||||
Class A common stock, |
|
11 |
|
|
|
4 |
|
Class V common stock, |
|
20 |
|
|
|
20 |
|
Additional paid in capital |
|
529,794 |
|
|
|
315,375 |
|
Accumulated deficit |
|
(341,882 |
) |
|
|
(309,545 |
) |
TOTAL STOCKHOLDERS’ EQUITY |
|
187,943 |
|
|
|
5,854 |
|
TOTAL LIABILITIES, MEZZANINE EQUITY & STOCKHOLDERS’ EQUITY |
$ |
896,892 |
|
|
$ |
876,571 |
|
____________________ |
||
(1) |
The Company’s condensed consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities (“VIEs”). As discussed in Note 13 “Variable Interest Entities,” P3 LLC is itself a VIE. P3 LLC represents substantially all the assets and liabilities of the Company. As a result, the language and amounts below refer only to VIEs held at the P3 LLC level. The condensed consolidated balance sheets include total assets that can be used only to settle obligations of the P3 LLC’s VIEs totaling |
P3 HEALTH PARTNERS INC. and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
OPERATING REVENUE: |
|
|
|
|
|
|
|
||||||||
Capitated revenue |
$ |
285,153 |
|
|
$ |
243,988 |
|
|
$ |
909,473 |
|
|
$ |
780,775 |
|
Other patient service revenue |
|
3,198 |
|
|
|
4,272 |
|
|
|
10,041 |
|
|
|
10,483 |
|
TOTAL OPERATING REVENUE |
|
288,351 |
|
|
|
248,260 |
|
|
|
919,514 |
|
|
|
791,258 |
|
OPERATING EXPENSE: |
|
|
|
|
|
|
|
||||||||
Medical expense |
|
279,220 |
|
|
|
254,777 |
|
|
|
867,061 |
|
|
|
788,046 |
|
Premium deficiency reserve |
|
(12,489 |
) |
|
|
(7,302 |
) |
|
|
(9,361 |
) |
|
|
(10,116 |
) |
Corporate, general and administrative expense |
|
33,065 |
|
|
|
37,863 |
|
|
|
97,931 |
|
|
|
117,560 |
|
Sales and marketing expense |
|
654 |
|
|
|
1,118 |
|
|
|
2,512 |
|
|
|
3,391 |
|
Depreciation and amortization |
|
21,721 |
|
|
|
21,815 |
|
|
|
65,041 |
|
|
|
65,287 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
851,456 |
|
TOTAL OPERATING EXPENSE |
|
322,171 |
|
|
|
308,271 |
|
|
|
1,023,184 |
|
|
|
1,815,624 |
|
OPERATING LOSS |
|
(33,820 |
) |
|
|
(60,011 |
) |
|
|
(103,670 |
) |
|
|
(1,024,366 |
) |
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
(4,002 |
) |
|
|
(2,963 |
) |
|
|
(11,939 |
) |
|
|
(8,418 |
) |
Mark-to-market of stock warrants |
|
755 |
|
|
|
(2,568 |
) |
|
|
(327 |
) |
|
|
3,386 |
|
Other |
|
190 |
|
|
|
213 |
|
|
|
(455 |
) |
|
|
173 |
|
TOTAL OTHER EXPENSE |
|
(3,057 |
) |
|
|
(5,318 |
) |
|
|
(12,721 |
) |
|
|
(4,859 |
) |
LOSS BEFORE INCOME TAXES |
|
(36,877 |
) |
|
|
(65,329 |
) |
|
|
(116,391 |
) |
|
|
(1,029,225 |
) |
PROVISION FOR INCOME TAXES |
|
(412 |
) |
|
|
— |
|
|
|
(928 |
) |
|
|
— |
|
NET LOSS |
|
(37,289 |
) |
|
|
(65,329 |
) |
|
|
(117,319 |
) |
|
|
(1,029,225 |
) |
LESS: NET LOSS ATTRIBUTABLE TO REDEEMABLE NON-CONTROLLING INTEREST |
|
(23,993 |
) |
|
|
(54,156 |
) |
|
|
(85,008 |
) |
|
|
(853,125 |
) |
NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST |
$ |
(13,296 |
) |
|
$ |
(11,173 |
) |
|
$ |
(32,311 |
) |
|
$ |
(176,100 |
) |
|
|
|
|
|
|
|
|
||||||||
NET LOSS PER SHARE (Note 9): |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.12 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.37 |
) |
|
$ |
(4.24 |
) |
Diluted |
$ |
(0.12 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.41 |
