The following is a summary of the ATI Physical Therapy, Inc. (ATIP) Q2 2024 Earnings Call Transcript:

Financial Performance:

• ATI Physical Therapy reported Q2 2024 net revenue of $188 million, a 9.2% increase year-over-year.

• Adjusted EBITDA for Q2 2024 was $17 million, marking an 8.8% margin, improved from $9 million and a 5.4% margin in the previous year.

• Net loss improved to $3 million in Q2 2024, compared to a net loss of $22 million in Q2 of the previous year.

Business Progress:

• ATI saw a significant increase in patient visits, with over 1,500 more visits per day compared to last year.

• Clinician headcount grew by more than 4% year-over-year.

• Implemented a new centralized patient access management model improving clinic operations and patient accessibility.

• Closed two clinics and divested four others, refining the clinic footprint.

Opportunities:

• Leveraging strong patient demand and new operational efficiencies to drive top-line growth.

• Optimization of revenue cycle management to improve financial returns and collection efficiency.

• Expanding access to physical therapy in underserved areas supports market penetration and growth.

Risks:

• Experiences macro level headwinds and imbalance in the physical therapy labor market.

• Potential future impacts from Medicare regulation changes could affect payment structures.

More details: ATI Physical Therapy IR

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