U.S. Physical Therapy, Inc (USPH) has reported a 7.31 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $4.82 million, or $0.38 a share in the quarter, compared with $4.49 million, or $0.36 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $6.44 million, or $0.51 a share compared with $5.82 million or $0.47 a share, a year ago. Revenue during the quarter grew 12.26 percent to $97.56 million from $86.91 million in the previous year period. Gross margin for the quarter contracted 232 basis points over the previous year period to 21.26 percent. Total expenses were 87.50 percent of quarterly revenues, up from 86.78 percent for the same period last year. That has resulted in a contraction of 72 basis points in operating margin to 12.50 percent.
Operating income for the quarter was $12.20 million, compared with $11.49 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $13.32 million compared with $12.45 million in the prior year period. At the same time, adjusted EBITDA margin contracted 67 basis points in the quarter to 13.66 percent from 14.33 percent in the last year period.
Chris Reading, chief executive officer, said, “In the first quarter we had solid revenue and visit growth driven in large part by recent acquisitions which are performing very well. Our development for the year is very strong both organically and through acquisition. Operating costs have increased in large part due to acquisitions. Our operations team is actively reducing costs where needed. The early performance from our industrial prevention services deal has been solid and we are looking for other opportunities with the right partners in that space. We are happy to have now worked our way through the recent period to update all of our filings. We sincerely appreciate your patience and continued support as we work to move our Company forward.”
Operating cash flow falls marginally
U.S. Physical Therapy, Inc has generated cash of $14.17 million from operating activities during the quarter, down 2.50 percent or $ 0.36 million, when compared with the last year period. The company has spent $17.20 million cash to meet investing activities during the quarter as against cash outgo of $14.98 million in the last year period. It has incurred net capital expenditure of $1.52 million on net basis during the quarter, down 10.08 percent or $0.17 million from year ago period.
Cash flow from financing activities was $8.13 million for the quarter, up 109.72 percent or $4.25 million, when compared with the last year period.
Cash and cash equivalents stood at $25.15 million as on Mar. 31, 2017, up 30.97 percent or $5.95 million from $19.21 million on Mar. 31, 2016.
Working capital increases marginally
U.S. Physical Therapy, Inc has recorded an increase in the working capital over the last year. It stood at $44.54 million as at Mar. 31, 2017, up 1.48 percent or $0.65 million from $43.89 million on Mar. 31, 2016. Current ratio was at 2.31 as on Mar. 31, 2017, down from 2.81 on Mar. 31, 2016.
Days sales outstanding were almost stable at 41 days for the quarter, when compared with the last year period.
At the same time, days payable outstanding was almost stable at 2 days for the quarter, when compared with the previous year period.
Debt moves up
U.S. Physical Therapy, Inc has witnessed an increase in total debt over the last one year. It stood at $64.02 million as on Mar. 31, 2017, up 9.67 percent or $5.65 million from $58.37 million on Mar. 31, 2016. Total debt was 16.51 percent of total assets as on Mar. 31, 2017, compared with 18.74 percent on Mar. 31, 2016. Debt to equity ratio was at 0.33 as on Mar. 31, 2017, up from 0.28 as on Mar. 31, 2016. Interest coverage ratio deteriorated to 2.79 for the quarter from 3.39 for the same period last year.
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