) |
|
$ |
(4.27 |
) |
|
|
|
|
|
|
|
|
||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (Note 9): |
|
|
|
|
|
|
|
||||||||
Basic |
|
114,198 |
|
|
|
41,579 |
|
|
|
88,010 |
|
|
|
41,579 |
|
Diluted |
|
312,679 |
|
|
|
243,036 |
|
|
|
288,379 |
|
|
|
241,263 |
|
P3 HEALTH PARTNERS INC. and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) |
|||||||
|
Nine Months Ended September 30, |
||||||
|
2023 |
|
2022 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
||||
Net loss |
$ |
(117,319 |
) |
|
$ |
(1,029,225 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
65,041 |
|
|
|
65,287 |
|
Equity-based compensation |
|
4,259 |
|
|
|
17,211 |
|
Goodwill impairment |
|
— |
|
|
|
851,456 |
|
Amortization of original issue discount and debt issuance costs |
|
405 |
|
|
|
— |
|
Accretion of contingent consideration |
|
113 |
|
|
|
291 |
|
Mark-to-market adjustment of stock warrants |
|
327 |
|
|
|
(3,386 |
) |
Premium deficiency reserve |
|
(9,361 |
) |
|
|
(10,116 |
) |
Changes in assets and liabilities: |
|
|
|
||||
Health plan receivable |
|
(45,258 |
) |
|
|
(31,247 |
) |
Clinic fees, insurance, and other receivable |
|
5,275 |
|
|
|
(1,623 |
) |
Prepaid expenses and other current assets |
|
(429 |
) |
|
|
3,462 |
|
Other long-term assets |
|
(1,214 |
) |
|
|
— |
|
Accounts payable, accrued expenses, and other current liabilities |
|
2,758 |
|
|
|
4,560 |
|
Accrued payroll |
|
2,405 |
|
|
|
1,054 |
|
Health plan settlements payable |
|
21,814 |
|
|
|
(1,922 |
) |
Claims payable |
|
4,290 |
|
|
|
32,747 |
|
Accrued interest |
|
7,092 |
|
|
|
3,885 |
|
Operating lease liability |
|
(348 |
) |
|
|
3,501 |
|
Net cash used in operating activities |
|
(60,150 |
) |
|
|
(94,065 |
) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
||||
Purchases of property and equipment |
|
(2,039 |
) |
|
|
(2,283 |
) |
Acquisitions, net of cash acquired |
|
— |
|
|
|
(5,500 |
) |
Net cash used in investing activities |
|
(2,039 |
) |
|
|
(7,783 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
||||
Proceeds from long-term debt, net of original issuance discount |
|
14,101 |
|
|
|
— |
|
Proceeds from private placement offering, net of offering costs paid |
|
87,244 |
|
|
|
— |
|
Repayment of short-term and long-term debt |
|
— |
|
|
|
(3,625 |
) |
Payment of debt issuance costs |
|
(173 |
) |
|
|
— |
|
Net cash provided by (used in) financing activities |
|
101,172 |
|
|
|
(3,625 |
) |
Net change in cash and restricted cash |
|
38,983 |
|
|
|
(105,473 |
) |
Cash and restricted cash, beginning of period |
|
18,457 |
|
|
|
140,834 |
|
Cash and restricted cash, end of period |
$ |
57,440 |
|
|
$ |
35,361 |
|
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA LOSS (in thousands, except PMPM) (unaudited) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
(in thousands) |
||||||||||||||
Net loss |
$ |
(37,289 |
) |
|
$ |
(65,329 |
) |
|
$ |
(117,319 |
) |
|
$ |
(1,029,225 |
) |
Interest expense, net |
|
4,002 |
|
|
|
2,963 |
|
|
|
11,939 |
|
|
|
8,418 |
|
Depreciation and amortization expense |
|
21,721 |
|
|
|
21,815 |
|
|
|
65,041 |
|
|
|
65,287 |
|
Provision for income taxes |
|
412 |
