- Net revenues increased 8.5% from $116,653,000 in the first six months of 2011 to $126,541,000 in the first six months of 2012, primarily due to an increase in patient visits of 10.4% from 1,056,000 to 1,166,000. The average net patient revenue per visit for the 2012 period was $105.10 as compared to $104.67 in the comparable 2011 period. The increase in net revenues was offset by a decrease in other revenues of $2,100,000 due to a reduction in revenue from physician services.
- Total clinic operating costs were $93,414,000, or 73.8% of net revenues, in the 2012 period, as compared to $84,601,000, or 72.5% of net revenues, in the 2011 period. Clinic salaries and related costs were 51.7% of net revenues in the recent period versus 52.1% in the 2011 period. Rent, clinic supplies, contract labor and other costs as a percentage of net revenues were 20.1% in the recent period versus 19.4% in the 2011 period. The provision for doubtful accounts as a percentage of net revenues was 1.9% for the 2012 period versus 1.0% in the 2011 period. In the first six months of 2012, the gross margin from the Company’s core physical therapy business increased by $3,678,000 or 12.5% as compared to the first half of 2011 which was partially offset by a $2,603,000 decrease in margin from the physician services business.
- Corporate office costs increased slightly to $12,658,000 in the 2012 period from $12,488,000 in the 2011 period. However, corporate office costs were reduced as a percentage of net revenues to 10.0% in the 2012 period as compared to 10.7% in the 2011 period.
- Operating income for the first six months of 2012 rose to $20,469,000 compared to $19,564,000 in the 2011 six months.
- Interest expense increased to $307,000 in the 2012 period from $182,000 in the 2011 period due to higher average borrowings in the 2012 period.
- Net income attributable to non-controlling interests was $4,799,000 in the 2012 period as compared to $5,142,000 in the year earlier period. The reduction is attributable to the Company’s increased ownership interest in certain of its physical therapy partnerships.
- Provision for income taxes as a percentage of income before taxes less net income attributable to non-controlling interests was 39.3% in both the 2012 and 2011 periods.
- Reported net income attributable to common shareholders in the 2012 period was $9,327,000 compared to $8,646,000 in the 2011 period. Diluted earnings per share were $0.79 versus $0.72.
- Same store revenues for de novo and acquired clinics open for one year or more increased 4.6%. Higher same store visits and slightly higher average net rate per visit accounted for the increase.
U.S. Physical Therapy Reports Second Quarter And Six Months Results
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