P3 Health Partners Announces Fourth Quarter and Full Year 2024 Results
Revenue increased 18% year-over-year to $1.50 billion
Affirming 2025 guidance
Management to Host Conference Call and Webcast [March 27, 2025] at 4:30 PM ET
HENDERSON, Nev.--(BUSINESS WIRE)--March 27, 2025--
P3 Health Partners Inc. ("P3" or the "Company") $(PIII)$, a patient- centered and physician-led population health management company, today announced its financial results for the fourth quarter and full year ended December 31, 2024, and affirmed its 2025 guidance.
"Our business model remains fundamentally strong as we continue to deliver member and top-line growth, quality outcomes, and provider retention," said Aric Coffman, CEO of P3. "With the $130M+ in identified programmatic opportunities advancing our path to financial sustainability, we remain committed to enabling our payor and provider partners to drive high quality, cost-efficient care and long-term market growth."
Fourth Quarter 2024 Financial Results
-- Total revenue was $370.7 million, an increase of 7% compared to $346.9
million in the fourth quarter of the prior year
-- Capitated revenue was $367.5 million, an increase of 7% compared to
$342.8 million in the fourth quarter of the prior year
-- Gross profit was a loss of $39.5 million, as compared to negative $20.8
million in the fourth quarter of the prior year. Gross profit PMPM was a
loss of $103, as compared to a loss of $65 in the fourth quarter of the
prior year
-- Medical margin(1) was $7.3 million compared to $9.1 million in the prior
year. Medical margin PMPM(1) was $19 compared to a medical margin PMPM of
$28 in the prior year
-- Net loss was $129.1 million compared to a net loss of $69.1 million in
the fourth quarter of the prior year. Net loss PMPM was $335 compared to
a net loss PMPM of $220 in the prior year
-- Adjusted EBITDA loss(1) was $67.6 million compared to $44.3 million in
the fourth quarter of the prior year. Adjusted EBITDA loss PMPM(1) was
$175 compared to Adjusted EBITDA loss PMPM of $138 in the fourth quarter
of the prior year
Full-Year 2024 Financial Results
-- At-risk membership of 123,800, an increase of approximately 14% compared
to 108,900 in the prior year(2)
-- Total revenue was $1.50 billion, an increase of 18% compared to $1.27
billion in the prior year
-- Capitated revenue was $1.48 billion, an increase of 18% compared to $1.25
billion in the prior year
-- Gross profit was a loss of $58.9 million, as compared to positive $31.6
million in the prior year. Gross profit PMPM was a loss of $52, compared
to a positive $25 PMPM in the prior year
-- Medical margin(1) was $85.5 million, an decrease of 37% compared to
$135.1 million in the prior year. Medical margin PMPM(1) was $75, a
decrease of 48% compared to a medical margin PMPM of $108 in the prior
year
-- Net loss was $310.4 million compared to a net loss of $186.4 million in
the prior year
-- Adjusted EBITDA loss(1) was $167.2 million compared to an Adjusted EBITDA
loss(1) of $85.5 million in the prior year. Adjusted EBITDA loss PMPM(1)
was $147 compared to Adjusted EBITDA loss PMPM(1) of $68 in the prior
year
Fiscal 2025 Guidance
Year Ended December 31, 2025
------------------------------
Low High
-------------- --------------
At-risk Members 109,000 119,000
Total Revenues (in millions) $1,350 $1,500
Medical Margin(1)(3) (in millions) $174 $210
Medical Margin(3) PMPM $133 $147
Adjusted EBITDA(3) (in millions) $(35) $5
(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, if applicable, and more information regarding
the Company's use of non-GAAP financial measures, please see the
section titled "Non-GAAP Financial Measures."
(2) See "Key Performance Metrics" for additional information on how the
Company defines "at-risk members."
(3) The Company is not able to provide a quantitative reconciliation of
guidance for Adjusted EBITDA, 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), 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.
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 "Cautionary Note Regarding Forward-Looking Statements" included in this release. Management does not assume any obligation to update these estimates.
