Q1 2024 P3 Health Partners Inc Earnings Call Transcript
Key Points
- Revenue for the first quarter of 2024 grew approximately 29% year-over-year, indicating strong top-line growth.
- Medicare lives grew to approximately 126,800, a 23% increase year-over-year, exceeding the low end of full-year guidance.
- Operating expenses decreased by 26% year-over-year to $26.2 million, demonstrating improved operational efficiency.
- Medical expense in the quarter was approximately 12% lower sequentially, reflecting a normalizing utilization trend.
- Strategic partnership announced with Innovator to leverage their advanced AI platform for predictive modeling and improving data accessibility at the point of care.
- Adjusted EBITDA for the quarter was a loss of $19.8 million, roughly flat compared to the first quarter of 2023.
- The company acknowledged being overconservative in their financial estimates by $20 to $30 PMPM, indicating potential issues in financial forecasting.
- There was an $8 million impact due to a timing difference related to Part D exposure, affecting financial results.
- Despite revenue growth, the company still faces challenges in achieving a positive adjusted EBITDA, with current figures still showing a loss.
- The transition to a new CEO could bring uncertainties and challenges in maintaining the momentum and strategic direction of the company.
Hello, and welcome to the P3 Health Partners first-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would like now to turn the conference over to your host, Mr. Ryan Halstead. You may begin.
Thank you, operator, and thank you for joining us today.
Before we proceed with the call, I would like to remind everyone that certain statements being made during this call are forward-looking statements under the US federal securities laws, including statements regarding our financial outlook and long-term target. These forward looking statements are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations.
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