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U.S. Physical Therapy Announces Impact to Operations from Hurricane Ian
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
U.S. Physical Therapy, Inc. (USPH) announced that 51 of its 614 outpatient clinics experienced operational disruptions due to Hurricane Ian, affecting Florida, Georgia, and South Carolina. The company reported losses of approximately 3,500 patient visits, totaling around $300,000 in revenue during the week of September 26-30, 2022, followed by an additional 1,100 visits and $95,000 in revenue losses in the first week of October. Further interruptions are anticipated over the next few weeks, with an update scheduled for the third quarter conference call on November 3, 2022.
Positive
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Operational disruptions at 51 clinics due to Hurricane Ian.
Loss of approximately 3,500 patient visits, equating to about $300,000 in revenue.
An additional 1,100 patient visits lost in the first week of October, amounting to $95,000 in revenue.
Expected continued interruptions at clinics for the next few weeks.
HOUSTON--(BUSINESS WIRE)--
U.S. Physical Therapy, Inc. ("USPH" or the “Company”) (NYSE: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, announced today that the operations of 51 of the Company’s 614 clinics were affected by Hurricane Ian. Due to the high winds, loss of electrical power, flooding and road closures attributed to the severe storm, U.S. Physical Therapy’s business was interrupted in large parts of the states of Florida, Georgia, and South Carolina. The Company estimates that approximately 3,500 patient visits, representing approximately $300,000 in revenue and gross profit contribution, were lost from September 26 through September 30. An additional 1,100 patient visits, representing approximately $95,000 in revenue and gross profit contribution, were lost in the first week of October. The Company expects continued interruption at several clinics for the next few weeks and will provide an update on its third quarter conference call scheduled for Thursday, November 3, 2022, at 10:30 am Eastern/9:30 am Central.
About U.S. Physical Therapy, Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 614 outpatient physical therapy clinics in 40 states. The Company's clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. In addition to owning and operating clinics, the Company manages 33 physical therapy facilities for unaffiliated third parties, including hospitals and physician groups. The Company also has an industrial injury prevention business which provides onsite services for clients’ employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments.
More information about U.S. Physical Therapy, Inc. is available at www.usph.com. The information included on that website is not incorporated into this press release.
U.S. Physical Therapy, Inc. Carey Hendrickson, Chief Financial Officer
Email: Chendrickson@usph.com
Chris Reading, Chief Executive Officer
(713) 297-7000
Three Part Advisors Joe Noyons (817) 778-8424
Source: U.S. Physical Therapy, Inc.
FAQ
What impact did Hurricane Ian have on U.S. Physical Therapy (USPH) clinics?
Hurricane Ian disrupted operations at 51 USPH clinics, leading to significant patient visit losses and revenue impact.
How much revenue did U.S. Physical Therapy (USPH) lose due to Hurricane Ian?
USPH estimated a loss of approximately $300,000 in revenue from 3,500 patient visits during the week of September 26-30, 2022, plus an additional $95,000 from 1,100 visits in early October.
When will U.S. Physical Therapy (USPH) provide an update on their operations affected by Hurricane Ian?
USPH will provide an update during their third quarter conference call scheduled for November 3, 2022.
Which states were affected by the operational disruptions at U.S. Physical Therapy (USPH)?
The operational disruptions primarily affected clinics in Florida, Georgia, and South Carolina.
