Nicole Matoushek PT MPH CSHE CEES
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Joined: January 15, 2005
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US Physical Therapy to close 26 clinics
Houston-based US Physical Therapy Inc plans to shut down 26 clinics and lay off 19 employees, an announcement that has triggered a stock fall.
Shares of the company dropped more than 13 percent to $12.87 in Thursday morning trading on the NASDAQ.
The operator of physical and occupational therapy clinics also said that it will book an estimated $1.2 million after-tax charge in the current quarter for closure costs and severance.
"After extensive analysis we have made the decision to close our smallest, low-patient volume, clinics," said U.S. Physical Therapy CEO Chris Reading. "Many of these clinics are located in markets we do not feel can support an acceptable level of patient volume and profitability."
Reading further noted that with the closures, US Physical Therapy will concentrate its resources on facilities, and within markets, where the company believes growth opportunities continue to exist.
The 26 clinics to be closed are spread across 13 states. Through July, the clinics to be closed saw on average around six patients per day per clinic, compared to an average of over 19 patients per day per clinic for the rest of US Physical Therapy's 277 facilities. The company estimates that it will save more than $600,000 per year after taxes with the staff reductions.
REF: SOAP Notes news letter
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Nicole Matoushek, PT, MPH, CSHE, CEES
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