U.S. Physical Therapy reported a significant uptick in its third-quarter earnings compared to the year-ago period. Last year's earnings were down because of a one-time write-off from the sale of the remainder of its physician-services business.
The Houston-based company, which operates 489 outpatient physical and occupational therapy clinics in the U.S., reported Thursday that its net earnings rose to $5.2 million for the three-month period that ended September 30, up from $227,000 reported during the same period last year. If not for the $4.4 million loss attributed to the sale of its physician-services segment, earnings in last year's third quarter would have been $4.7 million, roughly 11% below this year's figure.
Thanks to a 4.9% increase in same-clinic visits, revenue rose 18% to $77.7 million, compared to $65.8 million reported during the same period a year ago. Same-clinic revenue was up 4.5%, though the average net rate per visit decreased by 42 cents.
“I can't remember visits per clinic as strong as we saw this summer,” said CEO Chris Reading during a conference call, adding that the company has seen good growth at its acquired facilities.
The company opened or acquired three clinics in the third quarter. Reading said in a release (PDF) that the company expects to see more future opportunities for acquisition because of the fragmented nature of the outpatient physical therapy industry.
For the nine months ended in September, earnings were $15.9 million, up 78.7% from $8.9 million the year prior. Revenue year-to-date was up 15.4% at $225.7 million, compared to $195.5 million in 2013
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