ATI Physical Therapy (ATIP) investor relations material

Executive summary

• Net patient revenue increased 8.5% year-over-year to $690.0 million, driven by higher visit volumes and improved rate per visit.

• Net loss narrowed to $54.0 million from $66.1 million in 2023, reflecting higher revenues and lower corporate costs.

• The company was delisted from the NYSE in December 2024 and now trades on the OTC Pink Open Market.

• A going concern warning remains due to recurring losses, negative cash flows, and liquidity constraints.

• Significant stockholders now control 98.6% of common stock and 100% of Series B Preferred voting power.

Financial highlights

• Net revenue rose 7.7% to $753.1 million; total patient visits grew 6.2% to 6.33 million.

• EBITDA was $34.3 million; Adjusted EBITDA increased to $44.8 million from $36.2 million in 2023.

• Operating income was $2.3 million, up from a $27.5 million loss in 2023.

• Net patient revenue per visit increased 2.1% to $109.08.

• Cash and cash equivalents at year-end were $39.1 million, with no available capacity under the revolving credit facility.

Outlook and guidance

• Management expects continued need for additional liquidity beyond operating results and is considering debt, equity, asset sales, or strategic alternatives.

• Substantial doubt remains about the ability to continue as a going concern; management's plans have not alleviated this doubt.

• The company expects this to be its last SEC filing until required or elected otherwise.