P3 Health Partners Inc. (PIII), a physician-led population health management company, reported first-quarter 2026 results and raised its full-year adjusted EBITDA outlook, citing stronger-than-expected performance.
For the quarter ended March 31, 2026, total revenue was $386 million, up 4% from $373 million in the same quarter of 2025.
Net income was $3.0 million compared with a net loss of $44.2 million in the prior year quarter.
Adjusted EBITDA came in at $25.8 million versus $22.1 million in Q1 2025, reflecting operational restructuring and network concentration.
Medical margin was $73.7 million, including favorable prior year settlements; excluding these items, medical margin was $56.1 million.
At-risk membership stood at approximately 106,000 down 10% year-over-year, reflecting intentional network and payer rationalization. Total lives under management were about 135,000 including 29,000 under service arrangements. Per-member revenue increased by 14% year-over-year, driven by contractual restructuring and burden-of-illness performance.Guidance Update
Based on Q1 results, P3 raised its full-year 2026 adjusted EBITDA guidance to $20 million - $40 million, compared with a loss of $161.3 million in FY2025.
The company now projects total revenues between $1.5 billion and $1.65 billion, compared to $1.46 billion in FY2025, medical margin between $190 million and $230 million, compared to $23.5 million in FY2025.
"Q1 represents a meaningful turning point for the business, reflecting the cumulative impact of two years of deliberate work, including contract restructuring, network concentration, and operational redesign," said Dr. Aric Coffman, CEO of P3.
PIII has traded between $1.52 and $11.30 over the past year. The stock closed Thursday's trading at $4.03, up 12.89%. During overnight trading the stock is at $5.77, up 43.18%.
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