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Dec 31, 2019
US Physical Therapy Q4 2019 Earnings Report
US Physical Therapy reported an increase in net revenues and operating income, but experienced higher employee healthcare costs than anticipated.
Key Takeaways
U.S. Physical Therapy reported a 4.1% increase in net revenues for Q4 2019, reaching $122.1 million, driven by growth in net patient revenues and the industrial injury prevention business. Operating income also rose by 3.3% to $15.3 million. However, the company faced challenges with higher employee healthcare costs, impacting overall profitability.
Net revenues increased by 4.1% to $122.1 million due to growth in physical therapy and industrial injury prevention.
Net patient revenues from physical therapy operations increased by 1.1% to $108.9 million.
Revenue from the industrial injury prevention business increased by 46.3% to $10.3 million.
Operating income increased by 3.3% to $15.3 million.
Revenue by Segment
Forward Guidance
Management expects the Company’s Operating Results for 2020 to be in the range of $38.1 million to $39.8 million or $2.98 to $3.10 per share.
Positive Outlook
- Expected Operating Results from existing operations
- Includes the acquisition announced today
- Based on an assumed annual corporate tax rate of approximately 26.5%
- Company made a number of changes to it prescription drug program.
- Various employee healthcare insurance programs renew annually on May 1.
Challenges Ahead
- Excludes future acquisitions
- Excludes expenses associated with the scheduled retirement and replacement of the Company’s CFO
- Annual guidance figures will not be updated unless there is a material development
- Experienced some cost issues in the fourth quarter, including higher employee healthcare expenses
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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