Illinois News Desk

– Health Management Network of Over 2,600 Affiliated Primary Care Providers Across the USA. 

– Currently Serving Over 100,000 Patients in 18 Counties Across Five States.

– PIII Care Team Creates an Enhanced Patient Experience by Navigating, Coordinating and Integrating Care within the Healthcare System.  

– YTD Total Revenue Growth of 16%

– Continued Strong Performance Across Markets, Re-Affirming 2023 Guidance.

– 2024 Full-Year Adjusted EBITDA Guidance of +$20 Million to +$40 Million. 

– Significant Insider Buying of 270,000 PIII Shares by 10% Holder Chicago Pacific Founders UGP III, LLC in September. 

P3 Health Partners, Inc. (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, PIII has an expansive network of more than 2,600 affiliated primary care providers across the country. PIII local teams of health care professionals manage the care of thousands of patients in 18 counties across five states. 

PIII 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 PIII care team creates an enhanced patient experience by navigating, coordinating, and integrating the patient’s care within the healthcare system.  

PIII Announces Third-Quarter and Year-to-Date 2023 Results

On November 8th PIII announced its financial results for the third quarter ended September 30, 2023. Dr. Sherif Abdou, CEO of PIII stated, “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 $8 million for the quarter. We are re-affirming our existing full-year 2023 guidance and providing preliminary 2024 full-year Adjusted EBITDA guidance of $20 million to $40 million.” 

PIII Third-Quarter 2023 Financial Results

Total revenue was $288.4 million, an increase of 16% compared to $248.3 million in the third quarter of the prior year. Net loss was $37.3 million, an increase of approximately 43% compared to a net loss of $65.3 million in the third quarter of the prior year. Net loss PMPM was $119 compared to a net loss PMPM of $218 the third quarter of the prior year

Adjusted EBITDA loss was $22.3 million, compared to an Adjusted EBITDA loss of $40.3 million in the third quarter of the prior year. Adjusted EBITDA PMPM was a loss of $71, compared to an Adjusted EBITDA loss PMPM of $135 in the third quarter of the prior year

Gross profit was $9.1 million, as compared to negative $6.5 million in the prior year. Gross profit PMPM was $29, compared to a loss of $22 PMPM in the prior year

Medical margin was $36.2 million, an increase of 306.1% compared to $8.9 million in the third quarter of the prior year. Medical margin PMPM was $115, an increase of 286.3% compared to a medical margin PMPM of $30 in the prior year

PIII Year-to-Date 2023 Financial Results

Total revenue was $919.5 million, an increase of 16% compared to $791.3 million in the same period in the prior year. Net loss was $117.3 million, compared to a net loss of $1,029.2 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 $851 million. Net loss PMPM was $126 compared to a net loss PMPM of $1,148 in the same period of the prior year

Adjusted EBITDA loss was $41.2 million, compared to an Adjusted EBITDA loss of $87.9 million in the same period of the prior year. Adjusted EBITDA PMPM loss was $44, compared to an Adjusted EBITDA loss of $98 PMPM in the same period of the prior year

Gross profit was $52.5 million, compared to $3.2 million in the same period of the prior year. Gross profit PMPM was $56, compared to $4 in the same period of the prior year

Medical margin was $126.0 million, an increase of 127.0% compared to $55.5 million in the same period of the prior year. Medical margin PMPM(1) was $135, an increase of 118.1% compared to a medical margin PMPM of $62 in the same period of the prior year.

PIII management also held an investor conference call to discuss the positive Q3 results. An archived recording of the webcast will be available on the Investor page of PIII website for a period of 90 days from November 8th (ir.p3hp.org).

Chicago Pacific Founders UGP III, LLC Buys 270,000 Shares of PIII

On September 13, 2023, Chicago Pacific Founders UGP III, LLC, a 10% owner of PIII made a significant insider purchase of 270,000 PIII common shares. This move is noteworthy as insider buying often signals confidence in the company’s future prospects.

Chicago Pacific Founders UGP III, LLC is a private equity firm specializing in investments in the healthcare sector. The firm has a strong track record of identifying high-potential companies and helping them grow. Their investment in PIII further solidifies their belief in the company’s potential.

Over the past year, the insider has purchased a total of 2,282,103 shares of PIII and sold 0 shares. This trend of consistent buying indicates a strong belief in the future growth potential of PIII. The insider transaction history for PIII shows a total of 13 insider buys over the past year, with no insider sells. This trend suggests that insiders at the company are bullish about its future prospects.

On the day of the insider’s recent buy, shares of PIII were trading for $2.54 apiece. This gives the stock a market cap of $287.908 million. Despite the relatively small market cap, the consistent insider buying suggests that the company may be undervalued.

Insider buying is often seen as a positive signal by investors, as it suggests that those with the most insight into the company’s operations see value in the stock. In the case of PIII the consistent buying by Chicago Pacific Founders UGP III, LLC suggests that the insider sees significant upside potential in the stock.

For more information on PIII visit www.p3hp.org and follow PIII on @p3healthpartners and Facebook.com/p3healthpartners

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Media Contact
Company Name: P3 Health Partners, Inc
Contact Person: Dr. Sherif Abdou, CEO
Email: Send Email
Phone: (702) 910-3950
City: Henderson
State: Nevada
Country: United States
Website: https://p3hp.org/