The following is a summary of the ATI Physical Therapy, Inc. (ATIP) Q4 2023 Earnings Call Transcript:

Financial Performance:

• ATI Physical Therapy reported a 12.7% YoY increase in Q4 net revenue totaling $182 million.

• Net patient revenue accounted for $166 million, marking a 13.6% YoY increase.

• There was a growth in salaries and related costs by 9.5%, linked predominantly to wage rate increases and higher clinical staff numbers.

• An operating income of $3 million was attained, excluding impairment charges, showcasing a rise from the preceding year's $8 million operating loss.

• For the overall year, revenue settled at $699 million, outdoing the initially set guidance range of $680 to $695 million.

• The company reported a cash expenditure of $46 million in 2023, contrary to the previous year's cash generation of $35 million.

• By the end of 2023, the company had liquid assets approximated at $42 million.

Business Progress:

• Over 2023, ATI Physical Therapy saw year-over-year growth, hitting an all-time high in daily referrals.

• The company launched the Institute for Musculoskeletal Advancement, amplifying its commitment to scientific research and top-level musculoskeletal clinical care.

• An improved patient survey process helped inform patient experience strategies, with plans to disclose the updated customer satisfaction KPI later in 2024.

• Operational efficiencies improved, and each clinical FTE oversaw an additional 0.6 visits daily compared to 2022, leading to increased daily visits per clinic throughout 2023.

• The company reported a noted team growth, closing Q4 with nearly 2,600 full-time employees, matching pre-COVID levels.

• Focusing on enhancing patient engagement strategies, the company plans to exhibit new strategies intended to increase referral conversions and meeting attendances.

• ATI Physical Therapy continues to predict high demands for services in 2024 and anticipates progressing its growth by maintaining new strategies implemented in the previous year.

More details: ATI Physical Therapy IR

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