ATI Physical Therapy, Inc. (ATIP): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of a major outpatient physical therapy provider that just went private in August 2025, and honestly, understanding its Business Model Canvas is step one for any serious valuation. ATI Physical Therapy, Inc.'s strategy is built on scale, relying on over $\mathbf{850}$ clinics and a workforce of about $\mathbf{6,300}$ employees to generate $\mathbf{\$753.1}$ million in total net revenue for 2024, but the real story is its dependence on reimbursement, with roughly $\mathbf{80\%}$ of revenue coming from commercial and government payers. We need to see how they manage the largest cost-clinician salaries, which hit $\mathbf{\$105.6}$ million in Q3 2024-while balancing the $\mathbf{40\%}$ of new volume that still flows directly from physician referrals. Below, I've broken down the nine essential blocks, showing you the precise trade-offs in their high-volume, payer-centric model so you can see exactly where the near-term risks and opportunities lie.

ATI Physical Therapy, Inc. (ATIP) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep the lights on and drive patient flow for ATI Physical Therapy, Inc. (ATIP) as they operate under private ownership in late 2025. These partnerships are critical for revenue collection and volume generation.

The revenue engine relies heavily on agreements with payers. For the fiscal year ending December 31, 2024, ATI Physical Therapy, Inc. reported Net Revenue of $753.1 million. The business model is structured around securing favorable contracts with major commercial and government healthcare payers, which the model suggests account for approximately 80% of total revenue.

Patient acquisition is significantly influenced by the medical community. The model indicates that orthopedic surgeons and physicians are responsible for approximately 40% of new patient volume, facilitated by proprietary tools like custom EMR scorecards that provide performance reports to medical partners.

The shift to private ownership in August 2025 cemented key financial partnerships. A consortium led by private investment firms Knighthead Capital Management and Marathon Asset Management completed a merger to take the company private on August 1, 2025. This followed earlier capital support, including a financing deal closed on March 3, 2025, where ATI issued $26 million in 8% second lien PIK convertible notes to existing preferred equity holders.

Here is a breakdown of the key financial and operational partnerships:

The academic partnerships are designed to bolster the workforce. You should note the specific commitments made to Tufts University School of Medicine (TUSM) following their joint initiative launch in February 2025. This collaboration aims to expand the physical therapist workforce.

The company also maintains specific, high-profile marketing and service contracts, such as the one with the McDonald\'s All-American Games. ATI Physical Therapy, Inc. became the Official Physical Therapy Partner for this event under an exclusive two-year agreement starting in March 2024.

The reliance on third-party payors is further detailed by the market context; in 2024, the private insurance segment held a market revenue share of 57.81%.

• The company operated 866 clinics across 24 states as of December 31, 2024.
• For the year ended December 31, 2024, total patient visits were 6,325,507.
• The company closed or sold 35 clinics in 2024 as part of fleet optimization.

Finance: review the Q3 2025 payer mix data against the 80% target by end of Q4.

ATI Physical Therapy, Inc. (ATIP) - Canvas Business Model: Key Activities

You're looking at the core engine of ATI Physical Therapy, Inc. now that they've moved back to private ownership as of August 1, 2025. This shift means the focus is purely on operational execution without the pressure of quarterly public reporting cycles, which should sharpen the focus on these key activities.

Delivering in-person and hybrid physical therapy services across a wide network

ATI Physical Therapy, Inc. maintains a massive physical footprint to deliver its core outpatient rehabilitation services. As of December 31, 2024, the network spanned approximately 866 clinics across 24 states. This physical presence is now actively augmented by digital offerings. The integration of advanced digital tools into a hybrid care model has already shown measurable impact, specifically a 50% reduction in wait times for initial appointments. Furthermore, this hybrid approach is linked to 30% faster recovery times when compared to traditional care models.

The scale of service delivery is significant:

• Total patient visits for the year ended December 31, 2024, reached 6,325,507.
• The company also offers tele-physical therapy and remote therapy monitoring.

Managing and retaining a large, skilled clinician workforce (headcount grew 3% in Q3 2024)

The quality of the clinician is the value proposition. ATI Physical Therapy, Inc. has over 6,300 total employees, and managing this talent pool is a critical, ongoing activity, especially in a tight labor market. The commitment to staffing is evident in the growth reported for Q3 2024, where employee clinician headcount added 3% year-over-year. At the end of Q3 2024, the breakdown of clinical staff included 2,640 employee clinicians and 273 contractor clinicians. Honestly, keeping that 3% growth trend going is key to meeting patient demand.

