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Jun 30, 2021
US Physical Therapy Q2 2021 Earnings Report
Second quarter results reported with management raising earnings guidance and increasing quarterly dividend.
Key Takeaways
U.S. Physical Therapy reported record-high net revenues and average visits per clinic per day for the second quarter of 2021. Management raised earnings guidance and increased the quarterly dividend due to the Company's strong performance.
Operating Results per diluted share was $0.96, a record-high for the Company.
Adjusted EBITDA was $21.8 million, a record-high for the Company.
Average visits per clinic per day was 30.0, the highest number in the Company’s history.
Net revenues was $126.9 million, a record-high for the Company.
US Physical Therapy
US Physical Therapy
Forward Guidance
Management expects the Company’s Operating Results for 2021 to be in the range of $39.4 million to $40.6 million, or $3.05 to $3.15 per diluted share.
Positive Outlook
- Strong performance for the 2021 Second Quarter.
- Impact of the acquisition closed in the 2021 Second Quarter.
- Confidence in the sustainability of the Company’s performance through the remainder of 2021.
- Estimated annual effective tax rate of approximately 27.0%.
- Excludes expenses associated with the previously-announced retirement and replacement of one of the Company’s co-Chief Operating Officers.
Challenges Ahead
- Earnings guidance represents projected Operating Results from existing operations and excludes future acquisitions.
- The annual guidance figures will not be updated unless there is a material development that causes management to believe that Operating Results will be significantly outside the given range.
- occurrence of the multiple effects of the impact of public health crises and epidemics/pandemics, such as the novel strain of COVID-19 (coronavirus) which the financial magnitude and timing cannot be estimated
- changes as the result of government enacted national healthcare reform
- changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or enrollment status, including the Medicare reimbursement reductions