US-based population health management company P3 Health Partners has reported a net loss of $37.3m for the third quarter of this year (Q3 2023).

This marks a 43% decline from the net loss of $65.3m registered in the same quarter of last year.

For the year to date, P3 Health Partners has posted a net loss of $117.3m against a loss of $1.03bn in the previous year, which was affected by a goodwill impairment charge.

The company’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) loss for the three months to 30 September stood at $22m.

This is a 44.6% improvement from a loss of $40.3m in the same period of last year.

The company’s basic net loss per share improved by 55% to $0.12 in Q3 2023 from $0.27 a year earlier.

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Its total revenues increased by 16% to $288.4m from $248.3m in this period, while its capitated revenue rose by 17% year-on-year to $285.15m.

P3 Health Partners reported a gross profit of $9.1m from July to September this year, compared with a $6.5m loss in the same period of last year.

Its medical margin rose by 306% to $36.2m in Q3 2023 from $8.9m a year earlier.

P3 Health Partners CEO Dr Sherif Abdou said: “Our results for the third quarter show the continued improvement of the business as providers and patients mature on our platform.

“All key metrics are tracking as expected and net cash used in operating activities has improved to negative $8m for the quarter.

“We are re-affirming our existing full-year 2023 guidance and providing preliminary 2024 full-year adjusted EBITDA guidance of $20m to $40m.”

P3 Health Partners provides care for patients in 18 counties across five US states, with more than 2,700 affiliated primary care providers in its network.