Here's a snapshot of the workforce metrics around that time:

Billing and collections from complex payer networks to secure reimbursement

Generating revenue from a complex web of governmental and third-party private payors is a massive operational lift. For the full year ended December 31, 2024, ATI Physical Therapy, Inc. reported Net Revenue of $753.1 million, with Net Patient Revenue specifically at $690.0 million. The company is dependent on these payors, and disputes or unfavorable contract changes are noted risks. In Q3 2024 alone, the provision for doubtful accounts was $4.9 million, representing 2.8% of net patient revenue for that quarter.

Financial performance related to revenue cycle management in Q3 2024:

• Net Revenue: $190.0 million.
• Net Patient Revenue: $174.7 million.
• Rate per Visit (RPV): $109.83.

Optimizing clinic footprint and operational excellence to increase visits per day

The activity here is about maximizing throughput in every location. For Q3 2024, the total Visits per Day (VPD) across the network hit 24,860. More granularly, the Visits per Day per Clinic (VPD per Clinic) was 28.3, which was an increase of 2.4 visits over Q3 2023, showing operational focus is paying off. This optimization is balanced with footprint management; during 2024, the company opened 5 new clinics while closing or divesting a total of 35 clinics as part of its optimization strategy.

Developing and deploying digital health tools for remote therapeutic monitoring

ATI Physical Therapy, Inc. is actively deploying technology to enhance care outside the clinic walls. The integration of these digital tools, including Remote Therapeutic Monitoring (RTM), is a core activity supporting the hybrid model. The success of this digital push is reflected in patient feedback metrics; the hybrid care model delivered a 14% improvement in the Net Promoter Score (NPS). This focus on connected care aims to improve adherence and keep patients engaged in their recovery pathways.

ATI Physical Therapy, Inc. (ATIP) - Canvas Business Model: Key Resources

You're looking at the core assets that let ATI Physical Therapy, Inc. (ATIP) operate and compete in late 2025. These aren't just things they own; these are the engines driving their service delivery and strategic positioning, especially after the recent transition back to private ownership.

• Extensive network of over 850 outpatient physical therapy clinics
• Licensed Physical Therapists and clinical staff (approx. 6,300 total employees)
• Proprietary clinical pathways and research data (Institute for Musculoskeletal Advancement)
• Digital health platform for virtual care and patient engagement
• Private capital and debt financing from new ownership structure

The physical footprint is massive, which is a huge barrier to entry for competitors. As of the end of 2024, ATI Physical Therapy, Inc. operated 866 clinics across 24 states, though a late 2025 count showed 837 clinics in the United States. This scale supports standardized clinical guidelines across their largest single-branded platform in the US.

The human capital is just as critical. The company reports having approximately 6,300 total employees as of 2024. To be fair, other data suggests a count closer to 6,887 employees, showing a significant workforce supporting their operations.

Here's a quick look at the scale of their physical and human assets:

The commitment to clinical quality is institutionalized through the Institute for Musculoskeletal Advancement (iMSKA). ATI Physical Therapy, Inc. established iMSKA in 2024 to advance scientific MSK research. This resource is actively producing data and thought leadership, focusing on areas like post-operative outcomes and value-based care models.

The research output and partnerships quantify this resource:

• Peer Reviewed Publications: 117
• Research Partners: 14
• Partnered in Grant Funding: $3M
• Residency & Fellowship Graduates: 158

Digital capabilities are integrated for a hybrid care model. ATI Physical Therapy, Inc. has been building out its digital offerings, including a partnership with Genie Health to add computer vision-driven remote monitoring. Their prior telehealth experience delivered 150,000 visits to over 12,500 patients since 2020. Early results from their enhanced digital experience showed measurable improvements, which is what you want to see from tech investment:

• Reduction in wait times for initial appointments: 50%
• Improvement in Net Promoter Score (NPS): 14%
• Faster recovery times compared to traditional care: 30%

Finally, the financial structure is a key resource, especially following the August 1, 2025, merger that took ATI Physical Therapy, Inc. private, led by Knighthead Capital Management and Marathon Asset Management. This move was supported by prior financing, including a $26 million second lien PIK convertible note financing closed on March 3, 2025, bearing 8% interest and maturing August 24, 2028. The total capital raised over time stands at $995M. As of March 2025, significant stockholders held about 98.6% of common stock and 100% voting power of Series B preferred stock, indicating strong new ownership alignment.

