P3 Health Partners Inc.

P3 Health Partners Inc. reported a net loss attributable to controlling interest of $147.9 million for FY 2024, an increase from a $135.8 million loss in FY 2023. Total operating revenue declined 3% year-over-year to $1.46 billion, primarily due to a 4% decrease in capitated revenue to $1.43 billion, driven by a 7% reduction in average at-risk members to 116,100. The company's operating loss was $270.3 million, an improvement from a $320.7 million loss in the prior year, as total operating expenses decreased 5% to $1.73 billion. Medical expense, representing 88% of operating expense, decreased 3% to $1.52 billion. The company ended the year with $25.0 million in cash, $336.7 million in outstanding debt, and an accumulated deficit of $651.1 million, with substantial doubt about its ability to continue as a going concern.

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