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Jun 30, 2023
ATI Q2 2023 Earnings Report
ATI reported increased revenue, visits per day, rate per visit and adjusted EBITDA, driven by transformation initiatives and strong demand.
Key Takeaways
ATI Physical Therapy reported a 5.5% year-over-year increase in net revenue to $172.3 million for Q2 2023. The company's visits per day increased by 4.5% year-over-year, with a rate per visit increase of 1.1%. Adjusted EBITDA was $9.3 million, up from $5.4 million in Q2 2022.
Net revenue increased by 5.5% year-over-year to $172.3 million.
Visits per day increased by 4.5% year-over-year to 23,412.
Rate per visit increased by 1.1% year-over-year to $104.74.
Adjusted EBITDA increased to $9.3 million, with a margin of 5.4%.
Revenue by Segment
Forward Guidance
For the full year 2023, ATI expects net revenue to be in the range of $680 million to $695 million, representing approximately 7% to 9% year-over-year growth. Adjusted EBITDA is expected to be in the range of $30 million to $36 million.
Positive Outlook
- Net revenue to be in the range of $680 million to $695 million, representing approximately 7% to 9% year-over-year growth.
- Anticipation of steadily increasing patient visits through the second half of 2023.
- Execution on people, operations, and commercial strategies.
- Adjusted EBITDA to be in the range of $30 million to $36 million.
- Optimizing geographic footprint by closing underperforming clinics and consolidating locations.
Challenges Ahead
- Expected net reduction of approximately 20 clinics for full year 2023.
- Continued physical therapist attrition.
- Challenges in achieving and maintaining clinical staffing levels.
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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