# EDGAR Filing Document

**Accession Number:** 0001832511
**File Stem:** 0001104659-23-003071
**Filing Date:** 2023-1
**Character Count:** 17835
**Document Hash:** b6520348cd07d951c065dc32618024f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-003071.hdr.sgml**: 20230111

**ACCESSION NUMBER**: 0001104659-23-003071

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230111

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230111

**DATE AS OF CHANGE**: 20230111

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** P3 Health Partners Inc.
- **CENTRAL INDEX KEY:** 0001832511
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-HEALTH SERVICES [8000]
- **IRS NUMBER:** 852992794
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40033
- **FILM NUMBER:** 23523969

**BUSINESS ADDRESS:**
- **STREET 1:** 2045 W GRAND AVE STE B
- **STREET 2:** PMB # 82152
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60612-1577
- **BUSINESS PHONE:** 312-822-8897

**MAIL ADDRESS:**
- **STREET 1:** 2045 W GRAND AVE STE B
- **STREET 2:** PMB # 82152
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60612-1577

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Foresight Acquisition Corp.
- **DATE OF NAME CHANGE:** 20201116

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM 8-K**

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**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): January 11, 2023**

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**P3 Health Partners Inc.**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **001-40033** | **85-2992794** |
| **(State or other jurisdiction** | **(Commission** | **(I.R.S. Employer** |
| **of incorporation)** | **File Number)** | **Identification No.)** |

---

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| | |
|:---|:---|
| **2370 Corporate Circle, Suite 300** |  |
| **Henderson, NV** | **89074** |
| **(Address of principal executive offices)** | **(Zip Code)** |

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**(702) 910-3950**

**(Registrant's telephone number, including area code)**

**Not Applicable**

**(Former name or former address, if changed since last report)**

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Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| <br>**Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange**<br>**on which registered** |
| **Class A Common Stock, par value $0.0001 per share** | **PIII** | **The Nasdaq Stock Market LLC** |
| **Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50.** | **PIIIW** | **The Nasdaq Stock Market LLC** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 2.02. Results of Operations and Financial Condition.**

To the extent information in Item 7.01 of this Current Report on Form 8-K (including Exhibit 99.1) relates to a completed fiscal period, such information is incorporated by reference into this Item 2.02.

**Item 7.01. Regulation FD Disclosure.**

On January 11, 2023, P3 Health Partners Inc. (the "Company") issued a press release reaffirming the full-year 2022 financial guidance that the Company provided in its November 14, 2022 earnings release. The Company has also provided financial guidance and its projected at-risk Medicare Advantage membership for the fiscal year ending December 31, 2023. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The Company previously announced that members of its senior management will participate in the 41st Annual J.P. Morgan Healthcare Conference (the "JPM Conference") on January 11, 2023. The Company expects to present at the JPM Conference at approximately 5:15 PM PT (8:15 PM ET), and the presentation will be available through a live audio webcast. The presentation materials can be found on the investor relations page of the Company's website (ir.p3hp.org), along with instructions for accessing the webcast (as previously provided through a news wire release on January 3, 2023).

The information in Item 2.02 and Item 7.01, including the information contained in Exhibit 99.1 of this Current Report on Form 8-K, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

**Cautionary Note Regarding Forward-Looking Statements**

This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained herein are forward-looking statements. These statements include, but are not limited to, statements about our preliminary results for fiscal year 2022, our expected financial performance, the Company's guidance for fiscal year 2023 and upcoming events and presentations. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict and generally beyond our control. Although management believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, there are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission ("SEC"), and our other filings with the SEC. You are cautioned not to place undue reliance on any forward-looking statements made herein. Any forward-looking statement speaks only as of the date as of which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise.

**Financial Disclosure Advisory**

The preliminary 2022 financial results are estimates and represent the most current information available to the Company's management, as financial closing procedures for the fourth quarter and fiscal year ended December 31, 2022 are not yet complete. The Company expects that its actual results to be reported in its Annual Report on Form 10-K for the year ended December 31, 2022 will not differ materially from the preliminary results, however, these results are subject to change following the completion of year-end accounting procedures and adjustments, including the execution of the Company's internal control over financial reporting, the completion of the preparation and audit of the Company's financial statements and the subsequent occurrence or identification of events prior to the formal issuance of the audited financial statements for fiscal year 2022.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

<u>Exhibit Number</u> <u>Description</u> <br> [99.1](tm233132d1_ex99-1.htm) [Press Release of the Company, dated January 11, 2023](tm233132d1_ex99-1.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **P3 Health Partners Inc.** |
| Date: | January 11, 2023 | By: | /s/ Jessica Puathasnanon |
|  |  |  | Jessica Puathasnanon<br> Chief Legal Officer |

---

## Exhibit 99.1

#### Exhibit 99.1
![](tm233132d1_ex99-1img001.jpg)

**P3 Health Partners Reaffirms Guidance**

**For 2022 and Announces Guidance For 2023**

**Henderson, Nev., January 11, 2023** -- <u>P3 Health Partners Inc</u>. ("P3" or the "Company") (NASDAQ: PIII), a patient-centered and physician-led population health management company, is participating in J.P. Morgan's 41st Annual Healthcare Conference, being held in San Francisco, CA from January 9-12, 2023. In advance of the associated presentation, P3 is reaffirming full-year 2022 financial guidance and announcing financial guidance for the full-year 2023.

