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P3 Health Partners Inc. (PIII) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in capitated revenue to $1,483,602,000 from $1,252,309,000 in the previous year. This increase is attributed to a 14% rise in at-risk membership.
Medical expenses rose to $1,559,372,000, representing 104% of total operating revenue, compared to 98% in the previous year. This increase is attributed to higher costs associated with increased member demand for medical care.
The company reported a net loss of $310,378,000 for the year, compared to a net loss of $186,426,000 in the previous year. The increase in net loss is primarily due to higher medical expenses and a premium deficiency reserve expense.
P3 Health Partners recorded a premium deficiency reserve of $53,698,000, reflecting management's assessment of future contract profitability under current market conditions.
The company had a working capital deficit of $312,275,000 as of December 31, 2024, with unrestricted cash and cash equivalents totaling $38,816,000.
P3 Health Partners continues to explore raising additional capital through debt financing, equity issuances, and asset sales, acknowledging substantial doubt about its ability to continue as a going concern.
The filing also details various financial agreements, including the issuance of new promissory notes and amendments to existing debt agreements to support liquidity.
P3 Health Partners completed the sale of certain Florida assets for a net gain of $13,269,000, and plans to sell remaining Florida operations in 2025.
The company identified a material weakness in its internal controls over financial reporting in prior years but has since implemented remediation measures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the P3 Health Partners Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.