According to the first-quarter 2016 results announced recently by U.S. Physical Therapy, net income and net revenues for the Houston-based provider increased from the same time in 2015.
Its net income attributable to common shareholders, net of tax (“operating results”) increased 27.9% to $5.3 million for the first quarter of 2016 as compared to $4.2 million for the first quarter of 2015. Diluted earnings per share from operating results rose to $0.43 from $0.34, according to a media release.
In addition, the provider’s net revenues increased by $9.7 million or 12.5% from $77.2 million in the first quarter of 2015 to $86.9 million in the first quarter of 2016, due to an increase in total patient visits of 13.4% from 712,900 to 808,300 and offset by a decrease in the average net revenue per visit to $105.22 from $106.34. Net revenues from new clinics opened or acquired in the past 12 months was $5.8 million.
In the first quarter of 2016, the Company’s Adjusted EBITDA also grew by 24.6% to $12.5 million from $10 million in the 2015 first quarter, the release continues.
“I am very proud of our entire team who have worked hard to produce great results for our patients, physicians, industry customers and shareholders,” says Chris Reading, U.S. Physical Therapy CEO, in the release.
“The end result of these efforts produced record same store visit growth this quarter of 6.7%. Our partners continue to push to deliver meaningful growth, underpinned with great care, while maintaining a close eye on appropriate cost control,” he adds.
For more information, visit U.S. Physical Therapy.
[Source(s): U.S. Physical Therapy, Business Wire]