US Physical Therapy Inc. (NYSE:USPH) Q1 2020 Earnings Conference Call - Final Transcript
May 21, 2020 • 10:30 am ET
Ladies and gentlemen, thank you for standing by, and welcome to the U.S. Physical Therapy Q1 2020 Earnings Conference Call. [Operator Instructions]
I would now like to hand the conference over to Chris Reading. Thank you. Please go ahead, sir.
Christopher J. Reading
Thank you. Good morning, everyone, and welcome to U.S. Physical Therapy's first quarter 2020 earnings call. I'm currently in our office with Larry McAfee, Executive Vice President and CFO. With us on the call include Graham Reeve and Glenn McDowell, our COOs; Jon Bates is here with us in the office as well. Jon is our Vice President and Controller; Rick Binstein is on the line, our Vice President and General Counsel. Sorry for the background noise. I'm next to a fire house.
Before we begin to cover our results for this more complicated than normal first quarter, I'll ask Jon to cover a brief statement.
Thanks, Chris. This presentation contains forward-looking statements, which involve certain risks and uncertainties. And these forward-looking statements are based on the company's current views and assumptions and the company's actual results can vary materially from those anticipated. Please see the company's filings with the Securities and Exchange Commission for more information.
Christopher J. Reading
Thanks, Jon. In my comments this morning, I'm going to try to paint the picture of our early quarter pre-COVID for the purposes of this discussion, pre-COVID period, which will be the January and February months then a post-COVID period, period of March. Importantly, I'll discuss steps we took quickly in advance to prepare us for the impact we began to fill acutely as communities began to ultimately adjust in early to mid-March. I will also discuss how the steps have meaningfully and positively impacted the safety of our staff and patients, service to our partners and get financial performance, including our visits, revenue and especially important, our cash position and overall trajectory. To be sure, this has been a supremely challenging period. However, I am so very, very proud of how our teams have led throughout this COVID-19 experience.
First, January and February. Volumes started up strong again to begin the year, and in fact, same-store volumes picked up again from what was an excellent same-store at the end of 2019. We began the year in January and February with 5.9% same-store visit growth. Visits per clinic per day improving from 26.5% in 2019, 27.7% in the first two months of 2020. Our revenue increased for this period approximately 8.3% after adjusting for the sale of single partnership that we transacted on and sold last June. And our overall volumes grew by 9.7%.
Despite the impact related to community closures and stay home orders which began to accelerate in mid-March, we grew revenues on an adjusted basis, 2% for the quarter overall. This was in spite of an estimated $8 million revenue and contribution margin loss in the month of March, secondary to the COVID-19 pandemic. In our industrial injury prevention business, revenue was up for the quarter over 43% and the revenue