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Dec 31, 2023
US Physical Therapy Q4 2023 Earnings Report
U.S. Physical Therapy reported Q4 2023 results, showing revenue increase and mixed income performance.
Key Takeaways
U.S. Physical Therapy's Q4 2023 saw a revenue increase of 9.6% to $154.8 million, driven by record patient volume, but net income decreased to $0.7 million due to a non-cash impairment charge. Loss per share was $0.38.
Total net revenue increased by 9.6% to $154.8 million.
USPH net income for Fourth Quarter 2023 was $0.7 million.
Loss per share for Fourth Quarter 2023 was $0.38.
Patient visits increased 10.0% over the Fourth Quarter 2022.
US Physical Therapy
US Physical Therapy
US Physical Therapy Revenue by Segment
Revenue by Segment
Physical Therapy Operations Revenue
CapyFin.comIndustrial Injury Prevention Services Revenue
CapyFin.com Forward Guidance
Management expects the Company’s Adjusted EBITDA for 2024 to be in the range of $80 million to $85 million.
Positive Outlook
- full-year impact of rate negotiations in commercial and other payor categories completed during 2023
- partial-year impact of rate negotiations in commercial and other payor categories expected to be completed during 2024
- volume increases at the Company’s existing clinics
- continued discipline in expense control
- full-year contribution from acquisitions completed in 2023
Challenges Ahead
- previously announced Medicare rate reduction of approximately 3.5% effective January 1, 2024
- Medicare rate reduction is expected to reduce the Company’s revenue by approximately $6.0 million in 2024 as compared to 2023
- Medicare rate reduction equates to an EBITDA reduction of approximately $5.3 million net of non-controlling interests
- The annual guidance figures will not be updated unless there is a material development that causes management to believe that Adjusted EBITDA will be significantly outside the given range.
- The guidance range includes the expected EBITDA contribution from acquisitions
Revenue & Expenses
Visualization of income flow from segment revenue to net income