US Physical Therapy, Inc. (NYSE:USPH) Q4 2023 Earnings Conference Call February 29, 2024 10:30 AM ET
Company Participants
Christopher Reading - CEO
Jake Martinez - SVP, Accounting and Finance
Carey Hendrickson - CFO
Eric Williams - COO
Conference Call Participants
Brian Tanquilut - Jefferies
Larry Solow - CJS Securities
Joanna Gajuk - Bank of America Merrill Lynch
Jared Hoff - William Blair
Mike Petusky - Barrington Research
Operator
Good day, and thank you for standing by. Welcome to the US Physical Therapy fourth-quarter 2023 and full-year earnings conference call. [Operator Instructions].
I'd now like to turn the call over to Chris Reading, President and CEO. Please go ahead, sir.
Christopher Reading
Thanks, Shelby. Good morning, and welcome, everyone, to US Physical Therapy's earnings call this morning. With me on the call today include Carey Hendrickson, our CFO; Eric Williams, our Chief Operating Officer; Rick Binstein, our Senior Vice President and General Counsel; Jake Martinez, our Senior Vice President of Finance and Accounting. Graham Reeve happens to be on a plane this morning and won't be joining us.
Before we begin with some prepared remarks, I'll ask Jake to cover a brief disclosure statement. 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. I'm going to go ahead and start this morning with particular thanks to our clinical teams led by our capable partners around the country for their efforts in delivering exceptional care, returning a record number of patients to the things that they enjoy the most and to our prevention partners for weathering what we expected to be a more challenging year in '23, with great continued success in keeping thousands of workers and companies that we serve healthy and injury-free.
They finished the year in really strong fashion with 9.7% revenue growth in our final quarter and a 330-basis-point improvement margin in what has been a seasonally slower quarter for this subset of our business, all of which sets the table for good growth year ahead in 2024.
Past year was one of persistently high demand for our physical therapy services. Each quarter in 2023 produced a record for volume across a growing network of clinics finishing the year for the first time in our history at 30 visits per clinic per day visits, grew to more than 5 million for the year, up 11.6% in 2023.