ATI Physical Therapy Inc. (ATIP) stock plunged by 36.45% in the current market trading session. ATI is leading the market by creating quality standards that offer predictable results for their patients with musculoskeletal (MSK) disorders, based on the results of more than 2.5 million unique patient cases.
Financial data for the second quarter ending June 30, 2021, were released by ATI Physical Therapy. Given below is the summary:
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- Visits per Day increased by 10.5 percent quarter over quarter and 70.6 percent year over year to 21,569, up from 19,520 in the first quarter of 2021 and 12,643 in the second quarter of 2020. This was due to ongoing volume rises as COVID-19 constraints in local markets evolved. However, the referral levels have also improved, continually rising demand for their services.
- Total operating income was $164.0 million, up 10.0 percent quarter over quarter and 52.1 percent year over year from $149.1 million in the first quarter of 2021 and $107.8 million in the second quarter of 2020. Higher patient visit numbers drove the rise, which was somewhat offset by decreased RPV.
- In the first quarter of 2021, gross (loss) income before taxes was $5.5 million, down from $28.3 million in the second quarter of 2020 and $8.2 million in the first quarter of 2021. In the first quarter of 2021, the net (loss) income without taxes margin was 19.0 percent, whereas in the second quarter of 2020, it was 7.6 percent.
- Adjusted EBITDA has been calculated as $24.0 million in the second quarter of 2020, relative to $5.6 million in the first quarter of 2021 and $45.5 million (including $44.3 million in CARES Act Provider Relief Funds) in the second quarter of 2020.
Significant Accomplishment in ATIP stock
Opened ten new clinics, mostly in Georgia, Massachusetts, and Texas. Out of these, nine of the clinics were brand new, and one was an acqui-novo facility.
VPD per clinic was 24.3 in the second quarter of 2020, up from 22.2 in the first quarter of 2021 and 14.6 in the second quarter of 2020, a 9.5 percent quarter-over-quarter rise and a 66.4 percent year-over-year increase.