<p>P3 Health Partners Inc. ((PIII)) 最近召开了第三季度财报电话会议。以下是会议的主要亮点。</p>
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<p>P3 Health Partners Inc. 最近召开了财报电话会议，揭示了一系列积极的发展和持续的财务挑战。公司报告了增加的按人头收入、成功的运营改善、战略合作以及降低的运营费用。然而，这些成就受到显著的调整后 EBITDA 亏损和修订后的财务指引的影响，表明财务障碍依然存在。</p>
<h2>按人头收入增长</h2>
<p>P3 Health Partners 报告按人头收入增长了 6%，展示了其临床项目和利用管理工作的积极影响。这一增长证明了公司在通过有效的医疗管理增强收入来源方面的战略重点。</p>
<h2>运营改善计划成功</h2>
<p>得益于其嵌入式运营改善计划，公司实现了与去年相比 EBITDA 的显著改善，达到了 1 亿美元。这一成功凸显了 P3 Health 对提升运营效率和财务表现的承诺。</p>
<h2>战略合资企业</h2>
<p>P3 Health 正在推进一项战略合资企业，预计将增加约 13,000 名完全增值的 ACO 成员。这一举措预计将改善盈利能力和现金流，标志着公司战略增长计划的重要一步。</p>
<h2>供应商网络优化</h2>
<p>公司正在通过退出不对齐的团体并专注于那些能够提供良好结果的团体来优化其供应商网络。这一合理化旨在改善利润表现，并确保与公司的战略目标更好地对齐。</p>
<h2>一级供应商表现</h2>
<p>一级供应商的表现优于非一级供应商，增长了 17.4%。这表明文档准确性和质量表现更强，突显了 P3 Health 的供应商分类策略的有效性。</p>
<h2>医疗利润改善</h2>
<p>P3 Health 报告本季度医疗利润为 440 万美元，即每人每月 13 美元，较上期的 50 万美元或每人每月 1 美元有显著改善。这一改善反映了公司在提升医疗成本管理方面的成功努力。</p>
<h2>运营费用减少</h2>
<p>公司成功将运营费用减少了 1,040 万美元，或 33%，与去年相比。这一减少清晰地表明了 P3 Health 对成本效率和运营纪律的关注。</p>
<h2>调整后 EBITDA 亏损</h2>
<p>尽管有积极的发展，P3 Health 报告本季度调整后 EBITDA 亏损为 4,590 万美元，年初至今亏损为 8,520 万美元。这突显了公司面临的持续财务挑战。</p>
<h2>修订后的 EBITDA 指引</h2>
<p>P3 Health 将全年的调整后 EBITDA 指引修订为负 1.1 亿美元至负 9,500 万美元，反映了当前的预期和财务逆风的影响。</p>
<h2>不利和解影响</h2>
<p>本季度的结果受到不利的年中和解的影响，造成了 2,400 万美元的负面影响，进一步复杂化了财务前景。</p>
<h2>前瞻性指引</h2>
<p>展望未来，P3 Health Partners 正在专注于运营改善和战略举措。公司计划通过合资企业增加 13,000 名 ACO 成员，并为 2026 年准备了 25,000 名医疗保险优势成员。预计在接下来的五个季度中，EBITDA 扩张机会为 1.2 亿至 1.7 亿美元，P3 Health 目标是在 2026 年实现有意义的盈利能力，推动因素包括改善的供应商对齐和临床项目的扩展。</p>
<p>总之，P3 Health Partners Inc. 的财报电话会议描绘了一幅公司在运营效率和战略增长方面取得显著进展的图景，但仍在与财务挑战作斗争。增加的按人头收入和成功的合资企业令人鼓舞，但调整后的 EBITDA 亏损和修订后的指引突显了仍需克服的障碍。投资者将密切关注公司在未来几年实现盈利的努力。</p>

PIII

<p>P3 Health Partners Inc. 的第三季度财报电话会议显示，按人头计费收入增长和运营改善，包括 1 亿美元的 EBITDA 改善。战略性合作旨在增加 13,000 名 ACO 成员，从而提升盈利能力。尽管运营费用减少，公司仍面临 4590 万美元的调整后 EBITDA 亏损，并修订了指导预期，预计亏损在 1.1 亿美元到 9500 万美元之间。一项不利的和解对业绩造成了 2400 万美元的影响。P3 Health 目标在 2026 年前实现盈利，重点在于提供者对齐和临床项目扩展</p>

<p>P3 Health Partners Inc. ((PIII)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>P3 Health Partners Inc. ((PIII)) 最近召开了第三季度财报电话会议。以下是会议的主要亮点。</p>
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</div><p>P3 Health Partners Inc. recently held its earnings call, revealing a mix of positive developments and ongoing financial challenges. The company reported increased capitated revenue, successful operational improvements, strategic ventures, and reduced operating expenses. However, these achievements were tempered by significant adjusted EBITDA losses and revised financial guidance, indicating that financial hurdles remain.</p>
<div class="lb-trans"><p>P3 Health Partners Inc. 最近召开了财报电话会议，揭示了一系列积极的发展和持续的财务挑战。公司报告了增加的按人头收入、成功的运营改善、战略合作以及降低的运营费用。然而，这些成就受到显著的调整后 EBITDA 亏损和修订后的财务指引的影响，表明财务障碍依然存在。</p>
</div><h2>Capitated Revenue Increase</h2>
<div class="lb-trans"><h2>按人头收入增长</h2>