The financing details are important for understanding their current capital base:

Finance: draft 13-week cash view by Friday.

ATI Physical Therapy, Inc. (ATIP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why patients and employers choose ATI Physical Therapy, Inc. as of late 2025. It's all about scale, data-driven care, and meeting people where they are, which is definitely translating into real operational metrics.

Convenient Access to Care via a Large, Single-Branded Clinic Network

ATI Physical Therapy, Inc. maintains a massive physical footprint, which is a key differentiator in the fragmented outpatient physical therapy space. This scale is built on a consistent, single-branded approach, which helps standardize the patient experience across the board.

• Operates 837 clinics across 24 states as of October 2025.
• Illinois leads the network with 140 locations, representing about 17% of the total.
• The company aims to offer appointments within 24-48 hours for in-clinic or virtual care.

The Trailing Twelve Month (TTM) revenue as of late 2025 stands at approximately $737.24 million, supported by this extensive network and a Gross Margin of 43.34%.

Personalized, Evidence-Based Treatment Plans for Optimal Recovery

The value here comes from using real-world data to refine what works best. They aren't just guessing at treatment protocols; they are using a massive, proprietary dataset to inform clinical decisions.

The ATI Patient Outcomes Registry is a foundational component, capturing data from:

• More than 10 million patient reported outcomes.
• Over 3 million unique patient cases.
• Data is collected across 4 million patient episodes.

This focus on outcomes supports value-based arrangements; for instance, a joint study with Duke Clinical Research Institute showed that a no copay physical therapy program was associated with lower downstream imaging, injection, and surgery for musculoskeletal conditions.

Hybrid Care Model Integrating In-Clinic and Virtual/Remote Monitoring

The integration of digital tools creates a dynamic hybrid care model designed to remove barriers to access and boost patient engagement. Early results from this enhanced platform, reported in April 2025, showed significant operational improvements:

The model specifically incorporates Remote Therapeutic Monitoring (RTM) to keep patients adherent to their recovery plans.

High-Quality Patient Experience

Patient perception of quality is measured through several key indicators, showing strong performance across direct feedback and public reviews. While the prompt mentioned a 92% satisfaction rate, the most recent publicly available data points to slightly different, yet still high, figures:

• Reported patient-satisfaction rate of 90%.
• Average Net Promoter Score (NPS) of 75.
• Google Review rating of 4.9 stars across clinics.
• Over 80,000 five-star Google reviews.

Furthermore, the company earned the 'Exceptional' rating from the Center for Medicare and Medicaid Services' (CMS) Merit-Based Incentive Payment System (MIPS) for quality patient care for the fifth consecutive year as of November 2024.

Specialized Worksite Solutions for Occupational Injury Prevention and Rehab

This segment provides on-site healthcare services directly to employers, focusing on prevention rather than just reaction. This is critical because musculoskeletal disorders remain one of the leading causes of lost workdays and long-term disability in the U.S. workforce.

Value propositions here include:

• Injury prevention programs and work injury assessments.
• Wellness solutions and consultations for employers.
• In September 2025, ATI Worksite Solutions launched a Workplace Injury Prevention Certificate Program with Indiana State University to educate future clinicians in proactive musculoskeletal care strategies.

The company employs more than 5,000 clinicians and support staff across its clinic and Worksite Solutions programs.

ATI Physical Therapy, Inc. (ATIP) - Canvas Business Model: Customer Relationships

You're looking at how ATI Physical Therapy, Inc. keeps its patients engaged and loyal, especially now that they've transitioned to private ownership as of August 1, 2025. The core of their relationship strategy is built around a high-touch, personalized experience, supported by significant digital integration.

