NYSE$ATIP
ATI Physical Therapy Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
ATI reported increased revenue, visits per day, rate per visit and adjusted EBITDA, driven by transformation initiatives and strong demand.
ATI Physical Therapy reported a 5.5% year-over-year increase in net revenue to $172.3 million for Q2 2023. The company's visits per day increased by 4.5% year-over-year, with a rate per visit increase of 1.1%. Adjusted EBITDA was $9.3 million, up from $5.4 million in Q2 2022.
- Net revenue increased by 5.5% year-over-year to $172.3 million.
- Visits per day increased by 4.5% year-over-year to 23,412.
- Rate per visit increased by 1.1% year-over-year to $104.74.
- Adjusted EBITDA increased to $9.3 million, with a margin of 5.4%.
Headline financials
Revenue & EPS history
ATI · Revenue · Quarterly
$172M
Revenue by segment
ATI · $172M total across 2 segments · Q2 2023
- Net Patient Revenue$157M+5.7%91.1%
- Other Revenue$15.4M+4.1%8.9%
Forward guidance
For the full year 2023, ATI expects net revenue to be in the range of $680 million to $695 million, representing approximately 7% to 9% year-over-year growth. Adjusted EBITDA is expected to be in the range of $30 million to $36 million.
Tailwinds
- Net revenue to be in the range of $680 million to $695 million, representing approximately 7% to 9% year-over-year growth.
- Anticipation of steadily increasing patient visits through the second half of 2023.
- Execution on people, operations, and commercial strategies.
- Adjusted EBITDA to be in the range of $30 million to $36 million.
- Optimizing geographic footprint by closing underperforming clinics and consolidating locations.
Headwinds
- Expected net reduction of approximately 20 clinics for full year 2023.
- Continued physical therapist attrition.
- Challenges in achieving and maintaining clinical staffing levels.
- Risks associated with liquidity and capital markets.
- Dependence on governmental and third-party private payors for reimbursement.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 16 quarterly earnings reports · overlaid with Q2 2023
-1.1%
Avg return
Earnings day
-4.5%
Avg return
5 days after
-13.0%
Avg return
30 days after
50%
9 / 18 earnings
Positive
+50.0%
Q4 2022
Best reaction
-43.8%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | +4.5% | +0.0% | -5.6% | |
| Q3 2024 | -43.8% | -53.5% | -81.8% | |
| Q2 2024 | -7.3% | -4.9% | -8.6% | |
| Q1 2024 | +1.1% | -13.0% | -27.9% | |
| Q4 2023 | +7.9% | +2.8% | -13.0% | |
| Q3 2023 | +4.7% | -4.5% | -9.5% | |
| Q2 2023 | +2.0% | +15.5% | +20.1% | |
| Q1 2023 | -0.3% | -2.3% | +1.9% | |
| Q4 2022 | +50.0% | +36.0% | +8.8% | |
| Q3 2022 | -37.2% | -37.4% | -73.4% | |
| Q2 2022 | -7.1% | -15.2% | -5.4% | |
| Q1 2022 | +2.7% | -2.1% | -10.6% | |
| Q4 2021 | -9.2% | -8.2% | -4.6% | |
| Q4 2019 | -9.2% | -8.2% | -4.6% | |
| Q3 2021 | +27.6% | +29.5% | +19.2% | |
| Q2 2021 | -6.3% | -6.6% | -12.4% | |
| Q1 2021 | +0.1% | — | — | |
| Q4 2020 | -0.5% | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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