Company: PIII
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001832511-25-000013
Chunk: 128

Company: P3 Health Partners Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 128
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 months ended June 30, 2025, an increase of $2.6 million, or 76%, compared to a benefit of $3.4 million for the three months ended June 30, 2024. The change was due to management’s assessment of the profitability of contracts, wherein increased medical expense is expected to increase our future losses.

Corporate, General and Administrative Expense

Three Months Ended June 30,Change20252024Amount%(dollars in thousands)Corporate, general and administrative expense$23,295 $26,610 $(3,315)(12)%

Corporate, general and administrative expense was $23.3 million for the three months ended June 30, 2025, a decrease of $3.3 million, or 12%, compared to $26.6 million for the three months ended June 30, 2024. The decrease was primarily driven by a decrease in salary and related expense resulting from a reduction in head count and sale of the Company’s Florida operations.

Comparison of the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024 

Revenue

Six Months Ended June 30,Change20252024Amount%(dollars in thousands)Capitated revenue$721,241 $758,440 $(37,199)(5)%Other patient service revenue7,772 9,205 (1,433)(16)%Total operating revenue$729,013 $767,645 $(38,632)(5)%

Capitated revenue was $721.2 million for the six months ended June 30, 2025, a decrease of $37.2 million, or 5%, compared to $758.4 million for the six months ended June 30, 2024. This decrease was primarily driven by an 11% decrease in the total number of at-risk members from 128,100 at June 30, 2024 to 114,100 at June 30, 2025, which was primarily due to 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 six months ended June 30, 2025 and 2024.

P3 Health Partners Inc. | Q2 2025 Form 10-Q | 33

Other patient service revenue was $7.8 million for the six months ended June 30, 2025,