Management to Host Conference Call and Webcast on [March 27, 2025] at 4:30 PM ET
Title & Webcast P3 Health Fourth Quarter and Full Year 2024 Earnings
Conference Call
----------------------- -----------------------------------------------------
Date & Time March 27, 2025, 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 at ir.p3hp.org website in advance of the
conference call. An archived recording of the webcast will be available at
ir.p3hp.org for a period of 90 days following the conference call.
------------------------------------------------------------------------------
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 3,100 affiliated primary care providers across the country. Our local teams of health care professionals manage the care of thousands of patients in 27 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 @p3healthpartners and Facebook.com/p3healthpartners.
Non-GAAP Financial Measures
In addition to the financial results prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"), this press release contains certain non-GAAP financial measures as defined by the SEC rules, including Adjusted EBITDA and Adjusted EBITDA PMPM, medical margin, and medical margin PMPM. 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-GAAP 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 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. We do not consider these non-GAAP 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-GAAP 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) and Adjusted EBITDA PMPM to net income (loss) PMPM, medical margin to gross profit, and medical margin PMPM to gross profit PMPM, 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 "at-risk members" 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's future expected growth strategy and operating performance; and the Company's ability to execute on its identified strategic improvement opportunities, all of which reflect the Company's 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'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 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. "Risk Factors" and Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on [March 27, 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.
P3 HEALTH PARTNERS INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)
December 31, 2024 December 31, 2023
------------------- ---------------------
ASSETS
-------------------------------
CURRENT ASSETS:
Cash $ 38,816 $ 36,320
Restricted cash 5,286 4,614
Health plan receivable, net
of allowance for credit
losses of $150 121,266 118,497
Clinic fees, insurance and
other receivable 3,947 2,973
Prepaid expenses and other
current assets 14,422 3,613
Assets held for sale 403 --
--------------- --------------
TOTAL CURRENT ASSETS 184,140 166,017
Property and equipment, net 5,734 8,686
Intangible assets, net 574,350 666,733
Other long-term assets 19,196 19,531
--------------- --------------
TOTAL ASSETS (1) $ 783,420 $ 860,967
----------------------------------------------------
LIABILITIES, MEZZANINE EQUITY,
AND STOCKHOLDERS' EQUITY
-------------------------------
CURRENT LIABILITIES:
Accounts payable $ 8,442 $ 8,663
Accrued expenses and other
current liabilities 29,416 36,884
Accrued payroll 2,722 3,506
Health plan settlements
payable 55,565 34,992
Claims payable 255,089 178,009
Premium deficiency reserve 67,368 13,670
Accrued interest 12,460 23,648
Current portion of long-term
debt 65,000 --
Short-term debt -- --
Liabilities held for sale 353 --
--------------- --------------
TOTAL CURRENT LIABILITIES 496,415 299,372
Operating lease liability 11,339 13,622
Warrant liabilities 10,312 1,085
Contingent consideration -- 4,907
Long-term debt, net 89,824 108,319
Other Long-Term Liabilities 26,001 --
--------------- --------------
TOTAL LIABILITIES (1) 633,891 427,305
--------------- --------------
COMMITMENTS AND CONTINGENCIES
(Note 13)
MEZZANINE EQUITY:
Redeemable non-controlling
interest 73,593 291,532
STOCKHOLDERS' EQUITY:
Class A common stock,
$0.0001 par value; 800,000
shares authorized; 162,870
and 116,588 shares issued
and outstanding as of
December 31, 2024 and 2023,
respectively 16 12
Class V common stock,
$0.0001 par value; 205,000
shares authorized; 195,957
and 196,569 shares issued
and outstanding as of
December 31, 2024 and 2023,
respectively 20 20
Additional paid in capital 579,093 509,442
Accumulated deficit (503,193) (367,344)
--------------- --------------
TOTAL STOCKHOLDERS' EQUITY 75,936 142,130
--------------- --------------
TOTAL LIABILITIES, MEZZANINE
EQUITY, AND STOCKHOLDERS'
EQUITY $ 783,420 $ 860,967
(1) The Company's consolidated balance sheets include the assets and
liabilities of its consolidated variable interest entities ("VIEs"). As
discussed in Note 20 "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 consolidated balance sheets include
total assets that can be used only to settle obligations of P3 LLC's
consolidated VIEs totaling $9.3 million and $8.6 million as of December
31, 2024 and 2023, respectively, and total liabilities of P3 LLC's
consolidated VIEs for which creditors do not have recourse to the
general credit of the Company totaled $14.9 million and $13.6 million
as of December 31, 2024 and 2023, respectively. These VIE assets and
liabilities do not include $40.3 million and $44.2 million of net
amounts due to affiliates as of December 31, 2024 and 2023,
respectively, as these are eliminated in consolidation and not
presented within the consolidated balance sheets.