</div><p>P3 Health Partners reported a 6% increase in capitated revenue, showcasing the positive impact of their clinical programs and utilization management efforts. This growth is a testament to the company’s strategic focus on enhancing revenue streams through effective healthcare management.</p>
<div class="lb-trans"><p>P3 Health Partners 报告按人头收入增长了 6%，展示了其临床项目和利用管理工作的积极影响。这一增长证明了公司在通过有效的医疗管理增强收入来源方面的战略重点。</p>
</div><h2>Operational Improvement Plan Success</h2>
<div class="lb-trans"><h2>运营改善计划成功</h2>
</div><p>The company achieved a remarkable $100 million improvement in EBITDA year-over-year, thanks to its embedded operational improvement plan. This success underscores P3 Health’s commitment to enhancing operational efficiency and financial performance.</p>
<div class="lb-trans"><p>得益于其嵌入式运营改善计划，公司实现了与去年相比 EBITDA 的显著改善，达到了 1 亿美元。这一成功凸显了 P3 Health 对提升运营效率和财务表现的承诺。</p>
</div><h2>Strategic Joint Venture</h2>
<div class="lb-trans"><h2>战略合资企业</h2>
</div><p>P3 Health is advancing with a strategic joint venture that is set to add approximately 13,000 fully accretive ACO members. This move is expected to improve profitability and cash flow, marking a significant step forward in the company’s strategic growth initiatives.</p>
<div class="lb-trans"><p>P3 Health 正在推进一项战略合资企业，预计将增加约 13,000 名完全增值的 ACO 成员。这一举措预计将改善盈利能力和现金流，标志着公司战略增长计划的重要一步。</p>
</div><h2>Provider Network Optimization</h2>
<div class="lb-trans"><h2>供应商网络优化</h2>
</div><p>The company is optimizing its provider network by exiting non-aligned groups and focusing on those where the Care Enablement Model delivers strong outcomes. This rationalization aims to improve margin performance and ensure better alignment with the company’s strategic goals.</p>
<div class="lb-trans"><p>公司正在通过退出不对齐的团体并专注于那些能够提供良好结果的团体来优化其供应商网络。这一合理化旨在改善利润表现，并确保与公司的战略目标更好地对齐。</p>
</div><h2>Tier 1 Provider Performance</h2>
<div class="lb-trans"><h2>一级供应商表现</h2>
</div><p>Tier 1 providers demonstrated superior performance, closing 17.4% higher compared to non-Tier 1 providers. This indicates stronger documentation accuracy and quality performance, highlighting the effectiveness of P3 Health’s provider categorization strategy.</p>
<div class="lb-trans"><p>一级供应商的表现优于非一级供应商，增长了 17.4%。这表明文档准确性和质量表现更强，突显了 P3 Health 的供应商分类策略的有效性。</p>
</div><h2>Medical Margin Improvement</h2>
<div class="lb-trans"><h2>医疗利润改善</h2>
</div><p>P3 Health reported a medical margin of $4.4 million, or $13 PMPM, for the quarter, a significant improvement from the prior period’s $500,000 or $1 PMPM. This improvement reflects the company’s successful efforts in enhancing medical cost management.</p>
<div class="lb-trans"><p>P3 Health 报告本季度医疗利润为 440 万美元，即每人每月 13 美元，较上期的 50 万美元或每人每月 1 美元有显著改善。这一改善反映了公司在提升医疗成本管理方面的成功努力。</p>
</div><h2>Operating Expense Reduction</h2>
<div class="lb-trans"><h2>运营费用减少</h2>