Personalized, high-touch care model in the clinic setting

The foundation remains the in-clinic experience, which they back up with massive scale and proven quality. As of December 31, 2024, ATI Physical Therapy, Inc. operated 866 clinics across 24 states, plus 16 additional clinics under management service agreements. This scale allows them to deliver care conveniently. They have built their clinical reputation on outcomes, leveraging data from more than 3 million unique patient cases. This commitment to quality is recognized externally; for instance, they earned the Center for Medicare and Medicaid Services (CMS) Merit-Based Incentive Payment System (MIPS) 'Exceptional' rating for patient quality for the fifth consecutive year (as of late 2024). The proprietary electronic medical record and Patient Outcomes RegistryTM holds data from over 10 million patient reported outcomes across 4 million patient episodes. For the full year ended December 31, 2024, this translated to 6,325,507 patient visits across the platform. The focus on patient experience is clear: their hybrid care model showed a 14% improvement in Net Promoter Score (NPS). Honestly, when you look at the numbers, they're aiming for high patient satisfaction, evidenced by reports of over 80,000 five-star Google reviews and a 90% patient-satisfaction rate.

Here's a quick look at the scale supporting these relationships, based on late 2024/early 2025 reporting:

Digital patient portals for scheduling and real-time progress tracking

The high-touch model is definitely enhanced by digital tools. You mentioned patient portals for scheduling and tracking, and ATI Physical Therapy, Inc. has integrated these to streamline the journey. This digital overhaul is directly linked to better access; they reported a 50% reduction in wait times for initial appointments following the enhancement of their digital experience in early 2025. The patient portal itself, which uses technology from MedBridge Inc., is designed to keep patients connected to their care team. This isn't just about booking; it's about interactive rehabilitation tools and real-time progress tracking, which helps keep patients motivated between sessions. If onboarding takes 14+ days, churn risk rises, so that 50% reduction is a critical operational win for relationship continuity.

Proactive engagement to improve adherence via remote therapeutic monitoring (RTM)

Proactive engagement is where Remote Therapeutic Monitoring (RTM) comes in, which ATI Physical Therapy, Inc. explicitly uses to improve adherence. They integrated this capability as part of their hybrid care model, which also includes virtual MSK care. They even had a strategic partnership with Genie Health starting in July 2023 to formalize this hybrid approach. For providers, the financial incentive is becoming clearer, too. Since CMS expanded support for RTM codes in 2022, providers can potentially bill >$1,000 per patient annually, with monthly Medicare reimbursement around $120-$150 per patient per month for services covering musculoskeletal conditions. This sustainable model helps ATI Physical Therapy, Inc. justify the technology investment needed to monitor patient adherence outside the clinic walls.

• RTM is used to keep patients engaged in recovery.
• It supports hybrid care pathways for better adherence.
• CMS RTM billing can reach over $1,000 annually per Medicare patient.
• The technology monitors non-physiological data like pain levels.

Community outreach and local event sponsorships to build loyalty

Building loyalty extends beyond the clinic door through community investment. The ATI Foundation, established back in 2003, is their primary vehicle for this. Since its inception, the Foundation has donated more than $4 million. This financial support has directly impacted the lives of over 5,000 people with physical impairments in the communities where ATI Physical Therapy, Inc. operates. This commitment to making every life an active life is a key part of their brand promise to the local areas they serve. Finance: draft 13-week cash view by Friday.

ATI Physical Therapy, Inc. (ATIP) - Canvas Business Model: Channels

You're looking at how ATI Physical Therapy, Inc. (ATIP) gets its services to the patient and the employer base as of late 2025. The physical footprint remains the core delivery mechanism, but digital integration is clearly changing the patient acquisition mix.

Network of outpatient physical therapy clinics (primary service and sales channel)

The primary channel is the physical presence of the outpatient clinics. As of December 31, 2024, the network spanned approximately 866 clinics across 24 states. ATI Physical Therapy, Inc. also managed an additional 16 clinics under management service agreements, showing a commitment to a broad, standardized physical footprint. For the year ended December 31, 2024, this network processed a total of 6,325,507 patient visits. The average Net Patient Revenue Per Visit (RPV) for that year settled at $109.08. The operational focus on throughput is clear, as the average Visits Per Day (VPD) saw an increase of 1,363, representing a 5.8% jump year-over-year.

