---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-017225"
form_type: "8-K"
ticker: "PIII"
cik: "0001832511"
company_name: "P3 Health Partners Inc."
filed_at: "2023-05-10T23:59:59+00:00"
generated_at: "2026-06-15T06:59:46.818656+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# P3 Q1 capitated revenue up 11%; net loss improves 14%; medical margin surges 58%

## Summary
- Capitated revenue $298.7M (+11% YoY); net loss $52.4M, improved from $60.8M in Q1 2022.
- Medical margin $39.2M (13.1% of capitated revenue), up 58% YoY; network contribution $16.5M (+114%).
- Adjusted EBITDA loss $19.1M; full-year guidance raised to loss $35-55M from prior expectations.
- FY 2023 guidance: revenue $1.2-1.25B, medical margin $155-175M, members 115k-120k.

## SEC filing metadata
- accession: 0001628280-23-017225
- form_type: 8-K
- ticker: PIII
- cik: 0001832511
- company_name: P3 Health Partners Inc.
- filed_at: 2023-05-10T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1832511/000162828023017225/0001628280-23-017225-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832511/000162828023017225/piii-20230510.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-017225
- JSON: https://secwatch.observer/filing/0001628280-23-017225.json
- Plain text: https://secwatch.observer/filing/0001628280-23-017225.txt

## Key facts
- Earnings Releases
  P3 Health Partners Inc. reported the first quarter ended March 31, 2023 results: revenue $298.7 million, net income $52.4 million.
  - Period: the first quarter ended March 31, 2023
  - Revenue: $298.7 million
  - Net income: $52.4 million
  - Result: reported results
  source text: a model where we believe the patient, providers, payors and ultimately our shareholders win,” Dr. Abdou concluded. First Quarter 2023 Financial Results • Capitated revenue was $298.7 million, an increase of 11% compared to $269.7 million in the first quarter of the prior year, and an increase of 18% compared to the fourth quarter of 2022 • Net loss was $52.4 million,
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832511/000162828023017225/0001628280-23-017225-index.htm
- Earnings Releases
  P3 Health Partners Inc. reported year ending December 31, 2023 results: revenue $ 1,200 $ 1,250. Guidance raised.
  - Period: year ending December 31, 2023
  - Revenue: $ 1,200 $ 1,250
  - Guidance: raised
  - Result: guidance update
  source text: of 250% compared to fourth quarter of 2022 Full-Year 2023 Guidance Year Ended December 31, 2023 Low High Medicare Advantage Members 115,000 120,000 Total Revenues (in millions) $ 1,200 $ 1,250 Medical margin (2) (in millions) $ 155 $ 175 Medical margin (2) PMPM $ 120 $ 130 Adjusted EBITDA (2) Loss (in millions) $ (55) $ (35) (1) Adjusted EBITDA, Adjusted EBITDA
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832511/000162828023017225/0001628280-23-017225-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.