<p>P3 Health Partners Inc. ((PIII)) 最近召開了第三季度財報電話會議。以下是會議的主要亮點。</p>
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<p>P3 Health Partners Inc. 最近召開了財報電話會議，揭示了一系列積極的發展和持續的財務挑戰。公司報告了增加的按人頭收入、成功的運營改善、戰略合作以及降低的運營費用。然而，這些成就受到顯著的調整後 EBITDA 虧損和修訂後的財務指引的影響，表明財務障礙依然存在。</p>
<h2>按人頭收入增長</h2>
<p>P3 Health Partners 報告按人頭收入增長了 6%，展示了其臨牀項目和利用管理工作的積極影響。這一增長證明了公司在通過有效的醫療管理增強收入來源方面的戰略重點。</p>
<h2>運營改善計劃成功</h2>
<p>得益於其嵌入式運營改善計劃，公司實現了與去年相比 EBITDA 的顯著改善，達到了 1 億美元。這一成功凸顯了 P3 Health 對提升運營效率和財務表現的承諾。</p>
<h2>戰略合資企業</h2>
<p>P3 Health 正在推進一項戰略合資企業，預計將增加約 13,000 名完全增值的 ACO 成員。這一舉措預計將改善盈利能力和現金流，標誌着公司戰略增長計劃的重要一步。</p>
<h2>供應商網絡優化</h2>
<p>公司正在通過退出不對齊的團體並專注於那些能夠提供良好結果的團體來優化其供應商網絡。這一合理化旨在改善利潤表現，並確保與公司的戰略目標更好地對齊。</p>
<h2>一級供應商表現</h2>
<p>一級供應商的表現優於非一級供應商，增長了 17.4%。這表明文檔準確性和質量表現更強，突顯了 P3 Health 的供應商分類策略的有效性。</p>
<h2>醫療利潤改善</h2>
<p>P3 Health 報告本季度醫療利潤為 440 萬美元，即每人每月 13 美元，較上期的 50 萬美元或每人每月 1 美元有顯著改善。這一改善反映了公司在提升醫療成本管理方面的成功努力。</p>
<h2>運營費用減少</h2>
<p>公司成功將運營費用減少了 1,040 萬美元，或 33%，與去年相比。這一減少清晰地表明瞭 P3 Health 對成本效率和運營紀律的關注。</p>
<h2>調整後 EBITDA 虧損</h2>
<p>儘管有積極的發展，P3 Health 報告本季度調整後 EBITDA 虧損為 4,590 萬美元，年初至今虧損為 8,520 萬美元。這突顯了公司面臨的持續財務挑戰。</p>
<h2>修訂後的 EBITDA 指引</h2>
<p>P3 Health 將全年的調整後 EBITDA 指引修訂為負 1.1 億美元至負 9,500 萬美元，反映了當前的預期和財務逆風的影響。</p>
<h2>不利和解影響</h2>
<p>本季度的結果受到不利的年中和解的影響，造成了 2,400 萬美元的負面影響，進一步複雜化了財務前景。</p>
<h2>前瞻性指引</h2>
<p>展望未來，P3 Health Partners 正在專注於運營改善和戰略舉措。公司計劃通過合資企業增加 13,000 名 ACO 成員，併為 2026 年準備了 25,000 名醫療保險優勢成員。預計在接下來的五個季度中，EBITDA 擴張機會為 1.2 億至 1.7 億美元，P3 Health 目標是在 2026 年實現有意義的盈利能力，推動因素包括改善的供應商對齊和臨牀項目的擴展。</p>
<p>總之，P3 Health Partners Inc. 的財報電話會議描繪了一幅公司在運營效率和戰略增長方面取得顯著進展的圖景，但仍在與財務挑戰作鬥爭。增加的按人頭收入和成功的合資企業令人鼓舞，但調整後的 EBITDA 虧損和修訂後的指引突顯了仍需克服的障礙。投資者將密切關注公司在未來幾年實現盈利的努力。</p>