P3 HEALTH PARTNERS INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
December 31, Year Ended December 31,
--------------------- --------------------------
2024 2023 2024 2023
-------- ------- --------- ---------
OPERATING REVENUE:
Capitated
revenue $ 367,456 $342,836 $1,483,602 $1,252,309
Other patient
service
revenue 3,230 4,025 16,853 14,066
-------- ------- --------- ---------
TOTAL OPERATING
REVENUE 370,686 346,861 1,500,455 1,266,375
-------- ------- --------- ---------
OPERATING EXPENSE:
Medical expense 410,224 367,679 1,559,372 1,234,740
Premium
deficiency
reserve 37,927 (3,344 ) 53,698 (12,705)
Corporate,
general and
administrative
expense 31,366 24,431 112,596 122,362
Sales and
marketing
expense 461 721 1,331 3,233
Depreciation
and
amortization 21,153 21,634 86,058 86,675
Impairment of
Assets Held
for Sale 8,058 -- 8,058 --
-------- ------- --------- ---------
TOTAL OPERATING
EXPENSE 509,189 411,121 1,821,113 1,434,305
-------- ------- --------- ---------
OPERATING LOSS (138,503) (64,260) (320,658) (167,930)
OTHER INCOME
(EXPENSE):
Interest
expense, net (6,834) (4,046 ) (22,173) (15,985)
Mark-to-market
of stock
warrants 7,488 760 22,114 433
Other 384 206 1,457 (249)
Gain on asset
sale, net 13,269 -- 13,269 --
-------- ------- --------- ---------
TOTAL OTHER
(EXPENSE)
INCOME 14,307 (3,080 ) 14,667 (15,801)
-------- ------- --------- ---------
LOSS BEFORE INCOME
TAXES (124,196) (67,340) (305,991) (183,731)
PROVISION FOR
INCOME TAXES (4,952) (1,767 ) (4,387) (2,695)
-------- ------- --------- ---------
NET LOSS (129,148) (69,107) (310,378) (186,426)
LESS: NET LOSS
ATTRIBUTABLE TO
REDEEMABLE NON- (70,531) (43,645) (174,529) (128,653)
-------- ------- --------- ---------
NET LOSS
ATTRIBUTABLE TO
CONTROLLING
INTEREST $ (58,617) $(25,462) $ (135,849) $ (57,773)
-------- ------- --------- ---------
NET LOSS PER SHARE
(Note 16):
Basic (0.36) (0.22 ) (0.94) (0.61)
Diluted (0.36) (0.22 ) (1.08) (0.63)
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING (Note
16):
Basic 162,634 115,303 145,175 94,889
Diluted 162,634 115,303 146,998 294,590
P3 HEALTH PARTNERS INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Year Ended December 31,
-----------------------------
2024 2023
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
-----------------------------------------
Net loss $ (310,378) $ (186,426)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 86,058 86,675
Equity-based compensation 5,752 5,979
Amortization of original issue
discount and debt issuance costs 87 472
Accretion of contingent consideration -- 113
Gain on write off of contingent
consideration (4,907) --
Gain on asset sale (13,269) --
Impairment of assets held for sale 8,058 --
Mark-to-market adjustment of stock
warrants (22,114) (433)
Premium deficiency reserve 53,698 (12,705)
Changes in operating assets and
liabilities:
Health plan receivable (2,769) (46,555)
Clinic fees, insurance, and other
receivable (990) 4,560
Prepaid expenses and other current
assets (10,834) (1,243)
Other long-term assets (43) (58)
Accounts payable, accrued expenses,
and other current liabilities (8,101) 15,988
Accrued payroll (784) 282
Health plan settlements payable 20,573 21,384
Claims payable 77,080 26,802
Accrued interest 7,895 9,587
Other long-term liabilities 5,897 --
Deferred income taxes (1,090) --
Operating lease liability 53 $(450.UK)$
--------- ---------
Net cash used in operating activities (110,128) (76,028)
CASH FLOWS FROM INVESTING ACTIVITIES:
