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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