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P3 Health Partners Announces Second Quarter 2025 Results

Core Business Demonstrates Strength with Flat Medical Cost Trends Despite Industry Inflation

$120-$170 Million in Additional EBITDA Opportunities Identified for 2026

Adjusted Full Year Guidance Reflects Prior Period Headwinds

Management to Host Conference Call and Webcast August 14, 2025 at 4:30 PM ET

HENDERSON, Nev.--(BUSINESS WIRE)-- P3 Health Partners Inc. (鈥淧3鈥� or the 鈥淐ompany鈥�) (NASDAQ: PIII), a patient-centered and physician-led population health management company, today announced its financial results for the second quarter ended June 30, 2025.

鈥淥ur core business continues to strengthen as we execute on our $130 million EBITDA improvement plan,鈥� said Aric Coffman, CEO of P3. 鈥淲hile we faced prior period headwinds, we've successfully managed medical cost trends to remain flat while improving funding across our membership on a per-member basis. With an additional $120 to $170 million in identified EBITDA opportunities and three of our four markets already EBITDA positive or breakeven, P3 is well-positioned to achieve sustained profitability in 2026 and beyond.鈥�

Second Quarter 2025 Financial Results

• Average at-risk membership was approximately 115,000 members for the second quarter, a decrease of 9% compared to prior year. The decrease reflects previously disclosed network and payer rationalization.
• Total revenue was $355.8 million, a decrease of 6% compared to the second quarter of the prior year, driven by the decline in membership. On a per-member basis, funding improved 10% from prior year, when adjusted for prior-period items.
• Medical margin⁽¹⁾ was $30.6 million, or $89 PMPM. Excluding prior-period adjustments, medical margin⁽¹⁾ was $39.3 million, or $114 PMPM.
• Adjusted EBITDA loss⁽¹⁾ was $17.1 million, or $50 PMPM. Excluding prior-period adjustments, Adjusted EBITDA loss for the quarter was a loss of $8.5 million, or $25 PMPM.
• Adjusted full year guidance reflects impact from prior-period adjustments and underperformance of a single payer.

The foregoing 2025 outlook statement represents management's current estimate as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the 鈥淐autionary Note Regarding Forward-Looking Statements鈥� included in this release. Management does not assume any obligation to update these estimates.

Management to Host Conference Call and Webcast on August 14, 2025 at 4:30 PM ET

About P3 Health Partners (NASDAQ: PIII)

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 2,800 affiliated primary care providers across the country. Our local teams of health care professionals manage the care of thousands of patients in 24 counties across four 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鈥檚 care within the healthcare system. For more information, visit and follow us on and .

Non-GAAP Financial Measures

In addition to the financial results prepared in accordance with accounting principles generally accepted in the U.S. (鈥淕AAP鈥�), this press release contains certain non-GAAP financial measures as defined by the SEC rules, including Adjusted EBITDA and Adjusted EBITDA PMPM, medical margin, medical margin PMPM, and adjusted operating expense. EBITDA is defined as GAAP net income (loss) before (i) interest, (ii) income taxes and (iii) depreciation and amortization. Adjusted EBITDA is defined as EBITDA, further adjusted to exclude the effect of certain supplemental adjustments, such as (i) mark-to-market warrant gain/loss, (ii) premium deficiency reserves, (iii) equity-based compensation expense, (iv) certain transaction and other related costs and (v) certain other items that we believe are not indicative of our core operating performances. Adjusted EBITDA PMPM is defined as Adjusted EBITDA divided by the number of at-risk Medicare members each month divided by the number of months in the period. We believe these non鈥怗AAP financial measures provide an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with other similar companies. Medical margin represents the amount earned from capitation revenue after medical claims expenses are deducted and medical margin PMPM is defined as medical margin divided by the number of at-risk Medicare members each month divided by the number of months in the period. Medical claims expenses represent costs incurred for medical services provided to our members. As our platform grows and matures over time, we expect medical margin to increase in absolute dollars; however, medical margin PMPM may vary as the percentage of new members brought onto our platform fluctuates. New membership added to the platform is typically dilutive to medical margin PMPM. Adjusted operating expense is defined as total operating expense excluding depreciation and amortization and costs that management believes are non-core to the underlying operations of the Company, consisting of (i) medical expense, (ii) premium deficiency reserves, (iii) equity-based compensation, and (iv) certain other items that we believe are not indicative or our core operating performance. We do not consider these non鈥怗AAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non鈥怗AAP financial measures. In addition, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. The tables at the end of this press release present a reconciliation of Adjusted EBITDA to net income (loss), medical margin to gross profit, and adjusted operating expense to operating expense, which are the most directly comparable financial measures calculated in accordance with GAAP.

Key Performance Metrics

In addition to our GAAP and non-GAAP financial information, the Company also monitors 鈥渁t-risk members鈥� to help us evaluate our business, identify trends affecting our business, formulate business plans and make strategic decisions. At-risk membership represents the approximate number of Medicare members for whom we receive a fixed percentage of premium under capitation arrangements as of the end of a particular period.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipate," "believe," "budget," "contemplate," "continue," "could," "envision," "estimate," "expect," "guidance," "indicate," "intend," "may," "might," "plan," "possibly," "potential," "predict," "probably," "pro-forma," "project," "seek," "should," "target," or "will," or the negative or other variations thereof, and similar words or phrases or comparable terminology, are intended to identify forward-looking statements. These forward-looking statements address various matters, including the Company鈥檚 future expected growth strategy and operating performance; and the Company鈥檚 ability to execute on its identified strategic improvement opportunities, all of which reflect the Company鈥檚 expectations based upon currently available information and data. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected or estimated and you are cautioned not to place undue reliance on these forward-looking statements. 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 outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

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, and if there are material changes to management鈥檚 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 payors; the impact of fluctuations in risk adjustments; our ability to establish and maintain effective internal controls and the impact of material weaknesses we have identified; our ability to maintain the listing of our securities on Nasdaq; increased labor costs and medical expense; our ability to recruit and retain qualified team members and independent physicians; and the factors described under Part I, Item 1A. 鈥淩isk Factors鈥� and Part II, Item 7. 鈥淢anagement鈥檚 Discussion and Analysis of Financial Condition and Results of Operations鈥� in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 28, 2024, and in our subsequent 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.

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View source version on businesswire.com:

Ryan Halsted

Investor Relations

Gilmartin Group

[email protected]

Source: P3 Health Partners Inc.