PIII

<p>P3 Health Partners Inc. 的第三季度財報電話會議顯示，按人頭計費收入增長和運營改善，包括 1 億美元的 EBITDA 改善。戰略性合作旨在增加 13,000 名 ACO 成員，從而提升盈利能力。儘管運營費用減少，公司仍面臨 4590 萬美元的調整後 EBITDA 虧損，並修訂了指導預期，預計虧損在 1.1 億美元到 9500 萬美元之間。一項不利的和解對業績造成了 2400 萬美元的影響。P3 Health 目標在 2026 年前實現盈利，重點在於提供者對齊和臨牀項目擴展</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)) 最近召開了第三季度財報電話會議。以下是會議的主要亮點。</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. 最近召開了財報電話會議，揭示了一系列積極的發展和持續的財務挑戰。公司報告了增加的按人頭收入、成功的運營改善、戰略合作以及降低的運營費用。然而，這些成就受到顯著的調整後 EBITDA 虧損和修訂後的財務指引的影響，表明財務障礙依然存在。</p>
</div><h2>Capitated Revenue Increase</h2>
<div class="lb-trans"><h2>按人頭收入增長</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 報告按人頭收入增長了 6%，展示了其臨牀項目和利用管理工作的積極影響。這一增長證明了公司在通過有效的醫療管理增強收入來源方面的戰略重點。</p>
</div><h2>Operational Improvement Plan Success</h2>
<div class="lb-trans"><h2>運營改善計劃成功</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>得益於其嵌入式運營改善計劃，公司實現了與去年相比 EBITDA 的顯著改善，達到了 1 億美元。這一成功凸顯了 P3 Health 對提升運營效率和財務表現的承諾。</p>
</div><h2>Strategic Joint Venture</h2>
<div class="lb-trans"><h2>戰略合資企業</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 正在推進一項戰略合資企業，預計將增加約 13,000 名完全增值的 ACO 成員。這一舉措預計將改善盈利能力和現金流，標誌着公司戰略增長計劃的重要一步。</p>
</div><h2>Provider Network Optimization</h2>
<div class="lb-trans"><h2>供應商網絡優化</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>公司正在通過退出不對齊的團體並專注於那些能夠提供良好結果的團體來優化其供應商網絡。這一合理化旨在改善利潤表現，並確保與公司的戰略目標更好地對齊。</p>
</div><h2>Tier 1 Provider Performance</h2>
<div class="lb-trans"><h2>一級供應商表現</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>一級供應商的表現優於非一級供應商，增長了 17.4%。這表明文檔準確性和質量表現更強，突顯了 P3 Health 的供應商分類策略的有效性。</p>
</div><h2>Medical Margin Improvement</h2>
<div class="lb-trans"><h2>醫療利潤改善</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 報告本季度醫療利潤為 440 萬美元，即每人每月 13 美元，較上期的 50 萬美元或每人每月 1 美元有顯著改善。這一改善反映了公司在提升醫療成本管理方面的成功努力。</p>
</div><h2>Operating Expense Reduction</h2>
<div class="lb-trans"><h2>運營費用減少</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>公司成功將運營費用減少了 1,040 萬美元，或 33%，與去年相比。這一減少清晰地表明瞭 P3 Health 對成本效率和運營紀律的關注。</p>
</div><h2>Adjusted EBITDA Loss</h2>
<div class="lb-trans"><h2>調整後 EBITDA 虧損</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>儘管有積極的發展，P3 Health 報告本季度調整後 EBITDA 虧損為 4,590 萬美元，年初至今虧損為 8,520 萬美元。這突顯了公司面臨的持續財務挑戰。</p>
</div><h2>Revised EBITDA Guidance</h2>
<div class="lb-trans"><h2>修訂後的 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 將全年的調整後 EBITDA 指引修訂為負 1.1 億美元至負 9,500 萬美元，反映了當前的預期和財務逆風的影響。</p>
</div><h2>Unfavorable Settlement Impact</h2>
<div class="lb-trans"><h2>不利和解影響</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>本季度的結果受到不利的年中和解的影響，造成了 2,400 萬美元的負面影響，進一步複雜化了財務前景。</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>展望未來，P3 Health Partners 正在專注於運營改善和戰略舉措。公司計劃通過合資企業增加 13,000 名 ACO 成員，併為 2026 年準備了 25,000 名醫療保險優勢成員。預計在接下來的五個季度中，EBITDA 擴張機會為 1.2 億至 1.7 億美元，P3 Health 目標是在 2026 年實現有意義的盈利能力，推動因素包括改善的供應商對齊和臨牀項目的擴展。</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>總之，P3 Health Partners Inc. 的財報電話會議描繪了一幅公司在運營效率和戰略增長方面取得顯著進展的圖景，但仍在與財務挑戰作鬥爭。增加的按人頭收入和成功的合資企業令人鼓舞，但調整後的 EBITDA 虧損和修訂後的指引突顯了仍需克服的障礙。投資者將密切關注公司在未來幾年實現盈利的努力。</p>
</div>

P3 Health Partners 的財報電話會議顯示其在挑戰中的增長