</div><p>The company managed to reduce operating expenses by $10.4 million, or 33%, compared to the previous year. This reduction is a clear indicator of P3 Health’s focus on cost efficiency and operational discipline.</p>
<div class="lb-trans"><p>公司成功将运营费用减少了 1,040 万美元，或 33%，与去年相比。这一减少清晰地表明了 P3 Health 对成本效率和运营纪律的关注。</p>
</div><h2>Adjusted EBITDA Loss</h2>
<div class="lb-trans"><h2>调整后 EBITDA 亏损</h2>
</div><p>Despite the positive developments, P3 Health reported an adjusted EBITDA loss of $45.9 million for the quarter, with a year-to-date loss of $85.2 million. This highlights the ongoing financial challenges the company faces.</p>
<div class="lb-trans"><p>尽管有积极的发展，P3 Health 报告本季度调整后 EBITDA 亏损为 4,590 万美元，年初至今亏损为 8,520 万美元。这突显了公司面临的持续财务挑战。</p>
</div><h2>Revised EBITDA Guidance</h2>
<div class="lb-trans"><h2>修订后的 EBITDA 指引</h2>
</div><p>P3 Health revised its full-year adjusted EBITDA guidance to a range of minus $110 million to minus $95 million, reflecting current expectations and the impact of financial headwinds.</p>
<div class="lb-trans"><p>P3 Health 将全年的调整后 EBITDA 指引修订为负 1.1 亿美元至负 9,500 万美元，反映了当前的预期和财务逆风的影响。</p>
</div><h2>Unfavorable Settlement Impact</h2>
<div class="lb-trans"><h2>不利和解影响</h2>
</div><p>The quarter’s results were affected by the recognition of an unfavorable midyear settlement, which had a $24 million negative impact, further complicating the financial outlook.</p>
<div class="lb-trans"><p>本季度的结果受到不利的年中和解的影响，造成了 2,400 万美元的负面影响，进一步复杂化了财务前景。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指引</h2>
</div><p>Looking ahead, P3 Health Partners is focusing on operational improvements and strategic initiatives. The company aims to add 13,000 ACO members through a joint venture and has a pipeline of 25,000 Medicare Advantage lives for 2026. With an EBITDA expansion opportunity of $120 million to $170 million over the next five quarters, P3 Health is targeting meaningful profitability by 2026, driven by improved provider alignment and clinical program scaling.</p>
<div class="lb-trans"><p>展望未来，P3 Health Partners 正在专注于运营改善和战略举措。公司计划通过合资企业增加 13,000 名 ACO 成员，并为 2026 年准备了 25,000 名医疗保险优势成员。预计在接下来的五个季度中，EBITDA 扩张机会为 1.2 亿至 1.7 亿美元，P3 Health 目标是在 2026 年实现有意义的盈利能力，推动因素包括改善的供应商对齐和临床项目的扩展。</p>
</div><p>In summary, P3 Health Partners Inc.’s earnings call painted a picture of a company making significant strides in operational efficiency and strategic growth, yet still grappling with financial challenges. The increased capitated revenue and successful joint ventures are promising, but the adjusted EBITDA losses and revised guidance underscore the hurdles that remain. Investors will be keenly watching the company’s efforts to achieve profitability in the coming years.</p>
<div class="lb-trans"><p>总之，P3 Health Partners Inc. 的财报电话会议描绘了一幅公司在运营效率和战略增长方面取得显著进展的图景，但仍在与财务挑战作斗争。增加的按人头收入和成功的合资企业令人鼓舞，但调整后的 EBITDA 亏损和修订后的指引突显了仍需克服的障碍。投资者将密切关注公司在未来几年实现盈利的努力。</p>
</div>

P3 Health Partners 的财报电话会议显示其在挑战中的增长