While adverse weather led to a mass cancellation of patient visits, outpatient physical-therapy clinic operator U.S. Physical Therapy reported that first-quarter earnings advanced 9.8% as patient referrals beat expectations.
U.S. Physical Therapy on Thursday announced first-quarter earnings of $4.2 million, compared with $3.9 million in the same period a year ago, thanks to an increase in patient visits.
Patient visits across its 472 clinics were up from 577,600 to 643,900. That sent revenues up 11.2% to $69.8 million for the quarter compared with $62.8 million in the year-ago period.
This came despite a $5.2 million increase in operating expenses associated with new clinics opened or acquired in the prior 12 months. Since March 31, 2013, U.S. Physical Therapy has opened or acquired 31 new facilities.
The Houston-based operator announced in March that 10,000 patient visits had been canceled in January and February as a result of bad weather in much of the country. But improving weather in March and a strong referral backlog more than offset the challenges of the first two months, according to CFO Larry McAfee
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