-----------------------------------------
Purchases of property and equipment -- (1,827)
Proceeds from asset sale 14,525 --
--------- ---------
Net cash provided by (used in)
investing activities 14,525 (1,827)
CASH FLOWS FROM FINANCING ACTIVITIES:
-----------------------------------------
Proceeds from long-term debt, net of
original issue discount 88,057 14,101
Payment of debt issuance costs (103) (173)
Proceeds from liability-classified
warrants and private placement
offering, net of offering costs paid 40,496 86,595
Proceeds from at-the-market sales, net
of offering costs paid 33 --
Deferred offering costs paid (507) (175)
Payment of tax withholdings upon
settlement of restricted stock unit
awards (103) (16)
Repayment of short-term and long-term
debt (30,973) --
Proceeds from short-term debt 1,871 --
--------- ---------
Net cash provided by financing activities 98,771 100,332
--------- ---------
Net change in cash and restricted cash 3,168 22,477
Cash and restricted cash, beginning of
year 40,934 18,457
--------- ---------
Cash and restricted cash, end of year $ 44,102 $ 40,934
P3 HEALTH PARTNERS INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(in thousands)
Year Ended December 31,
-----------------------------
2024 2023
--------- ---------
Supplemental disclosures of cash flow
information:
Cash paid for interest $ 14,191 $ 5,813
Cash paid for income taxes $ 5,477 $ 567
Supplemental disclosures of non-cash
investing and financing information:
Operating lease liabilities arising
from obtaining new right-of-use
assets $ 617 $ 7,222
Operating lease liabilities and
right-of-use assets reduced due to
lease modification or termination $ (92) $ --
Increase in accrued expenses related
to debt issuance costs and original
issue discount $ 307 $ 212
Increase in accounts payable related
to private placement offering costs $ 686 $ 12
Increase in accounts payable related
to at-the-market offering costs $ -- $ 19
Increase in accrued expenses related
to at-the-market offering costs $ -- $ 206
Increase in other receivable related
to at-the-market sales proceeds $ -- $ 33
Restricted stock unit awards issued in
satisfaction of executive transaction
bonuses $ -- $ 5,000
Remeasurement adjustment to redeemable
noncontrolling interest resulting
from ownership changes $ (22,831) $ (117,860)
Fair value adjustment to redeemable
noncontrolling interest $ (20,579) $ 20,579
Warrants issued in connection with new
debt $ 12,127 $ --
Reconciliation of cash and restricted
cash:
Cash $ 38,816 $ 36,320
Restricted cash 5,286 4,614
Total cash and restricted cash $ 44,102 $ 40,934
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA LOSS
(in thousands, except PMPM)
(unaudited)
Three Months Ended
December 31, Year Ended December 31,
--------------------- ------------------------
2024 2023 2024 2023
-------- ------- -------- ------------
Net loss $(129,148) $(69,107) $(310,378) $(186,426)
Interest
expense, net 6,834 4,046 22,173 15,985
Depreciation
and
amortization 21,153 21,634 86,058 86,675
Income tax
(benefit)
provision 4,952 1,767 4,387 2,695
Mark-to-market
of stock
warrants (7,488) (760) (22,114) (433)
Premium
deficiency
reserve 37,927 (3,344) 53,698 (12,705)
Equity-based
compensation 721 1,720 5,752 5,979
Other(1) (2,533) (212) (6,775) 2,656
Transaction and
other related
costs(2) -- -- -- 70
-------- ------- -------- --------
Adjusted EBITDA
loss $ (67,582) $(44,256) $(167,199) $ (85,504)
======== ======= ======== ========
Adjusted EBITDA
