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Jun 30, 2022
ATI Q2 2022 Earnings Report
Second quarter 2022 results reported, with full year 2022 guidance revised due to challenging labor market.
Key Takeaways
ATI Physical Therapy reported a slight increase in net operating revenue to $163.3 million, a 6% increase quarter over quarter but essentially flat year over year. The company faces headwinds in a tight labor market, leading to revised full-year 2022 guidance and non-cash impairment charges of approximately $128 million.
Net operating revenue increased by 6% quarter over quarter, remaining flat year over year at $163.3 million.
Visits per Day (VPD) increased by 6% quarter over quarter and 4% year over year, reaching 22,403.
The company opened 10 new clinics and closed 6, bringing the total to 926 clinics.
Full year 2022 guidance was revised due to the challenging labor market and increasing labor cost pressures.
Revenue by Segment
Forward Guidance
ATI revises full year 2022 guidance for net operating revenue to be in a range of $635 million to $655 million and Adjusted EBITDA to be in a range of $5 million to $15 million. The change in guidance is driven by the challenging labor market reducing the number of clinical FTE expected in the second half of 2022 along with increasing labor cost pressures. The Company maintains new clinic openings guidance to be approximately 35.
Positive Outlook
- Company maintains new clinic openings guidance to be approximately 35.
Challenges Ahead
- Challenging labor market reducing the number of clinical FTE expected in the second half of 2022
- Increasing labor cost pressures.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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