Here's a quick look at the physical scale and recent fleet adjustments:

Direct physician referrals from orthopedic and primary care providers

Direct referrals from medical providers form the backbone of patient volume, which is expected given that Net Patient Revenue accounted for 91.6% of the total revenue structure in 2024. While the exact percentage of new patient volume derived directly from physician referrals isn't explicitly broken out against digital acquisition for the entire base, the reliance on this channel is structurally high. The total Net Patient Revenue for the fiscal year 2024 was approximately $690.0 million. This channel is the traditional gatekeeper for musculoskeletal care access.

Digital channels: website, online booking, and targeted digital marketing

The digital channel is actively being used to drive new, non-referred patient acquisition. Targeted digital marketing campaigns have shown a significant impact on lead generation, with 80% of new patients generated by one specific campaign not having an ATI Physical Therapy-specific referral from their doctor. Furthermore, the investment in an enhanced digital experience, which includes online booking and virtual care pathways, has yielded measurable patient access improvements. The results show a 50% reduction in wait times for initial appointments. Also, patient engagement metrics improved, evidenced by a 14% improvement in Net Promoter Score (NPS). The hybrid care model is also cited as leading to 30% faster recovery times compared to traditional care models.

Key digital performance indicators include:

• 50% reduction in initial appointment wait times.
• 14% improvement in Net Promoter Score (NPS).
• 30% faster recovery times reported.
• 80% of leads from a key digital campaign were non-physician referred.

ATI Worksite Solutions for on-site employer contracts

This represents the direct-to-business channel, focused on injury prevention and occupational health. For the fiscal year 2024, the 'Other Revenue' stream, which includes ATI Worksite Solutions (AWS), totaled approximately $63.1 million. This segment represented 8.4% of the total net revenue for 2024. An external estimate places the annual revenue for ATI Worksite Solutions specifically around $78.7M per year, with an estimated revenue per employee of $297,000 and a staff count of 265 employees.

ATI Physical Therapy, Inc. (ATIP) - Canvas Business Model: Customer Segments

You're looking at the core patient base for ATI Physical Therapy, Inc. as they transitioned back to private ownership in August 2025. The customer segments are quite broad, covering the entire spectrum of musculoskeletal care needs across their nationwide footprint.

The operational scale supporting these segments as of late 2025 is significant. Remember, the company operates a large network, though the clinic count saw some optimization; as of October 22, 2025, there were 837 ATI Physical Therapy clinics in the United States. This network served a base that generated $753.1 million in Net Revenue for the fiscal year ended December 31, 2024.

Here's a look at the key groups ATI Physical Therapy, Inc. serves:

• Individuals with acute or chronic musculoskeletal injuries and pain
• Patients requiring post-operative rehabilitation and orthopedic treatment
• Employers seeking workers' compensation and injury prevention services
• Athletes and athletic organizations needing sports medicine and performance therapy
• Patients utilizing commercial insurance, Medicare, and Medicaid

The services offered directly map to these groups. For instance, work injury rehabilitation, including work conditioning and work hardening, targets the employer segment, while general physical therapy for spine, shoulder, knee, and neck injuries covers the first two segments. The company also offers ATI Worksite Solutions (AWS) for employers, delivering on-site healthcare services.

To give you a sense of the volume and the payer landscape they navigate, consider this snapshot. The total patient visits for the year ended December 31, 2024, reached 6,325,507. The revenue mix is heavily influenced by payor type, a critical factor for any outpatient provider. While ATI Physical Therapy, Inc. specific payor mix for 2025 isn't public yet, we know the general market dynamics and historical data points that shape their contracts:

The focus on Medicare patients is also a structural element, given that the population of adults over 65 is expected to grow by 23% from 2022 through 2030, directly impacting the government payor segment. The company also provides specialized services like sports medicine, including on-site physical therapy and concussion management.

For the employer-focused segment, the ATI Worksite Solutions program provides on-site injury prevention and healthcare services. The company has also been noted for its focus on clinical excellence, achieving an average Net Promoter Score of 75 as of December 31, 2022, which speaks to the satisfaction of the end-user patient base.

Finance: draft 13-week cash view by Friday.

ATI Physical Therapy, Inc. (ATIP) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the operations for ATI Physical Therapy, Inc. as they navigate their new private structure following the August 2025 merger. The cost structure is heavily weighted toward personnel, which is typical for a high-touch service provider like ATI Physical Therapy, Inc.

