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    Joanna Gajuk • Bank of America

    Joanna Gajuk's questions to US Physical Therapy Inc (USPH) leadership

    Joanna Gajuk's questions to US Physical Therapy Inc (USPH) leadership • Q1 2025

    Question

    Joanna Gajuk inquired about the drivers behind the year-over-year decline in mature clinic revenue, specifically asking about the impact of weather and calendar effects on visit volumes. She also asked about the company's historical performance during economic downturns and the potential impact of a recession on staffing.

    Answer

    CEO Christopher Reading explained that severe weather in major, long-established markets like Nashville and Texas significantly impacted mature clinic volumes, but underlying demand remains high, as evidenced by a strong rebound in March. He noted that during the 2008-2009 downturn, the company had a playbook that allowed for continued growth despite a minor dip in same-store volume. CFO Carey Hendrickson confirmed that the weather impact was disproportionately felt at mature clinics. Reading added that predicting staffing in a future recession is difficult, though there was more labor availability in the last major downturn.

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    Joanna Gajuk's questions to Surgery Partners Inc (SGRY) leadership

    Joanna Gajuk's questions to Surgery Partners Inc (SGRY) leadership • Q3 2024

    Question

    Joanna Gajuk of Bank of America asked for quantification of the hurricane's impact on Q3 and Q4 volumes and whether the year-to-date same-store case growth is a good proxy for 2025. She also questioned if headwinds from Medicaid redeterminations were affecting their business.

    Answer

    CFO David Doherty stated the hurricane impact was marginal and too small to quantify, though one facility was still on a partial schedule. He noted it's too early to provide 2025 guidance but highlighted that year-to-date same-facility growth exceeds their long-term algorithm. CEO J. Evans added that due to their minimal exposure to Medicaid and ER business, they have not felt the impact of redeterminations seen by peers.

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