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Sep 30, 2023
US Physical Therapy Q3 2023 Earnings Report
Reported record-high patient volume and increased revenue driven by clinic additions and mature clinic visits.
Key Takeaways
U.S. Physical Therapy reported a 7.5% increase in total net revenue to $150.0 million, driven by a 9.0% increase in net patient revenue from physical therapy operations. The company achieved a record-high average visits per clinic per day for a third quarter, with total patient visits up 10.8%. EPS was $0.51, and non-GAAP Operating Results per share were $0.62.
Adjusted EBITDA increased to $18.6 million, up from $17.0 million in the prior year.
Net patient revenue from physical therapy operations rose 9.0% to $127.2 million.
Average visits per clinic per day reached a record-high of 29.7.
Operating costs per patient visit decreased by 0.8%.
US Physical Therapy
US Physical Therapy
US Physical Therapy Revenue by Segment
Revenue by Segment
Physical Therapy Operations Revenue
CapyFin.com Forward Guidance
Management expects Adjusted EBITDA for 2023 to be within the range of $75.0 million to $80.0 million, most likely at the low-to-mid area of such range.
Positive Outlook
- Continued strong patient visits through the end of the year.
- Potential for growth in net rate from the third to the fourth quarter.
- Focus on initiative to drive greater progress in net rate.
- Balance sheet in an outstanding position with $149 million of debt fixed at a below-market rate
- Approximately $120 million of excess cash ready for deployment into growth initiatives
Challenges Ahead
- Ultimate strength of volumes in the fourth quarter depends on Adjusted EBITDA.
- Medicare rate reductions.
- Inflationary impacts.
- Challenging hiring environment.
- Medicare rate reductions