Billion Dollar Healthcare Giant P3 Health Partners Inc. (NASDAQ: PIII) Focused on Helping Both Patients and Providers Affirms Revenue Guidance of 1.2 Billion Plus for 2023; a 65% Increase over 2021
$PIII Adjusted EBITDA Anticipated to be Positive in 2024.
Health Management Network of Over 2,500 Affiliated Primary Care Providers Across the USA.
Currently Serving Over 100,000 Patients in 15 Counties Across Five States.
Revenue Guidance for 2022 Given as a 61% to 69% Increase Over 2021.
Membership Growth Projected at Roughly a 35% Increase Over Prior Year.
For 2023 Revenue is Expected in a Range of $1.20 to $1.25 Billion.
Highly Experienced New CFO Appointed.
P3 Health Partners, Inc. (NASDAQ: PIII) 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, PIII has an expansive network of more than 2,500 affiliated primary care providers across the country.
PIII local teams of health care professionals manage the care of more than 100,000 patients in 15 counties across five states. PIII 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 PIII care team creates an enhanced patient experience by navigating, coordinating, and integrating the patient’s care within the healthcare system.
PIII is a leader in population health management because the company embraces a care model and patient support team that is effective in:
Empowering patients to improve their own health by providing the necessary tools and resources to prevent, manage and navigate illness.
Freeing doctors from time-consuming administrative processes and paper-pushing so they can focus on our patients.
Fostering patients that are informed, conscientious, manage their own long-term health and are less likely to utilize high-cost services.
Fighting disease before it starts with a healthier patient that, if they face a health issue, is better suited to achieve their own best outcome.
Building stronger communities with education, events, sponsorships, and media outreach to increase awareness of PIII as a valuable community.
PIII Reaffirms Guidance For 2022 and Announces Guidance For 2023
On January 11th PIII announced it was 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, PIII reaffirmed full-year 2022 financial guidance and announced financial guidance for the full-year 2023.
For the full-year 2022, PIII reaffirmed the revenue guidance range given its the third quarter earnings call of between $1.025 billion and $1.075 billion, representing a 61% to 69% increase over 2021. The PIII 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. Adjusted EBITDA loss is expected to be between $118 million and $128 million, as previously announced.
For full-year 2023, the PIII preliminary guidance is as follows: At-risk Medicare Advantage membership is expected to be in a range of 115,000 to 120,000 Revenue is expected to be in a range of $1.20 billion to $1.25 billion. PIII expects that 2023 Adjusted EBITDA loss will be between $40 million and $60 million. PIII anticipates that its Adjusted EBITDA will be positive in 2024.
Dr. Sherif Abdou, PIII Co-Founder and Chief Executive Officer presented at the January conference. The presentation materials can be found on the PIII investor relations webpage at this direct link: https://ir.p3hp.org/
PIII Names Atul Kavthekar Chief Financial Officer
On December 1, 2023 PIII announced announced Atul Kavthekar would be joining the Company as Chief Financial Officer (CFO). Mr. Kavthekar will lead the PIII finance organization and will oversee Accounting, Treasury, Finance Analytics, and Investor Relations.
“We are delighted to have Atul join the P3 team,” said Dr. Sherif Abdou, PIII Co-founder and Chief Executive Officer. “He is an accomplished CFO with an extensive background across a wide range of industries. We believe that Atul’s experience in creating value both internally, through a focused ‘talent building’ mindset, and externally by driving financial results, will greatly benefit P3. He will provide sound financial insight and disciplined capital management, as we work to achieve our vision of expanding our value-based care model to lead the transformation of healthcare.”
Mr. Kavthekar succeeds Erin Darakjian who has served as interim CFO since November 1, 2022. Ms. Darakjian remains in her position as PIII Senior Vice President and Chief Accounting Officer.
Mr. Kavthekar commented, “I am so pleased to join P3 Health Partners, a leader in value-based healthcare. The strength and vision of the team is fueled by a mission-driven culture, which puts the patient at the heart of everything they do. I look forward to helping this team expand through focused, disciplined growth, ensuring greater access to more patients in need.”
During his career, Mr. Kavthekar has served as corporate and divisional CFO for numerous private and public companies, including: EyeCare Partners, Diplomat Pharmacy, Walgreen Co., Sears Holdings Corp., and LivingSocial. Additionally, he has extensive capital markets experience and has held various merger and acquisition roles at leading investment banks, including Morgan Stanley, Wasserstein Perella & Co., and Barclays Capital.
Mr. Kavthekar holds an MBA from the University of Chicago Booth School of Business, a Master of Science in Engineering from Wayne State University, and a Bachelor of Science from the University of Michigan.
Media Contact
Company Name: P3 Health Partners, Inc
Contact: Eric Stebel
Email: Estebel@p3hp.org
Phone: (702) 910-3950
Country: United States
Website: www.p3hp.org
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