The following is a summary of the ATI Physical Therapy, Inc. (ATIP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ATI Physical Therapy's net revenue stood at $181 million in Q1 2024 which marks an 8.7% increase from Q1 2023.

• The net patient revenue increased by 9.7% compared to the last year resulting in a total of $165 million.

• The adjusted EBITDA for Q1 was $6 million, showing a marginal rise from the previous quarter.

• Whilst an operating loss was recorded at $4 million, it marks a significant reduction from the $11 million loss in Q1 2023.

• Even though PT salaries and related costs have increased by 9.5% due to wage inflation, the company forecasts revenues between $185 million to $195 million for Q2 2024.

Business Progress:

• ATI has seen a significant increase in patient visits, recording around 1,100 more patient visits per day in Q1 2024.

• ATI's real estate reorganization has resulted in the closure of 11 clinics.

• The company is focusing on achieving impactful outcomes, expanding access to physical therapy, especially in underserved areas.

• The improvement in clinician turnover rates, innovative programs, and strategies to drive growth indicates the company's focus on improving operations, enhancing the patient experience, and improving key performance indicators.

More details: ATI Physical Therapy IR

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