- ATI Physical Therapy ATIP reported preliminary Q3 revenue of approximately $159 million, well below the consensus of $170.42 million.
- The company sees income before taxes of approximately $147 million and adjusted EBITDA of roughly $8 million.
- Additionally, visit volume softened, resulting in 20,674 average visits per day during Q3 compared to 21,569 during Q2, or approximately one less Visit per Day per Clinic.
- Previous guidance anticipated continued visit volume growth in Q3 and Q4 of 2021 compared to Q2.
- For FY21, ATI projects revenue of $620 million - $630 million (prior range of $640 million - $670 million) versus the consensus of $652.72 million. Adjusted EBITDA of $40 million - $44 million, down from $60 million - $70 million expected earlier.
- The further reduced guidance is due to lower-than-expected patient volume. ATI is maintaining guidance for 2021 new clinic openings, which are expected to be in the range of 55 to 65 clinics.
- ATI reported $135 million of available liquidity as of September 30, 2021.
- The company is currently completing quarterly financial and accounting procedures for Q3 and expects to record an impairment charge which could be material.
- In August, ATI's CEO Labeed Diab stepped down. John Larsen has been named Executive Chairman and will take an active role.
- Price Action: ATIP shares traded lower by 13.42% at $3.16 in premarket on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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