P3 Health Partners Inc (NAS:PIII)

Q1 2026 P3 Health Partners Inc Earnings Call Transcript

May 14, 2026 / 08:30 PM GMT

Release Date Price: $4.03 (+12.89%)

Transcript 10-Q8-K

Key Points

Positve

P3 Health Partners Inc (PIII) reported $26 million of adjusted EBITDA in Q1 2026, exceeding internal expectations.
The company raised its full-year 2026 outlook due to strong Q1 performance and ongoing momentum.
Significant improvements in payer contract structures have led to a 15% year-over-year increase in MA funding rates.
Operational execution has improved, with a flat Q1 MA medical expense trend compared to a 7% trend in the industry.
The company has strengthened its financial position by converting $250 million of debt to preferred equity, enhancing long-term balance sheet flexibility.

Negative

Total at-risk membership declined from 118,000 in Q1 2025 to 106,000 in Q1 2026 due to deliberate portfolio actions.
Despite improvements, the company still faces challenges in expanding delegation beyond the current 63% of membership.
The company is managing a lower membership base, which could impact future revenue growth.
There is ongoing variability in claims development and full-year cost expectations, which could affect financial outcomes.
The company continues to face industry-wide challenges, such as the need for strong provider alignment and effective medical cost management.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PIII.OQ - P3 Health Partners Inc
Q1 2026 P3 Health Partners Inc Earnings Call
May 14, 2026 / 08:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to the P3 Health Partners First Quarter 2026 Earnings Conference Call.

All participants will be in the listen-only mode.

If you need assistance, please signal a conference specialist by pressing the star then 0 on your telephone keypad.

After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then 1 on your telephone keypad.

To withdraw your question, you may press star and then 2.

Please note this event is being recorded.

I would now like to turn the conference over to Gabby Gabel.

Thank you and over to you.

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