HENDERSON, Nev. - P3 Health Partners Inc. (NASDAQ: PIII), a physician-led population health management company, has scheduled its fourth quarter and full year 2023 earnings release for March 28, 2024. The company will host a conference call at 4:30 pm Eastern Time on the same day to discuss the results and current business outlook.
The company has reaffirmed its guidance for the year 2024, citing stable early-year utilization trends and confidence in their medical expense estimates. P3 Health observed a modest increase in medical costs for December 2023, but reported a return to normal levels by January 2024. Membership growth was also noted, with an increase to approximately 121,000 Medicare risk members, up from 108,900 at the end of 2023.
P3 Health began 2024 with around $40 million in cash and is in the process of securing an additional $25 million in debt capital to support projected growth and general corporate functions. This is expected to bring the company's cash balance to approximately $55 million post-financing, which is anticipated to close between late March and early April 2024.
The reaffirmed 2024 guidance includes a Medicare Advantage membership target between 125,000 and 135,000, revenue projections ranging from $1.45 billion to $1.55 billion, and a medical margin forecast between $230 million and $250 million. Additionally, the company expects an Adjusted EBITDA of $20 million to $40 million for the full year.
P3 Health Partners operates an extensive network of over 2,750 affiliated primary care providers and manages patient care in 18 counties across five states.
This news article is based on a press release statement from P3 Health Partners Inc.
InvestingPro Insights
In anticipation of P3 Health Partners Inc.'s (NASDAQ: PIII) earnings release, InvestingPro provides key insights and data that can help investors better understand the company's financial health and market position. As the company displays confidence in its yearly guidance, a deeper look into its performance metrics and market valuation can offer a more nuanced perspective.
InvestingPro Data shows a market capitalization of $247.34 million, which indicates the company's size and market value within the healthcare management sector. Despite a notable 20.6% revenue growth in the last twelve months as of Q3 2023, P3 Health is grappling with a challenging profitability landscape. The company's gross profit margin stands at a low 3.52%, and it has reported an operating income margin of -15.01%, suggesting operational inefficiencies that may be of concern to investors.
An InvestingPro Tip points out that P3 Health's stock has taken a considerable hit over the last week, with a -35.75% price total return, which could be indicative of market sentiment and recent performance issues. Moreover, the company's short-term obligations exceeding its liquid assets may raise questions about its financial agility in the near term.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips on PIII, which can be found at https://www.investing.com/pro/PIII. These insights include observations on the company's cash burn rate, debt levels, and lack of profitability over the last twelve months, among others. There are 11 more InvestingPro Tips available that could further guide investment decisions.
For those interested in the full suite of analytical tools and tips, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. This promotion offers a valuable opportunity for investors to access in-depth analyses and make informed decisions based on real-time data and expert insights.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.