P3 Health Partners Raises 2026 Adjusted EBITDA Floor to $90 Million

P3 Health Partners Inc. raised its 2026 adjusted EBITDA guidance floor to $90 million, setting a $90 million to $110 million range as it accounts for higher medical costs and pursues savings initiatives.

The new range has a midpoint of $100 million. P3 reported $21 million in adjusted EBITDA for the third quarter of 2026 and $101 million year to date. After excluding nonrecurring items, underlying third-quarter adjusted EBITDA was about $10 million.

The outlook incorporates the quarter’s higher medical-cost run rate and assumes continued work on utilization management, payment integrity and cost initiatives. Management cited higher outpatient and professional-services costs, particularly for cardiovascular procedures, with larger increases in Nevada.

Management also sees a multiyear $200 million value-creation opportunity tied to existing members. Clinical execution is the largest component, followed by provider economics and operating efficiency. P3 plans to provide more detail on the opportunity’s timing and earnings contribution in early 2027.