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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%.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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