P3 Health Reports Q3 2026 Profitability Turnaround and Increased Full-Year Guidance
P3 Health (PIII) reported a significant financial turnaround for the third quarter of 2026, posting an Adjusted EBITDA of $20.9 million compared to a loss of $45.9 million in the same period last year. Total revenue grew 15% year-over-year to $396.3 million, driven by improved network economics and rate progression. Despite a 9% decrease in at-risk membership due to intentional rationalization, capitated revenue per member rose 18%. The company raised its full-year Adjusted EBITDA guidance to a range of $90 million to $110 million, citing strong year-to-date performance and favorable prior period settlements. Management highlighted successful medical cost management, noting that Medicare Advantage medical expenses remain below 2025 levels on a normalized basis. While some regional cost increases were noted in Nevada, the company identified $200 million in potential value creation through clinical and operational efficiencies.
Topics: Adjusted EBITDA Financial Guidance Medicare Advantage Revenue Growth
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