P3 Health Partners Inc. reported its financial results for the first quarter of 2025, showing a total revenue of $373.2 million, a decrease of 4% compared to $388.5 million in the same quarter of the previous year. The medical margin for the quarter was $17.2 million, significantly down from $36.6 million in the first quarter of the prior year, with the medical margin PMPM at $49 compared to $96 previously. This decrease included a negative $23 million net impact from prior year claims related to a single payer. The company also reported an Adjusted EBITDA loss of $22.2 million, compared to a loss of $19.8 million in the previous year's first quarter. The Adjusted EBITDA loss PMPM was $64, up from $52 in the prior year, which included a negative $9 million net impact from prior year claims and retroactive adjustments. P3 Health Partners affirmed its 2025 guidance, noting that its physician-led care enablement model is contributing to improvements in quality measures and cost management, with three out of four markets achieving breakeven or better in the first quarter.