Earnings Review and Free Research Report: U.S. Physical Therapy's Quarterly Revenue Grew 12.3%; Adjusted EPS Gained 9%
LONDON, UK / ACCESSWIRE / July 13, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on U.S. Physical Therapy, Inc. (NYSE: USPH), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=USPH, following the Company's posting of its first quarter fiscal 2017 earnings results on June 29, 2017. The physician staffing services Company surpassed earnings estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Earnings Reviewed
For the first quarter ended March 31, 2017, U.S. Physical Therapy's net revenues increased 12.3% to $97.57 million compared to $86.91 million in Q1 2016, primarily due to a 10.1% increase in net patient revenues from the physical therapy operations, higher revenues from management contracts, and one month of revenues from the workforce performance solutions business acquired in March 2017. The Company's revenue numbers marginally missed analysts' expectations of $97.60 million.
U.S. Physical Therapy's gross margin for Q1 2017 was $20.7 million, or 21.3% of revenue, compared to $20.5 million, or 23.6% of revenue, for Q1 2016. The gross margin for the Company's physical therapy clinics was 21.5% in the reported quarter compared to 23.6% in the year earlier same quarter. The gross margin on management contracts was 14.8% in Q1 2017 compared to 19.8% in Q1 2016.
During Q1 2017, U.S. Physical Therapy's operating income increased 6.2% to $12.2 million compared to $11.5 million in Q1 2016. For the reported quarter, the Company's adjusted EBITDA grew by 7.0% to $13.3 million from $12.5 million in the year ago corresponding quarter.
For Q1 2017, U.S. Physical Therapy's net income attributable to its shareholders, in accordance with GAAP, was $4.8 million, or $0.38 per diluted share, compared to $4.5 million, or $0.36 per diluted share, for Q1 2016. During Q1 2017, U.S. Physical Therapy's operating results, a non-GAAP measure, attributable to common shareholders rose 10.6% to $6.4 million compared to $5.8 million for Q1 2016 period. Diluted earnings per share from operating results were $0.51 for the reported period and $0.47 for the year-ago comparable period. The Company's earnings numbers exceeded Wall Street's expectations of $0.49 per share.
Important Metrics
During Q1 2017, U.S. Physical Therapy's net patient revenues from physical therapy operations increased approximately $8.6 million to $93.7 million from $85.1 million in Q1 2016 period due to an increase in total patient visits of 10.3% from 808,000 to 892,000 partially offset by a $0.18 decrease in average net patient revenue per visit to $105.04 from $105.22.
For the reported period, revenues from management contracts were $1.9 million compared to $1.4 million for the year-ago period. The revenues from the recently acquired workforce performance solutions business were $1.5 million for the month of March 2017.
U.S. Physical Therapy's Total clinic operating costs were $76.8 million, or 78.7% of net revenues, in Q1 2017 compared to $66.4 million, or 76.4% of net revenues, in Q1 2016. The increase was primarily attributable to $8.9 million in operating costs related to new clinics opened or acquired in the past 12 months, an additional $1.1 million related to a full quarter of activity in 2017 for clinics opened or acquired in Q1 2016, and the addition of the workforce performance solutions business.
U.S. Physical Therapy's total Clinic salaries and related costs, including those from new clinics, were 57.2% of net revenues in the reported quarter versus 55.0% for the year ago same period. Rent, clinic supplies, contract labor, and other costs as a percentage of net revenues was 20.6% for the recent quarter versus 20.1% for the 2016 same period. The provision for doubtful accounts as a percentage of net revenues was 0.9% for Q1 2017 compared to 1.3% in Q1 2016.
Cash Matters
As of March 31, 2017, U.S. Physical Therapy's cash and cash equivalents totaled $25.15 million compared to $20.05 million as on December 31, 2016. During Q1 2017, the Company generated $14.17 million as cash from operating activities compared to $14.53 million in the previous quarter.
Stock Performance
At the closing bell, on Wednesday, July 12, 2017, U.S. Physical Therapy's stock marginally slipped 0.72%, ending the trading session at $62.25. A total volume of 33.58 thousand shares was traded at the end of the day. In the last twelve months, shares of the Company have advanced 0.02%. Shares of the Company have a PE ratio of 38.88 and have a dividend yield of 1.29%. The stock currently has a market cap of $805.52 million.
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