&nbsp;&nbsp;&nbsp;&nbsp;· For the full-year 2022, P3 is reaffirming the
revenue guidance range given on the third quarter earnings call of between $1.025 billion and $1.075 billion, representing a 61% to 69%
increase over 2021.

&nbsp;&nbsp;&nbsp;&nbsp;· The at-risk Medicare Advantage membership
is still expected to be greater than 100,000 for the full-year 2022, representing a roughly 35% increase over prior year.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted EBITDA loss is expected to be between
$118 million and $128 million, as previously announced.

&nbsp;&nbsp;&nbsp;&nbsp;· For full-year 2023, the Company's preliminary
guidance is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ At-risk
 Medicare Advantage membership is expected to be in a range of 115,000 to 120,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Revenue
 is expected to be in a range of $1.20 billion to $1.25 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 Company expects that 2023 Adjusted EBITDA loss will be between $40 million and $60 million.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company anticipates that its Adjusted EBITDA
will be positive in 2024.

Dr. Sherif Abdou, P3's Co-Founder and Chief Executive Officer, is scheduled to present on Wednesday, January 11 at 5:15 pm Pacific Time.

A live audio webcast of the presentation is available <u>here</u>. A replay will be available on P3's investor relations webpage (ir.p3hp.org) for 30 days following the presentation. The presentation materials can be found on the Company's investor relations webpage.

**About P3 Health Partners (NASDAQ: PIII):**

P3 Health Partners Inc. 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, P3 has an expansive network of more than 2,500 affiliated primary care providers across the country. Our local teams of health care professionals manage the care of more than 100,000 patients in 15 counties across five states. P3 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 P3 care team creates an enhanced patient experience by navigating, coordinating, and integrating the patient's care within the healthcare system. For more information, visit www.p3hp.org and follow us on @p3healthpartners and Facebook.com/p3healthpartners.

**Non-GAAP Financial Measures**

In addition to the financial results prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), this press release contains certain non-GAAP financial measures as defined by the SEC rules, including Adjusted EBITDA. EBITDA is defined as GAAP net income (loss) before (i) interest expense, (ii) income taxes and (iii) depreciation and amortization. Adjusted EBITDA is defined as EBITDA, further adjusted to add back the effect of certain expenses, such as (iv) mark-to-market warrant expense, (v) premium deficiency reserves, (vi) stock-based compensation expense, (vii) goodwill impairment, (viii) transaction expenses, (ix) transaction bonuses, (x) transaction related litigation expense and (xi) restatement related costs. We believe these non-GAAP financial measures provide an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with other similar companies. We do not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In addition, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.

The Company is not able to provide a quantitative reconciliation of its full-year 2022 and 2023 Adjusted EBITDA guidance to net income (loss), the most directly comparable GAAP measure, and has not provided forward-looking guidance for net income (loss) because of the uncertainty around certain items that may impact net income (loss) that are not within our control or cannot be reasonably predicted without unreasonable effort.

**Cautionary Note Regarding Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. Words such as "anticipate," "believe," "budget," "contemplate," "continue," "could," "envision," "estimate," "expect," "guidance," "indicate," "intend," "may," "might," "plan," "possibly," "potential," "predict," "probably," "pro-forma," "project," "seek," "should," "target," or "will," or the negative or other variations thereof, and similar words or phrases or comparable terminology, are intended to identify forward-looking statements. These forward-looking statements address various matters, including the Company's future expected growth strategy and operating performance, anticipated results for the full fiscal year 2022, the Company's outlook as to revenue, at-risk Medicare Advantage membership and Adjusted EBITDA loss for the full-year 2023; and our expectation to achieve Adjusted EBITDA profitability in 2024, all of which reflect the Company's expectations based upon currently available information and data. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected or estimated and you are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to our services; our ability to continue our growth and expand our operations; changes in laws and regulations applicable to our business; our ability to maintain our relationships with health plans and other key payers; the impact of COVID-19, including the impact of new variants of the virus, or another pandemic, epidemic or outbreak of infectious disease on our business and results of operation; increased labor costs; our ability to recruit and retain qualified team members and independent physicians; and other factors discussed in Part I, Item 1A. "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on October 21, 2022, as updated by the Company's other filings with the SEC. All information in this press release is as of the date hereof, and we undertake no duty to update or revise this information unless required by law. You are cautioned not to place undue reliance on any forward-looking statements contained in this press release.

**Contacts:**

Karen Blomquist<br> Vice President, Investor Relations<br> P3 Health Partners<br> <u>kblomquist@p3hp.org</u>

Kassi Belz<br> Executive Vice President, Communications<br> P3 Health Partners<br> <u>kbelz@p3hp.org</u>

Steve Halper

Managing Director

LifeSci Advisors

<u>shalper@lifesciadvisors.com</u>