NASDAQ$PIII
P3 Health Partners Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
P3 Health experienced solid improvement across all key metrics, demonstrating the power and trajectory of the P3 model.
P3 Health Partners reported a 21.9% increase in capitated revenue, reaching $325.6 million, and a significant reduction in net loss to $27.6 million compared to the prior year. The company's adjusted EBITDA improved to $0.2 million, and gross profit increased to $26.8 million, reflecting the effectiveness of P3's model and increasing membership maturity.
- Capitated revenue increased by 21.9% to $325.6 million.
- Net loss decreased significantly to $27.6 million, compared to $903.1 million in the prior year.
- Adjusted EBITDA improved to $0.2 million, compared to a loss of $28.7 million in the prior year.
- Gross profit increased to $26.8 million, an improvement of $24.8 million compared to prior year.
Headline financials
Revenue & EPS history
P3 Health · Revenue · Quarterly
$329M
Revenue by segment
P3 Health · $386M total across 2 segments · Q1 2026
- Capitated Revenue$379M—98.2%
- Other Revenue$6.89M—1.8%
Forward guidance
P3 Health Partners provided full-year 2023 guidance, projecting total revenues between $1.2 billion and $1.25 billion, medical margin between $155 million and $175 million, medical margin PMPM between $120 and $130, and an adjusted EBITDA loss between $50 million and $30 million.
Tailwinds
- Total Revenues (in millions): $1,200 - $1,250
- Medical margin (in millions): $155 - $175
- Medical margin PMPM: $120 - $130
Headwinds
- Adjusted EBITDA Loss (in millions): $(50) - $(30)
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q2 2023
-3.8%
Avg return
Earnings day
+2.0%
Avg return
5 days after
-15.6%
Avg return
30 days after
37%
7 / 19 earnings
Positive
+11.2%
Q1 2026
Best reaction
-36.8%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +11.2% | +194.4% | — | |
| Q4 2026 | +0.7% | -1.8% | -5.4% | |
| Q3 2025 | +0.4% | -12.6% | -25.9% | |
| Q2 2025 | -2.5% | +5.4% | +23.9% | |
| Q1 2025 | -0.6% | -5.9% | -19.5% | |
| Q4 2024 | -4.5% | +1.1% | -1.2% | |
| Q3 2024 | -36.8% | -42.2% | -46.0% | |
| Q2 2024 | -2.5% | -8.7% | -24.1% | |
| Q1 2024 | +2.6% | -11.8% | -21.6% | |
| Q4 2023 | -13.3% | -22.4% | -56.3% | |
| Q4 2021 | +3.1% | -7.6% | -12.2% | |
| Q3 2023 | -2.1% | -8.8% | -19.0% | |
| Q2 2023 | +0.9% | -10.8% | -5.0% | |
| Q4 2022 | -5.9% | -12.7% | +15.5% | |
| Q3 2022 | -11.8% | -19.7% | -33.5% | |
| Q1 2022 | -5.9% | +2.1% | -16.8% | |
| Q2 2022 | -4.1% | +0.6% | -14.0% | |
| Q3 2021 | +0.1% | +0.3% | -19.9% | |
| Q2 2021 | -0.7% | -0.2% | +0.3% |
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