P3 Health Partners Q1 revenue rises 4%, adjusted EBITDA turns positive

P3 Health Partners

14/05/2026 21:16

Overview

US population health manager's Q1 revenue grew 4% but missed analyst expectations

Adjusted EBITDA turned positive to $25.8 mln from a loss a year ago

Company raised full-year 2026 adjusted EBITDA guidance on Q1 strength

Outlook

P3 Health Partners raises 2026 adjusted EBITDA guidance to midpoint of $40 mln

Company expects 2026 total revenues between $1.5 bln and $1.65 bln

P3 Health Partners sees 2026 medical margin between $190 mln and $230 mln

Result Drivers

MEMBERSHIP RATIONALIZATION - At-risk membership fell 10% due to intentional network and payer rationalization

PER-MEMBER REVENUE GROWTH - Per-member revenue rose 14% year-over-year, driven by contract restructuring, rate progression, and burden of illness performance

SETTLEMENT IMPACT - Medical margin benefited from prior-year development and payer settlements recognized in the quarter

Company press release: ID:nBw79cq2ka

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Miss
$386 mln
$391.45 mln (2 Analysts)
Q1 Net Income
$3 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the biotechnology & medical research peer group is "buy"

Wall Street's median 12-month price target for P3 Health Partners Inc is $3.50, about 2% below its May 13 closing price of $3.57

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)