Company: PIII
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-026021
Chunk: 91

Company: P3 Health Partners Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 91
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 net(8,725)(2)(4,256)(1)Mark-to-market of stock warrants3,322 1 216 0 Other318 0 337 0 Total other income (expense)(5,085)(1)(3,703)(1)Loss before income taxes(43,173)(12)(47,534)(12)Income tax provision (expense)(1,073)(0)(2,072)(1)Net loss(44,246)(12)(49,606)(13)Net loss attributable to redeemable non-controlling interest(23,766)(6)(30,906)(8)Net loss attributable to controlling interest$(20,480)(5)%$(18,700)(5)%

Comparison of the Three Months Ended March 31, 2025 and 2024

Revenue

Three Months Ended March 31,Change20252024Amount%(dollars in thousands)Capitated revenue$369,517 $384,134 $(14,617)(4)%Other patient service revenue3,708 4,354 (646)(15)%Total operating revenue$373,225 $388,488 $(15,263)(4)%

Capitated revenue was $369.5 million for the three months ended March 31, 2025, a decrease of $14.6 million, or 4%, compared to $384.1 million for the three months ended March 31, 2024. This decrease was primarily driven by a 9% decrease in the total number of at-risk members from 126,800 at March 31, 2024 to 115,500 at March 31, 2025 driven by the strategic termination of underperforming payor contracts and affiliate providers in the current year. Capitated revenue was approximately 99% of total operating revenue for each of the three months ended March 31, 2025 and 2024.

Other patient service revenue was $3.7 million for the three months ended March 31, 2025, a decrease of $0.6 million, or 15%, compared to $4.4 million for the three months ended March 31, 2024. Other patient service revenue was approximately 1% of total operating revenue for each of the three months ended March 31, 2025 and 2024.

P3 Health Partners Inc. | Q1 2025 Form 10-Q | 30

Medical Expense

Three Months Ended