|
|
|
— |
|
|
|
928 |
|
|
|
— |
|
Mark-to-market of stock warrants |
|
(755 |
) |
|
|
2,568 |
|
|
|
327 |
|
|
|
(3,386 |
) |
Premium deficiency reserve |
|
(12,489 |
) |
|
|
(7,302 |
) |
|
|
(9,361 |
) |
|
|
(10,116 |
) |
Equity-based compensation |
|
2,251 |
|
|
|
1,784 |
|
|
|
4,259 |
|
|
|
17,211 |
|
Transaction and other related costs(1) |
|
— |
|
|
|
1,844 |
|
|
|
70 |
|
|
|
10,956 |
|
Other(2) |
|
(185 |
) |
|
|
1,350 |
|
|
|
— |
|
|
|
851,456 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
2,868 |
|
|
|
1,499 |
|
Adjusted EBITDA loss |
$ |
(22,332 |
) |
|
$ |
(40,307 |
) |
|
$ |
(41,248 |
) |
|
$ |
(87,900 |
) |
Adjusted EBITDA loss PMPM |
$ |
(71 |
) |
|
$ |
(135 |
) |
|
$ |
(44 |
) |
|
$ |
(98 |
) |
_____________________ |
||
(1) |
Transaction and other related costs during the nine months ended September 30, 2023 consisted of legal fees incurred related to acquisition-related litigation. |
|
(2) |
Other during the three and nine months ended September 30, 2023 consisted of (i) interest income offset by (ii) cybersecurity incident loss with respect to the nine months ended September 30, 2023, (iii) restructuring and other charges, including severance and benefits paid to employees pursuant to workforce reduction plans with respect to the nine months ended September 30, 2023, (iv) the disposition of our |
MEDICAL MARGIN (in thousands, except PMPM) (unaudited) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
(in thousands) |
||||||||||||||
Capitated revenue |
$ |
285,153 |
|
|
$ |
243,988 |
|
|
$ |
909,473 |
|
|
$ |
780,775 |
|
Less: medical claims expenses |
|
(248,918 |
) |
|
|
(235,065 |
) |
|
|
(783,497 |
) |
|
|
(725,267 |
) |
Medical margin |
$ |
36,235 |
|
|
$ |
8,923 |
|
|
$ |
125,976 |
|
|
$ |
55,508 |
|
Medical margin PMPM |
$ |
115 |
|
|
$ |
30 |
|
|
$ |
135 |
|
|
$ |
62 |
|
RECONCILIATION OF GROSS PROFIT TO MEDICAL MARGIN (in thousands) (unaudited) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
(in thousands) |
||||||||||||||
Gross profit(1) |
$ |
9,131 |
|
|
$ |
(6,517 |
) |
|
$ |
52,453 |
|
|
$ |
3,212 |
|
Other patient service revenue |
|
(3,198 |
) |
|
|
(4,272 |
) |
|
|
(10,041 |
) |
|
|
(10,483 |
) |
Other medical expense |
|
30,302 |
|
|
|
19,712 |
|
|
|
83,564 |
|
|
|
62,779 |
|
Medical margin |
$ |
36,235 |
|
|
$ |
8,923 |
|
|
$ |
125,976 |
|
|
$ |
55,508 |
|
_____________________ |
||
(1) |
Effective for the quarter ended June 30, 2023, we modified the method by which we reconcile medical margin. Previously, we reconciled medical margin to operating loss as the most directly comparable measure calculated in accordance with GAAP. In the current period and on a go-forward basis we will reconcile to gross profit as we have determined that gross profit is the most directly comparable GAAP measure. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20231108788331/en/
Investor Relations
Karen Blomquist
Vice President, Investor Relations
P3 Health Partners
kblomquist@p3hp.org
Kassi Belz
Executive Vice President, Communications
P3 Health Partners
(904) 415-2744
kbelz@p3hp.org
Source: P3 Health Partners Inc.
FAQ
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