P3 Health Partners Q1 revenue down 4%, medical margin hit by $23M prior-year claims adjustment

P3 Health Partners Inc.

2025-Q1 EPS reported -$6.28 revenue$373,225,000

Total revenue $373.2M, down 4% YoY; average at-risk membership 115,900 (-8%).
Medical margin $17.2M vs $36.6M prior year; includes negative $23M net impact from prior-year claims from one payer.
Adjusted EBITDA loss $22.2M vs $19.8M loss prior year; includes negative $9M prior claims and retroactive adjustments.
FY2025 guidance affirmed: revenue $1.35B-$1.5B, medical margin $174M-$210M, Adj. EBITDA -$35M to $5M.
CEO says turnaround ahead of schedule; 3 of 4 markets achieved breakeven or better in Q1.

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