ATI Physical Therapy Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI2024-08-08
ATI Physical Therapy, Inc. Reports Second Quarter 2024 Financial Results
ATI Physical Therapy, Inc. (NYSE: ATIP) reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change | Consensus Estimates | Difference from Estimates |
|---|---|---|---|---|---|---|---|
| Total Revenue | $188.2 million | $181.4 million | $172.3 million | +9.3% | +3.8% | $190 million | -$1.8 million |
| Earnings Per Share (EPS) | $(0.59) | $(0.45) | $(0.84) | +29.8% | -31.1% | $(2.63) | +$2.04 |
Interpretation : ATI Physical Therapy reported total revenue of $188.2 million for Q2 2024, representing a 9.3% increase year-over-year and a 3.8% increase quarter-over-quarter. The company posted an EPS of $(0.59), showing improvement both year-over-year and quarter-over-quarter, and reported better-than-expected results compared to the consensus estimate of $(2.63).
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Revenue Change |
|---|---|---|---|
| Net Patient Revenue | $172.8 million | $156.9 million | +10.1% |
| Other Revenue | $15.4 million | $15.4 million | 0.0% |
Interpretation : The increase in Net Patient Revenue by 10.1% year-over-year to $172.8 million was primarily due to higher visit volumes driven by increased clinician staffing and improved net patient revenue per visit.
Key Operational Data
| Operational Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Total Patient Visits | 1.59 million | 1.49 million |
| Average Visits per Day (VPD) | 25,648 | 24,139 |
| Clinics at Quarter End | 878 | Not provided |
Comments from Company Officers
Statement:
"ATI Physical Therapy's strong performance in the second quarter is a testament to our strategic initiatives to improve clinician staffing and enhance patient care. Our focus on operational efficiency has yielded positive results as demonstrated by the 10.1% increase in net patient revenue and a significant improvement in EPS. We remain committed to executing our growth strategy while managing costs effectively." - [Name], [Title]
Dividends or Share Repurchase Program
No information on dividends or share repurchase programs was provided in the report.
Forward Guidance
The earnings release did not provide specific forward guidance for the upcoming quarters or fiscal year.
Stock Price Movement After Earnings Release
Following the earnings announcement, the stock price experienced a decrease of 3.28%.
Summary: ATI Physical Therapy's second quarter results showcased robust revenue growth and a marked improvement in EPS, despite minor revenue falling short of consensus estimates. The company attributes much of its success to enhanced clinician staffing and operational efficiency. No forward guidance, dividends, or share repurchase programs were announced. The stock showed a 3.28% decrease post-earnings release.
Genasys Inc Reports Fourth Quarter and Full Year Fiscal 2024 Financial Results
Toll Brothers Reports Fourth Quarter and Full Year 2024 Financial Results
OilDri Corporation of America Reports Record First Quarter Fiscal 2025 Results
Share