loss PMPM $ (175) $ (138) $ (147) $ (68)
_____________________________________________
(1) Other during the year ended December 31, 2024 consisted of (i) interest
income, (ii) gain recognized upon the settlement and write-off of
contingent consideration related to an acquisition completed in a prior
year and (iii) gain recognized on asset sale partially offset by (iv)
severance and related expense in connection with our chief executive
officer transition (v) loss on impairment on assets held for sale, and
(vi) valuation allowance on our notes receivable. Other during the year
ended December 31, 2023 consisted of (i) interest income offset by (ii)
cybersecurity incident loss, (iii) restructuring and other charges,
including severance and benefits paid to employees pursuant to
workforce reduction plans, (iv) the disposition of our Pahrump
operations, (v) expenses for third-party consultants to assist us with
the development, implementation, and documentation of new and enhanced
internal controls and processes for compliance with Sarbanes-Oxley
Section 404(b), (vi) a legal settlement outside of the ordinary course
of business, and (vii) valuation allowance on our notes receivable.
(2) Transaction and other related costs during the year ended December 31,
2023 consisted of legal fees incurred related to acquisition-related
litigation.
MEDICAL MARGIN
(in thousands, except PMPM)
(unaudited)
Three Months Ended
December 31, Year Ended December 31,
---------------------- ----------------------------
2024 2023 2024 2023
-------- -------- ---------- ----------
Capitated
revenue $ 367,456 $ 342,836 $ 1,483,602 $ 1,252,309
Less:
medical
claims
expense (360,178) (333,761) (1,398,143) (1,117,258)
-------- -------- ---------- ----------
Medical
margin $ 7,278 $ 9,075 $ 85,459 $ 135,051
======== ======== ========== ==========
Medical
margin
PMPM $ 19 $ 28 $ 75 $ 108
RECONCILIATION OF GROSS PROFIT (LOSS) TO MEDICAL MARGIN
(in thousands)
Three Months Ended
December 31, Year Ended December 31,
-------------------------- ----------------------------
2024 2023 2024 2023
------- ------- ------- -------
Gross
profit
(loss) $ (39,538) $(20,818) $ (58,917) $ 31,635
Other
patient
service
revenue (3,230) (4,025) (16,853) (14,066)
Other
medical
expense 50,046 33,918 161,229 117,482
------- ------- ------- -------
Medical
margin $ 7,278 $ 9,075 $ 85,459 $135,051
======= ======= ======= =======
RECONCILIATION OF TOTAL OPERATING EXPENSE TO ADJUSTED OPERATING
EXPENSE
(in thousands)
(unaudited)
Three Months Ended
December 31, Year Ended December 31,
---------------------- ----------------------------
2024 2023 2024 2023
-------- -------- ---------- ----------
Total
operating
expense $ 509,189 $ 411,121 $ 1,821,113 $ 1,434,305
Medical
expense (410,224) (367,679) (1,559,372) (1,234,740)
Depreciation
and
amortization (21,153) (21,634) (86,058) (86,675)
Premium
deficiency
reserve (37,927) 3,344 (53,698) 12,705
Equity-based
compensation (721) (1,720) (5,752) (5,979)
Other 2,533 212 6,775 (2,656)
Transaction
and other
related
costs -- -- -- (70)
-------- -------- ---------- ----------
Adjusted
operating
expense $ 41,697 $ 23,644 $ 123,008 $ 116,890
======== ======== ========== ==========
View source version on businesswire.com: https://www.businesswire.com/news/home/20250327770787/en/
CONTACT: Ryan Halsted
Investor Relations
Gilmartin Group
ir@p3hp.org
(END) Dow Jones Newswires
March 27, 2025 16:22 ET (20:22 GMT)
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