Significant Increase in Visits Per Clinic
The company recorded an average of 32.2 visits per clinic per day, marking the highest third quarter volume per clinic per day in the company's history.
Strong Growth in Patient Visits
Total patient visits increased 18% year-over-year, supported by the addition of 84 net owned clinics and a 2.2% increase in visits at mature clinics.
Gross Profit Growth
Gross profit grew 30% year-over-year, with mid-teens increase when adjusted for noise from the previous year.
Improved Medicare Reimbursement Outlook
CMS adjustments led to a potential positive reimbursement change for Medicare, possibly improving by more than the previously estimated 1.5%.
Injury Prevention Revenue Growth
The Injury Prevention segment recorded a 14.6% revenue increase, with all growth being organic.
Adjusted EBITDA Growth
Adjusted EBITDA increased by $2.8 million or 13.2% to $23.9 million for the quarter.
Remote Therapeutic Monitoring Opportunities
New CMS rules are expected to benefit remote therapeutic monitoring, which could improve outcomes and increase revenue.