Ati Physical Therapy, Inc. ( (ATIP) ) has released its Q3 earnings. Here is a breakdown of the information Ati Physical Therapy, Inc. presented to its investors.
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ATI Physical Therapy, Inc. is a leading outpatient physical therapy provider in the U.S., specializing in musculoskeletal pain treatment through its expansive network of clinics and virtual services.
In its third-quarter 2024 earnings report, ATI Physical Therapy showcased substantial operational improvements, with strategic efforts in talent retention and patient care contributing to revenue growth. The company highlighted its commitment to quality care and workforce development as critical factors in its ongoing success.
The company reported net revenue of $190 million, a 7.1% increase from the previous year, and an adjusted EBITDA of $12.1 million, reflecting a 28.8% rise. Despite flat year-over-year rate per visit, visit productivity increased, with a notable rise in visits per day and clinician headcount. However, ATI faces liquidity challenges, necessitating additional financing to support operations.
Furthermore, the company managed to reduce selling, general, and administrative expenses by 5.2%, while increasing clinician headcount to meet rising patient demand. Despite these positive metrics, ATI recorded a net loss of $32.9 million due to higher costs and fair value remeasurement losses.
Looking forward, ATI anticipates net revenue in the range of $182 million to $192 million for the fourth quarter of 2024, with continued patient visit growth expected as it continues to execute its strategic initiatives. The management remains focused on addressing liquidity needs while optimizing operational performance.
