US Physical Therapy, Inc. (NYSE:USPH) Q3 2023 Earnings Conference Call November 8, 2023 10:30 AM ET

Company Participants

Christopher Reading - President, CEO & Director

Jake Martinez - SVP, Finance & Accounting

Carey Hendrickson - CFO

Eric Williams - COO, East

Conference Call Participants

Joanna Gajuk - Bank of America Merrill Lynch

Brian Tanquilut - Jefferies

Lawrence Solow - CJS Securities

Calvin Sternick - JPMorgan

Michael Petusky - Barrington Research

Operator

Good day. Welcome to the US Physical Therapy Third Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers' presentation there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded [Operator Instructions].

I'd like to turn the call over to Chris Reading, President and CEO. Please go ahead, sir.

Christopher Reading

Thank you. Good morning, and welcome, everyone, to our US Physical Therapy third quarter 2023 earnings call. With me on the call this morning, include Carey Hendrickson, our CFO; Eric Williams and Graham Reeve, our Chief Operating Officers; Rick Binstein, our Executive Vice President and General Counsel; Jake Martinez, our Senior Vice President Accounting and Finance.

Before we being our discussion around our third quarter and year-to-date performance, we need to cover a brief disclosure. Jake, if you would please.

Jake Martinez

Thank you, Chris. This presentation contains forward-looking statements which involve certain risks and uncertainties. These forward-looking statements are based on the company's current views and assumptions. The company's actual results may vary materially from those anticipated. Please see the company's filings with the Securities and Exchange Commission for more information.

Christopher Reading

Thanks, Jake. So my commentary this morning is going to be at a high level, and following that Carey will cover the majority of our very detailed release more completely. Let me start with where volume is. Overall, we've been [ph] number of really good things, which our team of clinicians, partners and support staff were able to deliver this quarter. And there are a few challenges which we're continuing to work on as well.

First, and importantly, volumes have been very strong this year and remain so throughout the third quarter, including during our normally seasonally slower summer months. Visits per clinic per day came in at 29.7, which is an all time high for us for any third quarter in our company's history. It serves as the best indication related to both the overall demand for our services and the way we're viewed by patients and referral sources alike, in a market where there is an abundance of choice.