The single largest component of the cost base is personnel compensation. Salaries and related costs for clinicians hit $105.6 million in the third quarter of 2024. This figure reflects the impact of added clinicians, ongoing wage inflation, and the effect of an additional paid day in that period. To be fair, this is the engine of the business, but it's also the biggest lever to pull.

Other significant operating costs bundle facility expenses and external labor support. Rent, clinic supplies, and contract labor totaled $54.5 million in Q3 2024. This was up from $52.7 million in the third quarter of 2023, driven by higher spending on contract labor and third-party services. The per-clinic cost for rent and other items was $60,818 in Q3 2024.

The Selling, General, and Administrative (SG&A) expenses for the full fiscal year 2024 were reported as $99.7 million. This represented a decrease of $19.0 million, or 16.0%, compared to the $118.7 million reported for the fiscal year ended December 31, 2023. As a percentage of net revenue, SG&A fell to 13.2% for FY 2024 from 17.0% in FY 2023.

Financing costs are now a critical element following the August 2025 privatization. While specific post-privatization debt service figures aren't public yet, we know about prior financing activity that sets the stage. For instance, in March 2025, ATI Physical Therapy, Inc. closed a $26 million 8% second lien PIK convertible note financing. The interest rate on these notes is 8% per annum, payable in-kind. Looking at the last reported quarter before the privatization, the interest expense was $14.7 million in Q3 2024, which was a decrease of 4.7% year-over-year.

Investment in technology is a stated focus, especially for a hybrid care platform. While a specific late-2025 technology investment figure isn't available in the latest reports, the company was already operating an online platform called CONNECT™. Here's a look at the major cost buckets from the Q3 2024 report to give you a baseline:

The cost structure also includes variable elements that management monitors closely:

• PT salaries and related costs per visit were $58.29 in Q3 2024.
• Provision for doubtful accounts was $4.9 million in Q3 2024.
• The provision for doubtful accounts as a percentage of net patient revenue was 2.8% in Q3 2024.
• Capital expenditures for Q3 2024 were $66 million.

Finance: draft 13-week cash view by Friday.

ATI Physical Therapy, Inc. (ATIP) - Canvas Business Model: Revenue Streams

You're looking at the core engine of how ATI Physical Therapy, Inc. brings in cash, and honestly, it's heavily concentrated in direct patient care. Since the company moved to private ownership in August 2025, the most recent, fully detailed public benchmark we have is from the end of fiscal year 2024, which gives us a solid picture of the revenue architecture.

The primary income driver is the service fee collected after care is delivered. For the third quarter of 2024, the Net patient revenue from physical therapy services hit $174.7 million. This number reflects the actual cash collected after contractual adjustments with payers. The full-year 2024 Net Patient Revenue, the lifeblood of the business, was approximately $690.0 million, which was the bulk of the total top line that year.

This patient revenue is almost entirely dependent on Reimbursements from third-party payers (insurance, Medicare, workers' comp). You know the drill: this involves navigating complex contracts and dealing with the timing of payments from commercial insurance carriers, government programs like Medicare, and workers' compensation boards. The company's ability to manage its revenue cycle and secure favorable rates directly impacts this stream. For instance, in Q3 2024, the Rate per Visit (RPV) was essentially flat year-over-year, which puts pressure on volume growth to drive revenue.

To give you a clearer view of the 2024 revenue structure, here's how the main components stacked up for the full year:

Beyond the clinic floor, ATI Physical Therapy, Inc. generates supplementary income through its commercial contracts. This is categorized as Other revenue from Worksite Solutions and sports medicine contracts. In Q3 2024, this segment brought in $15.3 million. For the full year 2024, this 'Other Revenue' was about $63.1 million, remaining relatively flat compared to the prior year. This stream is important because it diversifies the risk away from pure insurance reimbursement cycles, focusing instead on direct employer contracts for injury prevention and on-site services.

When you look at the quarterly performance, the total top line for Q3 2024 was $190.0 million, showing a 7.1% year-over-year increase. This total is composed of the two main streams we discussed:

• Net patient revenue: $174.7 million in Q3 2024.
• Other revenue: $15.3 million in Q3 2024.

The Total Net Revenue for the full year 2024 was $753.1 million, representing a 7.7% increase over 2023, largely fueled by patient visit volumes. That's the hard number you need to anchor your valuation models right now. Finance: draft 13-week cash view by Friday.