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U.S. Physical Therapy reports Q1 EPS 58c, consensus 54c

Reports Q1 revenue $148.5M, consensus $140.77M. Total patient visits increased 15.4% to 1,227,490 in the 2023 First Quarter from 1,063,519 in the 2022 First Quarter. Patient visits at mature clinics increased 6.0% in the 2023 First Quarter as compared to the 2022 First Quarter. Chris Reading, Chief Executive Officer, said, "I am supremely proud of our team for the way they have focused on making a difference for our patients as well as our business. The inflationary environment in the second half of 2022 was extremely challenging, but our partners, staff, leadership, and support teams remained committed to making the necessary adjustments, allowing us to deliver record volumes in what is normally a slower quarter. Our staffing has improved markedly, and our turnover rate has continued to decline to better than pre-pandemic levels for licensed clinical staff. Development activity and related opportunities remain strong."

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