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Mar 31, 2021
US Physical Therapy Q1 2021 Earnings Report
Reported an increase in Operating Results per share and Adjusted EBITDA compared to the same quarter last year.
Key Takeaways
U.S. Physical Therapy reported strong first-quarter earnings, driven by increased patient volumes and effective cost management. The company's Operating Results per share increased, and Adjusted EBITDA saw significant growth. Management also revised upwards its 2021 earnings guidance.
Operating Results per share increased to $0.64, up from $0.30 in Q1 2020.
Adjusted EBITDA rose to $15.6 million, a $7.6 million increase from Q1 2020.
Average visits per clinic per day increased to 27.1, compared to 26.2 in the previous year.
The company acquired 70% equity interest in a five-clinic physical therapy practice.
Forward Guidance
Management expects Operating Results for 2021 to be in the range of $34.5 million to $35.8 million, or $2.68 to $2.78 per share.
Positive Outlook
- Better than expected performance in the 2021 First Quarter
- Impact of the acquisition closed in the 2021 First Quarter
- Extension of the 2% sequestration relief applied to all Medicare payments through December 31, 2021
- Strong cash generation in the first quarter
- Balance sheet remains in an excellent position.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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